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Are the Transition Economies Still in Transition?

In: The Palgrave Handbook of Comparative Economics

Author

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  • Paul Wachtel

    (New York University Stern School of Business)

Abstract

Thirty years ago, most observers thought that the transition from a planned to a market economy would be a long process. Instead, the changes occurred very quickly, and the transition countries do not look all that different than many emerging market economies. In the first part of the chapter we discuss whether transition was truly special. In the second part, we look at the characteristics of the transition economies. Our data shows that they have similar economic structures and share many similar economic and political problems as other countries at similar income levels. We found only one area where transition stands out as different. The financial sectors of the transition economies are smaller and less well functioning than those in other countries.

Suggested Citation

  • Paul Wachtel, 2021. "Are the Transition Economies Still in Transition?," Springer Books, in: Elodie Douarin & Oleh Havrylyshyn (ed.), The Palgrave Handbook of Comparative Economics, edition 1, chapter 16, pages 389-428, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-50888-3_16
    DOI: 10.1007/978-3-030-50888-3_16
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    Cited by:

    1. Injy Johnstone, 2022. "Global governance and the Global Green New Deal: the G7’s role," Palgrave Communications, Palgrave Macmillan, vol. 9(1), pages 1-9, December.
    2. Elodie Douarin & Tomasz Mickiewicz, 2022. "Is the post-communist transition over?," IZA World of Labor, Institute of Labor Economics (IZA), pages 494-494, June.

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