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.
Contents
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
1998
176 pages
ISBN 978-963-9116-05-4 cloth $39.95 / £25.00
ISBN 978-963-9116-08-5 paperback $16.95 / £10.95
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