Circumstance and Choice : The Role of Initial Conditions and Policies in Transition Economies
This article takes an integrated approach to evaluating the interaction of initial conditions, political change, reforms and economic performance in a unified framework covering 28 transition economies in East Asia, Central and Eastern Europe, and...
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| Format: | Journal Article |
| Language: | English en_US |
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Washington, DC: World Bank
2014
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| Online Access: | http://documents.worldbank.org/curated/en/2001/01/17736672/circumstance-choice-role-initial-conditions-policies-transition-economies http://hdl.handle.net/10986/17217 |
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okr-10986-17217 |
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oai_dc |
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Digital Repository |
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Foreign Institution |
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Digital Repositories |
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World Bank Open Knowledge Repository |
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World Bank |
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English en_US |
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ACCOUNTING ADVERSE EFFECT AGRICULTURE ANNUAL GROWTH AVERAGE GROWTH BALANCE OF PAYMENTS BANK NOTES BASE YEAR BLACK MARKET BLACK MARKET EXCHANGE RATE BLACK MARKET EXCHANGE RATE PREMIUM BLACK MARKET PREMIUM BLACK MARKET PREMIUMS BRAIN DRAIN CAPACITY CONSTRAINT CAPITAL ACCUMULATION CENTRAL BANKS CENTRAL PLANNING CIVIL LIBERTIES COMPARATIVE ANALYSIS COUNTRY DUMMY DEFLATORS DEMOCRACY DEMOGRAPHIC DEPRECIATION DEVELOPED COUNTRIES DEVELOPING COUNTRIES DEVELOPMENT ECONOMICS DEVELOPMENT REPORT DEVELOPMENT RESEARCH DIMINISHING RETURNS DISTORTION DISTORTIONS DOMESTIC CURRENCY DUMMY VARIABLE ECONOMETRIC ESTIMATES ECONOMETRICS ECONOMIC ACTIVITY ECONOMIC CONDITIONS ECONOMIC DECLINE ECONOMIC DEVELOPMENT ECONOMIC EQUILIBRIUM ECONOMIC GROWTH ECONOMIC LIBERALIZATION ECONOMIC LITERATURE ECONOMIC OUTCOMES ECONOMIC PERFORMANCE ECONOMIC POLICIES ECONOMIC POLICY ECONOMIC SHOCK ECONOMIC STAGNATION ECONOMIC SYSTEMS ECONOMIES IN TRANSITION EMPIRICAL RESULTS ENDOGENOUS VARIABLE ENERGY RESOURCES EQUATIONS ERROR TERM ERROR TERMS ESTIMATION RESULTS EXOGENOUS VARIABLE EXPORTS EXTERNAL TRADE FEDERAL RESERVE FINANCE CORPORATION FINANCIAL SERVICES FISCAL DEFICIT FOREIGN EXCHANGE FOREIGN EXCHANGE MARKET FUNCTIONAL FORM FUTURE RESEARCH GDP GNP GOLD GRAVITY MODELS GROSS DOMESTIC PRODUCT GROWTH EQUATION GROWTH LITERATURE GROWTH PERFORMANCE GROWTH PROSPECTS GROWTH RATE GROWTH RATES GROWTH TERM HIGH GROWTH HUMAN CAPITAL IMBALANCE IMBALANCES IMPORT IMPORTS INCOME INCOME INEQUALITY INCOME LEVELS INCOMES INDEBTEDNESS INDEPENDENT VARIABLE INDIVIDUAL COUNTRIES INDUSTRIALIZATION INFLATION INFLATION PERFORMANCE INFLATIONARY PRESSURES INTERNATIONAL FINANCE INTERNATIONAL TRADE LABOR FORCE LANDLOCKED COUNTRIES LIBERALIZATION LONG-RUN GROWTH LOW INFLATION MACROECONOMIC CONDITIONS MACROECONOMIC REFORMS MACROECONOMIC STABILIZATION MACROECONOMIC STABILIZATION POLICIES MACROECONOMICS MARGINAL UTILITY MARKET DISTORTIONS MARKET ECONOMIES MARKET ECONOMY MIDDLE-INCOME COUNTRIES MONETARY ECONOMICS MONEY