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March 2000 - Fiscal problems are a key factor behind the inflation that has persisted in Eastern Europe since 1989. Deficits need to be cut back, but by how much for a given inflation target? A simple framework links debt, the deficit, and inflation to assess the fiscal stance of the Romanian economy. Unsustainable fiscal deficits were the chief reason for the inflation that has persisted in Eastern Europe since 1989. Deficits need to be cut back, but by how much for a given inflation target? Budina and van Wijnbergen develop a simple framework for debt, the deficit, and inflation to study the interactions between fiscal and monetary policy in Romania's economy. This framework can be used to 1) determine the financeable deficit and the required deficit reduction for a given rate of output growth, inflation rate, and target for debt-output ratios, and 2) to find the inflation rate for which no fiscal adjustment is needed. They use this framework to assess consistency between inflation, monetary reform, and fiscal policy in Romania. Many of the issues in Romania are similar to those in other countries. But Romania is an interesting case because of its history of unsuccessful stabilization attempts. The authors' results suggest that fiscal problems during 1992-94 were masked by shifting government expenses to the books of the National Bank of Romania so that the government deficit did not fully reflect public spending. In addition, the effects of delayed fiscal adjustment were mitigated by exchange rate overvaluation and favorable debt dynamics. In the late 1990s, however, debt dynamics worsened and the economy experienced significant real depreciation. That exacerbated the fiscal problems and increased the fiscal adjustment needed to restore consistency. This paper - a product of Macroeconomics and Growth, Development Research Group - is part of a larger effort in the group to study transition economies. The authors may be contacted at nbudina@worldbank.org or svw.heas@wxs.nl.

Banks and Banking Reform --- Budget --- Budget Deficits --- Central Bank --- Currencies and Exchange Rates --- Debt --- Debt Markets --- Defic Exchange --- Economic Stabilization --- Economic Theory and Research --- Emerging Markets --- Exchange Rate --- Expenditure --- Finance and Financial Sector Development --- Fiscal Deficits --- Fiscal Policy --- Government Expenditures --- Inflation --- Macroeconomics and Economic Growth --- Monetary Policy --- Private Sector Development --- Public Debt --- Public Investment --- Public Sector Defic Revenues --- Tax --- Transition Economies --- Transition Economy

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June 1999 - Can Hungarian firms cope with competitive pressures and market forces within the European Union market (a criterion for joining)? The empirical evidence suggests that Hungary can withstand such competitive pressures without suppressing the real incomes of Hungary's citizens. Hungary has achieved impressive results in reorienting both its production and trade. Between 1989 and 1992, as the former CMEA markets collapsed and Hungary liberalized imports and the exchange rate regime, exports to the European Union (EU) expanded, with manufactured exports redirected largely to Western (mostly EU) markets. During this first phase of expansion, characterized by a dramatic reorientation and explosion of trade, the value of Hungary's exports increased 84 percent. In 1993 export expansion lost steam and EU-oriented exports fell 12 percent. In a second phase of expansion (in 1994-97), driven by restructured and rapidly changing export offers, exports again registered strong performance, their value increasing 132 percent. There was a dramatic shift from an export basket dominated by resource-intensive, low-value-added products to one driven by manufactures, with a rapidly accelerating growth of engineering products. Machinery and transport equipment rose from 12 percent of exports to the EU in 1989 to more than 50 percent in 1997. The shift from natural resource and unskilled-labor-intensive products to technology- and capital-intensive products in EU-oriented exports suggests the potential for integration higher in the value-added spectrum. More stringent EU environmental regulations will affect a relatively low, and falling, share of Hungary's exports. The Hungarian share of environmentally dirty products imported by the EU has increased, but these products have not been trendsetters among Hungarian exports, their share in exports falling from 26 percent in 1989 to 16 percent in 1996. The rapid pace of Hungary's turnaround seems to reflect the emergence of second-generation firms, mostly foreign-owned. Foreign-owned firms tend to be more export-oriented. Hungary has been one of the more successful transition economies because its economy was receptive to foreign direct investment from the outset. Between 1990 and 1997, Hungary absorbed roughly half of all foreign capital invested in Central Europe. This paper - a product of Trade, Development Research Group - is part of a larger effort in the group to study regional integration. The author may be contacted at bkaminski@worldbank.org.

Access to Markets --- Agribusiness and Markets --- Agriculture --- Capital --- Central Planning --- Comparative Advantage --- Competitive Markets --- Competitiveness --- Debt Markets --- Economic Relations --- Economic Theory and Research --- Emerging Markets --- Environment --- Environmental Economics and Policies --- Exports --- Finance and Financial Sector Development --- Free Trade --- GDP --- General System Of Preferences --- Goods --- Industry --- International Economics & Trade --- Investment --- Macroeconomics and Economic Growth --- Markets --- Markets and Market Access --- Private Sector Development --- Production --- Public Sector Development --- Rural Development --- Shares --- Trade --- Trade Barriers --- Trade Policy --- Transition Economies --- Transition Economy --- Value --- Water and Industry --- Water Resources

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This unusual volume marks the sixtieth anniversary of the National Bureau of Economic Research. In contrast to the technical and specialized character of most NBER studies, the current book is designed to provide the general reader with a broad and critical overview of the American economy. The result is a volume of essays that range from monetary policy to productivity development, from population change to international trade.

