The Successes and Failures of Economic Transition: The European Experience [Hardcover]

This book takes a macroeconomic approach to the issue of transformation from communist economies into market economies. At the centre of the analysis stands the role of the state and the definition within a dramatically changing environment. Particular emphasis is given to the emerging role of money and the financial sector.List of Figures List of Tables List of Boxes List of Acronyms Acknowledgements Introduction PART 1: THE MEANING AND MEASUREMENT OF TRANSITION What Transition Means How Transition is Measured An Alternative Measure: Economic and Social Effects Appendix A: The Gini Coefficient and the Lorenz Curve PART 2: TWO COMPETING CONCEPTS OF TRANSITION The 'Washington Consensus' Approach The Evolutionary-institutionalist Approach Fundamental Differences in Transitional Issues The Dispute over Stabilization Policy A Country Taxonomy of Transition Appendix 1: The Lipton-Sachs Model of Combining Liberalization and Stabilization Appendix 2: IMF Financial Programming PART 3: FINANCIAL INSTITUTIONS, STABILITY, AND GROWTH The Core of the Monetary Economy: The Central Bank Financial Systems as Stabilizers Financial Fragility The Relevance of Financial Systems for Stability and Growth The Strategy of ' Semi -liberalization' The Evolution of Financial Institutions PART 4: PRIVATIZATION AND COMPETITION From State to Private Ownership A Taxonomy of Privatization Methods A Review of Anti-trust Practices in EU Accession Countries PART 5: EMERGING LABOUR MARKETS Supply- and Demand-side Liberalization The Unemployment Problem The Optimal Speed of Transition The Beveridge Curve Growth and Unemployment Appendix: The Aghion-Blanchard Model of the OST PART 6: OPENING TOWARDS THE WORLD The Open and Opening Economy Price Convergence and Aggregate Demand Relative Price Shocks and Value Added The Exchange Rate as a Tool for Trade Policy Capital Account Liberalization Appendix: Trade Opening and Negative Value Added PART 7: RISING INCOME INEQUALITY Income Distribution and Convergencel³