IMF Working Papers

The Transition Economies After Ten Years

By Stanley Fischer, Ratna Sahay

February 1, 2000

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Stanley Fischer, and Ratna Sahay. The Transition Economies After Ten Years, (USA: International Monetary Fund, 2000) accessed December 23, 2024
Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

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.

Subject: Economic sectors, Fiscal policy, Fiscal stance, Government debt management, Inflation, Macrostructural analysis, Prices, Privatization, Public financial management (PFM), Structural reforms

Keywords: Baltics, CEE country, Countries in the CEE, Exchange rate, Fiscal stance, Government debt management, Inflation, Market economy, OFSU country, Privatization, Structural reforms, Transition economy, WP

Publication Details

  • Pages:

    44

  • Volume:

    ---

  • DOI:

    ---

  • Issue:

    ---

  • Series:

    Working Paper No. 2000/030

  • Stock No:

    WPIEA0302000

  • ISBN:

    9781451844900

  • ISSN:

    1018-5941

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