The main points of this paper are that the case for transitional import barriers for the EMEs is very weak; neither a discriminatory regional payments union nor a uniform import tariff nor a differentiated tariff schedule designed in accordance with the presumed adjustment difficulties are...

The standard literature lists three ways in which the Western industrialised countries could support the transformation process in Europe's emerging market economies (EMEs): technical assistance, financial aid and trade access (see i.a. World Bank 1991, p. iv) . Important as such support would...

This paper discusses the possible nature of a transformation crisis. The major point is that the institutional void which the collapse of socialism has left behind is a major cause of the slump. The wealth of developed economies, be they socialist or capitalist, springs from a complicated...

In developed market economies, banks and other financial institutions perform a variety of vital tasks: they mobilise savings and allocate funds to the optimal uses, they pool investment risks, they exploit scale economies in the evaluation and monitoring of borrowers, and they match the...

Die Diskussion über den ökonomisch sinnvollen Kurs, mit dem laufende Zahlungen zu Beginn der deutschen Wirtschafts- und Währungsunion von Mark der DDR in D-Mark umgerechnet werden sollten, konzentriert sich zunehmend auf die wahrscheinlichen Konsequenzen für die Wettbewerbsfähigkeit der...

The first attempt at European economic reconstruction after 1945 culminated in the economic crisis of 1947 (Tumlir, La Haye 1981). Due to state control over prices and production and the lack of sound money for both internal and external transactions, Europe had, to a large extent, returned to...