Transition and Beyond

Introduction; S.Estrin, G.Kolodko & M.Uvalic PART I: THE SOCIALIST LEGACY The Rise and Fall of Socialist Planning; M.Ellman Life Cycle of the Centrally Planned Economy: Why Soviet Growth Rates Peaked in the 1950s; V.Popov Are Transition Economies Normal Developing Countries? The Burden of the Socialist Past; M.Keren & G.Ofer PART II: TRANSITION: FROM SOCIALISM TO CAPITALISM Growth, Initial Conditions and, Law and Speed of Privatization in Transition Countries: 11 Years Later; S.Godoy & J.E.Stiglitz Skills and the Transition; S.Commander Financial Transition in Central and Eastern Europe: A Note; M.de Cecco Investment, Wages and Corporate Governance During the Transition: Evidence from Slovenian Firms; J.Prasnikar & J.Svejnar How Different is Serbia?; M.Uvalic The Search for Identity: Where is Russia Heading?; P.Desai The Effects of Privatization on Company Performance in Belarus; S.Estrin, M.Bakanova, I.Pelipas & S.Pukovich PART III: BEYOND TRANSITION Complexity and Systemic Failure; V.Tanzi Risk Management and Systemic Risk; J.Eatwell Optimal Transition Trajectories?; L.Csaba The Great Post-Communist Change and Uncertain Future of the World; G.W.Kolodko

MARINA BAKANOVA World Bank Country Economist for BelarusSIMON COMMANDER Director of the Centre for New and Emerging Markets (CNEM), London Business School, UK; Senior Adviser, European Bank for Reconstruction and Development, UKLÁSZLÓ CSABA Professor of Economics and European Studies, Central European University, Budapest, Hungary; Professor, University of Debrecen, Hungary; Professor, Budapest Corvinus University, HungaryMARCELLO DE CECCO Professor of Monetary and Financial History, Scuola Normale Superiore di Pisa, ItalyPADMA DESAI Gladys and Roland Harriman Professor of Comparative Economic Systems and Director of the Centre for Transition Economies, Columbia University, USA; Member, Council on Foreign Relations, USAJOHN EATWELL Lord Eatwell of Stratton St. Margaret (Life Peer); President, Queens' College, Cambridge, UK; Director, Cambridge Endowment for Research in Finance, UK; Professor of Financial Policy, Judge Institute of Management, University of Cambridge, UKMICHAEL ELLMAN Professor of Economics, University of Amsterdam. The NetherlandsSERGIO GODOY Senior Economist, Financial Operations Division, International Finance Group, Central Bank of Chile, Chile; Part-Time Professor in Emerging Financial Markets, Universidad Católica de Chile, ChileMICHAEL KEREN Professor, Department of Economics, Hebrew University, Jerusalem, IsraelGUR OFER Harvey M. and Lyn P. Meyerhoff (Emeritus) Professor of Soviet Economics, Department of Economics and Departmentof Russian Studies, The Hebrew University, Jerusalem, IsraelIGOR PELIPAS Director, Research Centre of the Institute for Privatization and Management (IPM), Minsk, BelarusVLADIMIR POPOV Professor, New Economic School, Moscow, Russia; Sector Head, Academy of the National Economy, Moscow, Russia; Visiting Professor, Carleton University, Ottawa, CanadaJANEZ PRA NIKAR Professor of Economics, Executive Director of the Institute for South-Eastern Europe; Associate Dean for Research, Faculty of Economics, Ljubljana, Slovenia;