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Are the Transition Economies Still in Transition?

Paul Wachtel

Chapter 16 in The Palgrave Handbook of Comparative Economics, 2021, pp 389-428 from Springer

Abstract: Abstract Thirty years ago, most observers thought that the transition from a planned to a market economy would be a long process. Instead, the changes occurred very quickly, and the transition countries do not look all that different than many emerging market economies. In the first part of the chapter we discuss whether transition was truly special. In the second part, we look at the characteristics of the transition economies. Our data shows that they have similar economic structures and share many similar economic and political problems as other countries at similar income levels. We found only one area where transition stands out as different. The financial sectors of the transition economies are smaller and less well functioning than those in other countries.

Keywords: Economic structure; Transition economies; Financial sector; Emerging markets (search for similar items in EconPapers)
Date: 2021
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DOI: 10.1007/978-3-030-50888-3_16

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