Front Matter

Front Matter

Mohsin Khan, and Dimitri Demekas
Published Date:
June 1991
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© 1991 International Monetary Fund

Library of Congress Cataloging-in-Publication Data

Demekas, Dimitri G.

The Romanian economic reform program / Dimitri G. Demekas and Mohsin S. Khan.

p. cm. — (IMF occasional paper, ISSN 0251-6365 ; no. 89)

Includes bibliographical references.

ISBN 1-55775-190-0 : $15.00

1. Romania—Economic policy. 2. Post-communism—Romania.

I. Khan, Mohsin S. II. Title. III. Series: Occasional paper (International Monetary Fund) ; no. 89.

HC405.D39 1991

338.9498—dc20 91-40666


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The following symbols have been used throughout this paper:

  • … to indicate that data are not available;

  • — 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., 1990-91 or January-June) to indicate the years or months covered, including the beginning and ending years or months;

  • / between years (e.g., 1990/91) 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.


Embarking on the process of transforming its economy to a market-based system in early 1990, Romania joined the ranks of other reforming Eastern European Countries. At the start of its reform program, however, Romania was in a deep economic and institutional crisis and, unlike the other countries, had previously made not even a modest attempt to reform its economy. This paper outlines the main characteristics of the Romanian economic system before the reform and presents the evolution of the reform program as well as its initial achievements.

The information discussed in this paper was collected during several IMF staff visits to Romania during 1990 and 1991. The authors would like to thank the Romanian authorities for their cooperation. They are also grateful to Julian Berengaut, Eric Clifton, Patrick de Fontenay, Joshua Greene, Frank Lakwijk, Erik Offerdal, and Massimo Russo for many helpful comments and discussions. The paper was edited by Margaret Casey and Elisa Diehl of the External Relations Department. The views expressed here, as well as any errors, are the sole responsibility of the authors and do not reflect the opinions of the IMF Executive Board or IMF staff.

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