Recession and Growth during Transition to a Market Economy in Eastern Europe
In the early stages of the transition from a centrally planned economy (CPE) to a market economy the main concern is focused on microeconomic restructuring, macroeconomic stabilization and the institutional changes required to fuel the development of a market environment.1 In the long run all these changes should speed up economic growth and contribute to an improvement in the allocation of resources. From this angle one should consider some crucial aspects of the conditions that are necessary to ensure the growth of economies in transition.
KeywordsMarket Economy International Monetary Fund Central Statistical Real Wage Phillips Curve
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