IDEAS home Printed from https://ideas.repec.org/
MyIDEAS: Login to save this paper or follow this series

Issues in socialist economy reform

  • Fischer, Stanley
  • Gelb, Alan
Registered author(s):

    This paper examines issues involving the design and sequence of economic reform in formerly socialist economies that have made the political decision to move to a private market economy. They also examine the potential role of foreign countries in providing aid, technical assistance, and market access. In economies that are actually or potentially unstable macroeconomically, the first priority is macroeconomic stabilization and measures to harden budget constraints and create an emergency social safety net. At the center of the reform process are price reform, trade liberalization, enterprise restructuring, and privatization. Banking reform, training, and the development of other financial markets must begin immediately, but the ability of the financial system to allocate resources efficiently will remain limited until enterprise and price reform are sufficiently advanced. In systemwide reform, the notice of sequencing should be replaced by that of packaging. A large number of interrelated reforms - including those needed to create an appropriate legal structure and develop the skills needed in a market economy - has to be put in place very early, although the speed of implementation will differ. However rapidly the reforms are initiated, their completion - especially privatization - is bound to take many years.

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

    File URL: http://www-wds.worldbank.org/servlet/WDSContentServer/WDSP/IB/1990/12/01/000009265_3960930081636/Rendered/PDF/multi0page.pdf
    Download Restriction: no

    Paper provided by The World Bank in its series Policy Research Working Paper Series with number 565.

    as
    in new window

    Length:
    Date of creation: 31 Dec 1990
    Date of revision:
    Handle: RePEc:wbk:wbrwps:565
    Contact details of provider: Postal: 1818 H Street, N.W., Washington, DC 20433
    Phone: (202) 477-1234
    Web page: http://www.worldbank.org/
    Email:


    More information through EDIRC

    References listed on IDEAS
    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

    as in new window
    1. Feige, E.L., 1991. "Socialist Privatization," Papers 1a, United Nations World Employment Programme-.
    2. David Lipton & Jeffrey D. Sachs, 1990. "Creating a Market Economy in Eastern Europe: The Case of Poland," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 21(1), pages 75-148.
    Full references (including those not matched with items on IDEAS)

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    When requesting a correction, please mention this item's handle: RePEc:wbk:wbrwps:565. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Roula I. Yazigi)

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.