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Institutions and Economic Growth in Central and Eastern Europe: A Quantitative Analysis

In: Europeanization, Varieties of Capitalism and Economic Performance in Central and Eastern Europe

Author

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  • Lucian Cernat

Abstract

During the first 10 years of the transition from plan to market, Romania, along with other CEECs, implemented comprehensive reform programmes and achieved essential economic transformations. The main goal of such fundamental change was to set their economies on sustained growth paths. At the beginning of the transition process, all CEECs liberalized their prices, dismantled the state monopoly over foreign trade and gradually lifted the existing administrative barriers. Simultaneously, with the collapse of the socialist trade cooperation system (the Council for Mutual Economic Assistance, or CMEA), they experienced a loss of their most significant import and export markets. Consequently, during these first 10 years of transition, CEECs have witnessed a significant shift in their geographical export orientation towards Western Europe, a natural partner given the accession process under way. Increased openness has also resulted in a growing inflow of FDI, both as a result of large-scale privatization programmes and green-field investment.

Suggested Citation

  • Lucian Cernat, 2006. "Institutions and Economic Growth in Central and Eastern Europe: A Quantitative Analysis," Studies in Economic Transition, in: Europeanization, Varieties of Capitalism and Economic Performance in Central and Eastern Europe, chapter 2, pages 31-45, Palgrave Macmillan.
    • Handle: RePEc:pal:stuchp:978-0-230-50168-3_3
    DOI: 10.1057/9780230501683_3
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