Download or read book Stabilization and Liberalization Policies in Central and Eastern Europe written by Sebastian Edwards and published by . This book was released on 1991 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses some economic problems faced by the Eastern European nations in light of recent Latin American experiences. The paper first argues that in spite of some important cultural, political and institutional differences, there are indeed some similarities between Eastern European and Latin American economic problems. The discussion concentrates on four specific areas: (1) monetary overhang and repressed inflation; (2) fiscal imbalances and inflationary pressures; (3) deindexation and inflationary inertia; and (4) the use of the exchange rate as a nominal anchor. It is argued that in Chile the reliance on a price jump to solve the money overhang problem of 1973 created high inflationary expectations, increasing the degree of inertia of inflation. It is also pointed out that the Latin American experience tells a serious cautionary tale regarding the use of nominal exchange rate anchors. More often than not these types of policies have resulted in overvaluation, losses in international competitiveness and eventual external sector crises. A comparison of the Chilean and Mexican stabilization programs suggest that the use of exchange rate anchors will be more effective (and more credible) if the fixing of the exchange rate is accompanied by other policies geared at breaking inertia. Among these policies the most important one is the abandonment of wage rate indexation practices.
Download or read book Stabilization and Reform in Eastern Europe written by Mr.Michael Bruno and published by International Monetary Fund. This book was released on 1992-05-01 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper analyzes common issues emerging from the recent experience with Fund-supported programs in Hungary, Poland, Czechoslovakia, Bulgaria and Romania. These comprise the initial price-overshooting and the output collapse, fiscal sustainability as well as the financial and structural problems associated with bad loan portfolios and sluggish implementation of privatization programs. Substantial success, in varying degrees, has been achieved in the initial macro-stabilization and opening-up effort. At the same time mounting difficulties with fiscal and monetary control may be emerging, as a result of social and political pressures and insufficiently clear policy signals on the micro-issues involving the sharp structural transformation of the productive and financial systems.
Download or read book Stabilization and Liberalization Policies in Eastern Europe written by Sebastian Edwards and published by . This book was released on 1991 with total page 118 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Systemic Change and Stabilization in Eastern Europe written by Anders Åslund and published by Dartmouth Publishing Company. This book was released on 1991 with total page 170 pages. Available in PDF, EPUB and Kindle. Book excerpt: The systematic transformation from planning and bureaucratic co-ordination to a liberal private capitalist economic order has been a historic challenge for Central and South-East European countries. It was inevitable that following the post-revolutionary euphoria there would be a period of gathering stock as the true dimensions of the crisis came to be appreciated. What is clear is that the road form crisis to capitalism will be long and bumpy and this book focuses on some of the key policy-relevant theoretical issues of strategic transformation. In doing this the contributors compare the situation in East Europe with non-European experience - particularly that of Latin America - and attempt to establish a basis for redesigning and consolidating the crisis-ridden Central and Eastern European States.
Download or read book Stabilization and Reform in Eastern Europe written by Michael Bruno and published by . This book was released on 2006 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper analyzes common issues emerging from the recent experience with Fund-supported programs in Hungary, Poland, Czechoslovakia, Bulgaria and Romania. These comprise the initial price-overshooting and the output collapse, fiscal sustainability as well as the financial and structural problems associated with bad loan portfolios and sluggish implementation of privatization programs. Substantial success, in varying degrees, has been achieved in the initial macro-stabilization and opening-up effort. At the same time mounting difficulties with fiscal and monetary control may be emerging, as a result of social and political pressures and insufficiently clear policy signals on the micro-issues involving the sharp structural transformation of the productive and financial systems.
Download or read book Economics of Transition written by Mark Knell and published by . This book was released on 1996 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bringing together different perspectives on structural adjustments and the prospect for sustainable economic growth in Eastern Europe, Economics of Transition represents a shift in scholarly emphasis away from issues of stabilization and liberalization in favour of longer-term considerations. This major volume features a distinguished collection of papers focusing on the theoretical and policy implications of transition and change in Eastern Europe. Drawing on work from a wide range of traditions, the papers in this volume examine issues including how effective demand induces growth, how diffusion takes place, how economic policy influences incentives, motivations and behaviours, how institutions influence organization and technological capability building, and how institutions both constrain and guide economic policy.
Download or read book Macroeconomic Stabilization in Transition Economies written by Mario I. Blejer and published by Cambridge University Press. This book was released on 1997-03-28 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: The essays in this volume explore the special type of policies that were needed in the post-socialist countries of Eastern Europe and the Former Soviet Union in order to reduce inflation and to stop the fall in output that followed the collapse of Communism. The book contains a number of general studies that discuss the type of reforms needed and how they condition policies and analyze the aggregate relationship between reducing inflation, implementing structural reforms, and renewing the process of growth.
