Private investors have an important role toplay in the ongoing process of reform in Eastern Europe. So external creditworthiness is crucial to a successful transition. Large government borrowing crowds out the formation of private contracts between international investors and domestic...

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...

This paper shows that inflation in Yugoslavia shares common elements with inflation in other highly indebted countries, despite appearances other-wise. These common elements include a large transfer of resources abroad unmatched by an internal adjustment, resulting in a large internal...