Transition Strategies: Choices and Outcomes

Princeton Studies in International Finance, No. 85, June 1999

Posted: 28 Apr 2000

See all articles by Holger C. Wolf

Holger C. Wolf

Georgetown University - Edmund A. Walsh School of Foreign Service (SFS)

Abstract

The paper evaluates the effect of the speed and extent of reforms in twenty-five transition economies on growth and inflation, taking account of the endogeneity of reform choices vis a vis factors that may also influence outcomes. The results suggest that more comprehensive reforms result in a J-curve adjustment of output growth, with a same period decline and a larger lagged positive effect. Same period inflation increases as a result of greater liberalization, but decreases in subsequent periods. Controlling for the extent of liberalization, the speed with which it was attained has no additional effect on growth, i.e., there is no difference in growth rates between "radical" reform programs and (sucessfully completed) "gradualist" programs.

Note: This is a description of the paper, and is not the actual abstract.

JEL Classification: P2, P3

Suggested Citation

Wolf, Holger C., Transition Strategies: Choices and Outcomes. Princeton Studies in International Finance, No. 85, June 1999. Available at SSRN: https://ssrn.com/abstract=207949

Holger C. Wolf (Contact Author)

Georgetown University - Edmund A. Walsh School of Foreign Service (SFS) ( email )

Washington, DC 20057
United States
202-687-8079 (Phone)
202-687-8359 (Fax)

HOME PAGE: http://georgetown.edu/faculty/wolfhc/

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