The Two-Decade Process of Institutional Adjustment in the Transition Economies of the Former Soviet Union: Overachievers, Mediocre Performers, and Underdogs

Abstract:     
Since the onset of the transformation process, there has been divergence in place as far as the speed and progress of institutional changes of the economies of the Former Soviet Union are concerned. Based on the thorough analysis of the EBRD data on attainments in institutional adjustment in diverse spheres of the transition economies of Europe and Central Asia (ECA), it is possible to classify them into the following three groups: 1) overachievers, 2) mediocre performers, and 3) underdogs. Such a diverse performance in institutional changes of the countries in question is due to an array of various reasons. It is asserted that the countries’ future development paths will be determined by the thus far attained institutional enhancements.

Number of Pages in PDF File: 12

Keywords: Institutions, Development and Growth, Transition Economies

JEL Classification: E02, 043, P2

working papers series