The former socialist countries' transition to market economies is one of the momentous transformations in modern history. The pace and degree of success have varied widely, and there is increasing divergence in performance, structure, and institutions among the transition economies. These differences are largely determined by country-specific conditions and political configurations. This book compares the experiences of the countries involved over the first ten years to determine what has worked and failed, as well as the nature of the challenges that lie ahead.
After two overviews of the transition process to date, the book presents eleven specific country cases: the reunification of East and West Germany; the most successful transition countries, Poland, Hungary, the Czech Republic, Croatia, and Slovenia; the less successful experience of countries in the former Soviet Union, namely, Russia, Belarus, and Ukraine; and the dissimilar developments in two major Balkan countries, Bulgaria and Romania. The final section summarizes the policy lessons of the different experiences. The contributors, who include ministers, government officials, academics, and leaders of international monetary institutions, stress the need for greater emphasis on institutional building and on the enforcement of contracts.
About the Editors
Mario I. Blejer is Vice President at the Central Bank of Argentina and a former Senior Advisor at the International Monetary Fund.
Marko Skreb, former Governor at the Croatian National Bank, is Advisor to the Governor of the Bank of Albania.
"There are many varieties of transition experience, and this volume covers them all. Essays pinpoint the unique aspects of each country’s experience, the commonalties between the countries, and the diverse efforts to cope with changes. As a result, the book will be of value for both those looking for country-specific evaluations and for those seeking to understand the transition phenomenon--what has happened in the first decade and where it might be going."--Paul Wachtel, Research Professor of Economics, Stern School of Business, New York University
"Of the dozen or so 'ten-years after' books, this is the one that will still be worth reading twenty years after. The country chapters are written by the very best experts on each of the economies."--Jacek Rostowski, Department of Economics, The Central European University