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

Listed author(s):
  • Jean-Charles Asselain
  • François Bourguignon

[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.

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Article provided by Programme National Persée in its journal Revue économique.

Volume (Year): 45 (1994)
Issue (Month): 3 ()
Pages: 833-844

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Handle: RePEc:prs:reveco:reco_0035-2764_1994_num_45_3_409573
Note: DOI:10.3406/reco.1994.409573
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  1. Oblath, Gabor & Tarr, David, 1992. "The terms-of-trade effects from the elimination of state trading in Soviet-Hungarian trade," Journal of Comparative Economics, Elsevier, vol. 16(1), pages 75-93, March.
  2. Michael Bruno, 1992. "Stabilization and Reform in Eastern Europe; A Preliminary Evaluation," IMF Working Papers 92/30, International Monetary Fund.
  3. Michael Bruno, 1992. "Stabilization and Reform in Eastern Europe: A Preliminary Evaluation," IMF Staff Papers, Palgrave Macmillan, vol. 39(4), pages 741-777, December.
  4. Peter B. Kenen, 1991. "Transitional Arrangements for Trade and Payments among the CMEA Countries," IMF Staff Papers, Palgrave Macmillan, vol. 38(2), pages 235-267, June.
  5. Hrncir, M., 1993. "Economic Recovery and Foreign Exchange Rate Regime: The Case of Czech Republic," Papers 9301, Cambridge - D.P. on Economic Transition.
  6. Bofinger, Peter, 1991. "Options for the Payments and Exchange Rate System in Eastern Europe," CEPR Discussion Papers 545, C.E.P.R. Discussion Papers.
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