On January 1, 1991, the Czech and Slovak Federal Republic launched a comprehensive reform program designed to establish a market economy. This paper charts the progress of the reform program in the context of Czechoslovakia's prewar history as a major industrial power, its subsequent slow...

This paper was prepared by Bijan B. Aghevli, Division Chief in the international Monetary Fund's Asian Department, and Jorge Marquez-Ruarte, Senior Economist in the Asian Department. In preparing the paper, the authors have relied extensively on the analysis and information provided by the...