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Stabilization programs in Eastern Europe : a comparative analysis of the Polish and Yugoslav programs of 1990

  • Coricelli, Fabrizio
  • Rocha, Roberto de Rezende

The authors compare the implementation of two apparently similar stabilization programs by two reforming socialist countries, launched two weeks apart (Dec. 1989 in Yugoslavia and Jan. 1990 in Poland). They investigate possible differences underlying the apparently similar programs that may account for better initial performance of Yugoslavia's program (a sharper reduction of inflation with smaller losses in output). The authors identify significant differences in initial conditions in the two countries as well as the sequence and degree of some policy measures. The differences may explain the difference in the early results. They also identify the most important issues the two countries must address in the second stage of reform. These include the unfreezing of nominal variables and resolving the critical structural problems affecting both economies. The authors conclude that the microfoundations of socialist and market economies are clearly different. These differences imply that in socialist economies the case for including incomes policy in stabilization programs may be stronger.

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Paper provided by The World Bank in its series Policy Research Working Paper Series with number 732.

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Date of creation: 31 Jul 1991
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Handle: RePEc:wbk:wbrwps:732
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  1. Michael Bruno & Stanley Fischer, 1987. "Seigniorage, Operating Rules and the High Inflation Trap," NBER Working Papers 2413, National Bureau of Economic Research, Inc.
  2. Commander, Simon & Coricelli, Fabrizio, 1990. "The macroeconomics of price reform in socialist countries : a dynamic framework," Policy Research Working Paper Series 555, The World Bank.
  3. J. Saul Lizondo & Peter J. Montiel, 1989. "Contractionary Devaluation in Developing Countries: An Analytical Overview," IMF Staff Papers, Palgrave Macmillan, vol. 36(1), pages 182-227, March.
  4. Taylor, John B, 1979. "Staggered Wage Setting in a Macro Model," American Economic Review, American Economic Association, vol. 69(2), pages 108-13, May.
  5. Kolodko, Grzegorz W & McMahon, Walter W, 1987. "Stagflation and Shortageflation: A Comparative Approach," Kyklos, Wiley Blackwell, vol. 40(2), pages 176-97.
  6. Rudiger Dornbusch & Stanley Fischer, 1986. "Stopping hyperinflations past and present," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 122(1), pages 1-47, March.
  7. Peter J. Montiel, 1989. "Empirical Analysis of High-Inflation Episodes in Argentina, Brazil, and Israel," IMF Staff Papers, Palgrave Macmillan, vol. 36(3), pages 527-549, September.
  8. Thomas J. Sargent & Neil Wallace, 1981. "Some unpleasant monetarist arithmetic," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Fall.
  9. Liviatan, Nissan, 1988. "Israel's stabilization program," Policy Research Working Paper Series 91, The World Bank.
  10. Cohen, Daniel, 1988. "The Management of the Developing Countries' Debt: Guidelines and Applications to Brazil," World Bank Economic Review, World Bank Group, vol. 2(1), pages 77-103, January.
  11. 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.
  12. Lucas, Robert E, Jr, 1973. "Some International Evidence on Output-Inflation Tradeoffs," American Economic Review, American Economic Association, vol. 63(3), pages 326-34, June.
  13. Rocha, Roberto de Rezende, 1991. "Inflation and stabilization in Yugoslavia," Policy Research Working Paper Series 752, The World Bank.
  14. Frydman, Roman & Wellisz, Stanislaw, 1990. "The Ownership-Control Structure And The Behavior Of Polish Enterprises During The 1990 Reforms: Macroeconomic Measures And Microecconomic Response," Working Papers 90-50, C.V. Starr Center for Applied Economics, New York University.
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