This paper starts by separating the transformational recession (reduction of output in most transition economies in the first half of the 1990s) from the process of economic growth (recovery from the transformational recession) in 28 transition economies (including China, Vietnam and Mongolia)....

Using Solow-Törnqvist residuals as well as two alternative measurements, we present estimates of total factor productivity (TFP) growth in a sample of 30 European economies for the period 1994-2005. In most of Western Europe, we find a deceleration of TFP growth since 2000. However, the...

We analyze four interrelated aspects of economic convergence and their linkages over the period 1999-2013, drawing on the experiences of 26 member states of the European Union, with special focus on the ten Central and East-European new members (the EU10). These aspects are (1) real economic,...

The ‘Washington consensus’ and ‘shock therapy’ approach to transition economies ignored the Keynesian lessons from the Great Depression: that market instability is a possibility and there may be an active role of government in managing stability and growth. The severe output decline in...

Since 1990, countries in emerging Europe and Central Asia have undergone comprehensive economic transformation. These reforms helped achieve an impressive degree of income convergence toward the levels of the advanced economies, although at the cost of rising inequality and lower life...