Studies in Economic Transition : Gradualism, Shock Therapy and Catch-Up Development - J. Stephan

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Studies in Economic Transition

Gradualism, Shock Therapy and Catch-Up Development

By: J. Stephan

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Hardcover | 8 February 1999 | Edition Number 1

At a Glance

Hardcover
312 Pages

Dimensions(cm)
21.6 x 14.0 x 2.06

Hardcover

$169.00

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What factors determine the success of economic transition, development and growth? This book examines the contrast between the two diametrically different cases of the East German shock therapy in the early 1990s and Hungary's gradualism that had begun in the 1960s prior to the collapse of the communist regime. Methodologically, the analysis uses the experience from the East German case of full and immediate integration to generate a set of generalisable necessary conditions of catch-up development which are subsequently reflected against the most recent developments in Hungary. The assumption that economic development in post-socialist economies could best be promoted by their full and immediate integration proved to be misconceived in the East German case, and thereby highlights the danger of premature integration for Hungary. This authoritative comparison between two paradigmatic experiences of transition and true policy recommendations offered make this book of interest to all scholars and policy-makers interested in the economics of transition.

Industry Reviews

'It is an important addition to the literature on this increasingly popular topic.' - Robert F. Miller, SEER

'This is a well-written, well-researched review of transformation processes in the former German Democratic Republic and Hungary...if an understanding of financial sector stablization, economic integration, and the role of foreign trade in transformation economies is sought, the book will prove rewarding.' - Philip J. Bryson, Slavic Review

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You Can Find This Book In

Non-Fiction Economics Development Economics & Emerging Economies Political Economy International Economics International Trade Trade Agreements

List of Figures	p. ix
List of Tables	p. x
List of Abbreviations	p. xii
Series Editors' Preface	p. xiv
Acknowledgements	p. xv
Introduction
Introduction	p. 3
The Two Polarised Paths of Systemic Transformation in Hungary and East Germany	p. 3
Systemic Transformation and Economic Catch-up Development	p. 5
Reader's Guide	p. 12
Shock Therapy in the New Bundeslander
Introduction	p. 23
East Germany's Economic Integration and Socialist Legacies	p. 27
East Germany's Economic Structure Inherited from the Socialist Era	p. 28
East Germany's Integration and the Need for Economic Restructuring	p. 40
'Sell or Slaughter' Privatisation in East Germany and the Treuhandanstalt	p. 47
German Monetary Union and Currency Reform	p. 51
The Introduction of the DM as the Importation of Monetary Stability	p. 51
Implications of the Conversion Rate	p. 57
German Unification and the Prospects for Catch-up Development	p. 72
The Overvaluation of East Germany's Stock of Capital	p. 76
The Possibility of a German Mezzogiorno in the East	p. 80
Hungary's Gradualism and Catch-up Development
Introduction	p. 99
The Development of a Financial Sector in Hungary	p. 105
Financial Sectors in PSEs: General Considerations	p. 106
Reforms of the Hungarian Banking System	p. 117
Hungarian Consolidation Efforts	p. 137
Monetary Stabilisation Policies in Hungary: Constraints and Opportunities	p. 150
Transitional Monetary Instability	p. 150
Restrictive Monetary Policy and Economic Development	p. 159
Income Policy and Monetary Stabilisation	p. 164
Hungarian Foreign Trade and Catch-up Development	p. 177
Integration and the Complementary Advantages of Regional Co-operation	p. 177
'Outward Orientation' as a Condition for Catch-up Development	p. 190
The Austerity Programme: A Strategic Reorientation?	p. 223
The Macroeconomic Developments of 1993 and 1994	p. 225
The Austerity Programme and its Initial Results	p. 235
The Scope of Hungary's Strategic Reorientation in Light of the Conditions of Economic Development	p. 240
Conclusions
Conclusions	p. 251
Systemic Transformation and 'Premature Integration': The East German Case	p. 252
The Priority of Monetary Stability in Catch-up Development: The Hungarian Case	p. 254
Bibliography	p. 257
Name Index	p. 283
Subject Index	p. 286
Table of Contents provided by Syndetics. All Rights Reserved.

Studies in Economic Transition

Gradualism, Shock Therapy and Catch-Up Development

At a Glance

Hardcover

Industry Reviews

Shipping

How to return your order

Defective items

You Can Find This Book In

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