This paper presents the major traits of the stabilization efforts underway, underlining the role of exchange rate policy. The surprisingly good response of the economy to the "policy shock" of 993-1994 is explained by the ubiquitous large X-inefficiencies and the impact of the foreign exchange...

The authors examine detailed organizational changes in two similar Polish state enterprises over the past five years. Effective restructuring requires a coherent package of complementary change in at least eight aspects of the business. The requirements on management are formidable and suggest...

By mid-1996, restrictive fiscal and monetary policies have brought lower inflation and exchange rate stability to Russia. The mass privatization was an apparent success although it contributed to an unclear ownership structure and weak corporate governance. The production decline continues and...

Central and Eastern European economies have made extraordinary progress in their trade and exchange regimes. Surprisingly, instant convertibility was established for a great variety of exchange rate regimes. In spite of diversity, all these countries have followed a common pattern: severe...

This paper focuses on job flows and unemployment in Albania during the transition from a closed, communist system to an open, free-market economy, and examines the role of emigration in the restructuring of the country. Our theoretical model indicates that in Albania, temporary emigration may...

The governments of Hungary, Poland and Russia have used buy-outs as an important privatization strategy which can be viewed as forming a continuum from straightforward sales where management and employees generally achieve significant ownership, as in Hungary, "via" intermediate approaches as in...

This paper reviews the exchange rate policies adopted in the early years of transition, paying attention to the dilemmas concerning the degree of convertibility, the initial choice of exchange rate regime and the required scale of devaluation. The initial liberalization and devaluation were then...

Protestations that 'neither neoclassical economics nor Western experience offers clear guidelines concerning optimal competition policies towards state-owned firms in a transition economy' are overly pessimistic. Both sources suggest the importance of attacking barriers to entry into markets,...

Some aspects of the process of enterprise restructuring and adjustment in the Central and Eastern European countries are analysed on the basis of evideance from recent empirical research on microeconomic performance in these transition economies. The paper outlines a stylized picture of some...