The Transition to the Market Economy

Paul G. Hare is Professor of Economics at Heriot-Watt University and Director of the Centre for Economic Reform and Transformation. He also edits Economics of Transition for the European Bank for Reconstruction and Development. Junior R. Davis is Research Associate at Heriot-Watt University. He has written several papers on economic adjustment in Eastern Europe and the former Soviet Union.

Preface

VOLUME I

Introductory overview by P. G. Hare and J R. Davis

Part I Political economy of transition






On the speed of transition in Central Europe
P. Aghion and 0. J. Blanchard




Lessons of the first four years of systemic change in
Eastern Europe

A. Aslund




Common fallacies in the debate on the economic
transition in Central and Eastern Europe

L. Balcerowicz




Transition in Poland





J Blanchard




Output collapse in Eastern Europe: the role of credit
G. A. Calvo and F. Coricelli




Interventionist pressures on a policy maker during the
transition to economic freedom (personal experience)






Dabrowski




Transformation, depression, and economics: some lessons





Ellman




What is shock therapy? What did it do in Poland and Russia?
P. Murrell




Transformation traps






Portes






The role of political constraints in transition strategies
G. Roland




Why did output fall in Eastern Europe?
J Williamson

Part II Macroeconomics and stabilisation




Stabilization and the macroeconomics of transition - how
different is Eastern Europe?






Bruno




Stabilization in Poland
G. A. Calvo and F. Coricelli




On the credibility of 'big bang' programs: a note on wage
claims and soft budget constraints in economies in transition

F. Coricelli and G. M. Milesi-Ferretti




Stabilization and economic reform in Russia






Fischer






Fiscal policy during the transition in Eastern Europe
R.H. Gordon




Transformational recession: the main causes
J. Kornai




The applicability of standard reform packages to
Eastern Europe

J. Winiecki

VOLUME II



Part III Liberalisation and markets




A theory of shortage in Socialist economies based on the
"soft budget constraint"

Y. Qian




From plan to market: on the nature of the transformation
crisis

H. Schmieding




Knowledge, transaction costs and the creation of markets in
post-Socialist economies

W Swaan

Part IV Property rights and the legal framework for transition economies




Legal foundations of a market economy
European Economy




Market-oriented reform legislation in the independent states
European Economy




Competition policy in Russia during and after privatization
P. L. Joskow, R. Schmalensee and N Tsukanova

Part V Privatisation




The behaviour of state firms in Eastern Europe,
pre-privatisation

P. Aghion, 0. 1 Blanchard and R. Burgess




The economics of enterprise restructuring in Central and
Eastern Europe

P. Aghion, 0. J. Blanchard and W Carlin




Political dimensions of privatization in Eastern Europe
J. Batt




Privatization policies in Central and Eastern Europe
P. Bolton and G. Roland




Economic transition and privatization: the issues
S. Estrin




Insiders and the state: overview of responses to agency
problems in East European privatizations

R. Frydman and A. Rapaczynski




Triggering evolution: the case for a breakthrough in
privatization

I. Grosfeld




Restructuring and privatizing electric utilities in Eastern
Europe

D. M. Newbery




Transforming state enterprises in Poland: evidence on
adjustment by manufacturing firms

B. Pinto, M. Belka and S. Krajewski




Privatization in Eastern Europe: irreversibility and critical

mass effects

G. Roland and T. Verdier

VOLUME III

Part VI Banking and finance






Balance sheet restructuring and privatisation of the banks
H. J Blommestein and J R. Lange




Financial reform in Eastern Europe: progress with the
wrong model

J Corbett and C. Mayer




Bank reform and behavior in Central Europe
P. Dittus




Banking reform in Central and Eastern Europe
European Bank for Reconstruction and Development




Needed mechanisms of corporate governance and finance
in Eastern Europe

R. Frydman, E. S. Phelps, A. Rapaczynski and A. Shleifer




Enterprise debt and financial restructuring in Central and
Eastern Europe

D. Begg and R. Portes




An innovatory package for financial sector reforms in
Eastern European countries






Steinherr




Eastern Europe's experience with banking reform: is there a
role for banks in the transition?






Thorne




Enterprise reform in Eastern Europe
S. van Wijnbergen




The role of international financial institutions in the
transition process

S. Zecchini







Part VII Trade




Structural adjustment and international trade in Eastern
Europe: the case of Poland






Berg and J Sachs




A payments mechanism for the former Soviet Union: is the
EPU a relevant precedent?

B. Eichengreen




Trade with Eastern Europe
C. B. Hamilton and L. A. Winters




The international competitiveness of industries in Bulgaria, Czechoslovakia, Hungary, and Poland
G. Hughes and P. Hare




Trade liberalization with Eastern nations. How sensitive?
D. Neven




The impact of systemic transition on the European
Community

D. M. Nuti




EC trade with Eastern Europe
J Rollo and A. Smith

VOLUME IV



Part VIII Agriculture




Intersectoral changes in former Socialist economies:
distinguishing initial from longer-term responses

K. Anderson




The CAP and Central and Eastern Europe





Buckwell and S. Tangermann




Domestic and trade policy for Central and East European agriculture
L. Karp and S. Stefanou




Why collectivization of agriculture in Socialist countries
has failed: a transaction cost approach

G. Schmitt

Part IX Labour markets




'Transitional' unemployment
T. Boeri




Unemployment, labour markets and structural change in
Eastern Europe

M. Burda




Economic restructuring, unemployment, and growth in a
transition economy

B. Chadha, F. Coricelli and K. Krajnyak




Economic policy and employment in the transition economies of Central and Eastern Europe: what have we learned?

R. Jackman