Economic Transition in Hungary and East Germany: Gradualism, Shock Therapy and Catch-Up Development

By Johannes Stephan

What factors determine the success of economic transition, development and growth? Examining the contrast between East German shock-therapy and Hungary's gradualism, the book generates a set of generalisable conditions for economic development which imply some degree of state intervention and strategy. A stability-oriented incomes policy and a carefully managed integration strategy can enable sustainable export surpluses, a competitive currency and macroeconomic stability, whilst providing sufficient room for economic restructuring, structural transformation and technological catch-up. The dangers of premature integration are examined.

• Format: Hardcover
• Language: English
• ISBN: 0333751434
• ISBN13: 9780333751435
• Release Date: February 1999
• Publisher: Palgrave MacMillan
• Length: 293 Pages
• Weight: 1.20 lbs.
• Dimensions: 0.8" x 5.5" x 8.5"