Why many transition economies succeeded by pursuing policies that are so different from the radical economic liberalization (shock therapy) that is normally credited for the economic success of central European countries? First, optimal policies are context dependent, they are specific for each...

The post-1990 period witnessed the adoption of economic reforms by many developing and transition countries. While some countries experienced a single-transition to a free-market system, others underwent a dual-transition to free-markets and democracy. This study examines India and Romania as...

The interaction between the exchange rate regime and macroeconomic stabilization in several transition economies during 1990-1996 was influenced by the persistence of high inflation rates and the initial disequilibrium between the highly undervalued nominal exchange rates in relation to their...

Growth empirics with institutional measures is performed for 25 transition countries overthe period 1990-95. Estimation results suggest that (particularly state) institutions aresignificant for growth and, especially, foreign direct investment (FDI), the latter in turnbeing important for the...

Theoretical and empirical studies show that deindustrialisation, broadly observed in developed countries, is an inherent part of the economic development pattern. However, post-communist countries, while being only middle-income economies, have also experienced deindustrialisation. Building on...

The theoretical analysis of structural changes in the context of economic growth has a long tradition. However, studies which analyze the empirical relationship between these two economic categories are still very rare. In the literature, whether growth causes structural changes or the other way...

Why many transition economies succeeded by pursuing policies that are so different from the radical economic liberalization (shock therapy) that is normally credited for the economic success of central European countries? First, optimal policies are context dependent, they are specific for each...

This paper attempts to extend the range of countries covered by the IMF`s multilateral real exchange rate indexes based on relative unit labor costs (REER-ULCs) in manufacturing. A data set was assembled that permits calculation of REER-ULCs for 23 newly industrialized, developing, and...

European ex-socialist countries' experience is exploited for two difference-in-differences analysis: effects of a) transition to a market economy, and b) accession to the European Union (EU) on oncome. Many countries adopting regime change simultaneously; and ten of them joining the EU mostly in...