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Reforming Central and Eastern European economies : initial results and challenges (Inglês)

Reforms taking place in Central and Eastern Europe are unprecedented in political and economic history. Politicians and economists in the region are without models to guide them in the design and implementation of programs and policies. Much can be learned from the experience of reforms that have been implemented on a smaller scale in developing countries. Suggestions are presented based on the World Bank's experience with adjustment programs. Some of the unique features of reform in Central and Eastern Europe are discussed. The papers included in this book were presented at the Conference for Adjustment Lending: Lessons for Eastern Europe, held October 4, 1990, in Pultusk, Poland. These papers discuss such diverse elements of adjustment as the problems of macroeconomic stabilization, the development and reform of key markets, and privatization. The lack of the basic institutions and structures found in market economies makes the traditional models for studying macro and micro policies in market economies inadequate for analyzing the transition of socialist economies. This publication is a first step in isolating some of the unique issues facing these countries in their transition and suggesting appropriate conceptual frameworks.


  • Autor

    Corbo, V. Coricelli, F. Bossak, J. [editors]

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  • País

    Europa e Ásia Central,

  • Região

    Europa e Ásia Central,

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  • Nome do documento

    Reforming Central and Eastern European economies : initial results and challenges

  • Palavras-chave

    Socialist economies;free distribution of shares;efficient allocation of resource;international experience with privatization;market economy;control of enterprise;financial market;gold exchange standard;per capita income;implementation of reform;distortionary policies;population at large;labor market institution;gross domestic product;fiscal affair;proposals for reform;high inflation;strategy for privatization;current account convertibility;pace of privatization;labor market policy;capital market imperfection;joint stock company;tax on imports;balance of payment;real exchange rate;adverse external shocks;loss in confidence;terms of trade;foreign debt service;real economic activity;exchange area;net national product;foreign interest rate;independent central bank;foreign exchange;exchange rate system;foreign exchange market;inflow of capital;foreign capital inflow;tight monetary policy;trade policy issues;soft budget constraint;foreign trade;stabilization program;Socialist countries;macroeconomic adjustment;Exchange Rates;price index;adjustment program;reform effort;banking system;extreme inflation;private ownership;Macroeconomic Policy;macroeconomic stabilization;fiscal adjustment;supply response;commercial bank;fiscal deficit;printing money;fiscal issue;copyright notice;import duty;real wage;price liberalization;social transformation;economic reform;financial intermediaries;wage control;corporate governance;enterprise behavior;economic reconstruction;policy package;mutual fund;financial aspect;macroeconomic instability;fiscal institution;negative shock;direct investment;fiscal obligation;fiscal revenue;market information;stabilizing factor;government spending;common feature;tariff level;import control;financial crisis;adverse shock;gold standard;payment obligation;pound sterling;Reserve currencies;reserve currency;world demand;world price;real income;agricultural sector;capital good;agricultural price;recessionary impact;international loan;dramatic increases;small sample;aggregate demand;external factor;territorial sovereignty;foreign currency;monetary reform;bonus system;relative price;traded goods;short-term credit;nominal devaluation;tariff barrier;partial liberalization;Financial Sector;gain control;transition period;large-scale restructuring;massive privatization;comparative assessment;comparative analysis;firm level;endogenous growth;market reform;financial policies;institutional requirements;statistical table;ownership pattern;working capital;Fiscal policies;large shareholder;natural selection;bank rate;negative effect;official statistic;economic history;private investor;state enterprises;fiscal policy;partial privatization;Fiscal Reform;budgetary system;empirical evidence;domestic saving;voting right;political regime;fundamental condition;short period;monopolistic structure;short-term adjustment;Political Economy;nominal anchor;basic structure;institution need;macroeconomic issue;macroeconomic dimension;treasury bill;reduced expenditure;Credit policies;credit policy;financial system;noncommercial purposes;classroom use;basic institutions;agrarian countries;traditional model;conceptual framework;systemic feature;adjustment lending;Housing Policy;labor mobility;consumption expenditure;fiscal budget;economic recovery;central planning;Independent States;monetary system;money creation;paper money;price control;human capital;external transfer;severe burden;public finance;War;



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