Martin Myant, Jan Drahokoupil
Transition Indicators of the European Bank for Reconstruction and Development: A Doubtful Guide to Economic Success
The European bank for Reconstruction and Development (EBRD) has produced indicators of success in creating market economies in Eastern Europe and the former Soviet Union. These have been helpful for researchers, but suffer from a limited view of transition based on liberalization and private property. A good score in transition indicators need not correspond to creation of a successful, modern economy. Shortcomings have been acknowledged, but changes have not overcome the weaknesses in the indicators.