Credibility without rules?: Monetary frameworks in the post-Bretton Woods era

by Carlo Cottarelli

This study, another in the series focusing on special issues in transition, reviews the experience of output decline and recovery in the 25 countries of eastern and central Europe and the Baltics, Russia, and other countries of the former Soviet Union. Although these countries began the process of economic transformation with similar circumstances of output decline, the extent of decline, its duration, and the sustainability of recovery in growth varied considerably. The authors explore the factors behind this variation and find that the most important policies promoting early and sustained recovery were ones that supported financial stabilization and structural reforms in key areas such as private sector development, the tax system, economic liberalization, and secure property rights.

94 pages, Paperback

First published January 1, 1997

About the author

Carlo Cottarelli is an Italian economist. From 1981 to 1987, he worked in the Research Department of the Bank of Italy and in Eni from 1987 to 1988. Starting in September 1988 he began working for the International Monetary Fund. On 1 November 2014, he was appointed Executive Director of the International Monetary Fund Board. From 30 October 2017 he is the Director of the Observatory on the Italian Public Accounts (CPI) of the Università Cattolica of Milan.