Front Matter

Front Matter

Karl Habermeier, Robert Corker, Robert Feldman, Tessa Van der Willigen, and H. Vittas
Published Date:
June 1995
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    © 1995 International Monetary Fund

    Library of Congress Cataloging-in-Publication Data

    United Germany the first five years : performance and policy issues / Robert Corker… [et al.].

    p. cm. — (Occasional Paper; 125)

    Includes bibliographical references.

    ISBN 1-55775-472-1

    1. Germany—Economic policy—1990– 2. Germany—Economic conditions—1990– 3. Germany—History—Unification, 1990.

    I. Corker, Robert. II. Series: Occasional paper (International Monetary Fund); no. 125.

    HC286.8.U54 1995

    338.943—dc20 95-18140


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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., 1991-92 or January-June) to indicate the years or months covered, including the beginning and ending years or months;

    • / between years (e.g., 1991/92) 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.


    This Occasional Paper reviews the progress of the German economy five years after unification and highlights some of the ongoing challenges it faces. The paper draws mainly from background work carried out in connection with the IMF staff’s Article IV consultation discussions with the German authorities over the past two years. The staff teams for these discussions were led by Jacques R. Artus, whose insightful comments on this paper are gratefully acknowledged. The paper has also benefited substantially from stimulating discussions with German officials held at various government ministries in Bonn and at the Bundesbank, as well as their assistance in providing data and background material.

    There are many individuals who have assisted in the production of this paper or who have offered valuable comments. In particular, the authors would like to thank Steven Symansky for running MULTIMOD simulations; Jolanta Stefanska for her superb research assistance in marshalling copious data; Kristy Pettie for extensive administrative and secretarial support; and Rozlyn Coleman for editing the paper for publication and coordinating production.

    The views expressed here, as well as any errors, are the sole responsibility of the authors and do not necessarily reflect the opinions of the German Government, the Executive Directors of the IMF, or other members of the IMF staff.

    The paper mainly reflects information available through August 1994, although in some cases it proved possible to insert more recent information.

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