This paper considers the generalized second-best analytics of optimal restructuring under a political constraint, building on the modeling approach in Dehejia (1997). It is shown that the second-best optimum entails administering the terms of trade shock fully at the initiation of the reform,...

This paper considers the generalized second-best analytics of optimal restructuring under a political constraint, building on the modelling approach in Dehejia (1997). It is shown that the second-best optimum entails administering the terms-of-trade shock fully at the initiation of the reform,...

A recent international conference, entitled Transition in Perspective offered an opportunity for the author to take stock of the achievements of the post-socialist economies since the regime change in 1989/90. The analysis was carried out in two dimensions, in the political and the economic one....

With the disintegration of the Soviet Union in 1991 and the official declaration of the transition from socialism to capitalism, Russia, both in terms of its economic potential and population and in terms of its inheritance of a strict centralist system has a special standing among transitional...

旧社会主義諸国の移行戦略を巡る議論は，いまもなお脈々と続いている。本稿は，その本流である急進主義対漸進主義論争に寄与した先行研究135...

Prepared for The New Palgrave Dictionary of Economics, 2nd Edition, this essay examines the evolution of both institutions and economists' thinking on institutions during transition. Early in transition, institutions were virtually ignored in the majority of normative prescriptions, but were...