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The Evolution of Output in Transition Economies: Explaining the Differences

In: The Economics of Transition

Author

Listed:
  • Andrew Berg
  • Eduardo Borensztein
  • Ratna Sahay
  • Jeromin Zettelmeyer

Abstract

Following the universal collapse in measured output at the beginning of transition, the experience of the transition countries of Central and Eastern Europe (CEE) and the countries on the territory of the former Soviet Union has been quite varied. While the output paths of most countries are qualitatively similar — an asymmetric U or V-shape, with a sharp initial decline giving way to gradual recovery after a sometimes protracted ‘bottoming out’ phase1 — countries have differed greatly both in terms of the magnitude of the initial decline and the timing and strength of the recovery. In particular, transition countries in the Baltics, Russia and other countries of the former Soviet Union (BRO) have, on average, experienced sharper declines and slower recoveries than transition countries in Central and Eastern Europe, although there are large differences within these groups as well (Figures 6.1 and 6.2; Table 6.1).2

Suggested Citation

  • Andrew Berg & Eduardo Borensztein & Ratna Sahay & Jeromin Zettelmeyer, 2007. "The Evolution of Output in Transition Economies: Explaining the Differences," Palgrave Macmillan Books, in: Erik Berglöf & Gérard Roland (ed.), The Economics of Transition, chapter 6, pages 144-212, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-74092-5_6
    DOI: 10.1057/978-1-349-74092-5_6
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