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Institutional Deterioration in Transition Economies: Playing Follow-the-Leader During the Global Financial Crisis?

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  • Christopher Hartwell

Abstract

Economic transition was a systemic change of institutions from those that facilitated a planned, communist economy to those suitable for a market economy. This paper examines the state of this political and economic institutional development in 28 transition economies, focusing on the global financial crisis years of 2007–2012. According to various metrics of institutions, institutional regression has indeed occurred but has been somewhat localized in the countries of the CIS. However, property rights have regressed in some countries in Central/Southern Europe, while financial sector institutions have uniformly degraded across the entire transition space. Copyright CEEUN 2013

Suggested Citation

  • Christopher Hartwell, 2013. "Institutional Deterioration in Transition Economies: Playing Follow-the-Leader During the Global Financial Crisis?," Transition Studies Review, Springer;Central Eastern European University Network (CEEUN), vol. 20(2), pages 131-147, October.
    • Handle: RePEc:spr:trstrv:v:20:y:2013:i:2:p:131-147
    DOI: 10.1007/s11300-013-0275-5
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    More about this item

    Keywords

    Institutions; Transition; Financial crisis; Property rights; P30; E02; O43;
    All these keywords.

    JEL classification:

    • P30 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions - - - General
    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth

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