REFORMS, DEMOCRATIZATION AND GOOD GOVERNANCE – KEYS FOR ECONOMIC RENESSANCE OF EMERGING MARKETS (MOLDOVA AND UKRAINE: COMPARATIVE ANALYSIS)
Authors: Ceslav CIOBANU
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In 2013-2014 emerging markets, which have been generating more than two thirds of global economic growth during last five years, lost their mojo. For the first time since 2007 the U.S., Europe, Japan and other developed markets contri¬buted more to the growth of $74 trillion global economy than the emerging markets, including those of BRICS block (acronym of Brazil, Russia, India, China and South Africa). What explains this sizable slowdown in economic growth of these countries? [15, p.41-43]. These evolutions refocused the researchers’ analysis to politics and economics of reforms and democratization [1, p.76-77], [16, p.203], [5, p.179-204], to pitfalls of economic development [26, p.325-369], to decay and refounding of the modern economy . To address these challenges it is very important to learn the right lessons from economic reforms, democratization and governance in emerging economies of Central and Eastern Europe (former Soviet Union and Eastern European socialist countries), particularly, Moldova and Ukraine.