In Macroeconomic Problems of Transformation a distinguished group
of economists examines the cause of the dramatic output collapse in
the transforming economies of Eastern Europe and formulates
policies to promote economic recovery.Drawing on scholarship from
East and West, this book features discussion of such important
aspects of the transformation process as the role of monetary
policy, fiscal crises, exchange rate policies and privatization. In
particular, several authors stress the importance of dealing with
the distortions still existing in financial sectors and argue that
export-led growth may be a potential driving force of accumulation
in the economies currently in transition. The causes and
consequences of the current fiscal crises are analysed, as are the
processes of wage formation and privatization, in each case
combining theoretical insight with empirical findings from the
transforming economies. Later papers make comparisons with the
reconstruction after the Second World War, discuss the effects of
different exchange rate policies and consider the role of Western
economies in promoting growth in Central and Eastern Europe.
General
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