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This paper is based on an internal report prepared by the IMF staff in connection with the application of the Czech and Slovak Federal Republic (Czechoslovakia) for membership in the IMF. The paper surveys the economic system that had developed up to the time of the reforms begun in 1987 and...
Persistent link: https://www.econbiz.de/10014399300
The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and...
Persistent link: https://www.econbiz.de/10014396077
Persistent link: https://www.econbiz.de/10000563647
Open market operations are the major instruments of monetary control in industrial countries and are becoming important in developing countriesand countries in transition. This paper shows how open market operationsare related to other monetary instruments, discusses the role of the market and...
Persistent link: https://www.econbiz.de/10014402763
This paper assesses changes in the size and scope of government in 24 transition economies. Whereas these governments have retrenched in terms of public expenditures in relation to GDP, as well as public employment as a share of population, some indicators suggest that size remains high (e.g.,...
Persistent link: https://www.econbiz.de/10014403626
This paper analyzes the importance of developing market-enhancing institutions for restoring economic growth in transition economies during 1991–98. The paper’s main finding is that the development of an institutional framework has indeed a significant positive impact on growth, but that...
Persistent link: https://www.econbiz.de/10014399868
This paper analyzes the determinants of growth in 25 transition economies during 1990–97. The paper’s main finding is that macroeconomic stabilization, structural reform, and reduction of government expenditures are key to achieving sustainable growth. Although the initial effect of reforms...
Persistent link: https://www.econbiz.de/10014400100
This paper examines the impact of the opening up of Eastern Europe and the Former Soviet Union on Western Europe. The analysis suggests that given reasonable (yet necessarily imprecise) assumptions on the likely developments in the previously centrally planned economies (PCPEs) over the next ten...
Persistent link: https://www.econbiz.de/10014397277
Real wage declines have been common in the public sector in many countries over substantial periods of time. In several cases, such wage reductions have coincided with a decline in the efficiency of the public sector. In a simple analytical framework, it is shown that higher wage levels alter...
Persistent link: https://www.econbiz.de/10014396160
The paper examines how the evolution from a classical centrally planned economy to a more market-oriented system will enhance the linkage between the exchange rate and the domestic price level. However, during the transition--as the economy continues to be predominantly state-owned, the...
Persistent link: https://www.econbiz.de/10014396482