A commonly held assumption in the transition literature suggests that earlier successes with reforms in Central and East European countries would serve as an asset when the regime changed. Taking Hungary as a case in point, the author revisits the legacies from pre-transition period, calling for...

The paper focuses on the question whether banks and capital markets in Central Europe are capable of exerting a positive influence on enterprise performance at the present stage of the economic transformation. These markets are characterised by privileged, collaborative interfirm/interbank...

The expectations of the government of Kyrgyzstan and the National Bank of Kyrgyzstan were quite optimistic. In 1996, despite of fiscal problems, further macroeconomic stabilization (i.e., reduction of the annual rate of inflation) and a stable rise of production were expected. However, as it is...