Abstract

The paper by Begg discusses disinflation experiences in 13 countries of Central and Eastern Europe. At the start of the transition from centrally planned to market-oriented systems, these 13 countries had a great deal in common: the institutional inheritance they all wanted to change; the conditions of crisis they wanted to overcome; and the transformation and stabilization aims they wanted to achieve quickly. Nevertheless, the intercountry variations in macroeconomic policies and disinflation experiences have been considerable. Begg has found a neat way of presenting the relevant evidence, and his analysis of it is both balanced and refreshing.