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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Paper provided by World Institute for Development Economics Research in its series Research Paper with number
33.
Length: 56 pages Date of creation: 1997 Date of revision: Handle: RePEc:fth:wodeec:33
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Find related papers by JEL classification: E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy O40 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation F31 - International Economics - - International Finance - - - Foreign Exchange F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
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