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Europe > Montenegro

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Cover Poland
Poland
The Path to a Market Economy
Mr. Charalambos Christofides
,
Mr. Paul Mylonas
,
Ms. Inci Ötker
,
Mr. Liam P. Ebrill
,
Mr. Gerd Schwartz
, and
Mr. Ajai Chopra

Abstract

Poland's economy rebounded dramatically in 1992-93, several years after the nation embarded on a comprehensive program of economic transformation. This paper describes Polan's steps in the areas of public finance, monetary policy and financial sector reform, trade and exchange rate policy, and microeconomic liberalization, as well as the social impact of transition.

Keywords:
OP; bottom; exchange rate; enterprise; government; State budget; success Poland; company unit; poverty gap; retirement age; Commercial banks; Exports; Imports; Pension spending; Western Europe; Eastern Europe; Central and Eastern Europe; Europe; Baltics
Cover IMF Staff Papers
IMF Staff papers: Volume 2 No. 3
International Monetary Fund. Research Dept.
This paper focuses on the relation of inflation to economic development. Due to the inadequacy of savings and the difficulty of directing them into productive investment, there is a strong temptation to raise the level of investment by expanding bank credit—that is, by inflation. In most low-income countries, even the most forceful measures for increasing savings and for applying them to the most urgent needs would still leave the economy with inadequate resources for the investment necessary to assure tolerable progress in raising productive efficiency and expanding production. The only way of securing adequate resources for development in such countries is by supplementing domestic savings with capital from abroad. It is characteristic of the underdeveloped countries that the resources they put into investment are generally a smaller proportion of their very much smaller national product than is true for the more highly developed countries. The proportionally low level of investment in underdeveloped countries may be due to various factors. Frequently, though not universally, the cause of inadequate investment is the unavailability of savings.
Keywords:
SP; fund; depreciation; rate; devaluation; price; fund Agreement; exchange depreciation; exchange devaluation; competitive depreciation; trade indices; Currencies; Income; Wages; Personal income; Inflation; Europe; Asia and Pacific; Eastern Europe