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The Polish Alternative. Old Myths, Hard Facts and New Strategies in the Successful Transformation of the Polish Economy

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  • Kolodko, G-W
  • Nuti, D-M
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    Abstract

    In 1994-97 Poland has recorded an outstanding economic performance in terms of GDP growth, simultaneous reduction of inflation and unemployment, fiscal balance, zloty real revaluation, capacity restructuring, private sector growth and institution building. The Polish success needed a market environment but is not and could not be, as it is often claimed, the delayed result of the so-called 'shock therapy' of the early 1990s. This paper shows that initial shocks - e.g. in the foreign trade regime, exchange rate, credit and interest rate policies - were largely unnecessary or excessive.

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    Bibliographic Info

    Paper provided by World Institute for Development Economics Research in its series Research Paper with number 33.

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    Length: 56 pages
    Date of creation: 1997
    Date of revision:
    Handle: RePEc:fth:wodeec:33

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    Related research

    Keywords: POLAND ; MONETARY POLICY ; INFLATION ; BUSINESS CYCLES ; EXCHANGE RATE ; TRADE ; ECONOMIC GROWTH;

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    Cited by:
    1. Matjaz Nahtigal, 2011. "Privatization and Efficient Corporate Governance in Post-Transition Economies," MIC 2011: Managing Sustainability? Proceedings of the 12th International Conference, Portorož, 23–26 November 2011 [Selected Papers], University of Primorska, Faculty of Management Koper.
    2. Okrasa, Wlodzimierz, 1999. "Who avoids and who escapes from poverty during transition? - evidence from Polish panel data, 1993-96," Policy Research Working Paper Series 2218, The World Bank.
    3. Kolodko, Grzegorz W., 2010. "The Great Transformation 1989-2029: Could It Have Been Better? Will It Be Better?," Working Paper Series wp2010-40, World Institute for Development Economic Research (UNU-WIDER).

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