Table of Contents

Introduction
I. Developments in 1988 and 1989 
-Official targets and policy intentions 
-Incomes and price policies 
-Monetary and fiscal targets
-Financial instability and slow growth 
-Hyperinflation 
-Domestic demand, net exports and production 
-The labour market 
-Foreign trade and payments
-The economic policy response
-Monetary and exchange-rate developments
-Budgetary developments
II. Market-oriented institutional and structural reforms
-Inflation proneness and misallocation of resources
-Lack of market incentives and penalties
-Non-competitive market structures
-The weakness of macro-policy stabilisers and instruments
-Structural reforms
-Reforms prior to 1988
-The new market-oriented reform programme since 1988
III. Stabilisation measures and short-term prospects
-The December 1989 stabilisation measures and the present policy environment
-The anti-inflation strategy
-Short-term prospects
IV. Conclusions
Notes
Annexes
-I. Yugoslav anti-inflation programme in the light of other countries' experience
-II. Calendar of main economic events
Statistical annex