Suchergebnisse

Diversity, or variety, is the essence of economic life in the sense of underlying choice; economic calculation gives numerical substance to how people make choices in their daily endeavours, either as consumers or entrepreneurs. How does variety/diversity takes shape in the realm of institutions and policy making? Is the range of choices open-ended? The last couple of decades have revealed an overwhelming offensive of the neo-liberal paradigm in terms of defining 'best practices'. Even language was shaped accordingly with market reforms being seen in a quasi-single theoretical and policy framework. Are we heading towards increasing uniformity with regard to institutional and policy set ups, worldwide? An affirmative answer would underline the successful market based transformation of a series of command economies. Some convergence between institutional patterns in the USA and the EU economies might be alluded to in the same vein. A supportive argument for this line of reasoning could be that what matters for individual achievement, in the end, are equal opportunities. But this argument can be turned around when debating the merits of various institutional set ups in terms of creating fair chances for people. A sceptical answer would highlight the mounting challenges which confront societies, whether rich and poor, and the international community in general - in spite of the high hopes of not long ago. The demise of the 'New Economy', the series of corporate scandals in wealthy economies and the subsequent recourse to new regulatory legislation, recurrent financial and currency crises throughout the world, the controversies surrounding the activity of IFIs, should compel 'ideologues', of all sorts, to be more humble in their prescriptions. This essay argues that there is substantial scope for institutional and policy diversity to operate as a means to foster economic development; that there might be a paradigmatic cycle in the dynamic of economic policies.

AbstractThis paper presents the major traits of the stabilization efforts underway, underlining the role of exchange rate policy. The surprisingly good response of the economy to the "policy shock" of 993–1994 is explained by the ubiquitous large X‐inefficiencies and the impact of the foreign exchange market on information and transaction costs. It is argued that restructuring and the imposition of good corporate governance on a wide scale, which are essential for reducing further inflation, need much more capital inflows (foreign direct investment) and the latter can be encouraged by faster privatization. Since systemic strain makes "stop and go" measures almost unavoidable, the challenge for policy‐makers is to avoid policy fluctuations of large amplitude and to enhance steadily their credibility.

The changing mix of (dis)equilibria in transforming economies : the case of Romania.
The stabilization and transformation policy in Romania after December 1989 is studied in this paper from the point of view of (dis)equilibrium. Part one refers to (dis)equilibria in general, and is followed by an attempt to define an optimal mix between external and internal disequilibrium, the latter seen in a broad sense. Part three presents the forced adjustment of the balance of payments in Romania in the 1980s as a prologue to the analysis of transformation policy. Results and dilemmas of stabilization policy during the first three years of transformation in post-communist Romania (till the end of 1 992) are presented in section four. The next part is devoted to (dis)equilibria in transforming economies by providing some insights into this problématique. The paper ends with concluding remarks.

Mankind will prevail in the fierce war against the coronavirus, a hidden, treacherous foe that has been attacking randomly and leaving many human deaths behind. The struggle with this pandemic has an end in sight because we have effective weapons to combat it now, such as vaccines which are be used on a grand scale, worldwide. We will overcome the severe economic downturn as well; but this crisis will leave deep scars, given that economies are witnessing sweeping changes. These changes, adding to tensions and intricate issues and policy dilemmas that date back prior to the Pandemic and the current economic crisis, call for introspection, examination of economies' functioning and a revisiting of public policies. The financial crisis that erupted a decade ago prodded social scientists and policy-makers to think about serious problems that afflict modern economies. In the text below I hook up with ideas that I have expressed in recent years and extrapolate them to the fallout from the current crises

Focusing scholarly attention on the Balkans, a little known area of Europe, this volume brings together analysts with an insider's view to examine the short and long-term challenges facing the region.