Title: How did the fiscal and structural crises of 1991 in India compared to the
systemic economic transformations in Eastern European countries such as
Poland and Hungry, and what lessons can be drawn for contemporary
economic policy?
Authors:
Amer Kapur
Journal:
International Journal of Social Science and Economic Research (IJSSER)
ISSN: 2455-8834
Volume:
10
Issue:
10
Publication Date:
October 2025
DOI:10.46609/IJSSER.2025.v10i10.008
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Amer Kapur
The Shri Ram School Moulsari
MLA 8 Kapur, Amer. "How did the fiscal and structural crises of 1991 in India compared to the systemic economic transformations in Eastern European countries such as Poland and Hungry, and what lessons can be drawn for contemporary economic policy?" Int. j. of Social Science and Economic Research, vol. 10, no. 10, Oct. 2025, pp. 4673-4690, doi.org/10.46609/IJSSER.2025.v10i10.008. Accessed Oct. 2025.
APA 6 Kapur, A. (2025, October). How did the fiscal and structural crises of 1991 in India compared to the systemic economic transformations in Eastern European countries such as Poland and Hungry, and what lessons can be drawn for contemporary economic policy? Int. j. of Social Science and Economic Research, 10(10), 4673-4690. Retrieved from https://doi.org/10.46609/IJSSER.2025.v10i10.008
Chicago Kapur, Amer. "How did the fiscal and structural crises of 1991 in India compared to the systemic economic transformations in Eastern European countries such as Poland and Hungry, and what lessons can be drawn for contemporary economic policy?" Int. j. of Social Science and Economic Research 10, no. 10 (October 2025),
References
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[2] . Cerra, V. (2002). What Caused the 1991 Currency Crisis in India? International Monetary Fund. Retrieved from https://www.imf.org/external/pubs/ft/staffp/2002/03/pdf/cerra.pdf.
[3] . Acharya, S. (2002). 1991–2000 Economic Reforms Spur Growth. Stanford King Centre. Retrieved from https://kingcenter.stanford.edu/sites/g/files/sbiybj16611/files/media/file/139wp_0.pdf.
[4] . Mitra, P. (2002). Lessons from a Decade of Transition in Eastern Europe. International Monetary Fund. Retrieved from https://www.imf.org/external/pubs/ft/fandd/2002/06/mitra.htm.
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[7] . Corsetti, G., et al. (2023). The Trauma of the European Currency Crises in the 1990s and Consequences Until Today. Centre for Economic Policy Research. Retrieved from https://cepr.org/voxeu/columns/trauma-european-currency-crises-1990s-and-consequences-until-today.
[8] . Viswanathan, K. G. (2010). The Global Financial Crisis and its Impact on India. Hofstra Law Review. Retrieved from https://scholarlycommons.law.hofstra.edu/cgi/viewcontent.cgi?article=1112&context=jibl.
[9] . Toshkov, D. (n.d.). 30 Years of Socio-Economic Developments in Central and Eastern Europe. Retrieved from https://www.dimiter.eu/Visualizations_files/CEE.html.
[10] . ResearchGate. Government Fiscal Deficit (As a percentage of GDP). Retrieved from https://www.researchgate.net/figure/Government-Fiscal-Deficit-As-a-percentage-of-GDP_fig2_24115762.
[11] . ResearchGate. Inflation Rates Trended Downwards from 1991–1996. Retrieved from https://www.researchgate.net/figure/Inflation-Rates-Trended-Downwards-from-1991-1996_fig1_351923464.
[12] . Data Commons. GDP Comparison of India, Poland, and Hungary (Nominal GDP, 1990–1995). Retrieved from https://datacommons.org/tools/visualization#visType=timeline&place=country/IND___country/POL___country/HUN&sv={"dcid":"Amount_EconomicActivity_GrossDomesticProduction_Nominal"}
ABSTRACT:
The beginning of 1990s saw a turning point in two different groups of economies. India which
was in a dire balance-of-payment crisis launched an extensive liberalization initiative during the
Rao-Singh government. Eastern Europe on the other hand suffered the breakdown of centrally
planned systems after the demise of communism and needed institutional and economic overhaul
on a wholesale basis. This paper will compare the 1991 reforms experienced in India with the
Eastern Europe transitions in terms of macroeconomic environment, policy options embraced,
institutional issues and short-term consequences. The comparative analysis identifies the role of
crisis origin, sequencing of reforms, institutional capacity and social protection in the economic
recovery and the long-term growth. Experiences of these transitions have taught about how to go
about structural reform in developing and post-command economies.
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