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Macroeconomic Problems of Transformation
Stabilization Policies and Economic Restructuring
In Macroeconomic Problems of Transformation a distinguished group of economists examines the cause of the dramatic output collapse in the transforming economies of Eastern Europe and formulates policies to promote economic recovery.
Drawing on scholarship from East and West, this book features discussion of such important aspects of the transformation process as the role of monetary policy, fiscal crises, exchange rate policies and privatization. In particular, several authors stress the importance of dealing with the distortions still existing in financial sectors and argue that export-led growth may be a potential driving force of accumulation in the economies currently in transition. The causes and consequences of the current fiscal crises are analysed, as are the processes of wage formation and privatization, in each case combining theoretical insight with empirical findings from the transforming economies. Later papers make comparisons with the reconstruction after the Second World War, discuss the effects of different exchange rate policies and consider the role of Western economies in promoting growth in Central and Eastern Europe.
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What Reviewers Are Saying
An excellent reference book on current thinking.' -- Aslib Book Guide `In all, this volume provides a clear picture of the working of the market economy in the prospects of rapid economic restructuring and development after the collapse of the political structures and dismantling of Central Planning in Central and Eastern Europe. This book is of immense use for the economists, researchers, politicians, IMF and World Bank staffs whose objective is to look into the causes and consequences of transformation of a central planning economy into a market oriented economy.' -- Sadananda Prusty, Kyklos `. . . there is much of interest in this volume and the reader is helped by a particularly useful editorial Introduction, which places what follows in context.' -- Martin Cave, The Manchester School