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Structural Adjustment in the Transition : Case Studies from Albania, Azerbaijan, Kyrgyz Republic, and Moldova

Author

Listed:
  • Paul J. Siegelbaum
  • Khaled Sherif
  • Michael Borish
  • George Clarke

Abstract

The study reviews the performance of four transition countries - Albania, Azerbaijan, the Kyrgyz Republic, and Moldova - in the areas of private, and financial sector development, identifying both their achievements, and challenges, to extract beneficial reform efforts, and alternative approaches, setting the pace for sustainable growth. These countries were selected because they are among the poorest in the region, whose problems are seemingly intractable, and have been largely detached from the international marketplace until the transition began. Thus, in terms of history, resource endowment, and proximity to markets they are viewed as "late reformers" in economic development, and competitiveness, despite policy reforms. Enterprise arrears, and soft budget constraints have been a significant problem in many transition economies, more often than not, manifested as some fiscal tightening occurred to offset budget constraints. Hence, a core challenge of the transition is to reduce the role of government from all encompassing presence, towards a professionally managed model, and one which provides high service delivery, strengthens civil institutions, and plays an effective regulatory role in a market economy. This requires improved financial discipline, reasonable fiscal policy, and structural adjustment, while privatization that promotes concentrated outsider ownership, and foreign participation, should be favored.

Suggested Citation

  • Paul J. Siegelbaum & Khaled Sherif & Michael Borish & George Clarke, 2002. "Structural Adjustment in the Transition : Case Studies from Albania, Azerbaijan, Kyrgyz Republic, and Moldova," World Bank Publications - Books, The World Bank Group, number 14052.
  • Handle: RePEc:wbk:wbpubs:14052
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    Citations

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    Cited by:

    1. International Monetary Fund, 2006. "Regulatory Capture in Banking," IMF Working Papers 2006/034, International Monetary Fund.
    2. Meçe Merita, 2016. "‘The Impact of Globalization on Albania’," Central and Eastern European Review, Sciendo, vol. 10(1), pages 41-60, December.
    3. Dastan ASEİNOV & Kamalbek KARYMSHAKOV, 2018. "Development of the Banking System in Kyrgyzstan: An Historical Review and Current Challenges," Sosyoekonomi Journal, Sosyoekonomi Society.
    4. Iwasaki, Ichiro & 岩﨑, 一郎 & イワサキ, イチロウ, 2003. "Transition Strategies and Economic Performances in the Former Soviet States: A Comparative Institutional View," Discussion Paper Series a433, Institute of Economic Research, Hitotsubashi University.
    5. Kikeri, Sunita & Nellis, John, 2002. "Privatization in competitive sectors : the record to date," Policy Research Working Paper Series 2860, The World Bank.
    6. Matuka, Adelajda, 2019. "Exchange Rate Pass-Through to Prices: VAR Evidence for Albania," MPRA Paper 92005, University Library of Munich, Germany.
    7. Cezar SCARLAT & Silvia RUCINSKA, 2010. "Some Considerations on Ending the Process of Economic Transition in Romania and Slovakia," European Research Studies Journal, European Research Studies Journal, vol. 0(1), pages 169-188.
    8. Ichiro Iwasaki, 2004. "Evolution of the Government–Business Relationship and Economic Performance in the Former Soviet States – Order State, Rescue State, Punish State," Economic Change and Restructuring, Springer, vol. 36(3), pages 223-257, September.

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