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LIST OF PARTICIPANTSin the 15th international
Workshop on European Economic Interaction and Integration
Vienna, 21 to 25 November 1993
Karl Aiginger
Vlt Barta
Amit Bhadurtl
Carlo Boffito
Oleg T. Bogomolov
Helen Boss
Christina Bruck
W10dzimierz Brus
Guillermo A. Calvo·)
Bernard Cazes
Professor of Economics, University of Linz,
and Austrian Institute of Economic Research
(WIFO), Vienna, Austria
Economic Transition and Integration Project,
International Institute for Applied Systems
Analysis (IIASA) , Laxenburg, Austria
Professor, Jawaharlal Nehru University, New
Delhi, and The Vienna Institute for Comparative
Economic Studies (WIIW), Vienna, Austria
Professor, University of Turin, Italy
Academician, Director, Institute of International
Economic and Political Studies, Russian
Academy of Sciences, Moscow, Russia
The Vienna Institute for Comparative Economic
Studies (WIIW), Vienna, Austria
Associate, The Mitsubishi Bank, Ltd., Vienna
Representative Office, Vienna, Austria
Emeritus Professor, University of Oxford, UK
Senior Advisor, Research Department, Inter
national Monetary Fund, Washington DC, USA
Former Head, Division of Long-Term Studies,
Commissariat General du Plan, Paris, France
.) author, but unable to attend the workshop 511
Simon Commander
Fabrizio Coricelli
Robert S. Dohner
Georg Fischer
Erich FrOschl
Ingrid Gazzari
Peter Goldscheider
lise Grosser
Peter Haiss
Peter Havlik
Eduard Hochreiter
The World Bank, International Bank forReconstruction and Development, InternationalDevelopment Association, Washington DC, USA
Department of Political EconomyI University ofSiena, Italy
Principal Administrator, Central and EasternEurope Division, Economics Department,Organisation for Economic Co-operation andDevelopment, Paris, France
Federal Ministry of Finance, Cabinet of theFederal Minister, Vienna, Austria
Director, Dr. Karl Renner Institute, Vienna,
Austria
Administrative Director, The Vienna Institute forComparativeEconomicStudies(WIIW),Vienna,Austria
EPIC, Goldscheider und WurmbOck Unternehmensberatungsges. m.b.H.,Vienna, Austria
TheVienna Institute for Comparative EconomicStudies (W1IW), Vienna, Austria
Secretariat of the Managing Board, BankAustria, Vienna, and Lecturer at the KarlFranzens University, Graz, and at the Instituteof European Studies, Vienna, Austria
Deputy Director, The Vienna Institute forComparative Economic Studies, (WIIW),Vienna, Austria
Senior Adviser and Head, Foreign ResearchDivision, Austrian National Bank, Vienna,Austria
512
Gabor Hunya
John A. Kennerley
Haruhito Kitamura
Jan Klacek
Norbert Kloten
Elena KohUtikova
Vladimir M. Kollontai
Janos Kornai
Igor Koslr*)
Karel Kouba
Manmohan S. Kumar*)
Ferdinand Lacina
The Vienna Institute for Comparative Economic
Studies (WIIW), Vienna, Austria
Deputy Director, Industry and Technology
Division, United Nations Economic Commission
for Europe, Geneva, Switzerland
Chief Representative, The Mitsubishi Bank, Ltd.,
Vienna Representative Office, Vienna, Austria
Director, Institute of Economics, Czech National
Bank, Prague, Czech Republic
Former President of Landeszentralbank in
Baden-Worttemberg, Stuttgart. and Professor
of Economics at Humboldt University, Berlin.
Germany
Chief Executive Director, Economics Depart
ment, National Bank of Slovakia, Bratislava.
