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| Author: | Di Tommaso, M.L. Raiser, M. Weeks, M. |
| Title: | Home grown or imported: initial conditions, external anchors and the determinants of institutional reform in the transition economies |
| Journal: | Economic Journal
2007 : APR, VOL. 117:520, p. 858-881 |
| Index terms: | institutional economics reforms transition economies |
| Language: | eng |
| Abstract: | This paper examines the determinants of institutional change using a panel dataset comprising 25 transition economies. A defining characteristics of the approach is the institutional change is treated as a multidimensional unobserved variable, accounting for the fact that each of the indicators represents a noisy signal. The findings suggest that institutional change is significantly path dependent. However, policy can to some extent break this dependence through economic and political liberalisation at the start of the transition and with the help of an external anchor such as EU accession. |
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