Changes and Challenges

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Economic transformation in East-Central Europe as it is seen from inside
Mostly written by western scholars, the traditional short-term economic analyses based on quantitative indicators cannot properly describe the process of transition going on in the Central and East European region. Transition is essentially long-term and qualitative, thus short-term indicators may mislead the policy-makers, which can have serious consequences. It is likewise mistaken to use only a macroeco-nomic approach, as the success of the transformation primarily depends on microeconomic adjustment.
Hence, one of the best teams in Hungary has decided to write comparative studies on countries of the East-Central European region, covering medium-term processes and analysing the microeconomic changes as well. On the basis of the events of the last five years, the renowned researchers of the Institute for World Economics of the Hungarian Academy of Sciences draw the first conclusions about the... Tovább

Fülszöveg

s
Economic transformation in East-Central Europe as it is seen from inside
Mostly written by western scholars, the traditional short-term economic analyses based on quantitative indicators cannot properly describe the process of transition going on in the Central and East European region. Transition is essentially long-term and qualitative, thus short-term indicators may mislead the policy-makers, which can have serious consequences. It is likewise mistaken to use only a macroeco-nomic approach, as the success of the transformation primarily depends on microeconomic adjustment.
Hence, one of the best teams in Hungary has decided to write comparative studies on countries of the East-Central European region, covering medium-term processes and analysing the microeconomic changes as well. On the basis of the events of the last five years, the renowned researchers of the Institute for World Economics of the Hungarian Academy of Sciences draw the first conclusions about the experiences and problems of the transition from centrally planned economy towards market economy.
Pointing out the similarities and the differences, the studies thoroughly analyse such important issues as inflation, unemployment, the changes in the monetary, exchange-rate and trade policies as well as in foreign-trade developments. Also discussed are such crucial topics of the structural adjustment process as privatization and the establishment of effective corporate governance, or the reform of the banking system. Special attention is given to the inflow of foreign capital and the reform of agriculture.
By reading these profound analyses, politicians and businessmen can get useful background material for their decisions, while scholars and all those interested in the issues of economic transition can better understand these processes. Vissza