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NBER Working Papers and Publications
|January 2006||Growth, Initial Conditions, Law and Speed of Privatization in Transition Countries: 11 Years Later|
with Joseph Stiglitz: w11992
This paper examines alternative hypotheses concerning the determinants of success in the transition from Communism to the market. In particular, we look at whether speed of privatization, legal institutions or initial conditions are more important in explaining the growth of the transition countries in the years since the end of the Cold War. In the mid 90s a large empirical literature attempted to relate growth to policy measures. A standard conclusion of this literature was the faster countries privatized and liberalized, the better. We now have more data, so we can check whether these conclusions are still valid six years later. Furthermore, much of the earlier work was flawed since it did not adequately treat problems of endogeneity, confused issues of speed and level of privatiza...
Published: Estrin, S. et al (eds.) Transition and Beyond. Hampshire, England: Palgrave Macmillian, 2007.