The study summarises the most significant observations about trading behaviour and price dynamics in financial markets. Against this background, the main objections to a general financial transactions tax (FTT) as put forward by the International Monetary Fund and the European Commission are...

The first part of the paper analyzes the inflationary risks associated with price liberalization, the welfare costs of inflation and the difficulties of East European central banks in pursuing non-inflationary policies. The main obstacles are the low credibility of stabilization policies and a...

The paper analyzes the role of a multilateral payments union (PU) between East European countries (EEPU) as an intermediate solution in the process to full convertibility. After a description of the main functions of a PU, which is based on the historical model of the European Payments Union, it...