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The Economics of Post-Communist Transition

By Olivier Blanchard
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By Olivier Blanchard
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Transition in Central and Eastern Europe has led to a U-shaped response of output: a sharp decline in output followed by recovery. Most of the countries of Central Europe seem now firmly on the upside; most of the countries of Eastern Europe are still close to the bottom of the U: an optimistic view is that they are now negotiating the turn. Olivier Blanchard, a distinguished economist who has worked on transition since its beginning, is one of the first to present a unified analysis of the pro…

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