PROBLEMS OF EXTERNAL ECONOMIC BALANCE OF THE CZECH-REPUBLIC, POLAND AND HUNGARY

Roughly after three years from the start of the transformation each of analysed countries started to interfere with severe deficits in the c ommon account of the balance-of-payment, especially, the trade balance . The paper analyses partial reasons of these deficits (recession in t he West, revival of transit economics, non-consolidated status of the enterprise sector, etc.) and discusses about responses of the economic policy to it. The author pays special attention to the extensive inte rnal non-balance in Hungary, its relation to the external non-balance and characterises anti-crisis program of Hungarian Government. As far as capital account is concerned, the article analyses problems of the imbalance induced by big influx of foreign capital to the Czech Republ ic and to Poland and discusses measures of economic-political bodies t o master them.