DEMAND MONEY DEMAND FUNCTIONS MONEY SUPPLY NATURAL RESOURCE NATURAL RESOURCES NEGATIVE EFFECT NEGATIVE IMPACT OUTPUT OUTPUT GROWTH PER CAPITA INCOME PER-CAPITA INCOME PLANNED ECONOMIES POLICY REFORMS POLICY RESEARCH POLICY STANCE POLITICAL ECONOMY POLITICAL INSTABILITY POLITICAL SYSTEM POOR COUNTRIES POSITIVE EFFECTS PRIVATE SECTOR DEVELOPMENT PRODUCTIVITY PUBLIC POLICY PURCHASING POWER PURCHASING POWER PARITY REAL GDP REFORM EFFORTS REGRESSION ANALYSIS RELATIVE IMPORTANCE RICH COUNTRIES SIGNIFICANT EFFECT SLOW GROWTH SOCIAL CAPITAL SOCIALIST ECONOMIES STEADY STATE STRUCTURAL CHARACTERISTICS SUPPLY SHOCKS TAX TRADE FLOWS TRADE PATTERNS TRADE SHOCK TRADING SYSTEM TRANSITION COUNTRIES TRANSITION COUNTRY TRANSITION ECONOMIES TRANSITION PATH TRANSPORT UPWARD PRESSURES URBANIZATION WAGES WEIGHTS WORLD ECONOMY WORLD PRICES |
| spellingShingle |
ACCOUNTING ADVERSE EFFECT AGRICULTURE ANNUAL GROWTH AVERAGE GROWTH BALANCE OF PAYMENTS BANK NOTES BASE YEAR BLACK MARKET BLACK MARKET EXCHANGE RATE BLACK MARKET EXCHANGE RATE PREMIUM BLACK MARKET PREMIUM BLACK MARKET PREMIUMS BRAIN DRAIN CAPACITY CONSTRAINT CAPITAL ACCUMULATION CENTRAL BANKS CENTRAL PLANNING CIVIL LIBERTIES COMPARATIVE ANALYSIS COUNTRY DUMMY DEFLATORS DEMOCRACY DEMOGRAPHIC DEPRECIATION DEVELOPED COUNTRIES DEVELOPING COUNTRIES DEVELOPMENT ECONOMICS DEVELOPMENT REPORT DEVELOPMENT RESEARCH DIMINISHING RETURNS DISTORTION DISTORTIONS DOMESTIC CURRENCY DUMMY VARIABLE ECONOMETRIC ESTIMATES ECONOMETRICS ECONOMIC ACTIVITY ECONOMIC CONDITIONS ECONOMIC DECLINE ECONOMIC DEVELOPMENT ECONOMIC EQUILIBRIUM ECONOMIC GROWTH ECONOMIC LIBERALIZATION ECONOMIC LITERATURE ECONOMIC OUTCOMES ECONOMIC PERFORMANCE ECONOMIC POLICIES ECONOMIC POLICY ECONOMIC SHOCK ECONOMIC STAGNATION ECONOMIC SYSTEMS ECONOMIES IN TRANSITION EMPIRICAL RESULTS ENDOGENOUS VARIABLE ENERGY RESOURCES EQUATIONS ERROR TERM ERROR TERMS ESTIMATION RESULTS EXOGENOUS VARIABLE EXPORTS EXTERNAL TRADE FEDERAL RESERVE FINANCE CORPORATION FINANCIAL SERVICES FISCAL DEFICIT FOREIGN EXCHANGE FOREIGN EXCHANGE MARKET FUNCTIONAL FORM FUTURE RESEARCH GDP GNP GOLD GRAVITY MODELS GROSS DOMESTIC PRODUCT GROWTH EQUATION GROWTH LITERATURE GROWTH PERFORMANCE GROWTH PROSPECTS GROWTH RATE GROWTH RATES GROWTH TERM HIGH GROWTH HUMAN CAPITAL IMBALANCE IMBALANCES IMPORT IMPORTS INCOME INCOME INEQUALITY INCOME LEVELS INCOMES INDEBTEDNESS INDEPENDENT VARIABLE INDIVIDUAL COUNTRIES INDUSTRIALIZATION INFLATION INFLATION PERFORMANCE INFLATIONARY PRESSURES INTERNATIONAL FINANCE INTERNATIONAL TRADE LABOR FORCE LANDLOCKED COUNTRIES LIBERALIZATION LONG-RUN GROWTH LOW INFLATION MACROECONOMIC CONDITIONS MACROECONOMIC REFORMS MACROECONOMIC STABILIZATION MACROECONOMIC STABILIZATION POLICIES MACROECONOMICS MARGINAL UTILITY MARKET DISTORTIONS MARKET ECONOMIES MARKET ECONOMY MIDDLE-INCOME COUNTRIES MONETARY ECONOMICS MONEY DEMAND MONEY DEMAND FUNCTIONS MONEY SUPPLY NATURAL RESOURCE NATURAL RESOURCES NEGATIVE EFFECT NEGATIVE IMPACT OUTPUT OUTPUT GROWTH PER CAPITA INCOME PER-CAPITA INCOME PLANNED ECONOMIES POLICY REFORMS POLICY RESEARCH POLICY STANCE POLITICAL ECONOMY POLITICAL INSTABILITY POLITICAL SYSTEM POOR COUNTRIES POSITIVE EFFECTS PRIVATE SECTOR DEVELOPMENT PRODUCTIVITY PUBLIC POLICY PURCHASING POWER PURCHASING POWER PARITY REAL GDP REFORM EFFORTS REGRESSION ANALYSIS RELATIVE IMPORTANCE RICH COUNTRIES SIGNIFICANT EFFECT SLOW GROWTH SOCIAL CAPITAL SOCIALIST ECONOMIES STEADY STATE STRUCTURAL CHARACTERISTICS SUPPLY SHOCKS TAX TRADE FLOWS TRADE PATTERNS TRADE SHOCK TRADING SYSTEM TRANSITION COUNTRIES TRANSITION COUNTRY TRANSITION ECONOMIES TRANSITION PATH TRANSPORT UPWARD PRESSURES URBANIZATION WAGES WEIGHTS WORLD ECONOMY WORLD PRICES de Melo, Martha Denizer, Cevdet Gelb, Alan Tenev, Stoyan Circumstance and Choice : The Role of Initial Conditions and Policies in Transition Economies |
