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IMF Staff papers: Volume 39 No. 4
Author:
International Monetary Fund. Research Dept.
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Series:
IMF Staff Papers
Volume/Issue:
Volume 1992: Issue 004
Language:
English
Publication Date:
01 Jan 1992
DOI:
https://doi.org/10.5089/9781451930825.024
ISBN:
9781451930825
ISSN:
1020-7635
Pages:
260
Keywords:
SP; exchange rate; inflation arise; modeling inflation; appreciation in Latin America; tax farming; upstream firm; policy reply to Tanzi; Terms of trade; Trade balance; Exchange rate arrangements; Consumption; Conventional peg; Eastern Europe; Global; Europe; Central and Eastern Europe; Sub-Saharan Africa
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Common issues emerging from the recent experience with IMF-supported programs in Hungary, Poland, Czechoslovakia, Bulgaria, and Romania are analyzed. These comprise the initial price overshooting and output collapse and the financial and structural problems associated with bad loan portfolios and sluggish implementation of privatization programs. Substantial success has been achieved in the initial microstabilization and opening-up effort. But difficulties with fiscal and monetary control may be emerging as a result of social and political pressures and unclear policy signals on the micro issues involving the structural transformation of the productive and financial systems.
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Cover IMF Staff Papers
IMF Staff Papers
ISSN:
1020-7635
Publisher:
International Monetary Fund