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This book believes that the Soviet Union will not relax its stranglehold and will continue to dominate Eastern Europe's cultural, social, and economic policies. It assesses the contemporary state of affairs in Eastern Europe from an historical perspective.
This book is originated from the 1985 Rome conference on "Soviet-East European Relations: Implications for the West," which explored the elements of continuity and change, especially the trends in intra-Warsaw Pact relations. It contains revised versions of the papers presented at the conference.
This report develops various scenarios to analyze the hard currency debt problems of Poland, Hungary, and Romania. It considers the effect of adjustment policies on (1) those countries' struggles with their balance of payments; (2) their ability to generate more rapid increases in output through increased hard currency exports; and (3) their levels of military expenditure while there is so much pressure on their balance of payments. It concludes that if Romania and Hungary manage to service their debts in the next few years, they should be creditworthy borrowers by the end of the 1980s, but that Poland has little prospect of restoring solvency even in the 1990s. Output growth in all three countries will be constrained by their ability to finance hard currency imports and to increase hard currency exports. Western credit policy is not likely to affect either the independence of these countries from the Soviet Union or their military expenditures.
Reflecting Professor Holzman's important work, this book deals with major issues relating to both East-West and intra-bloc trade. Professor Holzman explores the transition in Soviet bloc economies over the past fifteen years from balanced hard-currency trade to large deficits with the West and the consequent development of a huge hard-currency debt. He compares the causes and treatments of deficits in planned economies with those in market economies and explores the dramatic differences in foreign trade behavior exhibited by Eastern and Western nations and the difficulties that arise when these conflicting systems interact in world markets. He also assesses the impact of Western economic warfare on the Soviet Union and makes recommendations for future U.S. trade policy. The author next turns to the issue of intra-bloc trade. In its early years the USSR economically exploited the smaller East European nations, but many argue that the Soviet Union now subsidizes trade with its partners in the Council for Mutual Economic Assistance in exchange for political, military, and ideological support–an argument that Professor Holzman strongly challenges. He also contends that CMEA, when viewed as a preferential trade group or customs union, has been markedly unsuccessful. On another level, Professor Holzman assesses the causes and possible cures for the serious, chronic problems related to currency inconvertibility, rigid bilateralism, and inability to use exchange rates as tools of economic adjustment. In an international economy growing ever more interdependent, the issues raised in these previously uncollected essays will continue to gain in importance as East and West meet in trade.
The impact of Eastern Europe's convertible currency external debt situation on the financing of East-West trade in the late 1908s and early 1990s.
This title was first published in 1979. Essential information for understanding a credit system that is different from that of the 'Capitalist' countires and which has envolved into an integral and essential part of 'soviet- type economies'. Dr Zwass has done a workman-like job in providing another valuable contribution to our knowledge of economies of eastern europe- George Garvy.
This 1998 book analyzes the causes and consequences of the massive Eastern European debt to the West accumulated in the 1970s.