External instability in transition: Applying Minsky's theory of financial fragility to international markets

Arbeitspapier

This inquiry argues that the successful completion of the transition process in the post-Soviet economies is constrained by the prevailing social structure and low levels of technological progress, both of which require institutional reforms aimed at increasing growth in national income, productivity, and the degree of export competitiveness. Domestic policy implementation has not shown significant improvements on these fronts, given its short-term orientation, but instead resulted in stagnating growth rates, continuously accumulating levels of external debt, and decreasing living standards. The key to a successful completion of the transition process is therefore a combination of policies targeted at the dynamic transformation of production structures within an environment of financial stability and favorable macroeconomic conditions.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Series: Working Paper ; No. 909

Classification and Topics

• Classification: Wirtschaft ; History of Economic Thought since 1925: Historical; Institutional; Evolutionary; Austrian; Stockholm School ; Trade Policy; International Trade Organizations ; International Lending and Debt Problems ; International Financial Markets ; Socialist Institutions and Their Transitions: General
• Subject: Transition Economies ; Soviet Mode of Production ; Technological Decay ; International Capital Flows ; External Instability ; Debt Repayment

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Malyshava, Liudmila
• Event: Veröffentlichung
• (who): Levy Economics Institute of Bard College
• (where): Annandale-on-Hudson, NY
• (when): 2018

Further information

• Handle: http://hdl.handle.net/10419/209152
• Last update: 10.03.2025, 11:45 AM CET