Slovak Republic
Professor, Institute of World Economics andInternational Affairs (IMEMO), RussianAcademy of Sciences, Moscow, Russia
Professor of Economics. Harvard University,
and Collegium Budapest, Institute for Advanced
Study, Budapest, Hungary
Director, Centre for Strategic Studies of the
Slovak Republic, Bratislava. Slovakia
Professor, Faculty of Social Sciences, CharlesUniversity, Prague, Czech Republic
Research Department. International Monetary
Fund, Washington DC. USA
Austrian Federal Minister of Finance, Vienna,
Austria
*) author, but unable to attend the workshop 513
Michael Landesmann
Jochem Langkau
Kazimierz Laski
Friedrich Levcik
Zdenek Lukas
Egon Matzner
Joze Mencinger
Patrick A. Messerlin
Costea Munteanu
Alexander Nekipelov
Jerzy Osiatynski
Leon Podkaminer
Professor, Johannes Kepler University, Linz,Austria
Deputy Head of the Research Institute, Headof the Department for Economic and SocialResearch, Friedrich-Ebert-Stiftung, Bonn,Germany
Professor, Research Director of The ViennaInstitute for Comparative Economic Studies(WIIW), Vienna, Austria
Professor, Consultant, The Vienna Institute forComparativeEconomicStudies (WIIW),Vienna,Austria
The Vienna Institute for Comparative EconomicStudies (WIIW), Vienna, Austria
Professor of Public Economics and Head ofResearch Unit for Socioeconomics, AustrianAcademy of Sciences, Vienna, Austria
Professor of Economics, EIPF (Institute ofEconomics, Faculty of Law), University ofLjubljana, Slovenia
Professor of Economics, Institut d'EtudesPolitiques de Paris, Paris, France
Associate Professor, Academy for EconomicStudies, Bucharest, Romania
Deputy Director, Institute of InternationalEconomic and Political Studies, RussianAcademy of Sciences, Moscow, Russia
Professor, Member of Parliament, Warsaw,Poland
The Vienna Institute for Comparative EconomicStudies (WIIW), Vienna, Austria
514
Josef POschI
Sandor Richter
Philipp Rieger
Dariusz K. Rosati
Christopher T. Saunders
Monika Schopf
Hans Seidel
Joseph Smolik
Judita Stoura<3ova
Erich W. Streissler
Jolanta Supiriska
Mikl6s Szanyi
Adam TOrOk
The Vienna Institute for Comparative Economic
Studies (WIIW), Vienna, Austria
The Vienna Institute for Comparative Economic
Studies (WIIW), Vienna, Austria
The Vienna Institute for Comparative Economic
Studies (WIIW), Vienna, Austria
Professor, United Nations Economic Commis
sion for Europe, Division for Economic Analysis
and Projections, Geneva, Switzerland
Visiting Fellow, Science Policy Research Unit,
University of Sussex, UK
The Mitsubishi Bank, Ltd., Vienna Represen
tative Office, Vienna, Austria
Professor, Austrian Institute of Economic
Research (WIFO), Vienna, Austria
United Nations Economic Commission for
Europe, Division for Economic Analysis and
Projections, Geneva, Switzerland
Managing Director, Centre for Foreign
Economic Relations, Prague, Czech Republic
Professor, Institute of Economics, University of
Vienna, Austria
Professor, Institute of Social Policy, Universityof Warsaw, Poland
Institute for World Economics, Hungarian
Academy of Sciences, Budapest, Hungary
Director, Research Institute of Industrial
Economics, Hungarian Academy of Sciences,
Budapest, and L1COS Institute, Catholic
University of Leuven, Belgium
515
Witold Trzeciakowski
