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J anos Gaes and Georg Winekler In recognition of the key position of international trade in the transition and the need for concentrated discussions of topical trade issues the International Institute for Applied Systems Analysis (IIASA) organized an international conference on "International Trade and Restructuring in Eastern Europe" which took place in Laxenburg, Austria, on 19 and 21 November 1992. The Austrian National Bank joined IIASA to co-sponsor the event. Participants of the conference were experts of international economics and trade policy from East and West, policy makers, and...

The first phase of transition to a market economy in Central and Eastern Europe was characterized by a sharp output decline. The fall in real GDP exceeded 20% while real industrial production decreased even by 40%. Output Decline in Eastern Europe aims at providing comprehensive, multi-factor explanations for this unique, painful experience. Various hypotheses are analyzed: credit and fiscal policies may have been too tight; the collapse of the CMEA and the USSR came as a shock; domestic producers were neither experienced, nor flexible enough to adjust the output to new patterns of...