Download or read book Privatization Liberalization and Destruction written by László Csaba and published by Dartmouth Publishing Company. This book was released on 1994 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt: The volume is a selection of papers devoted to key issues of economic transformation; privatization, liberalization, the role of the financial sector and external economic relations. The interplay of these four areas of transition strategy forms the backbone of the collection.
Download or read book Fiscal Policy in Central and Eastern Europe written by Fabrizio Coricelli and published by Brookings Inst Press. This book was released on 1996-07 with total page 96 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents an assessment of the fiscal policy challenges facing the Central and East European (CEE) countries as they attempt to negotiate their entry in the European Union. The first part centers around an evaluation of the fiscal situation in these countries: its dynamic development, comparisons between these countries, and the wider European context. The second part investigates the relationship between fiscal policy and the overall success of economy-wide restructuring in terms of social expenditures and the role of fiscal policy in macroeconomic stabilization, including sterilization policies. This is a succinct yet comprehensive account of the fiscal situation in CEE, of interest to anyone concerned with the economics and politics of the region.
Download or read book The Transition in Eastern Europe Volume 1 written by Olivier Jean Blanchard and published by University of Chicago Press. This book was released on 2008-04-15 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: When communism fell in 1989, the question for most Eastern European countries was not whether to go to a market economy, but how to get there. Several years later, the difficult process of privatization and restructuring continues to concern the countries of the region. The Transition in Eastern Europe, Volumes 1 and 2 is an analysis of the experiences of various countries making the transition to market economies and examines the most important challenges still in store. Volume 1, Country Studies, gives an in-depth, country-by-country analysis of various reform experiences, including historical backgrounds and discussions of policies and results to date. The countries analyzed are Poland, Czechoslovakia, Hungary, eastern Germany, Slovenia, and Russia. Written by leading economists, some of whom helped shape local and national reforms, this volume identifies common progress, common difficulties, and tentative solutions to the problems of economic transition. Volume 2, Restructuring, focuses on specific issues of transition, including how to design labor market institutions, privatization, new fiscal structures, and bankruptcy laws; how to reorganize foreign trade; and how to promote foreign direct investment. The articles, written by experts in the field, will be of direct help to those involved in the transition process. These volumes provide a standard reference on economic transition in the region for policymakers in Eastern Europe and in western countries, for international agencies concerned with the transition process, and for anyone interested in learning about the dramatic changes that have recently occurred in Eastern Europe.
Download or read book Transition and Price Stabilization Policies in East European Agriculture written by Emil Maria Claassen and published by Food & Agriculture Org.. This book was released on 1994 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Lessons in Economic Policy for Eastern Europe from Latin America written by Gary McMahon and published by Springer. This book was released on 2016-07-27 with total page 278 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the 1980s a large number of Latin American countries undertook stabilization and structural adjustment programmes similar, though smaller in magnitude, to the ones that Eastern Europe is now undergoing. In this book, economists from four different Eastern European countries analyze the relevance of the Latin American experience for their own countries in the areas of fiscal policy, privatization, monetary policy, and the external sector. The book also contains two chapters with the perspective of Latin Americans as well as a synthesis of the entire volume.
Download or read book Privatization in Eastern Europe written by Roman Frydman and published by Central European University Press. This book was released on 1994-01-01 with total page 239 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Eastern Europe privatization is now a mass phenomenon. The authors propose a model of it by means of an illustration from the example of Poland, which envisages the free provision of shares in formerly public undertakings to employees and consumers, and the provision of corporate finance from foreign intermediaries. One danger that emerges is that of bureaucratization. On the broader canvas, mass privatization implies the reform of the whole system, the creation of a suitable economic infrastructure for a market economy and the institutions of corporate governance. The authors point out the need for a delicate balance between evolution - which may be too slow - and design - which brings the risk of more government involvement than it is able to manage. A chapter originating as a European Bank working paper explores the banking implications of setting up a totally new financial sector with interlocking classes of assets. The economic effects merge into politics as the role of the state is investigated. Teachers and graduate students of public/private sector economies, East European affairs; advisers to bankers or commercial companies with Eastern European interests.
