The exchange rate regime does make a difference for inflation performance. It is difficult to infer its effect on growth, but policy variables, and other variables influencing economic activity, do have different effects on growth under different exchange-rate arrangements

One reason intermediate exchange rate regimes have fallen out of favor is that they are not transparent or easy to verify. A simple peg or a simple float may be easier for market participants to verify than a more complicated intermediate regime

Transition was never going to be easy, even with the highly promising long-run outlook. Not only was the process itself a major theoretical and policy challenge, but politics and economics were bound to interfere. And yet, with some spectacular exceptions, most countries are now on the right track

"The paper evaluates the effects of privatization in the post-communist economies and China. In post-communist economies privatization to foreign owners results in a rapid improvement in performance of firms, while performance effects of privatization to domestic owners are less impressive and...

"This paper uses firm-level data from the Business Environment and Enterprise Performance Surveys to study the process of convergence of transition countries with developed market economies. The study focuses on competition and market structure, finance and the structure of lending to firms, and...