The first phase of transition to a market economy in Central and
Eastern Europe was characterized by a sharp output decline. The
fall in real GDP exceeded 20% while real industrial production
decreased even by 40%. Output Decline in Eastern Europe aims at
providing comprehensive, multi-factor explanations for this unique,
painful experience. Various hypotheses are analyzed: credit and
fiscal policies may have been too tight; the collapse of the CMEA
and the USSR came as a shock; domestic producers were neither
experienced, nor flexible enough to adjust the output to new
patterns of demand. Output Decline in Eastern Europe contains a
unique combination of authors from East and West who extensively
analyze new data based on country studies. Understanding the causes
of recent output decline, the subject matter of this volume may
help to assess the prospects for Eastern Europe. The book is
addressed to researchers and students as well as interested
officials who deal with the transition of formerly centrally
planned economies in Central and Eastern Europe.
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