From Transition to Market: Evidence and Growth Prospects


Ratna Sahay ; Stanley Fischer ; Carlos A. Végh Gramont

Publication Date:

April 1, 1998

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Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate


This paper presents evidence on the behavior of output and inflation in the transition economies during 1992–95. A regression analysis explores the differences in output performance across the transition economies during this period. The paper then engages in a numerical, somewhat speculative, exercise to assess the long-run growth potential of the transition economies. It concludes that it should take about 20 years for the faster reformers to reach current OECD per capita levels.


Working Paper No. 1998/052



This paper was prepared for an OECD Volume on Lessons from the Economic Transition: Central and Eastern Europe in the 1990s and presented at the OECD colloquium, held in Paris on May 29-30, 1996.


Publication Date:

April 1, 1998



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