Aleksandar M. Vacic t
Hermine Vidovic
Dragomir Vojnic
G.D.N. Worswick
Professor, Institute of Economics, PolishAcademy of Sciences, Warsaw, Poland
Professor, Director, United Nations EconomicCommission for Europe, Division for EconomicAnalysis and Projections, Geneva, Switzerland
TheVienna Institute forComparative EconomicStudies (WIIW), Vienna, Austria
ProfessorofEconomics, Institute of Economics,University of Zagreb, Croatia
Oxford, UK
516
INDEX
agricultureCAP 203, 209, 210products 19, 250-2restrictions on 6, 11, 205, 206-7, 234trade with EC209,211 -12,227 ,250-2 ,255,
257,260,267,442see also specific countries
aid 136-7,440-5Albania 40, 246, 252n, 254
anti-dumping 6, 220-7, 235·6, 247, 250,256, 260-2, 359
Argentina 208Armenia 122arrears 139,147-51, 155-6,198Asia 113,227,415Austria 111, 210, 366, 485
accelerated depreciation 347-8banks 5, 185, 186, 189, 199n, 348foreign capital 355-6industrial policy 343-4, 356-63inflation 345, 347investment 112, 350-3lessons for Eastern Europe 8-9, 346-7,
350-2, 353, 355, 356-9, 361-3, 365-7nationalised industries 353-5price Iiberalisation 344-5regulating monopolies 352-3subsidies 348-50wages 346
balance of payments 15, 79, 82, 85-7, 90, 97,112,140,412-13
BaIcerowicz, Leszek 370,372Baltic Free Trade Agreement 264banking system 142, 180-1, 311, 318,408-9
and arrears 139,147-51 , 155-6,198credit 5, 138, 139-40, 143-7, 151-62,
197-200reform of 4-5, 123-37, 180, 183, 185-95,
197under Socialism 43, 408
universal banking system 5, 180, 183,185·7, 192-5
see also specific countriesbankruptcy24, 41-2, 118, 119, 158, 195, 289,
292,358,409,41 5,431 -2,462Belarus 222, 256, 342, 438Belgium 185,208,210,327Beveridge, Lord 113Bolivia 208bond market 139, 156-7, 183, 187-8, 193Bosnia-Herzegovina 248, 439, 473, 491Brazil 208, 220, 222Bretton Woods System 84, 85-7, 90Brittan, Sir Leon 224budget
constraints24, 25,41-2 ,54,102 ,116,117,192,193,195,282,283,285,300,308
deficits 19,20,27-8,52,61 ,80,86, 103,111, 119, 397, 406, 409, 412-14, 418-20,442
Bulgaria 75, 165, 166, 171,210banks 155, 191GOP 15, 171, 208privatisation 284, 304-5, 309, 327, 342trade 202, 204-5, 215-16, 217n, 219, 221,
222,247-53, 258n, 266transformational recession 2, 40, 122
bureaucracy 39-41, 60, 110, 282, 283Bush, President George 81business cycle 78-9
Canada 246, 415ncapacity
constraints 103excess 32, 103, 111productive 19,99-100,251 ,310,406utilisation 27,117,118,119-20
capital 23,31,61, 73-4, 79,85,100,117,138,141, 159-61, 18~ 19~ 192dedicated 182, 185-7, 192, 193-5markets45, 48, 100,180-8,193,231 ,282,
284
517
working 138, 139, 140, 143-7, 162, 191-2,198
capitalism 1, 13, 31, 32, 33, 35n, 36, 38-9,93,110,117
Central EuropeanFreeTradeAgreement 235,252n, 253, 264see also specific countries;Visegrad group
centrallyplannedeconomies 1,16,21,49,102,153,243,244-5,396,406
Chile 198, 208, 227China 82, 83, 106, 109,208
Clinton, President Bill 246nCMEA 11, 442, 466
see also Comecontrade 4, 5, 6, 16, 118, 139, 141, 154-5,201,
203n,205,244,261n,263-5,266,318,358,370,468
COCOM (Coordinating Committee on Multilateral Export Controls) 247
Colombia 208Comecon 110, 125-6
see also CMEAtrade 31, 53, 415, 429, 456
Common Agricultural Policy 203, 209, 210Commonwealth of Independent States (CIS)
