Economic Transition Phase II: Private Sector Development

Richard E. Stern
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Richard E. Stern: International Monetary Fund

No 51, East European Series from Institute for Advanced Studies

Abstract: This paper studies private sector development in transition economies. To address this issue, many economist have focused on the issue of privatization, assuming that privatization is a proxy for private sector development. But as the experience of countries such as Poland has revealed, privatization, though important, is only part of the story. This paper takes a more comprehensive approach and considers the development of the private sector as the nexus of a policy agenda establishing a solid legal and institutional framework and promotes both privatization and the growth of capital markets. Though the analysis focuses on a handful of countries, the main conclusions are applicable to other countries in transition.

Keywords: Economic Development; Economic Growth; Economywide Country Studies (search for similar items in EconPapers)
JEL-codes: O11 O4 O57 (search for similar items in EconPapers)
Pages: 28 pages
Date: 1997-12
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Citations: View citations in EconPapers (2)

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