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Discussion Paper No. 2002/62 The ‘New Economy ’ and Economic Growth in Transition Economies The Relevance of Institutional Infrastructure

By Marcin Piatkowski

Abstract

The contribution of the ‘new economy ’ to economic growth in developing countries has so far been minimal. Despite the recent hype, the ‘old economy ’ will for long be the fundamental force behind economic growth in transition economies. Nonetheless, in the longer run the ‘new economy ’ offers great potential for faster economic growth in postsocialist economies. Realizing this potential is however not automatic. It can be left unharnessed if there is no suitable institutional infrastructure, which would allow for adoption, diffusion, and productive use of information and communication technologies (ICT). The paper constructs a New Economy Indicator (NEI) measuring the level of preparedness of transition economies for harnessing the potential of ICT to accelerate the long-term economic growth and catching-up with developed countries. In the NEI ranking Slovenia scored the highest, followed by th

Topics: Research Assistant to the Director and Lecturer, TIGER – Transformation, Integration, and
Year: 2002
OAI identifier: oai:CiteSeerX.psu:10.1.1.198.9338
Provided by: CiteSeerX
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