Stabilization and Reform in Eastern Europe: A Preliminary Evaluation

Michael Bruno
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Michael Bruno: International Monetary Fund

IMF Staff Papers, 1992, vol. 39, issue 4, 741-777

Abstract: Common issues emerging from the recent experience with IMF-supported programs in Hungary, Poland, Czechoslovakia, Bulgaria, and Romania are analyzed. These comprise the initial price overshooting and output collapse and the financial and structural problems associated with bad loan portfolios and sluggish implementation of privatization programs. Substantial success has been achieved in the initial microstabilization and opening-up effort. But difficulties with fiscal and monetary control may be emerging as a result of social and political pressures and unclear policy signals on the micro issues involving the structural transformation of the productive and financial systems.

JEL-codes: E63 E65 F41 (search for similar items in EconPapers)
Date: 1992
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Persistent link: https://EconPapers.repec.org/RePEc:pal:imfstp:v:39:y:1992:i:4:p:741-777

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