The Stylized Facts of Transition in South Eastern Europe
The countries of the SEE region to a large degree experienced the stylized facts that characterized the transition process in most of these economies, primarily during the first decade of transition: that is, basic economic variables to a certain extent displayed the same or similar trends as in other countries or regions in transition, such as the countries of CE. At the same time, however, they exhibited significant variations. These variations can be attributed to substantial differences in several factors such as the economic circumstances at the onset of transition, the effectiveness of policy and reform measures and the political conditions, particularly the emergence of wars and ethnic conflicts.
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