Reforms in the Transitional Economies of Asia
Rana, Pradumna B. | December 1993
Virtually all the world's formerly planned economies have recently undertaken systemic reforms with the ultimate objective of replacing central planning with reliance on market mechanisms. The proposed reforms have been fundamental and have had significant impact on all sectors of the economy. Implementing these reforms has proved difficult for a number of reasons, including the lack of historical precedents from which to derive lessons. To date, the results of the liberalization efforts in Eastern Europe and the former Soviet Union (FSU) have been disappointing. While some signs of economic recovery have started to emerge in Poland, the former Czechoslovakia and Hungary, output has generally fallen. The decline has been most rapid in the countries with the most ambitious liberalization programs. In contrast, output in the transitional economies of Asia (TEAs)—comprising the People's Republic of China (PRC), Lao People's Democratic Republic (Lao PDR), Mongolia, Myanmar and Viet Nam—has generally continued to grow after liberalization at more or less the same rate as during the pre-reform period. Price stability has also generally been maintained in the TEAs.
CitationRana, Pradumna B.. 1993. Reforms in the Transitional Economies of Asia. © Asian Development Bank. http://hdl.handle.net/11540/3172. License: CC BY 3.0 IGO.
Regional Economic Development
Financial Sector Regulation
Economies in transition
Social responsibility of business
Cost and standard of living
Banks and bankingShow allCollapse
MetadataShow full item record
Users also downloaded
Asian Development Bank (Asian Development Bank, 2001-09-15)The quarterly newsletter of the Focal Point for Microfinance at ADB aims to provide information on microfinance. Articles in the newsletter, however, do not necessarily reflect official ADB views.The quarterly newsletter of the Focal Point for Microfinance at ADB aims to provide information on microfinance. Articles in the newsletter, however, do not necessarily reflect official ADB views.