On Macro-modelling of Transitional Economies, with Special Reference to the Case of China

Macroeconomic studies of transitional economies have become an exciting and challenging field of research since the dramatic collapse of the East European Socialist Bloc and the disintegration of the Soviet Union around 1990. Rapid changes of these economies took many economists by surprise and they found themselves in need of theories which could offer sound guidance to the reform programmes of these economies. Publications on transitional economies have been piling up rapidly over the last few years, but it is an interesting question whether economic research has kept pace with the rapid transition.