Economic conditions. Economic development --- United States --- Etats-Unis --- Economic conditions --- Conditions économiques --- Addresses, essays, lectures --- 338 (73) --- Economische situatie. Economische structuur van bepaalde landen en gebieden. Economische geografie. Economische produktie.economische produkten. Economische diensten--Verenigde Staten van Amerika. VSA. USA --- -Addresses, essays, lectures. --- 338 (73) Economische situatie. Economische structuur van bepaalde landen en gebieden. Economische geografie. Economische produktie.economische produkten. Economische diensten--Verenigde Staten van Amerika. VSA. USA --- Conditions économiques --- Congresses. --- E-books --- U.S.A. --- Jungtinės Amerikos valstybės --- Soedinennye Shtaty Si︠e︡vernoĭ Ameriki --- Soedinennye Shtaty Severnoĭ Ameriki --- Si︠e︡vero-Amerikanskīe Soedinennye Shtaty --- Severo-Amerikanskie Soedinennye Shtaty --- Zlucheni Derz︠h︡avy --- USA --- US --- Arhab --- Ar. ha-B. --- Artsot ha-Berit --- ولايات المتحدة الامريكية --- Wilāyāt al-Muttaḥidah al-Amirīkīyah --- ABSh --- Amerika Birlăshmish Shtatlary --- ABŞ --- Amerika Birlăşmi Ştatları --- Forente stater --- Spojené staty americké --- Severo-Amerikanskie Shtaty --- Sjedinjene Američke Države --- Zʹi︠e︡dnani Derz︠h︡avy Ameryky --- Amerikai Egyesült Államok --- Yhdysvallat --- Verenigde Staten --- Egyesült Államok --- Hiwsisayin Amerikayi Miatsʻeal Tērutʻiwnkʻ --- Estados Unidos de América --- United States of America --- Fareyniḳṭe Shṭaṭn --- Artzois Ha'bris --- Estados Unidos da América do Norte --- SShA --- Soedinennye Shtaty Ameriki --- VSA --- États-Unis d'Amérique --- Vereinigte Staaten von Amerika --- Stati Uniti d'America --- Estados Unidos --- EE.UU. --- Stany Zjednoczone --- ĒPA --- Amerika Qūrama Shtattary --- Amerika Qŭshma Shtatlari --- SAD --- Saharat ʻAmērikā --- Hēnomenai Politeiai Amerikēs --- ZSA --- Mei-kuo --- Meiguo --- Mei guo --- ZDA --- Združene države Amerike --- U.S. --- America (Republic) --- Amirika Carékat --- Verenigde State van Amerika --- VS --- ولايات المتحدة --- Wilāyāt al-Muttaḥidah --- ولايات المتّحدة الأمريكيّة --- Wilāyāt al-Muttaḥidah al-Amrīkīyah --- Estatos Unitos --- Estatos Unitos d'America --- Ètats-Unis d'Amèrica --- Estaos Xuníos d'América --- Estaos Xuníos --- Tetã peteĩ reko Amérikagua --- Istadus Unidus --- Amerika Birlăşmiş Ştatları --- Amerika ka Kelenyalen Jamanaw --- Bí-kok --- Amerika Qushma Shtattary --- AQSh --- Злучаныя Штаты Амерыкі --- Zluchanyi︠a︡ Shtaty Ameryki --- Yunaeted Stet blong Amerika --- Yunaeted Stet --- Vaeinigte Staatn --- Vaeinigte Staatn vo Amerika --- Stadoù-Unanet Amerika --- Sŭedineni amerikanski shtati --- САЩ --- SASht --- Съединените щати --- Sŭedinenite shtati --- Америка (Republic) --- Amerika (Republic) --- Estats Units d'Amèrica --- Америкӑри Пӗрлешӳллӗ Штатсем --- Amerikări Pĕrleshu̇llĕ Shtatsem --- Stati Uniti --- SUA (Stati Uniti d'America) --- Unol Daleithiau America --- Unol Daleithiau --- Amerikas Forenede Stater --- Vereinigte Staaten --- Wááshindoon Bikéyah Ałhidadiidzooígíí --- Zjadnośone staty Ameriki --- Ameerika Ühendriigid --- Ηνωμένες Πολιτείες της Αμερικής --- Hēnōmenes Politeies tēs Amerikēs --- Η.Π.Α. --- Ē.P.A. --- Usono --- Unuiĝintaj Ŝtatoj de Ameriko --- Американь Вейтьсэндявкс Штаттнэ --- Amerikanʹ Veĭtʹsėndi︠a︡vks Shtattnė --- Ameriketako Estatu Batuak --- Feriene Steaten --- Feriene Steaten fan Amearika --- FS --- Stâts Unîts di Americhe --- Stâts Unîts --- Stáit Aontaithe Mheiriceá --- Steatyn Unnaneysit America --- Steatyn Unnaneysit --- S.U.A. --- Na Stàitean Aonaichte --- NSA --- Mî-koet --- 미국 --- Miguk --- Amerikayi Miatsʻyal Nahangner --- Miatsʻyal Nahangner --- Американь Вейтьсэндявкс Штаттнэ --- BUSINESS & ECONOMICS / General. --- Spojené obce severoamerické --- États-Unis --- É.-U. --- ÉU --- United States - Economic conditions - 1945 --- -United States --- -BUSINESS & ECONOMICS / General. --- transition, economy, financial markets, macroeconomics, postwar, trade, investment, international, population, labor, economics, well-being, living standards, quality of life, history, government, regulation, capitalism, nonfiction, industry, technology, productivity, spending, budget, taxes, taxation, monetary policy, development.