Front Matter
  • 1 0000000404811396https://isni.org/isni/0000000404811396International Monetary Fund

Front Matter Page

European I Department

Authorized for distribution by Robert A. Feldman

Contents

  • I. Introduction

  • II. Sources of Growth During Transition: CEEC-5

  • III. Divergent Sources of Growth in CEEC-5 During Transition

    • A. Privatization

    • B. Hardening Budget Constraints

    • C. Bank Restructuring

    • D. Investment Climate

    • E. Shareholder and Creditor Rights

  • IV. International Evidence on the Determinants of Long-Run Growth

  • V. Growth Scenarios for CEEC-5 in the Long Run

  • VI. Conclusions

  • References

  • Boxes

  • 1. Estimating the Capital Stock in CEEC-5

  • 2. Total Factor Productivity Sensitivity Analysis

  • 3. Balassa-Samuelson Effects in Eastern Europe

  • 4. Investment Ratios and Capital Intensity: Italy 1960s; Spain 1970s

  • 5. TFP Intensive Growth and the Acquis in Labor Markets

  • 6. TFP Intensive Growth and the Acquis in Financial Markets

  • Figures

  • 1. CEEC5: Sources of Growth 1989–99

  • 2. CEEC5: Investment to GDP Ratios

  • 3. Ownership Concentration and Restructuring

  • 4. State Intervention and Restructuring

  • 5. Soft Budget Constraint and Restructuring

  • 6. Soft Budget Constraints in Countries Grouped by Region

  • 7. Average Investment Climate by Region

  • 8. Market Selection and Desirable Expansion

  • 9. Creditor Rights in Transition Economies and the Rest of the World

  • 10. Shareholder Rights in Transition Economies and the Rest of the World

  • 11. Italy and Spain: Trends in Investment and the Capital Stock 1965–85

  • Tables

  • 1. Cumulative Output Growth and its Sources

  • 2. Progress and Methods of Privatisation of Medium-sized and Larger Enterprises

  • 3. Legal Transitions Indicators 1999

  • 4. Sources of Growth in Golden Age Europe and Japan, and Recent East Asia

  • 5. Projected TFP Growth for Selected Central and Eastern European Countries

  • 6. Panel Regression Results from a Sample of Six Transition Economies, 1992–99

Real Convergence to EU Income Levels: Central Europe From 1990 to the Long Term
Author: Mr. Guorong Jiang, Mr. Peter Doyle, and Louis Kuijs