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A transition economy or transitional economy is an economy which is changing from a centrally planned economy to a market economy.〔 〕 Transition economies undergo a set of structural transformations intended to develop market-based institutions. These include economic liberalization, where prices are set by market forces rather than by a central planning organization. In addition to this trade barriers are removed, there is a push to privatize state-owned enterprises and resources, state and collectively run enterprises are restructured as businesses, and a financial sector is created to facilitate macroeconomic stabilization and the movement of private capital.〔 〕 The process has been applied in China, the former Soviet Union and Eastern bloc countries of Europe and some Third world countries, and detailed work has been undertaken on its economic and social effects. The transition process is usually characterized by the changing and creating of institutions, particularly private enterprises; changes in the role of the state, thereby, the creation of fundamentally different governmental institutions and the promotion of private-owned enterprises, markets and independent financial institutions.〔Falke, Mike. (Community Interests: An Insolvency Objective in Transition Economies? ), No. 01/02, Frankfurter Institut für Transformationsstudien〕 In essence, one transition mode is the functional restructuring of state institutions from being a provider of growth to an enabler, with the private sector its engine. Another transition mode is change the way that economy grows and practice mode. The relationships between these two transition modes are micro and macro, partial and whole. The truly transition economics should include both the micro transition and macro transition. Due to the different initial conditions during the emerging process of the transition from planned economics to market economics, countries uses different transition model. Countries like P.R.China and Vietnam adopted a gradual transition mode, however Russia and some other East-European countries, such as the former Socialist Republic of Yugoslavia, used a more aggressive and quicker paced model of transition. The term transition period is often used to describe the process of transition from capitalism to socialism, preceding the establishment of fully developed socialism. ==Transition indicators== The existence of private property rights may be the most basic element of a market economy, and therefore implementation of these rights is the key indicator of the transition process. The main ingredients of the transition process are: * ''Liberalization'' – the process of allowing most prices to be determined in free markets and lowering trade barriers that had shut off contact with the price structure of the world's market economies. * ''Macroeconomic stabilization'' – bringing inflation under control and lowering it over time, after the initial burst of high inflation that follows from liberalization and the release of pent-up demand. This process requires discipline over the government budget and the growth of money and credit (that is, discipline in fiscal and monetary policy) and progress toward sustainable balance of payments.〔 〕 * ''Restructuring and privatization'' – creating a viable financial sector and reforming the enterprises in these economies to render them capable of producing goods that could be sold in free markets and transferring their ownership into private hands. * ''Legal and institutional reforms'' – redefining the role of the state in these economies, establishing the rule of law, and introducing appropriate competition policies.〔 〕 According to Oleh Havrylyshyn and Thomas Wolf of the International Monetary Fund, transition in a broad sense implies: * liberalizing economic activity, prices, and market operations, along with reallocating resources to their most efficient use; * developing indirect, market-oriented instruments for macroeconomic stabilization; * achieving effective enterprise management and economic efficiency, usually through privatization; * imposing hard budget constraints, which provide incentives to improve efficiency; and * establishing an institutional and legal framework to secure property rights, the rule of law, and transparent market-entry regulations.〔Havrylyshyn, Oleh; Wolf, Thomas. (Determinants of Growth in Transition Countries ), Finance & Development Magazine, June 1999, Volume 36, Number 2 by the International Monetary Fund〕 Edgar Feige, cognizant of the trade-off between efficiency and equity, suggests〔 Feige, Edgar L. (Perestroika and Socialist Privatization: What is to be Done? and How? ), Comparative Economic Studies Vol. XXXII, No.3 Fall 1990]〕 that the social and political costs of transition adjustments can be reduced by adopting privatization methods that are egalitarian in nature, thereby providing a social safety net to cushion the disruptive effects of the transition process. The European Bank for Reconstruction and Development (EBRD) developed a set of indicators to measure the progress in transition. The classification system was originally created in the EBRD's 1994 Transition Report, but has been refined and amended in subsequent Reports. The EBRD's overall transition indicators are: * Large-scale privatization * Small-scale privatization * Governance and enterprise restructuring * Price liberalization * Trade and foreign exchange system * Competition policy * Banking reform and interest rate liberalization * Securities markets and non-bank financial institutions * Infrastructure reform〔EBRD's 1994 Transition Report〕 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Transition economy」の詳細全文を読む スポンサード リンク
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