By Michael Marrese, Sandor Richter
This paintings includes papers awarded at a convention held in March 1988. It chronicles the efforts of 4 nations - Austria, Finland, Hungary and Yugoslavia - to boost financial ties with either the East and the West. issues coated contain the evolution of twin fiscal ties.
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Additional resources for The Challenge of Simultaneous Economic Relations with East and West
Example text
Discrepancy may be much more significant here than in the case of Finland and Yugoslavia, although no concrete price formation is available for these two countries. Since the price formation in individual contracts is oriented to actual world market prices in the case of Finland and Yugoslavia, their commodities exported in clearing compete (even if indirectly because of the 'umbrella' of the clearing) with the commodities of countries observing the hard currency settlement of payments. Inside the CMEA, it is not actual world market prices but prices reflecting an earlier state of the world market that serve as the basis for price formation, and which can be further influenced by other circumstances typically different in individual bilateral relations.
The interaction of such divergent means of measuring tradeoffs results in a failure to evaluate national tradeoffs in any consistent manner. Another way of analysing the Hungarian reform process is to compare the success that has occurred primarily on the micro level with the failure that has occurred mainly on the macro level. The dimensions of micro success include: 1. The tremendous variety of activity in the legal second economy that has resulted in dramatic improvements in the food supply, privately constructed housing, services available to the population, and the assortment of consumer goods (mostly clothing).
Excessive shortages, common in the Soviet economy, make it likely that the new prices for manufactured imports from the CMEA will be influenced not only downwards by the price/performance ratio (compared to competing Western commodities), but upwards by the efforts of the Soviet government to diminish shortages to the lowest possible level. ) The main question here will again be the same, namely, is it profitable to produce and export manufactured products in the East European countries at that price?