243,246,255,258,261-2,263-5,317,318,
342see also specific countries
competition 21,24,32-3,100,141,142,190,203,207,251,256,260
construction 15,28,41,45,49,51,100,348consumption 15,16,18,20,29,31,37,49-53,
89, 93, 151costs 19, 22, 27, 51, 84, 119-20, 244, 408credit 15, 17,28,43-6, 47n,49, 51,100,190-2,
410allocation 138, 142-3, 154-9, 194banks 138, 139-40, 143-62, 175, 197-200policy 23, 25, 27, 231restrictions 18, 19, 20, 117, 119
CroatiaGOP 1, 490-1, 499-500inflation 12, 490-1, 499-502privatisation 493·7,498, 506, 508-9
518
problems and prospects oftransition 504-8production decline 490-1property rights 493-7stabilisation programme 12, 499·504trade 122, 220, 222, 223,248,473,485transformational recession 2, 490-3unemployment 490-1, 500war damage 12, 491-3, 498, 500, 502, 506,
507current account 15, 20, 22, 27-8, 79, 86, 102,
104, 141Czech Republic 14, 103, 188, 210, 300,
316-17,327,329,341,342,396,438,452-3banks 190, 194n, 452, 453, 462-3decline of economic activity 455-9GOP 15, 208, 458-9inflation 451-4, 463monetary and fiscal policies 452-3, 457prices 451-5private sector 187, 299-300, 451, 460-1production decline 40, 455-7, 459-60, 461stabilisation 451·7trade 6, 202, 204-5, 207, 215-16, 220-2,
232-42,247,249,251-3,258n,264,451,
470transformational recession 2, 115-20, 459unemployment 1, 461, 468-9voucherprivatisatlon 11,23,194,282,291,
299-301, 308, 314, 460-2Czechoslovakia 30,75,99,116,117,122,141 ,
142, 151n, 152, 161n, 165, 166, 171,189,191,236-7,239-40,440,452,466,469
exchange rate system 238-41privatisation 270, 284, 286, 295, 299, 309,
468production decline 459-60trade 220, 222, 223, 224, 232-3, 235-6,
245,249-50see also Czech Republic; Slovak Republic
debt 19,29,30,105,112,153-4,189, 194n,198,229,415,444see also arrears; specific countries
deficit financing 118-19,419
demand 16,17,18-19,33,35,49-50,80,81 ,88,100,103,108,111 ,113,116,119,407
aggregate 18, 20, 27, 37-8, 49, 52, 57,80-1,86,99-100,103, ",, 112, 118,119-20,405-7,415
constraints 34, 36, 110-11domestic 26, 54, 119-20excess 20, 34, 36, 80, 418-19
foreign 119-20macro 32, 33, 34, 46-55management 27, 79, 82-3, 85, 88-90, 97,
113, 115Denmark 208,210, 415ndepress ion (1930s) 15, 30, 80, 83,100,181 ,
490developing countries 136-7,229-30,396,485domestic currency 106, 152, 199
convertibility 21, 22, 85, 232, 236-7, 245,426,429-30,438,467-8,470,502
devaluation 17,19,20,22,55,117,413-14 ,
451-2
East Gennany 75, 103, 107, 219, 250, 431, 434privatisation 275shock-therapy 106-8
East-West trade relations 243-4, 265-7future evolution of Eastern access to
Western markets 257-8problem areas 258-65transfonnation of 244-57
EBRD 136, 438, 449, 509-10economic transformation 13-26, 394-6
and economic growth 26-8, 434-6and privatisation 282-5foreign trade Iiberalisation in 229-42results of 14-16social aspects in Russia 9-10, 382-94social costs in Poland 9-10, 369-80, 396,
427,428,435-7,444ECSC 220-1, 252n, 255Ecuador 208education 25, 57, 61, 360, 377, 385, 433efficiency 6, 41-6,116-17,142,194,282,323,
424, 431
EFTA 88, 91-2, 226
tradewithEasternEurope6 ,202-23,235-6,248-9,252-4 ,257-8, 262n, 264n, 265-7,485
Emerging MarketEconomies Report 1993122employment 15, 17,20,22,42,78,82,84,85,
88,92,96,97,99,112,113,118,138,140,143,198,408
