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Stabilisation orthodoxe ou hétérodoxe dans les économies en transition : les exemples de la Hongrie et de la Pologne

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  • Michel Noguet

Abstract

The difference in economic evolution between Hungary and Poland during the first half of the Nineties can be explained by their choice of different strategies in connection with stabilization policies. This article clearly points out that Polish Authorities, by chosing an heterodox approach not only endeavoured to reduce the level of inflation but also exerted influence over inertial factors, which was not the case of Hungary. The lack of nominal anchorage for salaries and exchange rates combined with the inability of Hungarian Authorities to either maintain or reduce public deficit led to the failure of their stabilization policies and to an increase of the size of the national debt. In 1995, Hungary changed its strategy by experiencing, in turn, a more heterodox approach. Classification JEL : E31, EE63 P52

Suggested Citation

  • Michel Noguet, 2001. "Stabilisation orthodoxe ou hétérodoxe dans les économies en transition : les exemples de la Hongrie et de la Pologne," Revue d'économie politique, Dalloz, vol. 111(5), pages 721-745.
    • Handle: RePEc:cai:repdal:redp_115_0721
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    Keywords

    stabilization policy; hyperinflation; economics of transition; Hungary; Poland;
    All these keywords.

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • P52 - Political Economy and Comparative Economic Systems - - Comparative Economic Systems - - - Comparative Studies of Particular Economies

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