IIASA RepositoryOutput Decline in Eastern Europe. Unavoidable, External Influence or Homemade?R.HolzmannauthorJ.GacsauthorG.WincklerauthorThe first phase of transition to the market in Central and Eastern Europe was characterized by a sharp decline in output. The fall in real GDP surpassed 20%, while real industrial production decreased even by 40%. The book aims at providing comprehensive, multi-factor explanations for this unique, painful experience. Various hypotheses are analyzed: credit and fiscal policies may have been too tight; the collapse of the CMEA and the USSR came as a shock; domestic producers were neither experienced, nor flexible enough to adjust the output to new patterns of demand. The volume contains a unique combination of authors from East and West who extensively analyze new data based on country-by-country studies. Understanding the real causes of recent decline in output, the subject matter of this volume may help to asses the prospects for Eastern Europe. The book is addressed to researchers and students as well as interested officials who deal with the transition of formerly centrally planned economies in Central and Eastern Europe.1995Kluwer Academic PublishersBook

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