Regional Economic Issues--Special Report 25 Years of Transition : Post-Communist Europe and the IMF / James Roaf, Ruben Atoyan, Bikas Joshi, Krzysztof Krogulski.

Format:

Book

Government document

Author/Creator:

Roaf, James.

Contributor:

Atoyan, Ruben.

Joshi, Bikas.

Krogulski, Krzysztof.

International Monetary Fund, Editor.

Series:

Regional Economic Outlook

Language:

English

Physical Description:

1 online resource (72 p.) ill

Other Title:

Regional Economic Issues

25 years of transition post-communist Europe and the IMF

Regional economic issues-special report 25 years of transition

Regional Economic Issues--Special Report 25 Years of Transition

Place of Publication:

Washington, D.C. : International Monetary Fund, 2014.

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. Liberalization of trade and prices came quickly, but institutional reforms—such as governance reform, competition policy, privatization 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.

Notes:

Description based on print version record.

ISBN:

9781498352123

149835212X