energy 19,25, 79,92,93,318,323,360,502entrepreneurs 43-5, 61, 105, 108, 235, 272,
274,282 ,287,319-20,367,427,436,463,505
environment 14, 320, 323, 353, 360,443,508equity
capital 159-61, 162funds 140markets 138,139,160-1,162,180
Estonia122,246, 249, 252n, 254-5,257-8,264privatisation 317,329,342
Eurofer 220European Community (EC) 325, 344, 351, 353,
414,440n,445,509see also European UnionAssociation Agreements 22,205-12,217,
220, 222, 223, 224-6, 235-6, 248-59,266-7, 438, 442, 444
entry of East European countries 420, 428,442
import quotas 207, 212-21Multi-FibreAgreement (MFA)212-15,251nprotectionism 202, 205, 2", 217, 221-6,
250, 257-63, 267sectoral trade disputes 211-23, 259single currency 91-2trade with Eastern Europe 202-28, 235-6,
244-62, 264n, 265-7, 442, 443-4, 485
unemployment 85, 88, 113EuropeanEconomic Area (EEA)249, 250n
European Monetary System (EMS) 91-2European Payments Union 86, 202European Recovery Programme 348-9, 352European Union 5, 240, 431, 434,438, 439,
469see also European Community
519
Exchange Rate Mechanism (ERM)91-2, 439exchangerates15,17,22,91-2,141,142,247
Bretton Woods System 84, 85-7, 90policies 85-7, 110, 117,231-2
exports 20, 22, 25, 26, 27, 29, 31, 60, 119-20,243,244,444promotion 25, 27,229,230,232,233,350
financial markets 180in Eastern Europe 187·95, 197-8,409in the West 181-7
financial programming 17,405-6financial sector
backwardness of 42-6, 48, 105reform of 4·5, 139, 142, 180
bank credit 5, 138, 139-40, 143-7,151-62, 197-200
banking system 4-5, 123-37, 180, 183,185-95, 197
Finland 204,210,249, 252n, 255, 414, 415nfiscal deficit 117, 141, 151-4,200fiscal policy 17, 20, 22, 25, 27, 33,49, 52, 60,
61, 62, 79-87, 88, 93, 94, 97, 103-4,112·13,119,200,397-9,407,410,420-1
Fisher, Irving 403France 75, 84, 92, 93, 185,208,415
agriculture 210,417industrial policy 360privatisation 270, 278trade 219, 220, 316, 317, 485
free trade 6, 203, 232, 235, 248, 250, 359FTAs 249, 252-8, 262n, 264, 267
Friedman, Milton 88
G-7 countries 246, 248see also specific countries
G-24 countries 243, 246n, 248, 439see also specific countries
GAIT 4,6,54,212,221,224,227·8,232,233,236,245,247-8,250,256,258,262,449
Georgia 222Germany 81,210,219,220,317,344, 415n,
438,485banks 5,360capital markets 182, 185privatisation 7-8, 278, 363
520
reunification 112, 201, 207, 249-50, 439,442
Weimar 58, 61see also East Germany; West Germany
goods, quality of 16, 244, 247, 254Gorbachev, Mikhail 269, 270government
expenditure 18,25,31,47,103,141,151,382,419intervention 357-9, 362-3structures in market economies 359-61
Grant of General System of Preferences(GSP) 248, 251-2, 254n, 255-8
Greece 208,209,210,442
health 25, 57,61,370,377,385Hong Kong 208household saVings50-1, 151-2,172,173,413housing 28, 41, 45, 49, 51,100,374,375-6,
395Hungary 22, 35, 40-1, 58-60, 75-7, 99, 122,
152, 188, 18~ 210, 396agriculture 11, 40, 45, 54, 71, 417bankingsystem43.0,51 ,104-5,126,153-5,
157-8,169,171,175,179,189-92budget constraints 41-2, 54, 61budget deficit 412-14, 418·20bUilding industry 41, 45, 49, 51, 71consumption 49-53, 73debt 55-7, 413-14, 420exports 53-5, 73, 74, 414GOP 14,15,35,47,66,71,73,166,208,
412,416imports 53-5, 73, 413, 415inflation 34-5,55-7,61,83,152,165,413investment 47-9,54,68,412-13,418prices 70, 103private sector 142, 187, 291·3privatisation 270,278,284,286,287,291-9,
