25 Years of Transition : Post-Communist Europe and the IMF

The Resource 25 Years of Transition : Post-Communist Europe and the IMF
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25 Years of Transition : Post-Communist Europe and the IMF
Title remainder
Post-Communist Europe and the IMF
Statement of responsibility
James Roaf, Ruben Atoyan, Bikas Joshi, Krzysztof Krogulski and an IMF Staff Team
Title variation
Post-Communist Europe and the IMF
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Subject
Language
eng
Summary
The past 25 years have seen a dramatic transformation in Europe's former communist countries, resulting in their reintegration with the global economy, and, in most cases, major improvements in living standards. But the task of building full market economies has been difficult and protracted. Liberalisation of trade and prices came quickly, but institutional reforms - such as governance reform, competition policy, privatisation and enterprise restructuring - often faced opposition from vested interests. The results of the first years of transition were uneven. All countries suffered high inflation and major recessions as prices were freed and old economic linkages broke down. But the scale of output losses and the time taken for growth to return and inflation to be brought under control varied widely. Initial conditions and external factors played a role, but policies were critical too. Countries that undertook more front-loaded and bold reforms were rewarded with faster recovery and income convergence. Others were more vulnerable to the crises that swept the region in the wake of the 1997 Asia crisis.--
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VVB
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illustrations
Index
no index present
Literary form
non fiction
Nature of contents
bibliography
Series statement
Regional economic issues special report

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Context of 25 Years of Transition : Post-Communist Europe and the IMF

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