Inflation Stabilization and Economic Transformation in Poland: The First Year

July 1, 1991

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Timothy D. Lane Inflation Stabilization and Economic Transformation in Poland: The First Year, (USA: International Monetary Fund, 1991) accessed December 22, 2024

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 reviews the experience of 1990, the first year of Poland’s program of stabilization and reform. The background is described, including previous reform efforts and the crisis of the late 1980s. Then the various elements of the program are discussed, including fiscal adjustment, wage controls, the possibility of an initial liquidity overhang, the exchange rate anchor, and structural reforms. The initial results of the program are assessed, and alternative explanations of the decline in output are considered.

Subject: Credit, Exchange rates, Foreign exchange, Inflation, Labor, Money, Prices, Real wages, Wages

Keywords: Balance of payments, Credit, Eastern Europe, Exchange rate, Exchange rates, Foreign currency, Free market, Inflation, Loss-making enterprise, Market economy, Price level, Real wages, Retail price index, Socialist economy, Wages, WP

Publication Details

Pages:

62
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 1991/070
Stock No:

WPIEA0701991
ISBN:

9781451849103
ISSN:

1018-5941

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