| description |
This article takes an integrated
approach to evaluating the interaction of initial
conditions, political change, reforms and economic
performance in a unified framework covering 28 transition
economies in East Asia, Central and Eastern Europe, and the
Former Soviet Union (FSU). Initial conditions and economic
policy jointly determine the large differences in economic
performance among transition economies. Initial conditions
dominate in explaining inflation, but economic
liberalization is the most important factor determining
differences in growth. Political reform emerges as the most
important determinant of the speed and comprehensiveness of
economic liberalization, raising the important question of
what determines political liberalization. Results suggest
the importance of the level of development in determining
the decision to expand political freedoms. |
| format |
Journal Article |
| author |
de Melo, Martha Denizer, Cevdet Gelb, Alan Tenev, Stoyan |
| author_facet |
de Melo, Martha Denizer, Cevdet Gelb, Alan Tenev, Stoyan |
| author_sort |
de Melo, Martha |
| title |
Circumstance and Choice : The Role of Initial Conditions and Policies in Transition Economies |
| title_short |
Circumstance and Choice : The Role of Initial Conditions and Policies in Transition Economies |
| title_full |
Circumstance and Choice : The Role of Initial Conditions and Policies in Transition Economies |
| title_fullStr |
Circumstance and Choice : The Role of Initial Conditions and Policies in Transition Economies |
| title_full_unstemmed |
Circumstance and Choice : The Role of Initial Conditions and Policies in Transition Economies |
| title_sort |
circumstance and choice : the role of initial conditions and policies in transition economies |
| publisher |
Washington, DC: World Bank |
| publishDate |
2014 |
| url |
http://documents.worldbank.org/curated/en/2001/01/17736672/circumstance-choice-role-initial-conditions-policies-transition-economies http://hdl.handle.net/10986/17217 |
| _version_ |
1764433073889345536 |
| spelling |
okr-10986-172172021-04-23T14:03:29Z Circumstance and Choice : The Role of Initial Conditions and Policies in Transition Economies de Melo, Martha Denizer, Cevdet Gelb, Alan Tenev, Stoyan ACCOUNTING ADVERSE EFFECT AGRICULTURE ANNUAL GROWTH AVERAGE GROWTH BALANCE OF PAYMENTS BANK NOTES BASE YEAR BLACK MARKET BLACK MARKET EXCHANGE RATE BLACK MARKET EXCHANGE RATE PREMIUM BLACK MARKET PREMIUM BLACK MARKET PREMIUMS BRAIN DRAIN CAPACITY CONSTRAINT CAPITAL ACCUMULATION CENTRAL BANKS CENTRAL PLANNING CIVIL LIBERTIES COMPARATIVE ANALYSIS COUNTRY DUMMY DEFLATORS DEMOCRACY DEMOGRAPHIC DEPRECIATION DEVELOPED COUNTRIES DEVELOPING COUNTRIES DEVELOPMENT ECONOMICS DEVELOPMENT REPORT DEVELOPMENT RESEARCH DIMINISHING RETURNS DISTORTION DISTORTIONS DOMESTIC CURRENCY DUMMY VARIABLE ECONOMETRIC ESTIMATES ECONOMETRICS ECONOMIC ACTIVITY ECONOMIC CONDITIONS ECONOMIC DECLINE ECONOMIC DEVELOPMENT ECONOMIC EQUILIBRIUM ECONOMIC GROWTH