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From Central Planning to the Market

The Transformation of the Czech Economy 1989 – 2004

Libor Žídek

Libor Žídek is Associate Professor at the Department of Economics, Masaryk University, Brno, Czech Republic

This book describes the process of the Czech economic transformation from the beginning of the 1990s to the country’s entry into the European Union in 2004. This transformation is divided into four periods: an initial recession caused by the transformation; economic growth in the mid-1990s; a recession connected to the currency crisis of 1997; and recovery and growth from 1999 until 2004, when the analysis ends. The examination covers the main aspects of the transformation—an overall view of the process, political transition, economic policy, economic results (GDP development, infl ation, unemployment), changes in outside indicators (balance of payments), privatization, transformation of the fi nancial sector, and changes in the business sector and institutional development.
The book also compares Czech development in this transformative era to those of Poland and Hungary. As in Hungary and Poland, the Czech Republic underwent an exceptional qualitative shift from a system centrally planned to one that was market-based. The book concludes that despite mistakes and hardships, the overall transformation process in Central Europe has been successful.

TABLE OF CONTENTS

TABLES, FIGURES, BOXES

PREFACE

1 SITUATION IN CZECHOSLOVAKIA AT THE END OF THE 1980s

1.1 economic outcomes of the socialist regime

1.2 Functioning of the socialist system

1.2.1 Main features of the planning system

1.2.2 Institutions

2 POLITICAL DEVELOPMENT

2.1 Overall evaluation of the political development

3 TRANSFORMATION PROCESS IN GENERAL

3.1 Transformation strategy

4 REFORM MEASURES AND ECONOMIC POLICY

4.1 1990–1993: basic transformation measures

4.2 1994–1996: growth PHASE

4.3 1997–1999: recession stage

5 BASIC ECONOMIC INDICATORS

5.1 1990–1992: transformation recession

5.2 1993–1996: recovery and boom

5.3 1997–1999: recession

5.4 1999–2003: recovery and growth

5.5 Output comparison

5.6 Unemployment

5.7 Inflation

6 EXTERNAL BALANCE

6.1 Foreign trade

6.1.1 Situation before 1989

6.1.2 Liberalization and subsequent development

6.1.3 Foreign trade development factors

6.1.4 Changes in foreign trade

6.2 Other items on the current account

6.2.1 Balance of services

6.2.2 Balance of revenues

6.2.3 Current transfers

6.3 Financial account

6.3.1 Foreign direct investment

6.3.2 Other components of the financial account

6.4 balance of payments: summary

6.5 Migration

7 CHANGE OF PROPOPERTY RELATIONS and PRIVATIZATION

7.1 Restitutions

7.2 Small privatization

7.3 Mass LZ: large privatization is used quite comonly so I wanted to show both possibilities privatization, 1991–1994

Dispute about the pace of privatization

Privatization project: Strategy

7.3.1 Privatization Methods

7.3.2 Voucher privatization

7.3.3 Dispute about the mass privatization as a whole

7.4 Privatization after 1995

7.4.1 Privatization as such

7.4.2 Changes in ownership structure

7.5 Privatization results

8 Banking sector and stock exchange

8.1 Banking sector before 1989

8.2 banking sector DEVELOPMENT at the beginning of the transformation

8.2.1 New banks

8.2.2 Special banks

8.2.3 Dispute about banking loans

8.3 Crisis in the banking sector

8.4 Healing of the banking sector

8.4.1 Government help

8.4.2 Privatization of banks

8.5 Stock exchange

9 Enterprises during transformation

9.1 Situation of enterprises at the beginning of the transformation

9.2 Impact of reforms on the enterprises

9.3 Establishing new enterprises

9.4 Restructuring of enterprises

9.4.1 Definition

9.4.2 Dispute about restructuring at the beginning of transformation

9.4.3 How did restructuring proceed?

9.5 Development in various spheres of business activities

10 Development of institutions

10.1 General institutional development

10.2 Development of formal vERSUS informal institutions

10.3 Legal system

10.3.1 Development of the legal environment

10.3.2 Criticism of the legal environment

10.3.3 Law enforceability: System of courts

10.3.4 Measuring of the legal environment quality

10.4 Bankruptcy law

10.5 Corruption

10.6 Market environment: economic freedom

11 Transformation in Hungary

11.1 Long-TERM political development

11.2 Economic situation and development before 1989

11.3 Political development LZ: IN TrANSITION

11.4 Basis of economic transformation

11.4.1 Gradualist period

11.4.2 The Bokros package

11.4.3 Currency problems at the beginning of the twenty-first century

11.5 Privatization

11.6 Economic results

11.6.1 Economic growth

11.6.2 Structure of the economy

11.6.3 Inflation

11.6.4 Unemployment

11.6.5 External relationships

12 Transformation in Poland

12.1 Long-TERM political development

12.2 Economic situation

12.3 Political development LZ: during the transformation?

12.4 Basis of economic transformation

12.4.1 The Balcerowicz plan and the development that followed

12.5 Privatization

12.6 Development of the banking sector and the stock exchange

12.7 Economic results

12.7.1 Economic growth

12.7.2 Structure of the economy

12.7.3 Unemployment

12.7.4 Inflation

12.7.5 External relationships

13 FINAL ASSESSMENT

13.1 Broad issues

13.2 SPECIFIC issues

Bibliography

INDEX

520 pages
978-963-386-000-7 cloth
$75.00 / €67.00 / £58.00

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