Macroeconomic Policies and the Development of Markets in Transition Economics

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Fabrizio Coricelli's view of transition emphasizes the connection between peculiar initial conditions and the effects of market reforms. Taking as his starting point underdeveloped markets and market institutions, he evaluates macroeconomic policies in relation to their impact on the development of markets.Coricelli stresses particularly financial markets -- the 'missing' market under the system of central planning -- and he highlights fundamental trade-offs for economic policy which can play a crucial role in determining the success of reforms.