Comparative Economic Studies

, Volume 45, Issue 1, pp 2–24

Institutions Matter in Transition, But So Do Policies

  • Oleh Havrylyshyn
  • Ron van Rooden
Original Article


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.


growth institutions transition countries public policy 

JEL Classifications

P2 P21 P47 O21 


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Copyright information

© Association for Comparative Economic Studies (ACES) 2003

Authors and Affiliations

  • Oleh Havrylyshyn
    • 1
  • Ron van Rooden
    • 1
  1. 1.International Monetary Fund

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