Convertibilité précoce et protection par le change: un premier bilan de la réinsertion internationale des pays de l'Est

Jean-Charles Asselain and François Bourguignon

Revue Économique, 1994, vol. 45, issue 3, 833-844

Abstract: [fre] Convertibilité précoce et protection par le change. Un premier bilan de la réinsertion internationale des pays de l'est. . L'introduction précoce de la convertibilité interne, associée à une libéralisation radicale des échanges extérieurs, au seuil de la transition, est une composante essentielle de la stratégie de transformation en Pologne, en Tchécoslovaquie et en Hongrie depuis 1990. Elle implique une forte dépréciation initiale des monnaies est-européennes, dont on analyse l'impact sur l'équilibre macro-économique interne et sur la restructuration des échanges. [eng] Reintegrating eastern europe into the world economy : a first assessment of the exchange-rate policy connected with the introduction of convertibility. . The early move to internai convertibility, together with a radical liberalization of foreign trade relations, at the very beginning of the transition process, is a major feature of the transformation strategy in Poland, Czechoslovakia and Hungary since 1990. It implied a strong initial nominal and real depreciation of East-European currencies. The paper studies the impact of this strategy on domestic macro-economie adjustments and on the restructuring of foreign trade.

Date: 1994
Note: DOI:10.3406/reco.1994.409573
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