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Inflation Stabilization and Economic Transformation in Poland: The First Year
Author:
Mr. Timothy D. Lane
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Series:
IMF Working Papers
Volume/Issue:
Volume 1991: Issue 070
Language:
English
Publication Date:
01 Jul 1991
DOI:
https://doi.org/10.5089/9781451849103.001
ISBN:
9781451849103
ISSN:
1018-5941
Pages:
62
Keywords:
WP; exchange rate; foreign currency; market economy; retail price index; balance of payments; price level; free market; loss-making enterprise; socialist economy; Inflation; Real wages; Wages; Exchange rates; Credit; Eastern Europe
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IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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This paper reviews the experience of 1990, the first year of Poland’s program of stabilization and reform. The background is described, including previous reform efforts and the crisis of the late 1980s. Then the various elements of the program are discussed, including fiscal adjustment, wage controls, the possibility of an initial liquidity overhang, the exchange rate anchor, and structural reforms. The initial results of the program are assessed, and alternative explanations of the decline in output are considered.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund