The Transition to a Market Economy: Mongolia 1990-1998
Author: FREDERICK I. NIXSON and BERNARD WALTERS
Published in IJED, Vol. 2 No. 1
This paper examines Mongolia’s experience of transition from a centrally planned to a market economy. Its objectives are to relate this experience to the economic and historical conditions which Mongolia faced in 1990, to describe the chief features of the immediate transition, to discuss the liberalisation and privatisation programmes which constituted the core of the reforms, and finally, to identify the problems which have delayed recovery and imposed further costs on the Mongolian people. The central argument of the paper is that the Mongolian authorities have placed too great an emphasis on conventional stabilisation and re-structuring packages and too little attention has been paid to the legal, institutional and historical constraints on the rapid movement to the market.