Cyclic oligomers containing ester linkages are polymerized in the presence of a catalyst having at least one oxygen atom bonded to two metal atoms. At least one of the metal atoms is a tin atom, which is preferably tetravalent, i.e., bonded to three other groups in addition to the oxygen atom. The other metal atom may also be another tin atom, which is again preferably tetravalent, or a zinc, aluminum or titanium atom. The catalyst may contain multiple oxygen atoms that are bonded to two such metal atoms as described. These catalysts are active, efficient polymerization catalysts. They are often liquids at polymerization temperatures. The catalysts can be formed in situ in the polymerization process, which provides additional flexibility in the process and increased storage stability of starting materials.