Eastern Europe in Crisis and the Way Out

1. Front Matter

   Pages i-ix

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2. Editor’s Introduction

   1. Editor’s Introduction

      • Christopher T. Saunders

      Pages 1-12

3. Stabilisation Policies Assessed

   1. Economic Transformation in the East: A Critical Appraisal of Its Development and Suggestions for a Possible Way Out

      • Friedrich Levcik

      Pages 13-28

   2. Transformational Recession: The Example of Hungary

      • János Kornai

      Pages 29-77

   3. Lessons for the East from Stabilisation in the West

      • G. D. N. Worswick

      Pages 78-122

4. Financial Sector Reform

   1. The Banking System in Russia

      • Carlo Boffito

      Pages 123-137

   2. Money Demand, Bank Credit and Economic Performance in the Former Socialist Economies

      • Guillermo A. Calvo, Manmohan S. Kumar

      Pages 138-179

   3. Western Financial Markets Offer Choices for the East

      • Peter R. Haiss

      Pages 180-200

5. The Liberalisation of Foreign Trade

   1. Trade Relations Of The Eastern European Countries

      • Patrick A. Messerlin

      Pages 201-228

   2. Foreign Trade in the Process of Economic Transformation; With Special Reference to Czech Experience

      • Judita Štouračová, Alojz Neustadt

      Pages 229-242

   3. The Transformation of East-West Trade Relations

      • Joseph E. Smolik

      Pages 243-267

6. Privatisation And Industrial Restructuring

   1. Who will Own “Nobody’S Property”? Privatisation Problems in Russia

      • Oleg T. Bogomolov

      Pages 269-280

   2. A Progress Report on Privatisation in Eastern Europe

      • Gábor Hunya

      Pages 281-310

   3. Restructuring, Privatisation and Industrial Policy Making

      • John A. Kennerley

      Pages 311-342

   4. Potential Lessons from Austria for the Restructuring Process in East Europe

      • Karl Aiginger

      Pages 343-367

7. Social Problems of Transformation

   1. Social Costs and Social Goals of Transformation Policy: Polish Experience

      • Jolanta Supińska

      Pages 369-381

   2. Social Aspects of Economic Reform in Russia

      • Vladimir Kollontai

      Pages 382-396

8. Country Comments

   1. The Concept of Financial Programming Confronted with Russian Experience

      • Alexander Nekipelov

      Pages 397-411

   2. In Quest of Lost Stabilisation: Reflections on Hungary in 1993

      • Ádám Török

      Pages 412-421

   3. Transition in Poland

      • Witold Trzeciakowski

      Pages 422-450

In this volume practitioners and theorists from East and West assess the results of four years of transformation in Eastern Europe. In a general assessment of the stabilisation policies pursued, some authors take a critical view of the 'conventional' monetary and fiscal restrictive programmes which have helped to bring down inflation and to introduce elements of the market economy, but have also left the economies concerned with heavily reduced output and real incomes. An evolutionary strategy of structural transformation, and demand management should play a primary role in recovery from the 'transformational recession'. Further issues discussed are the reform of the financial sector; liberalisation of foreign trade; privatisation and restructuring; and the social aspects of transformation.

• desegregation
• Eastern Europe
• economy
• European integration
• foreign trade
• Inflation
• market economy
• money
• Policy
• transformation

• Science Policy Research Unit, University of Sussex, UK

  Christopher T. Saunders

Policies and ethics