ABSTRACT
In the preceding two chapters, I divided the countries of the region at the macroeconomic policy level into two groups: early reformers and late reformers. The former group, Albania, Croatia and Macedonia, conducted macroeconomic stabilization to varying degrees of success in the early 1990s, and by the middle of the decade inflation had been brought under control in each of those countries. The latter group, Bosnia and Herzegovina (BiH), Serbia, including Kosovo, and Montenegro took longer to introduce successful stabilization policies, as these were resisted by coalitions of anti-reform interests, including the potential losers from reforms and the sections of the elites that gained from the continuation of the status quo.
