The Changing Mix of Disequilibria During Transition: A Romanian Background

June 1, 1994

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

This paper looks at the dynamics of (dis)equilibria during post-command transition. It tries to define an optimal mix between external and internal disequilibrium and to apply this concept to the analysis of the Romanian economy. The forced adjustment of the balance of payments in the 1980s is presented as a prologue to the scrutiny of transformation policy underway; results and dilemmas of macro-stabilization are dealt with in this respect. The paper ends by providing some insights into the problematique of understanding (dis)equilibria in transforming economies.

Subject: Consumption, Exchange rates, Exports, External debt, Foreign exchange, Imports, International trade, National accounts

Keywords: Central and Eastern Europe, Consumption, Eastern Europe, economic system, economy, enterprise, exchange rate, Exchange rates, Exports, full employment, Global, government, hard currency, Imports, market economy, WP

Pages:
38
Volume:
1994
DOI:
https://doi.org/10.5089/9781451849394.001
Issue:
073
Series:
Working Paper No. 1994/073
Stock No:
WPIEA0731994
ISBN:
9781451849394
ISSN:
1018-5941

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