Institutions and initial conditions in transition: reconciling neo-institutional and neo-classical conceptions

Andrew Vonnegut ()

MPRA Paper from University Library of Munich, Germany

Abstract: Much empirical research has highlighted the importance of institutions and initial conditions in the transition to a market economy. However, relatively little is still know about how these factors directly affect growth paths. This paper explores how institutional factors and initial conditions explicitly impact consumer and firm decisions. Simulations are run on a simple growth model modified to reflect institutional conditions during transition. The model generates a series of growth paths that lend insight into how different institutional structures affect growth dynamics. Policies that work under certain institutional circumstances, such as the “big bang,” may not work under others.

Keywords: Economic Transition; Economic Growth; Institutions; Simulation (search for similar items in EconPapers)
JEL-codes: E27 O17 P27 (search for similar items in EconPapers)
Date: 2009, Revised 2010
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:24563

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