Arbeitspapier

Great expectations: A tale of two transitions

Over a quarter of the world's population lives in economies that have undertaken transitions from central planning to market economies. These transitions entail far-reaching and complex changes in social, economic and political institutions and have had widely divergent outcomes. Important strands of literature have emphasised the strategic complementarities that characterise the transition process in both the economic and political realms. Contrary to a widespread assumption, market-supporting institutions do not necessarily arise when assets are privatised in a highly unstable and uncertain environment; in fact, multiple equilibria emerge and expectations may play a key role in equilibrium selection. In this paper, we survey the vast empirical literature on transition economies in order to provide evidence on the correlation between expectations at the beginning of transition and success of the transition process. We provide the first comprehensive survey of the literature on agents' subjective perceptions of transitions' paths.

Sprache
Englisch

Erschienen in
Series: Working Paper ; No. 968

Klassifikation
Wirtschaft
Bureaucracy; Administrative Processes in Public Organizations; Corruption
Socialist Enterprises and Their Transitions
Socialist Systems and Transitional Economies: Political Economy; Property Rights
Illegal Behavior and the Enforcement of Law
Thema
Transition
expectations
multiple equilibria
property rights

Ereignis
Geistige Schöpfung
(wer)
Girardi, Daniele
Veneziani, Roberto
Wengle, Susanne
Ereignis
Veröffentlichung
(wer)
Queen Mary University of London, School of Economics and Finance
(wo)
London
(wann)
2023

Handle
Letzte Aktualisierung
10.03.2025, 11:43 MEZ

Datenpartner

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ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.

Objekttyp

  • Arbeitspapier

Beteiligte

  • Girardi, Daniele
  • Veneziani, Roberto
  • Wengle, Susanne
  • Queen Mary University of London, School of Economics and Finance

Entstanden

  • 2023

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