Macroeconomic Instability in Post-Communist Countries by Jacek RostowskiMacroeconomic Instability in Post-Communist Countries by Jacek Rostowski

Macroeconomic Instability in Post-Communist Countries

byJacek Rostowski

Hardcover | January 1, 1998

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The destruction or collapse of a social system is bound to be cataclysmic, and the collapse of the communist system which has played itself out at across twenty-eight countries is no exception. The political, social and economic relations which governed these societies are all beingsimultaneously changed in a fundamental way. In such a context the presence of macroeconomic instability is hardly surprising. Yet, it is the job of economists to try to identify the specific causes of economic phenomena, even when they are caught up in the whirlwind of history. This book, by a participant in the events, examines the causes of very high inflation and large fall in statistically measured output in the post-Communist countries of Central and Eastern Europe and the former Soviet Union. It focuses on the fundamental nature of the shift from supply constrainedeconomies (in which there is no unemployment) to ones which are constrained by demand; on the reconstruction of monetary and credit systems; and on the central role of macroeconomic stabilization and generalised liberalisation in creating the basis for private sector growth. Many of the chaptershave grown out of policy debates in which the author participated.
Jacek Rostowski is Professor of Economics and Head of the Economics Department at the Central European University, Budapest. He was Economic Adviser to the Polish Government during 1989-91, and has also advised the authorities in Russia, Latvia and Ukraine.
Title:Macroeconomic Instability in Post-Communist CountriesFormat:HardcoverDimensions:396 pages, 8.5 × 5.43 × 1.02 inPublished:January 1, 1998Publisher:Oxford University Press

The following ISBNs are associated with this title:

ISBN - 10:0198290489

ISBN - 13:9780198290483

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Table of Contents

1. Introduction: Macroeconomic Instability in Post-Communist Countries, Suggested Causes and Proposed CuresPART ONE: Crisis and Stabilization in Central Europe2. Market Socialism is not Enough: Inflation vs. Unemployment in Reforming Communist Economies3. Stopping Very High Inflations in Reforming and Post-Communist Economies4. Hyperinflation and Stabilization in Serbia Montenegro, 1992-19945. Stabilization and the Banking Sector: Switching from Bad to Good Credit in Post-Communist Economies6. Labour Markets and Wages Policies during Economic TransitionPART TWO: Disintegration and Inflation in the Former Soviet Union7. What Went Wrong: the Reasons for the Failure of Stabilization in Russia in 1992 (with Marek Dabrowski)8. The Inter-enterprise Debt Explosion in the Former Soviet Union and Romania: Causes, Consequences, Cures9. Proposal for a Currency Board based Parallel Currency in Latvia10. Dilemmas of Monetary and Financial Policy in Post-Stabilization RussiaPART THREE: Laying the Foundations of Long-Term Stability11. Creating Stable Monetary Systems in Post-Communist Economies12. Fiscal Crises during Economic Transition in East-Central Europe: an Overview (with Kalman Mizsei)13. Universal Banking and Economic Growth in Post-Communist Economies14. Private Sector Development, Structural Change and Macroeconomic Stabilization: the Case of Poland 1988-93

Editorial Reviews

..he frames his many insights within a broad perspective. rostowski has picked to[ics and points that remain important. Rostowski makes a convincing case for early radical reforms in transition economies. - Anders Aslund. Financial Times. 8/9/1998.