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Mr. R. B. Johnston, Mrs. Piroska M Nagy, Mr. Roy Pepper, Mr. Mauro Mecagni, Ms. Ratna Sahay, Mr. Mario I. Bléjer, and Mr. Richard J Hides

Abstract

This study reviews Albania's historical and political background, as well as economic developments in 1991. It describes the centrally planned economic system up to the onset of reform and analyzes economic performance in the 1980s.

Mr. Anthony R. Boote

The capital needs that will enable Eastern Europe to catch up to EC standards of living are assessed within the framework of a constant elasticity of substitution production function. This function, parameterized on the EC, is assumed to apply, with certain inefficiency factors, to Eastern Europe in 1992. Quantitative results, given the heroic assumptions required, are bounded by large ranges. The approach provides a framework for assessing the factors that will determine future capital needs in Eastern Europe and underscores the crucial role of efficiency gains in this process.

International Monetary Fund. External Relations Dept.

This paper reviews the influence of the tropical climate on economic development. The paper highlights that the effect of climate is clearly not the only ruling constraint on economic development. It is claimed that climatic factors severely hamper development through their impact on both human beings and their agriculture. Human economic activity is directly and adversely affected through the widespread extent and impact of diseases; and tropical agriculture suffers in the quality of its soils, its rainfall, and its multiplicity of pests and diseases.

EDUARDO BORENSZTEIN,, DIMITRI G. DEMEKAS, and JONATHAN D. OSTRY*

The declines in economic activity experienced by Bulgaria, the Czech and Slovak Federal Republic, and Romania in the period since market-oriented reforms were initiated are analyzed. After reviewing developments in these three countries, the paper empirically investigates two questions that are central to an interpretation of the output decline. First, to what extent does the output fall reflect “structural change,” or a reallocation of resources across sectors, rather than a conventional macroeconomic recession? Second, to what extent have demand-side or supply-side forces been dominant in generating the output decline?

KAREN BROOKS and ZVI LERMAN

THE CREATION of new farms on privately owned land holds the key to agricultural recovery in countries abandoning collectivized agriculture in favor of the market. The job to be done is mammoth, because the inherited collective farm is flawed as an organizational form for agriculture. Transfer of ownership must therefore be accompanied by farm restructuring, a process for which no well-tried formula exists.

International Monetary Fund. Communications Department
Finance & Development, December 2020