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DRAFT

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DRAFT This is a Draft Edit for the page Socialist Federal Republic of Yugoslavia

Paragraph Addition in: Section 4: Economy


Yugoslavia and International Financial Institutions

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The need for national loans

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The SRFY need for national loans was unique of socialist countries at the time in that the SRFY's political-economic institution and macroeconomic status were individualistic of other socialist countries needing international financial institution's assistance[1] The SFRY's economic stagnation was most largely attributed to record levels of unemployment, a beneficial welfare state and a rapid degree of hyperinflation[2]. Beyond this, the SFRY was nowhere near macroeconomic equilibrium -- making structural adjustments seemingly ineffective without economic stability [3]. This produced twofold obstacles for the SRFY: to address both the need for immediate stabilization, and longterm prevention of XYZ. Although many other socialist countries had begun transitions on behalf of conditionalities with either the World Bank or the International Monetary Fund, there was no "one size fits all" policy-roadmap that outlined an approach for the SRFY.

One of the SFRYs major causes of instability of enterprise-loss. This refers to Addressed by (next section): fiscal discipline, spontaneous privitization, characterized by programs that rapidly reallocate capital from the state to labor and management, and a centralized reporting system -- ie a non-confiscatory, but inflationary route.

IMF and World Bank Involvement

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In 1945, the then Federal People's Republic of Yugoslavia adopted the Articles of Agreement of the World Bank. Cite error: There are <ref> tags on this page without content in them (see the help page). By the late 1970s, Yugoslavia was one of the top five borrowing nations to receive loans from the World Bank.[4] Together, this accounted for approximately $12 billion of Yugoslavia's debt, which equated to about 60 loans.[5] By the late 1970s, Yugoslavia was one of the top five borrowing nations to receive loans from the World Bank.[6] Together, this accounted for approximately $12 billion of Yugoslavia's debt, which equated to about 60 loans.[7]

The World Bank developed substantial loans and conditionalities requiring structural adjustment in the form of decentralization -- something the SRFY has already been developing through varios policies, like increased autonomy for firms.[8] Because political intricacies are so interconnected with economic functions, the SFRY also rapidly transformed their political institutions to accomodate macroeconomic endeavors [9] The SFRY transitioned from a centrally planned economy to a decentralized economy (REF). Part of the plan to decentralize included redistribution of power over labor and management (REF). With greater self-management over firms and ultimately an extension of worker autonomy over enterprise, government and the private sector increased coordination in addressing intersectional problems and common macroeconomic endeavors (REF). developed features of a more coordinated market economy or social market economy.

Fall and cascading effects

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Defaulted loans absorbed by successor states erected directly from former Socialist Yugoslavia.[10] The stagnation of the Yugoslav economy was only compounded - and subsequently warranted of loaning - after it's major banks failed.[11]


Bibliography

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Jović, Dejan. “The Economic Crisis: The (Lack of) Response of the Yugoslav Political Elite to Economic Crisis in the Early 1980s.” Yugoslavia: A State That Withered Away, Purdue University Press, 2009, pp. 141–170. [12]
Income, Inequality, and Poverty during the Transition from Planned to Market Economy. The World Bank. World Bank Regional and Setoral Studies. 1998. Web. [13]
Mieczyslaw P. Boduszynski: Regime Change in the Yugoslav Successor States: Divergent Paths toward a New Europe. Print. p. 62-64, 660-70.
Development and Decentralization: Yuglavia and the World Bank. The World Bank. 1979. Web. [14]
Yugoslavia and the World Bank. The World Bank. 1979. Web. [15]


DanishKringle (talk) 08:14, 2 December 2016 (UTC)

Notes

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  1. ^ http://documents.worldbank.org/curated/en/517451468763816188/pdf/multi0page.pdf
  2. ^ ejan Jović. Yugoslavia: a state that withered away. Purdue University Press. 2009. Print. pgs 12-15, 17, 20-26
  3. ^ Fischer, Stanley, and Alan Gelb. “The Process of Socialist Economic Transformation.” The Journal of Economic Perspectives, vol. 5, no. 4, 1991, pp. 92-94 JSTOR, www.jstor.org/stable/1942867.
  4. ^ BURG, STEVEN L. “THE ‘YUGOSLAV CRISIS’: NATIONAL, ECONOMIC, AND IDEOLOGICAL CONFLICT AND THE BREAKDOWN OF ELITE COOPERATION, 1969-1972.” Conflict and Cohesion in Socialist Yugoslavia: Political Decision Making Since 1966, Princeton University Press, 1983, pp. 83–85, 88-90. Print.
  5. ^ http://documents.worldbank.org/curated/en/717881468759857058/pdf/multi-page.pdf
  6. ^ BURG, STEVEN L. “THE ‘YUGOSLAV CRISIS’: NATIONAL, ECONOMIC, AND IDEOLOGICAL CONFLICT AND THE BREAKDOWN OF ELITE COOPERATION, 1969-1972.” Conflict and Cohesion in Socialist Yugoslavia: Political Decision Making Since 1966, Princeton University Press, 1983, pp. 83–85, 88-90. Print.
  7. ^ http://documents.worldbank.org/curated/en/717881468759857058/pdf/multi-page.pdf
  8. ^ LA Times: The World Bank Lent Yugoslavia $32 million http://articles.latimes.com/1986-07-07/business/fi-20597_1_world-bank
  9. ^ Yugoslave and the World Bank (1979)
  10. ^ http://www.nytimes.com/1992/12/16/business/imf-splits-yugoslav-debts-among-successor-republics.html
  11. ^ BBC: Yugoslavia Shuts Four Leading Banks: http://news.bbc.co.uk/2/hi/business/1741311.stm
  12. ^ www.jstor.org/stable/j.ctt6wq3tg.8.
  13. ^ https://www.gc.cuny.edu/CUNY_GC/media/CUNY-Graduate-Center/PDF/Centers/LIS/Milanovic/papers/Income_ineq_poverty_book.pdf
  14. ^ http://documents.worldbank.org/curated/en/517451468763816188/pdf/multi0page.pdf
  15. ^ http://documents.worldbank.org/curated/en/717881468759857058/Yugoslavia-and-the-World-Bank
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