By Mario I. Blejer, Marko kreb
ISBN-10: 0262025051
ISBN-13: 9780262025058
ISBN-10: 0585446628
ISBN-13: 9780585446622
The previous socialist international locations' transition to marketplace economies is one among the momentous changes in sleek heritage. The velocity and measure of good fortune have different extensively, and there's expanding divergence in functionality, constitution, and associations one of the transition economies. those alterations are mostly made up our minds by means of country-specific stipulations and political configurations. This ebook compares the stories of the international locations concerned over the 1st ten years to be sure what has labored and failed, in addition to the character of the demanding situations that lie ahead.After overviews of the transition approach up to now, the booklet provides 11 particular state situations: the reunification of East and West Germany; the main profitable transition international locations, Poland, Hungary, the Czech Republic, Croatia, and Slovenia; the fewer winning adventure of nations within the former Soviet Union, specifically, Russia, Belarus, and Ukraine; and the distinct advancements in significant Balkan nations, Bulgaria and Romania. the ultimate part summarizes the coverage classes of different reports. The participants, who contain ministers, executive officers, teachers, and leaders of overseas financial associations, tension the necessity for larger emphasis on institutional development and at the enforcement of contracts.
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Extra info for Transition: The First Decade
Sample text
Tax Reform. Tax reform involves broadening the tax base and cutting marginal tax rates. The aim is to sharpen incentives and improve horizontal equity without lowering realized progressivity. . . Financial Liberalization. The ultimate objective of ®nancial liberalization is market-determined interest rates, but experience has shown that, under conditions of a chronic lack of con®dence, market-determined rates can be so high as to threaten the ®nancial solvency of productive enterprise and government.
Stiglitz claims that for this reason, countries facing challenges different from those that presented themselves to the Latin American countries have never found satisfactory answers to their most pressing questions in the Washington consensus. Its simpli®ed interpretation vis-aÁ-vis the postsocialist economies implied that it would be suf®cient to ®x the appropriate ®nancial fundamentals and privatize the bulk of state assets. Subsequently, growth should begin and continue for the long term. Because this has not happened as presumed, the Washington consensus must be reconsidered.
The early Washington consensus was actually aiming at countries that already had market economies and were not just in a transition to such a system. S. Treasury, the IMF, and the World Bank, as well as some in¯uential think tanks. Stiglitz claims that for this reason, countries facing challenges different from those that presented themselves to the Latin American countries have never found satisfactory answers to their most pressing questions in the Washington consensus. Its simpli®ed interpretation vis-aÁ-vis the postsocialist economies implied that it would be suf®cient to ®x the appropriate ®nancial fundamentals and privatize the bulk of state assets.