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Economic Change in Poland

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  • O Blanchard
  • Richard Layard

Abstract

Poland has tackled its economic problems with courage and, thus far, success. Hyperinflation has ceased, the well-chosen exchange rate has held, and wage behaviour has been responsible. A major recession is under way, and it must not become endemic. A big export effort is needed, followed with discretion by some domestic relaxation. Foreign investment could be encouraged by removing all limits to the repatriation of profit. To prevent unemployment persisting even after demand recovers, unemployment benefits could be replaced after one year by paid temporary employment on public works. Inflation still needs to be further reduced to reach West European levels. One obvious approach is to lengthen the period of indexation used in calculation wage ceilings. And, finally, privatisation should be accelerated, either by giving the capital stock to the people or by selling it in the form of highly-geared holding companies.

Suggested Citation

  • O Blanchard & Richard Layard, 1990. "Economic Change in Poland," CEP Discussion Papers dp0003, Centre for Economic Performance, LSE.
  • Handle: RePEc:cep:cepdps:dp0003
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    Cited by:

    1. Frydman, Roman & Pistor, Katharina & Rapaczynski, Andrzej, 1996. "Exit and voice after mass privatization: The case of Russia," European Economic Review, Elsevier, vol. 40(3-5), pages 581-588, April.
    2. Jean-François Nivet, 1994. "La privatisation en Pologne : d'une approche plurielle aux difficultés de la privatisation de masse," Économie et Statistique, Programme National Persée, vol. 279(1), pages 121-133.

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