The Transition Economies After Ten Years

Stanley Fischer and Ratna Sahay

No 2000/030, IMF Working Papers from International Monetary Fund

Abstract: This paper summarizes the macroeconomic performance of the transition economies. We first review the initial conditions confronting these economies, the reform strategy that was proposed, and the associated controversies that arose a decade ago. We then account for the widely different outcomes, highlighting the role of exogenous factors and the macroeconomic and structural policies adopted by the countries. We find that both stabilization policies and structural reforms, particularly privatization, contribute to growth. We also conclude that the faster is the speed of reforms, the quicker is the recovery and the higher is growth.

Keywords: WP; OFSU country; transition economy; CEE country; exchange rate; market economy; countries in the CEE; Privatization; Structural reforms; Inflation; Fiscal stance; Government debt management; Baltics (search for similar items in EconPapers)
Pages: 44
Date: 2000-02-01
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Citations: View citations in EconPapers (169)

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