Economic Growth and Countries in Transition

The purpose of this paper is to reexamine the results of earlier empirical studies on economic growth in transition economies by implementing panel regression analysis on an extended data set. Furthermore, the analysis stresses the need for distinguishing among various groups of transition countries as well as between the periods of fall and recovery of economic activity. After the dominant influence of "transition\u27 Factors, such as structural reforms, macroeconomic stability and initial conditions in the early transition years, increasing importance in explaining economic activity during later years is attributed to the openness of an economy as well as indicators of institutional development