search query: @author Engerer, H. / total: 4
reference: 3 / 4
| Author: | Engerer, H. |
| Title: | Romania: Output recovers despite slow progress on privatisation |
| Journal: | Economic Bulletin
1995 : JUL, VOL. 32:7, p. 15-23 |
| Index terms: | ROMANIA PRIVATIZATION BUSINESS-GOVERNMENT RELATIONS |
| Language: | eng |
| Abstract: | In the winter of 1993/94 Romania reached agreement with the International Monetary Fund on a reform package for 1994/95. Under the agreement Romania committed itself to a restrictive monetary, fiscal and incomes policy, and an acceleration of the privatisation process. The targets set for 1994 were to reduce the rate of inflation to 75%; limit the budget deficit to 3,6% of GCP; and to bring about a sharp rise in interest rates. And indeed some succes was achieved during the course of 1994 in the fight against inflation, although this was partly due to the implementation of temporary price freezes. Real interest rates became positive during the year. Both output and investment have made a significant recovery. |
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