305,308, 310n, 313,316-17,329,331,342, 362
production decline 30,36,51 -2,53,66,69,72,111 ,415-16,455-6
role of state 60-2savings 152, 168, 173,413,420
stabilisation policies 10-11,412-21State Property Agency 292-9, 308stock exchange 161, 187-8trade 37, 202, 204-5, 215, 220, 224, 235,
244-53, 258n, 264, 266transformational recession 2, 11, 30-77,
110-11, 115-20, 421unemployment 55, 56, 57, 58-9, 60-1, 67Western aid to 440
hysteresis 406-7
illegal activities 10, 16, 280, 384-5, 390, 391,
505import quotas 6, 207, 212-21, 255nimports 22, 27-8, 34, 60, 86, 88, 97, 102, 110,
229,249,259,350,425quotas 6, 207, 212-21, 255n
income 15, 18, 49, 50, 58distribution 114, 382-5inequality 9, 313, 371-3, 382-5policy 17,82, 88
incremental capital-output ratios (ICORs)102Indonesia 208, 360, 439industrial policy 9, 25-6, 203, 230, 322-5,
356-63, 365, 432-3, 449, 463industrial restructuring 311, 320-5inflation 1,4,9,15,17-19,29,43,44,50,55-7,
59,61,78-9,80,82-7,96,97,101,110,111, 113, 115, 116, 119,120, 140, 141,142, 146-51, 158, 162, 199,407-8,409,414,444and privatisation 272-5oil prices 84, 87-8, 97see also specific countries
inputs 19, 34, 42, 253-4institutions 114, 115, 311, 406
change 21·6, 312framework of stabilisation policies 79-80new 62, 105, 117, 137, 198,283problems of 408-10
interest rates 17, 18, 19, 20-1, 27, 48, 86, 88,89, 140nominal 44, 112,406,409real 20, 44, 104, 112, 199, 409
International Finance Corporation 136
International Monetary Fund (IMF) 15, 85-7,238, 267, 396, 418, 426, 438, 443, 444,449,470,503,509
Intra-European Payments Scheme 97inventories 102, 113, 118, 119, 151n, 458investment15, 16, 18-19, 21, 29, 31, 49, 80-1,
100,102,113,138,139 ,347-8,350-3,409credit and 159-61, 162fixed 47-9foreign direct 8, 27-8,192,232,311,314,315-20,324-42,365 .funds 23-4, 45, 51, 193, 194n, 281, 285,
300,314,315,408,418,461private 20, 27, 54, 444promotion 111-12public 27-8,141 ,323see also specific countries
Ireland 208,210Israel 499Italy 75, 84, 91, 92, 208, 415n
agriculture 210,417privatisation 278trade 219, 220, 485
Japan88,208, 318, 344, 357, 362,414,415industrial policy 100, 360trade 244, 247, 485
Kazakhstan 122, 222, 333Keynesianism 2, 35, 37, 47, 48, 52, 60, 80,
81,89,100,112,120,406,412Korea 100, 208, 360Korean War 94, 95, 96, 415Kyrgyzstan 122, 256
labour 19, 26, 33, 34, 42, 79, 81, 313, 322-4,370
market 100,120,143-4,231,284,322productivity 15-16, 19,20,42,51,344Latin America 12,227,415,505
see also specific countriesLatvia 246, 249, 252n, 254-5, 257-8, 264
privatisation 317,342
521
Lithuania 222,246, 249, 252n, 254-5, 257-8,264,438privatisation 317, 333, 342
living standards 1, 9, 114, 370, 371-3, 375,386,388,395,396,398,490,499
Maastricht Treaty 91-2, 442Macedonia 122, 248, 485
Malaysia 208market access 27,28,256,257-9,324,441market forces 24-5, 93, 95-6, 99, 201, 322,
393, 430Marshall Plan 4, 9, 86, 93, 96-7, 110, 348,
4400,442-3Mexico 208, 360MFN status 244-6, 254n, 255-8Moldova 122monetary overhang 34, 95, 116, 117, 140, 142,
1940, 418-19, 451monetary policy 17, 20-2, 25, 27, 33, 34, 49,
60,62, 79-87, 88, 93, 94, 97, 104-5, 119,158, 199,231 ,397-9,407,410
moneydemand 138,140,143-7, 151,161-2, 198,
