During the past five years, there has been an important international debate over the style of market reforms in the former centrally planned economies of East Asia, Eastern Europe, and the former Soviet Union. The economic performance across regions, summarized in Table 1, could not be more...

Article describes Kyrgyzstans achievements in the stabilization and liberalization of the economy and the majority of progress in this area that occurred in the first half of 1994. One may include Kyrgyzstan in the group of states that have adopted the radical variant of transition to market...

The political and economic collapse of communism in the Eastern Europe and the former Soviet Union has created enormous challenge for Western democracies. The challenge has been not that of providing financial developmental aid although it is very important for countries facing the double...

Estonia 1 has adopted the one of the most radical programs of stabilization and transformation amongst not only the former Soviet Union countries but among previously centrally planned economies as well. The commodity and service markets were balanced mainly through the price liberalization and...

This paper argues that traditional explanations of the fiscal crisis in transition economies overlook the crucial interconnection between the reduction in subsidies expenditure and the decrease in profit tax revenues. It thus contends that the impact on the fiscal budget of the crisis of...

The purpose of this paper is to analyse the economic implications of the bankruptcy procedures in Western market economies with a view to draw appropriate lessons for the transitional economies of Central and Eastern Europe. In Section II, we shall discuss the bankruptcy procedures in four major...

By the end of the 1980s, the degree of the suppression of free thought in the USSR has diminished appreciably. As a result, various independently developed solutions to a multifaceted Soviet crisis were put forward. The Baltic states /Lithuania, Latvia and Estonia/ have been leading the way in...

Article describes Central and East European Countries (CEEC) in which in the absence of capital market the performance of enteprises was determined by real variables, financial flows being adjusted to real flows. The lack of a full fledged financial system has often been identified as one of the...

The national statistics and international comparisons based on purchasing power parities suggest that the Former Soviet Union (FSU) in the years 1925-75 and Central and Eastern Europe in the years 1945-80 experienced economic growth comparable to that of many market-based economies of similar...

The paper provides an analyses of the economic changes which occurred in the Czech Republic under transition. After providing an economic history of the transition period, the paper describes first the developments in the public finance sector (e.g.: public budget operations developments, public...