Description
Book SynopsisIn
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.
Trade Review’An excellent reference book on current thinking.'Table of ContentsOutput collapse and economic recovery in Central and Eastern Europe, Hansjorg Herr et al; endogenous budget deficits during transition - the mechanism and policy response, Dariusz K. Rosati; macroeconomic transformation in Eastern Europe - the role of monetary policy reconsidered, Peter Bofinger; economic transformation in the Visegrad countries - a comparison, Laszlo Csaba; the Visegrad economies in transition - the comparative perspective of the macroeconomic stabilization pentagon - a comment on Csaba, Grzegorz W. Kolodka; exchanges versus production as the basis for the design of monetary, fiscal and exchange rate policies for the transformation process, Jan A. Kregel; a comment on Kregel, Hajo Riese; stability and credibility in the transition process of the previously centrally planned economies - a comparison with the postwar Italian experience, Biagio Bossone and Francesco Papadia; wage determination and incomes policy during economic transitions in Eastern Europe, Robert J. Flanagan; privatization in comparative perspective - an overview of key issues, Paul G. Hare; on the limits of dual sector models of post-socialist economies - a comment on Hare, David Stark; determinants of privatization strategies - the Hungarian and German experiences, Thomas Schmid-Schonbein; the exchange rate and transition - the case of former Czechoslovakia, Miroslav Hrncir; the Central and Eastern European countries and the EC, Richard Portes; the European monetary system and development strategies for countries in Central and Eastern Europe, Jurgen Kroger and Manfred Teutemann; from stabilization to growth - reconsidering trade and foreign investment, Stefan Collignon.
