Institutions Matter in Transition, But so do Policies

Are they Short-Lived or Long-Lived?

Author: International Monetary Fund

This paper analyzes the importance of developing market-enhancing institutions for restoring economic growth in transition economies during 1991-98. The paper's main finding is that the development of an institutional framework has indeed a significant positive impact on growth, but that progress in achieving macroeconomic stabilization and implementing broad-based economic reforms remain the key determinants of growth in transition economies.

Volume/Issue: Volume 2000 Issue 070

Publication date: March 2000

ISBN: 9781451849141

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Topics covered in this book

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Business and Economics , Social Science , Economics- Macroeconomics , Public Finance , Environmental Economics , WP , transition country , liberalization policy , country rating , growth equation , orders country , Transition , growth , stabilization , reforms , institutions , country competitiveness , growth theory , market-enhancing institution , a number of governance indicator , CIS country , Legal support in revenue administration , Structural reforms , Corruption , Housing , Central and Eastern Europe , Baltics , Eastern Europe

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Summary

This paper analyzes the importance of developing market-enhancing institutions for restoring economic growth in transition economies during 1991–98. The paper’s main finding is that the development of an institutional framework has indeed a significant positive impact on growth, but that progress in achieving macroeconomic stabilization and implementing broad-based economic reforms remain the key determinants of growth in transition economies.