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This book intends to provide an investigative study into the economics of systemic transformation and catch-up development. Concentrating on the two paradigmatic cases of a shock therapy in East Germany and a gradual management of systemic change in Hungary, a theory-guided analysis draws relevant experiences for a general theory of systemic transformation and catch-up development (e.g., Riese 1993b; Csaba 1995). The study distinctively differs from orthodox inquiries into the field of economic development: rather than attempting to construct a comprehensive normative theory of systemic change and/or economic development, the study confines itself to the generation of fragmental insights into causalities between economic policies (reform, liberalisation, integration), market constellations (the state of expectations, the pattern of advantages in foreign trade) and possible outcomes (catch-up versus peripheralisation), leading to the formulation of conditions of economic development for post-socialist economies (PSEs).
KeywordsSystemic Transformation Soft Budget Constraint Monetary Stabilisation Socialist Legacy Foreign Indebtedness
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