Transition Studies Review

, Volume 20, Issue 2, pp 131–147 | Cite as

Institutional Deterioration in Transition Economies: Playing Follow-the-Leader During the Global Financial Crisis?

World Transition Economy Research


Economic transition was a systemic change of institutions from those that facilitated a planned, communist economy to those suitable for a market economy. This paper examines the state of this political and economic institutional development in 28 transition economies, focusing on the global financial crisis years of 2007–2012. According to various metrics of institutions, institutional regression has indeed occurred but has been somewhat localized in the countries of the CIS. However, property rights have regressed in some countries in Central/Southern Europe, while financial sector institutions have uniformly degraded across the entire transition space.


Institutions Transition Financial crisis Property rights 

JEL Classification

P30 E02 O43 


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Copyright information

© CEEUN 2013

Authors and Affiliations

  1. 1.Institute for Emerging Market Studies (IEMS)Moscow School of Management-SKOLKOVOMoscowRussia

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