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Transition as a process of large-scale institutional change

par Dewatripont, Mathias ;Roland, Gérard
Référence Economics of transition, 4, 1, page (1-30)
Publication Publié, 1996-05

Article révisé par les pairs

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Résumé :

After several years of transition experience the theory is very poorly developed except in regard to macroeconomic stabilization. Another key dimension of transition is institutional change to provide the organizational infrastructure for a market economy. Such issues are analysed here through a series of models focusing on: uncertainty of outcomes, complementarities and interactions between reforms, and political constraints. The choice between "big bang" and more gradualist strategies is studied under various conditions and the paper also examines specific incentive and allocative aspects of the transition from socialism to capitalism.