Exit in the Framework of Macro-economic Shocks and Policy Responses during Transition: a Cross-country Comparison

Introduction

Our aim is, first, to attempt to measure the size of the shocks affecting the fast reformers of the Visehrad group and some of the slower reforming reference countries (such as Bulgaria, Romania, Russia and Ukraine); second, to assess the policy responses of governments (by classifying these as either adaptive or accommodative, and by trying to gauge their importance).