Institutional aspects of the economic transition
| Authors | |
|---|---|
| Year of publication | 2001 |
| Type | Article in Proceedings |
| Conference | Réformes économiques, croissance et développement. |
| MU Faculty or unit | |
| Citation | |
| Field | Economy |
| Keywords | transition; macroeconomic policy; fiscal policy; monetary policy |
| Description | Within the economic transition the institutional structure and behaviour of the national economy have been changing; that is why an economic analysis of this process is very difficult. The transition from a centrally planned into a market economy has got three main aspects which can complicate its description by means of the general economic theory: underdeveloped market institutions, a limited access to capital sources, and consistency of macroeconomic policies. These aspects are connected together by functioning of the fiscal policy and the monetary policy. Any strategy success or failure depends on a mutual co-operation between the fiscal and the monetary policies, i.e. on the relation between the government and the central bank. |
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