Front Matter

Front Matter

Author(s):
Françoise Le Gall, L. Psalida, Pietro Garibaldi, Julian Berengaut, Jerald Schiff, Kerstin Westin, Augusto López-Claros, Richard Stern, and Dennis Jones
Published Date:
November 1998
    Share
    • ShareShare
    Show Summary Details

    © 1998 International Monetary Fund

    Production: IMF Graphics Section

    Figures: Sanaa Elaroussi

    Typesetting: Julio R. Prego

    Cataloging-in-Publication Data

    The Baltic countries: from economic stabilization to EU accession / by Julian Berengaut… [et al.].—Washington, DC: International Monetary Fund, 1998

    p. cm.—(Occasional paper, ISSN 0251–6365 ; no. 173)

    Includes bibliographical references.

    ISBN 1–55775-738–0

    1. Baltic States — Economic Policy. 2. Baltic States — Economic conditions 3. Fiscal policy — Baltic States. 4. Monetary policy — Baltic States 5. Structural adjustment (Economic policy) — Baltic States. 6. Economic stabilization — Baltic States. 7. Foreign exchange — Baltic States. I. Berengaut, Julian, 1950. II. International Monetary Fund. III. Series: Occasional paper (International Monetary Fund) ; no. 173. HG243.B2 1998

    Price: US$18.00

    (US$15.00 to full-time faculty members and

    students at universities and colleges)

    Please send orders to:

    International Monetary Fund, Publication Services

    700 19th Street, N.W., Washington, D.C. 20431, U.S.A.

    Tel: (202) 623–7430 Telefax: (202) 623–7201

    E-mail: publications@imf.org

    Internet: http://www.imf.org

    recycled paper

    Contents

    The following symbols have been used throughout this paper:

    • … to indicate that data are not available;

    • n.a. to indicate not applicable;

    • — to indicate that the figure is zero or less than half the final digit shown, or that the item does not exist;

    • – between years or months (e.g., 1994–95 or January–June) to indicate the years or months covered, including the beginning and ending years or months;

    • / between years (e.g., 1994/95) to indicate a crop or fiscal (financial) year.

    “Billion” means a thousand million.

    Minor discrepancies between constituent figures and totals are due to rounding.

    The term “country,” as used in this paper, does not in all cases refer to a territorial entity that is a state as understood by international law and practice; the term also covers some territorial entities that are not states, but for which statistical data are maintained and provided internationally on a separate and independent basis.

    Preface

    This occasional paper provides an overview of economic developments and major policy challenges in the Baltic countries since 1994–95, focusing on the period 1995–97. During that time, the Baltic countries moved beyond the first stage of transition, which had emphasized financial stabilization and the revival of economic growth. In the second stage, the Baltic countries had to address policy challenges stemming from the choice of exchange rate regime, fiscal management, development and supervision of their financial systems, strengthening the private sector, and preparing their economies for integration with the European Union. The contributions to this paper relied in large part on the work that was undertaken by the staff of the Baltic Division of the European II Department in the context of discussions with the authorities on use of IMF resources and Article IV consultations.

    The study was a collaborative project directed by Julian Berengaut with assistance from Augusto Lopez-Claros and Odd Per Brekk. Helpful suggestions were received from John Odling-Smee and Thomas Wolf. In addition, the authors are indebted to Constance Strayer and Lilian Immers for secretarial assistance and to Linda Galantin and Xiaofen Chen for research assistance. Juanita Roushdy of the External Relations Department edited the report and coordinated its production for publication.

    The opinions expressed are solely those of the authors and do not necessarily reflect the opinions of the IMF staff, Executive Directors, or the authorities of the Baltic countries.

    List of Abbreviations

    BFTA

    Baltic Free Trade Area

    BIS

    Bank for International Settlements

    BRO

    Baltics, Russia, and other countries of the former Soviet Union

    CBA

    Currency board arrangement

    CIS

    Commonwealth of Independent States

    CIT

    Corporate income tax

    CMEA

    Council for Mutual Economic Assistance

    CPI

    Consumer price index

    EBRD

    European Bank for Reconstruction and Development

    EFF

    Extended Fund Facility

    EFTA

    European Free Trade Association

    EMS

    European Monetary System

    EMU

    European Monetary Union

    ERM

    Exchange rate mechanism

    EU

    European Union

    FDI

    Foreign direct investment

    GATT

    General Agreements on Tariffs and Trade

    GDP

    Gross domestic product

    IAS

    International Accounting Standards

    ICG

    Intergovernmental Conference

    IMF

    International Monetary Fund

    MIP

    Multi-Annual Indicative Program

    NDA

    Net domestic assets

    NTB

    National Tax Board

    OECD

    Organization for Economic Cooperation and Development

    PAYG

    Pay-as-you-go

    PIT

    Personal income tax

    SDR

    Special drawing right

    VAT

    Value-added tax

    WTO

    World Trade Organization

      You are not logged in and do not have access to this content. Please login or, to subscribe to IMF eLibrary, please click here

      Other Resources Citing This Publication