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Discussion Paper Details

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Title: The Path of Reform in Central and Eastern Europe: An Introduction

Author(s): Richard Portes

Publication Date: May 1991

Keyword(s): Eastern Europe, Economic Reforms and Sequencing

Programme Area(s): International Macroeconomics and International Trade and Regional Economics

Abstract: This paper is the Introduction to a special issue of European Economy on `The Path of Reform in Central and Eastern Europe'. It discusses the sources of the current wave of `Europessimism': exogenous shocks, adjustment costs, sequencing errors, and other policy errors. This analysis may help in assessing the extent to which we are observing a `J-Curve' phenomenon. The paper then considers some key topics in the strategy of reformers: (i) establishing a regime change; (ii) the order, speed and robustness of the chosen sequence of reforms; (iii) the institutional framework and the behaviour of firms; (iv) financial restructuring; (v) nominal and real anchors; (vi) convertibility and exchange rate policy; (vii) trade and debt.

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Bibliographic Reference

Portes, R. 1991. 'The Path of Reform in Central and Eastern Europe: An Introduction'. London, Centre for Economic Policy Research. https://cepr.org/active/publications/discussion_papers/dp.php?dpno=559