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Nsouli, Saleh M. --- "The changing institutional needs of the transition economies and the role of the IMF" [2004] ELECD 153; in Liebscher, Klaus; Christl, Josef; Mooslechner, Peter; Ritzberger-Grünwald, Doris (eds), "The Economic Potential of a Larger Europe" (Edward Elgar Publishing, 2004)

Book Title: The Economic Potential of a Larger Europe

Editor(s): Liebscher, Klaus; Christl, Josef; Mooslechner, Peter; Ritzberger-Grünwald, Doris

Publisher: Edward Elgar Publishing

ISBN (hard cover): 9781843769620

Section: Chapter 8

Section Title: The changing institutional needs of the transition economies and the role of the IMF

Author(s): Nsouli, Saleh M.

Number of pages: 18

Extract:

8. The changing institutional needs
of the transition economies and
the role of the IMF
Saleh M. Nsouli1

1. INTRODUCTION

Since its establishment in 1992, the Joint Vienna Institute (JVI), through the
training of officials, has been closely involved in the process of building
market economies in transition countries across Central and Eastern
Europe, the Baltics, Russia, and other countries of the former Soviet Union,
as well as the transition countries in Asia. The JVI started operations at a
time when transition economies faced acute needs in capacity building, and
when many of them got off to a fitful start in the transition owing in part to
the lack of appropriate institutions. The mission of the JVI ­ part of a
strong collaborative effort ­ was to train policy makers who would foster
the development of market-oriented institutions and design and implement
policies in a market environment.
The objective of this presentation is to take stock of the efforts, in par-
ticular those of the IMF and the JVI, to reinforce institution or capacity
building in transition economies. In this chapter, I will first underscore the
importance of developing sound institutions, pointing to the extensive evi-
dence in the literature that sound institutions contribute to improved eco-
nomic outcomes. Second, I will review the evolving needs of transition
economies in capacity building; the focus will be on some of the major gaps
initially facing transition economies and how these have changed over the
past decade. Third, using the recent UNDP framework ...