By Tomasz Mickiewicz, Elodie Douarin
This booklet, a 3rd variation, has been considerably multiplied and up-to-date. It revisits the method of institutional swap: its features, determinants and implications for monetary functionality. New chapters handle the importance of Post-Communist transition, the diversities and value of preliminary stipulations in institutional development, and, social norms, values, and happiness. different chapters were extended to incorporate, for instance, a spotlight at the Washington consensus, remark at the 2008 monetary trouble, kingdom capability and corruption, and new findings on redistribution and inequality, and
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Additional resources for Economics of Institutional Change: Central and Eastern Europe Revisited
In fact as we will argue later on, institutional change and macroeconomic policies are intertwined; yet to cope both with the reform of institutional frameworks and introducing new macroeconomic policies was a considerable challenge. e. to developing and setting up new private enterprises) (2) Second-stage institutional reforms (changes in existing institutions; privatization of state enterprises, reorganizing the state administration, reform of the tax system, ﬁnancial system reform) (3) Macroeconomic stabilization policies Both liberalization and stabilization policies can be introduced immediately.
2 per cent GDP growth, and one may ask how much of that was simply increasing the production of investment goods for future investment in production of investment goods, and so on. 6). The ﬁnal stalemate? A political economy perspective By the mid-1980s, with deteriorating performance, it became more and more difﬁcult to ﬁnd a balance between the desired level of military spending and the high level of investment required to fuel the chosen pattern of growth on the one hand, and the consumption level that maintained some minimum social acceptance necessary for the system to function without major political unrest on the other.
1 14 Post-communist economies Size of the economy and openness Source: Computed on the basis of World Bank data. 15 16 Decline and Fall of the Soviet System 21 had to be imported to close the material balances of the plan. Exports were generated to pay for them. A related problem was that suitable exports were difﬁcult to ﬁnd. In 1983, 70 per cent of Soviet exports to the hard currency area were in the form of energy exports, with fourﬁfths being oil (Schroeder 1986). e. in the later stages of development), was structural inertia.
Economics of Institutional Change: Central and Eastern Europe Revisited by Tomasz Mickiewicz, Elodie Douarin