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The `Big Bang' Versus `Slow but Steady': A Comparison of the Hungarian and the Polish Transformations

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  • Abel, István
  • Bonin, John

Abstract

This paper discusses three aspects of stabilization and international integration: the real wage; inflation; and the real effective exchange rate. Using empirical evidence on inflation and the real effective exchange rate, we evaluate the gradualist option represented by the Hungarian reforms. The prospect for continuing a programme based on a real exchange rate anchor supported by a crawling peg tied to a basket of convertible currencies is assessed. These issues are compared with the experience of Poland, which is considered to be an example of shock therapy using a nominal anchor.

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Bibliographic Info

Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 626.

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Date of creation: Jan 1992
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Handle: RePEc:cpr:ceprdp:626

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Related research

Keywords: Eastern Europe; Economic Transformation; Exchange Rate Anchor; Real Wage; Stabilization Policy;

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Cited by:
  1. Karp, Larry & Paul, Thierry, 1998. "Labor adjustment and gradual reform: when is commitment important?," Journal of International Economics, Elsevier, vol. 46(2), pages 333-362, December.
  2. Karp, Larry S. & Paul, Thierry, 1994. "Labor Adjustment And Gradual Reform: Is Commitment Important?," Working Papers 51222, International Agricultural Trade Research Consortium.
  3. Wyplosz, Charles, 2000. "Ten years of transformation - macroeconomic lessons," Policy Research Working Paper Series 2288, The World Bank.

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