conditions, external factors, and reform strategies. This paper summarizes the macroeconomic performance of the transition … economies. We first review the initial conditions confronting these economies, the reform strategy that was proposed, and the … policies and structural reforms, particularly privatization, contributed to the growth recovery. We also conclude that the …

This study analyzes the adjustment to a fiscal reform in a dependent economy. It evaluates the economic factors that … credibility of the fiscal reform. It is shown that the absence of credibility may have major consequences on the adjustment …, because it will depress the magnitude of the private investment associated with the fiscal reform …