The contributors to this volume analyze the general problems of economic transition in countries of the former Eastern bloc: changing the ownership structure, abolishing the command economy, and integrating with the world economy. Because unique political, economic and social conditions in each nation require individual policy solutions, the contri
This is an examination of the progress that Croatia, the Czech Republic, Hungary, Poland, Slovakia and Slovenia have made in the process of transformation since the collapse of the Soviet bloc. Looking at issues such as democratization, the transition to a market economy and the new orientations in foreign policy, this book provides a report of th
Although the four countries considered in this study are the most developed transition countries in Europe, their average wages are only a fraction of West European levels. While the labor costs would theoretically give the Central and Eastern European (CEEC) countries an advantage, capital shortages and the lack of skills required for a market economy prevent its use. The report was prepared under the auspices of the World Bank by Peter Havlik, Deputy Director of the Vienna Institute for International Economic Studies (WIIW). This report reviews wage and labor productivity developments and examines the evolution of export competitiveness. It also summarizes the main findings from the ongoing research by WIIW on the impact of foreign direct investment on restructuring and provides some policy recommendations.
The recent financial and political crises in the world sent severe shocks through emerging economies in Central and Eastern Europe (CEE) and the former Soviet Union (FSU). Although these crises are regrettable events that caused so much suffering to so many people, we must embrace the opportunity to scrutinize this defining moment in the history of the world economy to learn from it and discover many valuable facts that are of great significance to contemporary economics and the international community. This volume, which explores the economic impact of the crises on emerging markets in the CEE and FSU regions, provides valuable findings that are unique in that they shed new light upon many of the aspects that previous studies have failed to adequately address. The present compendium of papers distinguishes itself from the previous literature in that it also explores how the Russian economy was affected by economic sanctions imposed by the European Union and other nations after the Russian annexation of Crimea in 2014.
The paper considers the theoretical and practical problems connected with the estimation Gross Domestic Product (GDP) for the centrally planned economy of Czechoslovakia. In the methodological part the basic differences between the SNA (System of National Accounts) and MPS (Material Product System) accounting systems are discussed and several transformation procedures are presented. The price formation used in Czechoslovak MPS aggregates is briefly described before the problem of converting the data in national currency to US dollars is highlighted. Alternative GDP estimates, exchange rates and growth rates are compared. Own estimates, based on the purchasing parity type comparison with Austria, are presented in comparison with official Czechoslovak indexes. The appendices contain the detailed description of MPS/SNA transformation procedures as well as the statistical tables illustrating the process of GDP reconstruction based on Czechoslovak data for the period 1970-1990.
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