This paper discusses the significant overall progress with macro stabilization of these transition countries during 1992-1997. While average inflation declined steadily since 1992, output fell significantly for many of these countries during this period, and it was not unti 1996-97 that as a...

In just over a decade after independence, the three Baltic countries, Estonia, Latvia, and Lithuania, have transformed themselves into fully functioning, small open-market economies that will be joining the European Union. Capital Markets and Financial Intermediation in The Baltics analyzes the...