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Stabilization and Structural Reform in Czechoslovakia: An Assessment of the First Stage

Author

Listed:
  • Bijan B. Aghevli
  • Ms. Tessa Van der Willigen
  • Mr. Eduardo Borensztein

Abstract

This paper analyzes the Czechoslovak reform program which was launched on January 1, 1991. Under this program, Czechoslovakia has taken decisive steps to establish a market economy, while achieving price stability and a viable external position through restrictive financial policies. But there has been a sharp decline in output. The eventual output recovery is predicated on completing structural market reforms, such as the development of financial markets and the safeguard of their stability, privatization of large enterprises, minimizing government interference with economic signals, and the imposition of the “hard” budget constraint.

Suggested Citation

  • Bijan B. Aghevli & Ms. Tessa Van der Willigen & Mr. Eduardo Borensztein, 1992. "Stabilization and Structural Reform in Czechoslovakia: An Assessment of the First Stage," IMF Working Papers 1992/002, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:1992/002
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    Cited by:

    1. Bulir, Ales, 1998. "Business Cycle in Czechoslovakia under Central Planning: Were Credit Shocks Causing It?," Journal of Comparative Economics, Elsevier, vol. 26(2), pages 226-245, June.

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