The experience of Central and Eastern European countries with moving from centrally planned to open-market economies is examined in this collection of papers given at an April 1991 seminar, moderated by Georg Winckler and organized by the IMF and the Austrian National Bank

The first phase of transition to a market economy in Central and Eastern Europe was characterized by a sharp output decline. The fall in real GDP exceeded 20% while real industrial production decreased even by 40%. Output Decline in Eastern Europe aims at providing comprehensive, multi-factor...

I: The Role of Exchange Rate Regimes -- 1 Exchange Rate Policy and Real Exchange Rate Changes in Economic Transition -- 2 The Polish Exchange Rate Policy and Economic System Transformation -- 3 Economic Recovery and Foreign Exchange Rate Regime: The Case of the Czech Republic -- 4 The Birth and...