407supply 4, 18,35,57,89,397,409-10
Montenegro 473
NAFTA Treaty 360nationalism 18, 26NATO 247Nazis 343, 347Netherlands 185,207,208,210,318,485New Zealand 82nomenklatura 7,189,280,284,366,390-1,450North, Douglas 396Norway 210,249, 252n, 255, 415n
OECD 53, 81, 82, 97,109,267,346,414-15trade 203-6, 266
OEEC 97see also OECO
oil, price of 84, 87-8, 97, 103,345,388OPEC 4, 84, 97
522
output 18, 35, 78-9, 81,82,84,89,97,100,112,408aggregate 138, 139, 143-7, 162decline in 1,99,101-3, 106, 111,115-16,
138-41,154-5, 197, 199-200see also specific countries
over-staffing 1, 9, 16, 467
Pacific Rim countries 415perestnoika 269, 382, 384, 390, 395Philippines 208Po~od14,75,99,122,151n , 152, 188,21~
374,427,455agriculture 11, 422, 425, 449-50balance of payments 425-6banks 154, 155, 156-8,174, 176, 177,178,
189,191,430450budqet deficit 426, 436, 443, 449debt 425-6, 429, 432, 433-4, 437, 439,
440,449external factors 438-9GOP 15,167, 171,208goals and strategies 428-39inflation 152,426-8,429,430,433,435-6,
449output 165, 170prices 103, 372, 426-7, 435-6private sector 142, 187, 287-9, 373, 374,
422-4privatisation 11, 270, 284, 285, 286, 287-91,
297, 308, 314, 316-17, 333, 335, 337,342, 373, 422-4, 428, 430,431-4, 435-7,449,462
production decline 3D, 139, 141,422,434,435
savings 168, 172, 426social costs of transformation 9-10,
369-80,396,427,428,435-7,444stabilisation 11,426-8,429-30,434-7,438stock exchange 160-1, 188, 289trade 202, 204-5, 215·16, 220,222,223-4,
235, 244-53, 258n, 264, 266, 425-6transformational recession 2, 115-20, 426-7,
436
unemployment 372, 373-5, 378, 426-8, 429,431-3, 434-7
Western aid and interests 440-5Portugal 208, 210,442poverty 57, 383prices 14, 19, 21, 22, 32-3, 78-9, 82-5, 94-5,
10~ 103, 119,244,247,408,412administratively set 14, 17Iiberalisation of 17,102,106,110,140, 141 ,
142, 150, 344-5relative 15,37-8,44,83,103, 154-5,387,
395, 406private sector 15, 16, 20, 26, 33, 34, 38, 42,
58,60,61,140,142,151,154,187,231 ,281,308see a/so specific countries
privatisation 6-9, 15,21, 23-4,26,42,48, 100,106, 114,116-17,142,157,159,160-1,180, 187, 188, 189-90, 192, 199,269-70,277, 281-3, 311-13, 366, 424and foreign direct investment 8, 311, 314,
315-20, 324-5, 365and industrial restructuring 320-5and transformation 282-5free distribution 271-4, 366-7of state enterprises 7-8, 15, 21, 42, 48,
281-5, 287-99, 306-10, 313, 320-2,422-3, 431-3
reasons for 283-5sale of assets 285-7, 307-9social consequences in Russia 390-2voucher 7,11 ,23-4, 161n, 193-4,272-9,
281,282,285-7, 308, 314, 315see a/so specific countries
production capacities 19,251,310,406production decline 18, 22, 30-1, 46, 111, 114
see a/so specific countriesproduction, transformation of real structure of
37-9profits20,42,44,112, 141, 144, 151n, 154-5,
157, 199,283property rights 21,116-17,269-71,286,311 ,
323,362 ,366,396,409,431,493-7,505-7,509see a/so privatisation
protectionism6, 22, 54, 60, 100, 202, 205, 211 ,217,221-46,229,232,233 ,236 ,244,250,257-63,267,429,444
public expenditure 18,25,31,47,103,141 ,151,382,419
public investment 27-8, 141 , 323
quantitative restrictions 22, 97, 205-7, 217n,244-6, 256, 266
raw materials 19, 323, 343Reagan, President Ronald 81
Reaganomics 112recession 3, 18-19,20,22,24-5,26,28,31,
