In economies in transition, the development of financial markets is a common objective linking the monetary and fiscal authorities, while monetary and public debt management cannot be strictly separated. This calls for close coordination of objectives and instruments of monetary and debt...

The impact of the 2009 tsunami on tourism and on the Samoan economy is likely to be substantial. The effectiveness of monetary transmission in Samoa has improved over time; however, it is still below international standards. The adverse impact of the crisis on the functioning of the banking...

In many countries, the activities of public enterprises have an important fiscal impact. While the precise nature of this impact is often obscured, it is important that it be reflected in measures of overall fiscal activity. The paper is intended to raise and clarify some of the issues involved...

This paper presents a detailed analysis of the output decline in Kazakhstan in the early years of the transition. The decline is documented at the aggregate and sectoral levels, and the quality of the available data is reviewed. A growth accounting framework quantifies the productivity slowdown...

Open market operations are the major instruments of monetary control in industrial countries and are becoming important in developing countriesand countries in transition. This paper shows how open market operationsare related to other monetary instruments, discusses the role of the market and...

This paper assesses changes in the size and scope of government in 24 transition economies. Whereas these governments have retrenched in terms of public expenditures in relation to GDP, as well as public employment as a share of population, some indicators suggest that size remains high (e.g.,...

Like most transition economies, Bulgaria, Lithuania, and Mongolia suffered severe banking crises, which had to be resolved before growth could resume. The macroeconomic and institutional failings that led to these crises are described, and parallels are drawn with the causes of banking crises in...