Jacek Rostowski Bücher

This book examines the causes of very high inflation--and of the great drop in statistically measured output--in the post-Communist countries of Central and Eastern Europe and in the former Soviet Union. It focuses on several key the fundamental nature of the shift from supply-constrained economies (in which there is no unemployment) to ones that are constrained by demand; the reconstruction of monetary and credit systems; and the central role of macroeconomic stabilization and generalized liberalization in creating the basis for private sector growth. Many of the chapters herein have grown out of policy debates in which the author participated.

The book assesses the lessons which can be drawn from reforms in Central Europe for the later reformers in the former Soviet Union and the Balkans. It considers the impact of banking reform on macroeconomic stabilization and the suitability of German-type universal banks; the role of banking regulation and the advantages of 'narrow banks' during transition; the cleaning-up of bad debts; bank privatization and reform of the payments system. Five chapters follow which review the experience of some of the 'second-wave' countries: Estonia, Georgia, Romania, Russia and Ukraine.