Inflation Stabilization and Economic Transformation in Poland: The First Year

IMF Working Papers, July 1, 1991

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Inflation Stabilization and Economic Transformation in Poland: The First Year

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Bibliographic details

• Authors: Timothy D. Lane
• Published: July 1, 1991
• Series: IMF Working Papers
• DOI: https://doi.org/10.5089/9781451849103.001

Background and scope

• Reviews the experience of 1990, the first year of Poland’s program of stabilization and reform.
• Describes prior reform efforts and the crisis of the late 1980s.
• Subjects covered: Credit, Exchange rates, Foreign exchange, Inflation, Labor, Money, Prices, Real wages, Wages.

Elements of the stabilization and reform program

• Fiscal adjustment.
• Wage controls.
• The possibility of an initial liquidity overhang.
• The exchange rate anchor.
• Structural reforms.

Assessment and analysis

• The paper assesses the initial results of the 1990 program.
• Alternative explanations of the decline in output are considered.

Keywords and thematic focus

• 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.