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Slovenia's transition from labor managed economy to privately owned capitalism.
In 1991 following a ten day military resistance to ...
Slovenia in Transition. Catching-up performance determined by initial conditions,
stabilisation measures and structural reforms Three ...
... Macedonia, Hungary, Poland, Romania, Slovak Republic, Slovenia Baltics -Estonia ... Russia,
Tajikistan, Turkmenistan, Ukraine, Uzbekistan Transition economies in ...
... In March 2004, Slovenia became the first transition country to graduate
from borrower status to donor partner at the World Bank. ...
... (World Investment Directory, 2003) The opening up and the transition to market ... total
FDI for Czech Republic, Estonia, Hungary, Poland and Slovenia and Slovakia ...
Submitted by msmoljanic on December 23, 2005
Category: Miscellaneous
Words: 1219 | Pages: 5
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Catching-up performance determined by initial conditions,
stabilisation measures and structural reforms
Three factors appear to significantly influence the catching-up of an economy: initial
conditions, stabilisation measures and structural reforms (Berg et al., 1999, Falcetti
et al., 2000, Fisher et al., 2004, World Bank, 2004). First, initial conditions, being
intimately related with production factor endowment and the efficiency with which
they are processed, determine the level of a country's development. Second, as the
country faces an abrupt shock to the system following the breaking down of the
prevailing political and economic institutions, stabilisation measures notably, timely
adoption of sound macroeconomic policies are in order. The success of these
measures can be measured by the general government balance relative to GDP and
the annual rate of inflation. The third factor with an impact on the catching-up
process is structural reforms. While establishing and preserving stability is typically
the main focus of policy action, policy-makers also attempt, to varying degrees, to
restructure the economy, which is considered to benefit growth in the longer term.
Liberalisation and privatisation, in particular, have been judged essential. In its
recent study, the EBRD (2004) finds that reforms have a robust, positive influence
on growth and that "a sustained commitment to reforms will bring substantial
benefits over the longer term" (p.14). The link between a better starting point and
growth has also been shown to be non-negligible, although its effect withers over
time (European Commission, 2004).
It is possible that as the effect of initial conditions dies away other factors become
increasingly important. Moreover, the level of development at the start of transition
might very well...
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