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Stabilization and Structural Reform in Czechoslovakia: An Assessment of the First Stage
Author:
Bijan B. Aghevli null

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,
Ms. Tessa Van der Willigen
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, and
Mr. Eduardo Borensztein
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Series:
IMF Working Papers
Volume/Issue:
Volume 1992: Issue 002
Language:
English
Publication Date:
01 Jan 1992
DOI:
https://doi.org/10.5089/9781451841671.001
ISBN:
9781451841671
ISSN:
1018-5941
Pages:
44
Keywords:
WP; interest rate; exchange rate; balance of payments; terms of trade; market economy; price jump; reform program; external shock; consumer goods; enterprise manager; price liberalization; enterprise sector; consumption expenditure; government consumption expenditure; Inflation; Privatization; Exports; Imports; Central and Eastern Europe
Legal-disclaimer:
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 analyzes the Czechoslovak reform program which was launched on January 1, 1991. Under this program, Czechoslovakia has taken decisive steps to establish a market economy, while achieving price stability and a viable external position through restrictive financial policies. But there has been a sharp decline in output. The eventual output recovery is predicated on completing structural market reforms, such as the development of financial markets and the safeguard of their stability, privatization of large enterprises, minimizing government interference with economic signals, and the imposition of the “hard” budget constraint.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund