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Macroeconomic Policies and the Development of Markets
in Transition Economies

Fabrizio Coricelli, University of Siena, Central European University, Budapest

"Fabrizio Coricelli makes a brief, bold attempt to lay some generally applicable theoretical foundations for this peculiar branch of economics, where the conventional wisdom about why things work is even less helpful than usual."
- The Economist

This book presents the first integrated view of transition based on a unified analytical framework that evaluates the experience of several transition economies.

Fabrizio Coricelli's view of transition emphasizes the connection between peculiar initial conditions and the effects of market reforms. Taking the starting point of underdeveloped markets and market institutions, he evaluates macroeconomic policies in relation to their impact on the develop-ment of markets. Coricelli particularly emphasizes financial markets, the "missing" market under the system of central planning.

Different initial conditions in terms of economic structure and level of development of market institutions may determine radically different out-comes of similar macroeconomic policies. Initial conditions are important in the context of a highly nonlinear transition path. Transition can be generally considered as a process that must go over a bump before succeeding.

Emphasizing initial conditions does not imply a mechanical approach. On the contrary, Coricelli highlights fundamental trade-offs for economic policy, which can play a crucial role in determining the success of reforms. Intensity and timing of reform measures should be adapted to different situations.

This book will be of interest to students and researchers in economics, economic policy, and public planning.



Introduction. Chapter 1: Stabilization, liberalization and macroeconomic performance Chapter 2: Monetary policy and financial markets in transition economies Chapter 3: Macroeconomic constraints and feedback Chapter 4: Income distribution and the dynamics of reform

176 pages
ISBN 978-963-9116-05-4 cloth $39.95 / £25.00
ISBN 978-963-9116-08-5 paperback $16.95 / £10.95