Monetary restraint in Poland does not operate in the expected manner under the conditions of predominant state ownership of both banks and industrial enterprises. With effective owners' control being prohibitively costly in the state-owned firms, "nobody's" banks continue their old lending...

Since the beginning of transition in 1990 from a centrally planned to a market oriented economy, the performance of Poland's economy has been outstanding if we take GDP growth as our measure. It is not specific reforms that can explain this performance but the radical ("big bang") reforms at the...

Fifteen years ago, on April 5, 1989, after two months' negotiations between the coalition government and the Solidarity-led opposition, the Round Table agreements set in motion the transformation process. Today, Poland is on the eve of a landmark event - the accession to the European Union, as...