Macroeconomic Policies and the Development of Markets in Transition Economies

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Central European University Press, 1998 - Business & Economics - 164 pages
Presenting the first integrated view of transition based on a unified analytical framework, this book 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 development of markets. Coricelli stresses particularly financial markets, the 'missing' market under the system of central planning. He 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, he argues, should be adapted to different situations.

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Contents

Monetary Policy and Financial Markets
37
Macroeconomic Constraints and Feedback
86
Income Distribution and the Dynamics of Reform
135
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About the author (1998)

Fabrizio Coricelli is associate professor of Economics at the University of Siena.

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