Institutions Matter in Transition, But So Do Policies
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- Havrylyshyn, O. & van Rooden, R. Comp Econ Stud (2003) 45: 2. doi:10.1057/palgrave.ces.8100005
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This paper analyses 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 stabilisation and implementing broad-based economic reforms remain the key determinants of growth in transition economies.