Inflation Stabilization and Economic Transformation in Poland: The First Year
July 1, 1991
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Summary
This paper reviews the experience of 1990, the first year of Poland’s program of stabilization and reform. The background is described, including previous reform efforts and the crisis of the late 1980s. Then the various elements of the program are discussed, including fiscal adjustment, wage controls, the possibility of an initial liquidity overhang, the exchange rate anchor, and structural reforms. The initial results of the program are assessed, and alternative explanations of the decline in output are considered.
Subject: Credit, Exchange rates, Foreign exchange, Inflation, Labor, Money, Prices, Real wages, Wages
Keywords: balance of payments, Credit, Eastern Europe, exchange rate, Exchange rates, foreign currency, free market, Inflation, loss-making enterprise, market economy, price level, Real wages, retail price index, socialist economy, Wages, WP
Pages:
62
Volume:
1991
DOI:
Issue:
070
Series:
Working Paper No. 1991/070
Stock No:
WPIEA0701991
ISBN:
9781451849103
ISSN:
1018-5941
