Democracy and Economic Growth: The Experience in Southeast Europe

Document Type

Article

Publication Date

2008

Department

Political Science, International Development, and International Affairs

Abstract

The economic realities of Southeast Europe changed, once again, in the 1990s. The joy of independence was followed by the grim reality of loss of productivity due to turmoil. All five countries studied in this paper experienced real loss of standard of living immediately after declaration of independence. In some cases, such as Albania and Hungary, the decline was short-lived. In other cases, especially in Yugoslavia and to some extent in Bulgaria, the recovery was ongoing as of 2006. The growth trends of real GDPs before and after the collapse of communism are examined via spline trend analysis to determine if tire patterns have changed. Furthermore, the structural stability of the trends of each country are tested.

Publication Title

Transformations in Business & Economics

Volume

7

Issue

3

First Page

120

Last Page

128

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