Comparative Economic Studies

, Volume 45, Issue 1, pp 2–24

Institutions Matter in Transition, But So Do Policies


  • Oleh Havrylyshyn
    • International Monetary Fund
  • Ron van Rooden
    • International Monetary Fund
Original Article

DOI: 10.1057/palgrave.ces.8100005

Cite this article as:
Havrylyshyn, O. & van Rooden, R. Comp Econ Stud (2003) 45: 2. doi:10.1057/palgrave.ces.8100005


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.


growthinstitutionstransition countriespublic policy



Copyright information

© Association for Comparative Economic Studies (ACES) 2003