Growth in Transition: What We Know, What We Don't, and What We Should

Nauro Campos and Fabrizio Coricelli

No 470, William Davidson Institute Working Papers Series from William Davidson Institute at the University of Michigan

Abstract: This essay surveys macroeconomic issues that marked the transition from centrally planned to market economy in Central and Eastern European and former Soviet Union countries. We first establish a set of stylized facts of the transition so far, namely: (1) output fell, (2) capital shrank, (3) labor moved, (4) trade reoriented, (5) the structure changed, (6) institutions collapsed, and (7) transition costs. We then critically survey the theoretical literature on transition, discussing various explanations for the initial output fall as well as medium term issues, such as optimal speed of transition, disorganization, institutions and sectoral reallocation as a source of output dynamics. Last, we review the empirical literature to assess how well it translates the theoretical models and explains the stylized facts. The essay concludes with a succinct list of suggestions for future research.

Keywords: Economic Growth; Transition Economies (search for similar items in EconPapers)
JEL-codes: E23 O40 P20 P52 (search for similar items in EconPapers)
Pages: 75 pages
Date: 2002-02-01
New Economics Papers: this item is included in nep-dev, nep-ent and nep-pke
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (348)

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Related works:
Journal Article: Growth in Transition: What We Know, What We Don't, and What We Should (2002)
Working Paper: Growth in Transition: What We Know, What We Don't and What We Should (2002)
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