Open AccessDevelopment of foreign trade and balance of payments in the czech republic, hungary and poland
Author(s) -
Vladimír Tomšík
Publication year - 1998
Publication title -
prague economic papers
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.233
H-Index - 17
eISSN - 2336-730X
pISSN - 1210-0455
DOI - 10.18267/j.pep.150
Subject(s) - balance of payments , convertibility , international economics , liberalization , economics , current account , monopoly , balance of trade , international trade , payment , exchange rate , currency , monetary economics , market economy , finance
The objective of this paper is to analyse one of the greatest problems in the process of transformation of these three economies in the years 1990-1996 - foreign trade development. Following political changes in the countries of Eastern and Central Europe, economic changes had to be implemented that also implied changes in foreign trade. These crucial changes include abolition of foreign trade monopoly and its liberalisation, introduction of stepwise convertibility of national currencies (for transactions of balance of payments on the current account at first), changes in exchange rate policy, price liberalisation and territorial reorientation of foreign trade. All these changes were reflected in foreign trade development in all three countries compared.