Stabilization and Reform in Eastern Europe: A Preliminary Evaluation

IMF Working Papers, May 1, 1992

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Stabilization and Reform in Eastern Europe: A Preliminary Evaluation

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Bibliographic details

• Authors: Michael Bruno
• Published: May 1, 1992
• Series: IMF Working Papers
• DOI: https://doi.org/10.5089/9781451844856.001

Overview

• Author: Michael Bruno
• Date: May 1, 1992
• Format: IMF Working Papers
• Working Paper No.: 1992/030
• Issue: 030
• Pages: 44
• DOI: https://doi.org/10.5089/9781451844856.001
• Stock No: WPIEA0301992
• ISBN: 9781451844856
• ISSN: 1018-5941

Scope and Purpose

• Analyzes common issues emerging from Fund-supported programs in Hungary, Poland, Czechoslovakia, Bulgaria and Romania.
• Focuses on macro-stabilization, opening-up efforts, and the micro-structural transformation of productive and financial systems.

Key findings and issues identified

• Initial macroeconomic dynamics:
  • Initial price-overshooting.
  • Output collapse.
• Fiscal and monetary concerns:
  • Fiscal sustainability challenges.
  • Mounting difficulties with fiscal and monetary control potentially emerging as a result of social and political pressures.
• Financial sector and structural reforms:
  • Financial problems associated with bad loan portfolios.
  • Sluggish implementation of privatization programs.
  • Insufficiently clear policy signals on micro-issues involving sharp structural transformation of productive and financial systems.
• Assessment of progress:
  • Substantial success, in varying degrees, achieved in the initial macro-stabilization and opening-up effort.

Subjects and keywords

• Subject: Economic sectors, Exchange rates, Exports, External debt, Foreign exchange, Inflation, International trade, Prices, Privatization
• Keywords: country, credit squeeze, Eastern Europe, enterprise, enterprise manager, Exchange rates, Exports, government, incomes policy, Inflation, price level, private property, Privatization, public enterprise, structural adjustment, WP

Publication context

• Also published in Staff Papers, Vol. 39, No. 4, December 1992.
• Notice: This Working Paper should not be reported as representing the views of the IMF. The views expressed are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress and are published to elicit comments and to further debate.

Source: IMF Working Paper "Stabilization and Reform in Eastern Europe: A Preliminary Evaluation", May 1, 1992.