Romania: Recent Economic Developments
IMF Staff Country Reports, July 16, 1997
Source details
- Canonical URL
- Romania: Recent Economic Developments
Other formats
Bibliographic details
- Published: July 16, 1997
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451832686.002
Overview
- Reviews economic developments in Romania during 1990–97.
- Reforms described as relatively slow since the beginning of the transition process.
- Except for a brief and inconsequential interlude in 1993, comprehensive programs for privatization and for restructuring or liquidation of loss-making enterprises were not launched until 1995.
- As of end-1996, the economy was still largely characterized by state ownership and control; by fixed prices and quantitative constraints; and by ailing enterprises and subsidization of losses.
Key findings
- Reform pacing:
- Reforms have been relatively slow over 1990–97.
- Comprehensive privatization and enterprise-restructuring/liquidation programs began in 1995 (after a brief interlude in 1993).
- Governance and enterprise performance:
- Programs launched up to 1996 "have done little to improve governance so far."
- Ailing enterprises and subsidization of losses persisted as of end-1996.
- Structural characteristics as of end-1996:
- State ownership and control remained widespread.
- Fixed prices and quantitative constraints were still in place.
Sectoral and policy themes (as identified in the source)
- Agricultural sector
- Banking
- Credit
- Currencies
- Economic sectors
- Exports
- Foreign exchange
- International trade
- Money
Keywords and focus areas highlighted by the report
- Agricultural sector, balance of payments, Central and Eastern Europe, CR, Credit, Currencies, Eastern Europe, exchange rate, Exports, foreign currency, foreign exchange market, interbank market, ISCR, monetary policy, private sector, savings bank, U.S. dollar
Source: Romania: Recent Economic Developments, IMF Staff Country Reports 1997, 046 (1997), July 16, 1997.