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This study examines changes in national and ethnic stereotypes between 1994 and 1995 among 625 adolescents from 6 central and eastern European countries. First, it was found that stereotypes of the national in-group and ethnic minority groups were stable, while stereotypes of specific national out-groups changed slightly in some of the countries. Second, the results indicate that foreign out-group stereotypes, in terms of morality, became more negative as a function of the economic deterioration in the perceivers' country. Third, the results show that stereotypes of foreign national groups are affected by changes in perceived economic and relational features of the national states. The results are discussed in relation to self-categorization theory, relative deprivation theory, social identity theory, and scapegoat theory.