Books from the IMF

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A Decade of Transition: Achievements and Challenges

Oleh Havrylyshyn and Saleh Nsouli, Editors

This volume contains the proceedings of a conference, organized by the IMF, to review the key lessons learned from a decade of experiences with economic transition. In February 1999, the IMF brought together senior government officials from transition countries and experts from academia and international institutions to explore the key elements of the transition process: macroeconomic stabilization, growth recovery, privatization, banking reform, income inequality, and the changing role of government.

Four main lessons are drawn. First, while macroeconomic stabilization has largely been attained, progress on structural and institutional reform lags behind-to a considerable extent in some countries. Second, privatization has, in some cases, led to inequity and undesirable anticompetitive consequences, but, on balance, economic performance is better than what occurs under state ownership. Third, sustained "success" and economic growth requires going beyond...