7 Transition

Karl Marx Adam Smith Transition

Transition Recession GDP decline greater than in US during Great Depression Russia 50% Ukraine 60% Uzbekistan 20% Georgia 77% Belarus 37% Kazakhstan 39 Moldova 69% Lithuania 46% Latvia 39% Estonia 36% CEE avg 22%

Country New Currency Ruble Exchange Rate Introduced Armenia Dram 200 1993 Azerbaijan Manat 10 1992 Belarus Ruble 10 1992 Estonia Kroon 10 1992 Georgia Lari 1 1993 Kazakhstan Tenge 500 1993 Kyrgyzstan Som 200 1993 Latvia Rublis 1 1992 Lithuania Talonas 1 1991 Moldova Cupon 1 1992 Tajikistan Ruble 100 1995 Turkmenistan Manat 500 1993 Ukraine Karbovanets 1 1992 Uzbekistan Som 1 1992

Structural Legacies of Socialism ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Need Institutional Reform ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Transition Debate: Sequencing and Speed ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Russian Shock Therapy, 1992 ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Yeltsin 1992-99

Hyperinflation, 1992-94 ,[object Object],[object Object],[object Object],[object Object],[object Object]

Crisis: 1992-94 ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Gaidar

[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Privatization: Challenges

Russian privatization Stage Zero 1988-91 : Spontaneous Privatization ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Russian Privatization Stage One 1992-94 : Mass Voucher Privatization ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Russian Privatizaton Stage Two, 1994-95 : Cash Auctions (loans for shares) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Comparison of share prices of two major enterprises

Criticism of Privatization ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Joseph Stiglitz, 2001 Nobel Prize in Economics

Eastern Europe ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Demonetization: 1992-98 ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

7 Transition

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7 Transition