At the point of introducing economic reforms in 1990 aimed at the transformation from a centrally planned to a market economy, Polish agriculture was in a different situation than other branches of the national economy. The paper provides an analyses of the economic transition experienced by the...

This paper examines the critical problems of international currency derivatives that have emerged in international financial markets over the past two years, emphasizing the departures of spot exchange rate movements from the macroeconomic fundamentals among the “triad” currencies: the U.S....

This paper has mainly a historical character and analyzes the causes of the monetary disintegration of the FSU, stages of this disintegration, and macroeconomic consequences of this process. The second section is devoted to a brief discussion of the economic and political condition of the...

The authors of this paper try to analyze the similarities and differences in the starting conditions, adopted policies, and achieved results of the above three countries. The first part of the paper will be devoted to the initial conditions: the economic heritage of the FSU (especially of the...

The paper provides an analyses of the economic changes which occurred in the Czech Republic under transition. After providing an economic history of the transition period, the paper describes first the developments in the public finance sector (e.g.: public budget operations developments, public...

In the end of 1991 dissociation of the Soviet Union and formation of new independent states out of its former republics took place. As an independent state, Russia exists since 1992. This event defined the period under consideration in our study: 1991-1994. Only starting from 1992 the Russian...

This paper argues that traditional explanations of the fiscal crisis in transition economies overlook the crucial interconnection between the reduction in subsidies expenditure and the decrease in profit tax revenues. It thus contends that the impact on the fiscal budget of the crisis of...

In this paper we examine four main kinds of reason for Gaidar's team failure in Russia: 1) problems arising from the process of designing the programme; 2) failures of implementation; 3) problems arising from Russia's economic structure; 4) problems arising from Russia's political structure.

Estonia has adopted the one of the most radical programs of stabilization and transformation amongst not only the former Soviet Union countries but among previously centrally planned economies as well. The commodity and service markets were balanced mainly through the price liberalization and...

During the past five years, there has been an important international debate over the style of market reforms in the former centrally planned economies of East Asia, Eastern Europe, and the former Soviet Union. The economic performance across regions, summarized in Table 1, could not be more...