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On the Sequencing of Reforms in Eastern Europe

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  • Hans Genberg

Abstract

This paper discusses issues related to the sequencing of the reforms that are necessary to transform the economies in Eastern Europe into market economies. It is first argued that the transition path of these economies will be smoother and less costly if a clear statement of the ultimate goals of the reforms is made at the outset. Interdependence between different aspects of the reforms implies that an appropriate strategy is to move on a broad front from the very beginning of the transformation process dealing simultaneously with macroeconomic stabilization, price reforms and convertibility, and privatization of state enterprises. It is also argued that a rapid reform process is preferable to a gradual one.

Suggested Citation

  • Hans Genberg, 1991. "On the Sequencing of Reforms in Eastern Europe," IMF Working Papers 91/13, International Monetary Fund.
  • Handle: RePEc:imf:imfwpa:91/13
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    References listed on IDEAS

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    1. Jordi Galí & Roberto Perotti, 2003. "Fiscal policy and monetary integration in Europe," Economic Policy, CEPR;CES;MSH, vol. 18(37), pages 533-572, October.
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    6. Jeffrey M Wooldridge, 2010. "Econometric Analysis of Cross Section and Panel Data," MIT Press Books, The MIT Press, edition 2, volume 1, number 0262232588.
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    8. Jordi Gali & Roberto Perotti, 2003. "Fiscal Policy and Monetary Integration in Europe," NBER Working Papers 9773, National Bureau of Economic Research, Inc.
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    13. Stephen Bond, 2002. "Dynamic panel data models: a guide to microdata methods and practice," CeMMAP working papers CWP09/02, Centre for Microdata Methods and Practice, Institute for Fiscal Studies.
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    Cited by:

    1. Chris Melliss & Mark Cornelius, 1994. "New currencies in the Former Soviet Union: a recipe for hyperinflation or the path to price stability," Bank of England working papers 26, Bank of England.
    2. Borsos-Torstila, Julianna, . "The Determinants of Foreign Direct Investment Operations of Finnish MNCs in Transition Economies 1990-1995," ETLA A, The Research Institute of the Finnish Economy, number 28.
    3. International Monetary Fund, 1991. "Financial Sector Reforms and Monetary Policy," IMF Working Papers 91/127, International Monetary Fund.

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