This essay surveys macroeconomic issues that marked the transition from centrally planned to market economy in Central … and Eastern European and former Soviet Union countries. We first establish a set of stylized facts of the transition so …) institutions collapsed, and (7) the transition costs. We then critically survey the theoretical literature on transition …

private sector. The transition is shown to be costly in that it entails unemployment and a deterioration of the fiscal balance …. The interaction of fiscal constraints with the transition process is examined. It is shown that fiscal constraints may … induce the government to maintain the state sector, slowing the speed of transition, and could jeopardize the eventual …

growth is exogenously determined, we show that in the initial stages of transition unemployment will rise over time. After a … critical stage in the transition process, restructuring is accompanied by a decline in unemployment. When growth is …

This essay surveys macroeconomic issues that marked the transition from centrally planned to market economy in Central … and Eastern European and former Soviet Union countries. We first establish a set of stylized facts of the transition so …) institutions collapsed, and (7) transition costs. We then critically survey the theoretical literature on transition, discussing …

This essay surveys macroeconomic issues that marked the transition from centrally planned to market economy in Central … and Eastern European and former Soviet Union countries. We first establish a set of stylized facts of the transition so …) institutions collapsed, and (7) transition costs. We then critically survey the theoretical literature on transition, discussing …