Stabilization and Reform in Eastern Europe

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Abstract
This chapter considers the most recent stabilization and reform experience in six Eastern European countries, starting with the earlier Yugoslav and Polish shock programmes of 1990 and followed by Czechoslovakia, Bulgaria, and Romania in 1991. Hungary, which had a much longer and earlier reform experience, also carried out a successful and more conventional stabilization programme in 1991. The analysis of the dramatic developments in Eastern Europe focuses on the underlying similarities of the macro-economics of stabilization across countries and regions, and attempts to isolate the particular problems that are common to Eastern and Central Europe but substantially different from the earlier experience elsewhere.

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