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Polish Economic Reform, 1990-91: Principles, Policies and Outcomes

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  • Gomulka, Stanislaw

Abstract

This paper suggests that, in the first year of the reform, achieving price stability was secondary to three other aims: a substantial increase of international reserves (large up-front devaluation required), a drastic reduction of the share of dollar currency in the total money supply (large monetary expansion required) and a major improvement of the quality of the price system (drastic increases of some administrative prices needed). It is argued that, contrary to the stabilization plans, the money supply was the main nominal anchor in the first year of the reform, and that the exchange rate and the incomes policy become nominal anchors in the second year of reform. The causes and consequences of this deviation from the plan are noted. The paper also discusses the causes of the growing fiscal imbalance since the beginning of 1990 and the relationship between the quality of macroeconomic control and the pace of structural change. Copyright 1992 by Oxford University Press.

Suggested Citation

  • Gomulka, Stanislaw, 1992. "Polish Economic Reform, 1990-91: Principles, Policies and Outcomes," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 16(3), pages 355-372, September.
    • Handle: RePEc:oup:cambje:v:16:y:1992:i:3:p:355-72
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    Cited by:

    1. Antoni Chawluk & Rod Cross, 1994. "The real balance effects of price liberalization in Poland," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 2(4), pages 487-499, December.
    2. Anders Åslund & Peter Boone & Simon Johnson, 1996. "How to Stabilize: Lessons from Post-communist Countries," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 27(1), pages 217-314.
    3. Gomulka, S. & Lane, J., 1997. "Recession dynamics following an external price shock in a transition economy," Structural Change and Economic Dynamics, Elsevier, vol. 8(2), pages 177-203, June.
    4. Stanislaw Gomulka & Danny Quah, 1994. "Lessons from Economic Transformation and the Road Forward," CEP Occasional Papers 05, Centre for Economic Performance, LSE.
    5. Stanislaw Gomulka, 1994. "Lessons from Economic Transformation and the Road Forward," CASE Network Studies and Analyses 0017, CASE-Center for Social and Economic Research.
    6. Lehmann, Hartmut, 2012. "The Polish Growth Miracle: Outcome of Persistent Reform Efforts," IZA Policy Papers 40, Institute of Labor Economics (IZA).

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