54,85,88,97,225,420,442transformational 1-3,30-77 ,99,102, 107,
115-20, 251, 405-7, 414, 444, 477,490-3
researchanddevelopment 25,319 ,323,352,412-13,433
resources 33, 34, 113, 323, 406Reykowski, Janusz 378-9Romania 2, 122,155,156,171 ,210
banks 190-1GOP 15, 167, 208output 165privatisalion 286,301-4,308-9,316,337,
342trade 202, 204-5, 215-16, 217n, 219, 221,
222, 224, 244-7, 248n, 249-53, 258n,284
Rus~a 75,438,439,445agriculture 277, 285banking system 4-5, 123-37, 153n, 155,
156,197,198,307,389,400,409debt 426exchange rate 126, 130fiscal policy 397-9, 405GOP 15, 398, 402-5income inequality 382-5inflation 10, 131, 141, 147n, 271, 272-5,
307, 365, 383, 387, 397, 403-5investment 133-4, 136-7monetary policy 10,397-9,405money 399-405, 409
523
output 147n, 404-5prices 386-9, 397, 399-405private sector 123, 124, 132, 392privatisation 7, 270-80, 284, 286, 306-7,
316-17,337,339,342,365,390-2social aspects of economic reform 9-10,
382-94social stratification 386, 392-4trade 202-3, 222, 247n, 255-8, 262, 264,
265
savings 20, 49, 119, 185-6, 193household 50-1,151 -2,172,173,413
securities markets 142-3, 186, 188-9, 193Serbia 473, 491service industries 15, 38, 103shock-therapy 3, 6, 9, 11, 18, 22, 30,106-8,
430-1, 455-6, 463, 505, 508shortage economy 15, 16, 33, 34, 35, 36,
418-19,466Singapore 208, 360Single Market 203n, 213Slovak Republic 14, 210, 239, 240,438,457
banks 190, 194n, 469-70economic reform 12, 467-71GOP 15, 208goals of new republic 469-71legacy of the past 466-7prices 467, 468, 470private sector 187privatisation 194,282 ,308,314,317,329,
339, 342, 467·8, 471production decline 30, 459-60stock exchange 188trade 6, 202, 204-5, 207, 215, 220-1, 222,
233,235,241,247,249,251-3,258n,264
transformational recession 2, 115·20unemployment 468-9
Slovenia 122,246,248,254,257-8,264,488,489balance of payments 486debt 487decline in economic activity 472-7economic policy 477-80, 482-3
524
foreign trade 473, 476, 477n, 479-80, 483,484-5
inflation 474-6, 479-80privatisation 117, 286, 339, 342, 476, 480-2,
483,509stabilisation 12, 472-7, 480stock exchange 188transformational recession 2, 115-20, 477unemployment 472, 473-4
social aspects of economic reform In Russia9-10, 382-94
social costs of transformation in Poland 9-10,369-80, 396, 427, 428, 435-7, 444
social security 9-10,151,321·2,323-4,382,385-8,392-3,395,396,427,444,449
social unrest 18, 274·5, 280, 390, 394,407,435,439,442,443,445,506,509
socialism 14,16,33,34,37-8,43,47,92, 115,117,230,269,286,386,407
Solidarity 9, 372, 378-80, 422, 428, 429, 441South Africa 222Soviet Union 135,269-71,387,390
banks 124, 125, 130, 133collapse of 439, 441-2debt 125social security 392·3, 395successor states of 43, 115, 141,202-3,
219,221,222,238,243,265,284,398,
438trade 31, 53, 111, 245, 246, 247, 249·50,
260,265,485see also Commonwealth of Independent
States; specific countriesSpain 75, 208, 210, 223, 442stabilisation policies 3-4,10-11,13-17,20,99,
101-2, 112, 114, 117, 142-3, 188, 194n,283-4,412·21,441 ,444and economic growth 26-8in the West 78-98, 109-10, 114-15,414-15institutional and systemicchange 21-6, 110,
112instruments of 16-21role of fiscal policy in 112-13role of the West in Eastern Europe 26-8see also specific countries