Abstract
The paper discusses four IMF-supported adjustment programs in Poland, 1990-1995, and two in Russia, 1992-1994, in terms of the underlying theory, policy objectives, assumptions, policies, errors, and results. The paper suggests that the role of the IMF and the World Bank has been helpful and significant but, compared to the influence of domestic factors and local reformers, 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. J. Comp. Econom. June 1995, 20(3), pp. 316-346. London School of Economics and Political Science, London, WC2A 2AE, United Kingdom.
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