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3.2.1 Sub-Periods of the Romanian Transition Process

Academic Research paper and Study of the Economy of Romania and Romanian Business

Ianoș (2006) breaks the transition period in Romania (from 1989 up to now) down into five sub-periods. His distinctions are broadly in line with the division of Dăianu (2000), which distinguishes about four sub-periods until 1999 and sticks, as a central banker, to a more monetary approach.[1] However, before Romania could embark on its convergence path it endured two longer recessions of transitions, which were interrupted by a short period of artificial and unsustainable “growth”. The main achievement of the 1990s was the difficult build-up of new, democratic and market-orientated institutions as preconditions for economic recovery. The given outline follows the division of Ianoș but considers Dăianu and other sources likewise.


[1] Dăianu subsumes the years from 1990 to 1993 to a first sub-period of transition, while Ianoș splits them in two sub-periods. For the years 1993 to 1997 it works the other way round. Dăianu distinguishes a period from 1994 to 1996 and from 1997 onwards, while Ianoș accounts the years from 1993 to 1996 to the next sub-period. The two different approaches do not exclude but complete each other as they are rather a function of the different accentuations (Dăianu focuses on monetary issues and Ianoș on real sectors).