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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.
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About the Author
DR. JOHANNES STEPHAN is Research Fellow at the Institute for Economic Research Halle. Following his graduation from the Freie Universität Berlin in 1994, he undertook a doctoral research project on the economics of systemic transformation and economic development in post-socialist economies which he finalised in 1997 at the Institute for German Studies, University of Birmingham.
Table of Contents
List of Illustrations List of Tables Abbreviations PART I: INTRODUCTION Introduction PART II: THE SHOCK-THERAPY IN THE NEW BUNDESLÄNDER East Germany's Economic Integration and 'Socialist Legacies' German Monetary Union and Currency Reform German Unification and the Prospects for Catch-Up Development PART III: HUNGARY'S GRADUALISM AND CATCH-UP DEVELOPMENT The Development of a Financial Sector in Hungary Monetary Stabilisation Policies in Hungary: Constraints and Opportunities Hungarian Foreign Trade and Catch-Up Development The 'Austerity Programme': A Strategic Reorientation? PART IV: CONCLUSIONS Conclusions Bibliography Index