This paper examines Hungary's reforms since 1968. It discusses the government's medium-term adjustment program, unveiled in the fall of 1990, which aims to install the key elements of a market economy in three years

This paper discusses the significant overall progress with macro stabilization of these transition countries during 1992-1997. While average inflation declined steadily since 1992, output fell significantly for many of these countries during this period, and it was not unti 1996-97 that as a...