THE ROMANIAN ECONOMY IN TRANSITION TO A MARKET-ECONOMY - ECONOMIC AND INSTITUTIONAL REFORMS

Since the fall of Ceausescu in 1989, Rumania has been engaged in a process of radical economic and political reform. The Rumanian economy's passage to a market economy should be seen in a context which, although not specific to Rumania, nevertheless enables one to single out for consideration certain characteristics of this particular East European country. The purpose of this article is to examine the economic and political implications of this transition, along with the associated macro-economic and institutional aspects of the reform.