The Economic and Institutional Determinants of the 'New Economy' in Transition Economies

Piatkowski, Marcin (2003) The Economic and Institutional Determinants of the 'New Economy' in Transition Economies. Acta Oeconomica, 53 (1). pp. 1-27. ISSN 0001-6373

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Abstract

The contribution of the so-called 'New Economy' to economic growth in developing countries has so far been minimal. Nonetheless, in the longer run the 'New Economy' offers great potential for faster economic growth in post-socialist economies. Realising this potential is, however, not automatic. It could be left unharnessed if there is no suitable institutional and economic infrastructure that would allow for adoption, diffusion, and productive use of information and communication technologies (ICT). The paper here will construct a New Economy Indicator (NEI) that measures the levels of preparedness of transition economies for harnessing the potential of ICT to accelerate long-term economic growth and a catching-up with the developed countries. In the NEI ranking Slovenia scored highest; it is followed by the Czech Republic and Hungary. Albania, Bosnia and Herzegovina, and Serbia-Montenegro (former Yugoslavia) occupy the bottom of the table.

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