ECONOMIC LIBERALIZATION ECONOMIC LITERATURE ECONOMIC OUTCOMES ECONOMIC PERFORMANCE ECONOMIC POLICIES ECONOMIC POLICY ECONOMIC SHOCK ECONOMIC STAGNATION ECONOMIC SYSTEMS ECONOMIES IN TRANSITION EMPIRICAL RESULTS ENDOGENOUS VARIABLE ENERGY RESOURCES EQUATIONS ERROR TERM ERROR TERMS ESTIMATION RESULTS EXOGENOUS VARIABLE EXPORTS EXTERNAL TRADE FEDERAL RESERVE FINANCE CORPORATION FINANCIAL SERVICES FISCAL DEFICIT FOREIGN EXCHANGE FOREIGN EXCHANGE MARKET FUNCTIONAL FORM FUTURE RESEARCH GDP GNP GOLD GRAVITY MODELS GROSS DOMESTIC PRODUCT GROWTH EQUATION GROWTH LITERATURE GROWTH PERFORMANCE GROWTH PROSPECTS GROWTH RATE GROWTH RATES GROWTH TERM HIGH GROWTH HUMAN CAPITAL IMBALANCE IMBALANCES IMPORT IMPORTS INCOME INCOME INEQUALITY INCOME LEVELS INCOMES INDEBTEDNESS INDEPENDENT VARIABLE INDIVIDUAL COUNTRIES INDUSTRIALIZATION INFLATION INFLATION PERFORMANCE INFLATIONARY PRESSURES INTERNATIONAL FINANCE INTERNATIONAL TRADE LABOR FORCE LANDLOCKED COUNTRIES LIBERALIZATION LONG-RUN GROWTH LOW INFLATION MACROECONOMIC CONDITIONS MACROECONOMIC REFORMS MACROECONOMIC STABILIZATION MACROECONOMIC STABILIZATION POLICIES MACROECONOMICS MARGINAL UTILITY MARKET DISTORTIONS MARKET ECONOMIES MARKET ECONOMY MIDDLE-INCOME COUNTRIES MONETARY ECONOMICS MONEY DEMAND MONEY DEMAND FUNCTIONS MONEY SUPPLY NATURAL RESOURCE NATURAL RESOURCES NEGATIVE EFFECT NEGATIVE IMPACT OUTPUT OUTPUT GROWTH PER CAPITA INCOME PER-CAPITA INCOME PLANNED ECONOMIES POLICY REFORMS POLICY RESEARCH POLICY STANCE POLITICAL ECONOMY POLITICAL INSTABILITY POLITICAL SYSTEM POOR COUNTRIES POSITIVE EFFECTS PRIVATE SECTOR DEVELOPMENT PRODUCTIVITY PUBLIC POLICY PURCHASING POWER PURCHASING POWER PARITY REAL GDP REFORM EFFORTS REGRESSION ANALYSIS RELATIVE IMPORTANCE RICH COUNTRIES SIGNIFICANT EFFECT SLOW GROWTH SOCIAL CAPITAL SOCIALIST ECONOMIES STEADY STATE STRUCTURAL CHARACTERISTICS SUPPLY SHOCKS TAX TRADE FLOWS TRADE PATTERNS TRADE SHOCK TRADING SYSTEM TRANSITION COUNTRIES TRANSITION COUNTRY TRANSITION ECONOMIES TRANSITION PATH TRANSPORT UPWARD PRESSURES URBANIZATION WAGES WEIGHTS WORLD ECONOMY WORLD PRICES This article takes an integrated approach to evaluating the interaction of initial conditions, political change, reforms and economic performance in a unified framework covering 28 transition economies in East Asia, Central and Eastern Europe, and the Former Soviet Union (FSU). Initial conditions and economic policy jointly determine the large differences in economic performance among transition economies. Initial conditions dominate in explaining inflation, but economic liberalization is the most important factor determining differences in growth. Political reform emerges as the most important determinant of the speed and comprehensiveness of economic liberalization, raising the important question of what determines political liberalization. Results suggest the importance of the level of development in determining the decision to expand political freedoms. 2014-03-04T21:43:13Z 2014-03-04T21:43:13Z 2001-01 Journal Article http://documents.worldbank.org/curated/en/2001/01/17736672/circumstance-choice-role-initial-conditions-policies-transition-economies World Bank Economic Review http://hdl.handle.net/10986/17217 English en_US CC BY-NC-ND 3.0 IGO http://creativecommons.org/licenses/by-nc-nd/3.0/igo World Bank Washington, DC: World Bank Publications & Research :: Journal Article Publications & Research |