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Convertibilité précoce et protection par le change : un premier bilan de la réinsertion internationale des pays de l'Est

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  • Jean-Charles Asselain
  • François Bourguignon

Abstract

[fre] Convertibilité précoce et protection par le change. Un premier bilan de la réinsertion internationale des pays de l'est. . L'introduction précoce de la convertibilité interne, associée à une libéralisation radicale des échanges extérieurs, au seuil de la transition, est une composante essentielle de la stratégie de transformation en Pologne, en Tchécoslovaquie et en Hongrie depuis 1990. Elle implique une forte dépréciation initiale des monnaies est-européennes, dont on analyse l'impact sur l'équilibre macro-économique interne et sur la restructuration des échanges. [eng] Reintegrating eastern europe into the world economy : a first assessment of the exchange-rate policy connected with the introduction of convertibility. . The early move to internai convertibility, together with a radical liberalization of foreign trade relations, at the very beginning of the transition process, is a major feature of the transformation strategy in Poland, Czechoslovakia and Hungary since 1990. It implied a strong initial nominal and real depreciation of East-European currencies. The paper studies the impact of this strategy on domestic macro-economie adjustments and on the restructuring of foreign trade.

Suggested Citation

  • Jean-Charles Asselain & François Bourguignon, 1994. "Convertibilité précoce et protection par le change : un premier bilan de la réinsertion internationale des pays de l'Est," Revue Économique, Programme National Persée, vol. 45(3), pages 833-844.
    • Handle: RePEc:prs:reveco:reco_0035-2764_1994_num_45_3_409573
    DOI: 10.3406/reco.1994.409573
    Note: DOI:10.3406/reco.1994.409573
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    1. Gabor Oblath & David Tarr, 2017. "The Terms-of-Trade Effects from the Elimination of State Trading in Soviet-Hungarian Trade," World Scientific Book Chapters, in: Trade Policies for Development and Transition, chapter 13, pages 295-313, World Scientific Publishing Co. Pte. Ltd..
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    4. Bofinger, Peter, 1991. "Options for the Payments and Exchange Rate System in Eastern Europe," CEPR Discussion Papers 545, C.E.P.R. Discussion Papers.
    5. Michael Bruno, 1992. "Stabilization and Reform in Eastern Europe: A Preliminary Evaluation," IMF Staff Papers, Palgrave Macmillan, vol. 39(4), pages 741-777, December.
    6. Mr. Michael Bruno, 1992. "Stabilization and Reform in Eastern Europe: A Preliminary Evaluation," IMF Working Papers 1992/030, International Monetary Fund.
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