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Contents

List of Contributors

Preface

Introduction Stabilization After Five Years of Reform:Issues and Experiences

PART I GENERAL STUDIES

1 From Plan to Market: Patterns of Transition

1. INTRODUCTION

2. THE COMMON LEGACY AND ITS IMPLICATIONS

3. COUNTRY EXPERIENCE WITH ECONOMIC LIBERALIZATION

4. GROWTH, INFLATION, AND LIBERALIZATION

5. THE TIME PROFILE OF GROWTH AND INFLATION

6. UNDERLYING MACROECONOMIC AND SECTORAL PATTERNS

7. LIBERALIZATION AND POLITICAL FREEDOM

8. CONCLUSIONS AND IMPLICATIONS FOR POLICY DEBATES

APPENDIX

REFERENCES

2 The Great Contractions in Transition Economies

1. MAGNITUDE OF THE CONTRACTIONS

2. CAUSES OF THE CONTRACTIONS

3. WHY DID THE CONTRACTIONS DIFFER?

4. WHAT CONCLUSIONS CAN BE DRAWN?

REFERENCES

3 Enterprise Credit and Stabilization in TransitionEconomies: Experience with Enterprise IsolationPrograms

1. INTRODUCTION

2. DIRECTED CREDIT TO THE ENTERPRISE SECTOR

3. WHY IS ISOLATION NEEDED?

4. PARADIGM FOR AN ISOLATION PROGRAM

5. THEORY AND REALITY: EXPERIENCESWITH ISOLATION PROGRAMS

6. COMPARATIVE REVIEW OF ISOLATION PROGRAMS

7. CONCLUDING REMARKS

REFERENCES

4 Employeeism: Corporate Governance and EmployeeShare Ownership in Transitional Economies

1. GENERAL ISSUES

2. SHAREHOLDERS' CONTROL OVER MANAGERS

3. SHAREHOLDING STAKEHOLDERS

4. EMPLOYEE OWNERSHIP AND CONTROL

5. EMPLOYEE OWNERSHIP IN THE TRANSITION

6. EMPIRICAL EVIDENCE

APPENDIX

REFERENCES

PART II COUNTRY STUDIES

5 Inflation and Stabilization in Poland, 1990-95 Stanislaw Wellisz

1. INFLATION IN THE FIXED-EXCHANGE-RATE PERIOD

2. THE CRAWL-CUM-MINIDEVALUATIONS PERIOD

3. THE 1991-93 POLISH INFLATION:SOME STATISTICAL MEASURES

4. THE "PURE CRAWL" PERIOD

5. SOME CONCLUSIONS

REFERENCES

6 The Political Economy of the Hungarian Stabilizationand Austerity Program

1. THE HISTORICAL BACKGROUND

2. MAIN FEATURES OF THE PROGRAM

3. IMPROVING THE EXTERNAL BALANCE

4. INTERNAL FINANCIAL EQUILIBRIUM

5. RECESSION VERSUS RECOVERY AND LASTING GROWTH

6. ECONOMIC AND POLITICAL STABILITY

7. THREE SCENARIOS

REFERENCES

7 Preparation and Implementation of a CredibleStabilization Program in the Republic of Croatia

1. POLITICAL FRAMEWORK

2. PREPARATION OF THE PROGRAM

3. ANNOUNCEMENT OF THE PROGRAM

4. CURRENT SITUATION

5. CONCLUSION

8 Exchange Rate and Prices in a Stabilization Program:The Case of Croatia

INTRODUCTION

1. THE CROATIAN ECONOMY 1992-95

2. CHANGES IN THE EXCHANGE-RATE REGIME

3. THE EXCHANGE RATE AS A COST-PUSH FACTOR

4. OPEN QUESTIONS

REFERENCES

9 Stabilization in Slovenia: From High Inflation toExcessive Inflow of Foreign Capital

1. INTRODUCTION

2. STRATEGY OF THE STABILIZATION

3. RESHAPING THE FOREIGN EXCHANGE MARKET

4. SOFT MONETARY LANDING (PHASE 1)

5. SQUEEZING REAL MONEY SUPPLY (PHASE 2)

6. MODERATE INFLATION (PHASE 3)

7. CONCLUSIONS

REFERENCES

10 Macroeconomic Stabilization in the Baltic States

1. INTRODUCTION

2. BACKGROUND AND GENERAL DEVELOPMENTS

3. HOW WAS HIGH INFLATION BROUGHT UNDER CONTROL?

4. WHY HAS FURTHER REDUCTION OF INFLATIONPROVED DIFFICULT?

5. WHAT EXPLAINS INTRA-BALTIG DIFFERENCESIN INFLATION?

6. POLICY CREDIBILITY AND THE COST OF DISINFLATION

7. CONCLUSIONS AND FUTURE RESEARCH

REFERENCES

11 Economic Reform in Ukraine

1. INTRODUCTION

2. REFORM AND THE ROLE OF POST-SOVIETRENTIER PATRIARCHS

3. UKRAINE: MACROECONOMIC DEVELOPMENTS, 1991-95

4. THE POLITICAL ECONOMY OF NONREFORMIN UKRAINE, 1991-94

5. KUCHMA ELECTED PRESIDENT: FORTUITOUS HAPPENSTANCEOR SYSTEMATIC EVOLUTION?

APPENDIX

PART III AFTERWORD

12 Economic Transformation and the Policies forLong-Term Growth

1. INTRODUCTION

2. THE ROAD TO GROWTH

3. CONDITIONS THAT FACILITATE GROWTH

4. CONCLUDING REMARKS

REFERENCES

Index