The IMF-Supported Programs of Poland and Russia, 1990-1994: Principles, Errors and Results

Abstract

The paper discusses four IMF-supported adjustment programs  of  Poland,  1990- 1995, and two of Russia, 1992-1994, in terms of the underlying theory, policy objectives, assumptions, policies, errors and results.  The paper suggests that the roles of the IMF and the World Bank have been helpful but, compared to the influence of domestic factors and local refomers, relatively modest. Transition-related features of the programs are the focus of the analysis. The specific topics include the choice of nominal anchors, the speed of disinflation, the choice of performance criteria, and the role of foreign economic assistance.