Download or read book The Czech Republic and Economic Transition in Eastern Europe written by Jan Svejnar and published by Academic Press. This book was released on 2013-10-22 with total page 463 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Czech Republic and Economic Transition in Eastern Europe is the first in-depth, comparative analysis of the Czech Republic's economic transition after the fall of the Communist bloc. Edited by Jan Svejnar,a principal architect of the Czech economic transformation and Economic Advisor to President Vaclav Havel, the book poses important questions about the Republic and its partners in Central and Eastern Europe. The thirty-five essayists describe the country's macroeconomic performance; its development of capital markets; the structure and performance of its industries; its unemployment, household behavior, and income distribution; and the environmental and health issues it faces. In this in-depth, comparative analysis of the Czech Republic's economic transition, an international team of thirty-five economists examine the Republic and its partners in Central and Eastern Europe. Important questions and issues permeate the essays. For example, prior to 1939 the Czech Republic possessed the most advanced economy in the region; is it capable of reestablishing its dominance? Relative to its neighbors, the Republic ranks especially high on some transition-related performance indicators but low on others. What economic effects are related to the 1993 dissolution of the Czech and Slovak governments? And what can be learned by comparing the economic outcomes of two countries that shared legal and institutional frameworks? Data describe the country's macroeconomic performance; its development of capital markets; the structure and performance of its industries; its unemployment, household behavior, and income distribution; and the environmental and health issues facing it. Its most important contributions are its clarifications of the transition process. The authors included in Transforming Czechoslovakia combine the best available data and techniques of economic analysis to assess the replacement of the inefficient but internally consistent central planning system with a more efficient market system. These authors, among whom are central European economic analysts, senior U.S. economists, and Czechoslovakian professors and economic researchers, discuss the country's macroeconomic performance; its development of capital markets; the structure and performance of its industries; its unemployment, household behavior, and income distribution; and the environmental and health issues facing it. The essays vary between presentations of history and policy and technical examinations of data. Together they offer the most comprehensive and detailed assessment of the country's economic transformation in print. This book is important because its essayists compile results and reach conclusions that are broad and credible. The empirical data were gathered on the ground and have been subjected to advanced methodologies, including game theory, industrial organization, and Granger-Sims causality.
Download or read book The Privatization Process in East Central Europe written by Michal Mejstrík and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 346 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is beyond any doubt that East-Central European countries such as Czech Republic, Hungary, Poland and Slovakia has dramatically changed its shape through its radical transition from centrally planned to the market economies in last 7 years. Many economists divide the process of economic transformation into areas of Stabilization, Liberalization, and Privatization/Restructuring. The traditional view is that stabilization and liberalization can be achieved rather quickly-by balancing budgets, balance of payments, tightening money supply, freeing prices and liberalizing trade-but that the area of privatization is one that could be moved to the future and will require much more time. Until 1991, none of the post-communist nations except former East Germany (which had a large decree of support from West Germany) had succeeded in privatizing large numbers of enterprises, even though more than two years had passed since the changes in government in these nations. The privatization has been, however, seen as an extremely important part of reform package together with stabilization and liberalization especially in the Czech Republic from the very beginning. The Czechs originally as a part of the Czechoslovak Federal Republic embarked on an unprecedented path that should have lead not only to stabilization and liberalization, but also to very rapid, mass privatization of its sector of large enterprises that have dominated its economy to an extreme extent.
Download or read book The European Economy Since 1945 written by Barry Eichengreen and published by Princeton University Press. This book was released on 2008-07-21 with total page 521 pages. Available in PDF, EPUB and Kindle. Book excerpt: However, this inheritance of economic and social institutions that was the solution until around 1973--when Europe had to switch from growth based on brute-force investment and the acquisition of known technologies to growth based on increased efficiency and innovation--then became the problem.
Download or read book Regional Economic Issues Special Report 25 Years of Transition written by Mr.James Roaf and published by International Monetary Fund. This book was released on 2014-10-17 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: The past 25 years have seen a dramatic transformation in Europe’s former communist countries, resulting in their reintegration with the global economy, and, in most cases, major improvements in living standards. But the task of building full market economies has been difficult and protracted. Liberalization of trade and prices came quickly, but institutional reforms—such as governance reform, competition policy, privatization and enterprise restructuring—often faced opposition from vested interests. The results of the first years of transition were uneven. All countries suffered high inflation and major recessions as prices were freed and old economic linkages broke down. But the scale of output losses and the time taken for growth to return and inflation to be brought under control varied widely. Initial conditions and external factors played a role, but policies were critical too. Countries that undertook more front-loaded and bold reforms were rewarded with faster recovery and income convergence. Others were more vulnerable to the crises that swept the region in the wake of the 1997 Asia crisis.
