This paper reviews recent stock market developments in Poland and the Czech Republic and provides a case-study of the direction of causality between stock market expansion and economic growth. It finds no evidence that the relative failure of the security market in the Czech Republic affected...

A positive link between progress in market-oriented reforms and cumulative growth has been recorded across transition countries. Some less reform-minded countries, however, have also grown strongly in recent years. This paper examines whether there is a robust causal impact of reforms on growth,...

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...

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...