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IMF Staff papers: Volume 38 No. 2
Author:
International Monetary Fund. Research Dept.
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Series:
IMF Staff Papers
Volume/Issue:
Volume 1991: Issue 001
Language:
English
Publication Date:
01 Jan 1991
DOI:
https://doi.org/10.5089/9781451947076.024
ISBN:
9781451947076
ISSN:
1020-7635
Pages:
217
Keywords:
SP; monetary policy; trade; CMEA country; Yugoslavia in world economy; price reform; income tax; tax wedge; after-tax rate of return; EC country; Budget planning and preparation; Tax wedge; Privatization; Exchange rates; Consumption; Eastern Europe; Western Europe; Europe; Global; Central and Eastern Europe
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The CMEA countries are starting to conduct their trade at world prices and in convertible currencies. These are crucial steps in economic reform but will worsen Eastern Europe’s terms of trade and drive it into current account deficit with the U.S.S.R. Proposals have been made for a payments union, resembling the European Payments Union of 1950–58, to ease the transition. Such an arrangement would not function well if it included the U.S.S.R., which would be a persistent creditor. Other ways must be found to deal with the transition.
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Cover IMF Staff Papers
IMF Staff Papers
ISSN:
1020-7635
Publisher:
International Monetary Fund