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

Author

Listed:
  • Kolodko, G-W
  • Nuti, D-M

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.

Suggested Citation

  • Kolodko, G-W & Nuti, D-M, 1997. "The Polish Alternative. Old Myths, Hard Facts and New Strategies in the Successful Transformation of the Polish Economy," Research Paper 33, World Institute for Development Economics Research.
    • Handle: RePEc:fth:wodeec:33
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    Citations

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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. Kolodko, Grzegorz W., 2010. "The Great Transformation 1989-2029: Could It Have Been Better? Will It Be Better?," WIDER Working Paper Series 040, World Institute for Development Economic Research (UNU-WIDER).
    3. 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.

    More about this item

    Keywords

    POLAND ; MONETARY POLICY ; INFLATION ; BUSINESS CYCLES ; EXCHANGE RATE ; TRADE ; ECONOMIC GROWTH;
    All these keywords.

    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, Innovation, 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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