Annex: Country Experiences
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)| false ( Rawski, T. 1994), Progress without Privatization: The Reform of China’s State Industries, in ( V. Milor ed.), “ The Political Economy of Privatization and Public Enterprise in post-Communist and reforming Communist States”, Lynne Rienner, Boulder, CO, pp. 27– 52.
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This paper was prepared for the IMF Conference “A Decade of Transition: Achievements and Challenges” held in Washington, DC during February 1999. The authors are grateful to the Fund staff of the Asia and Pacific Department working on China, the Lao People’s Democratic Republic, Vietnam, and Mongolia for their assistance, and thank Hisanobu Shishido and Dubravko Mihaljek for helpful suggestions. Special thanks to David Robinson for advice, encouragement, and for his contribution in preparing the materials on China. Janice Lee and Bin Zhang provided excellent research assistance.
For a distinction between “disinflation”, “inflation stabilization”, and “moderate inflation” see Cottarelli and Doyle (1998).
See Fischer et. al. (1998) for evidence on differences in output performance across countries in the CEE/BRO countries, and Mongolia during 1992–95.
Strong overall growth performance in China has been associated with considerable variation across provinces. These variations provide useful information about the determinants of growth, including the importance of agriculture, state enterprises, and nonstate sector activity.
See for example, Fischer et. al. (1998) where an index of economic liberalization is found to be statistically significant in explaining growth performance. Havrylyshyn and Wolf (1998) examine the experience of the CEE/BRO countries over 1993–97, and highlight the importance of reforms in overcoming unfavorable initial conditions and the need for broad-based and comprehensive reforms to sustain growth.
The claim of a more favorable supply response in agriculture is perhaps not as tight as may appear. In particular, it is difficult to disentangle the extent to which price liberalization may have increased overall supply and to which it merely reflected an increase in the marketed surplus, and hence measured output. This parallels the argument for the CEE/BRO economies where underreporting of private sector activity may be substantial.