This paper focuses on the measurement of a contemporaneous currency crisis. The analysis covers 14 "emerging" or "transforming" economies that experienced episodes of currency crises over the last decade. It adds to well-known examples relatively littleknown evidence on the crisis depth in some...

The paper discusses the role of regional public goods vs. global goods in influencing postcommunist transition in Central and Eastern Europe and former USSR with special attention given to three particular factors: (i) external anchoring of national reform process; (ii) international trade...

CHAPTER 1:Saving, Investment, Financial Integration and FDI in Central Europe (Magorzata Jakubiak) Evidence on domestic savings and investments in industrialised countries indicates that capital markets are not perfectly integrated. On the contrary, various measures of financial integration...

The paper discusses the issue of labor force mobility in a broad sense, and analyses how changes in social security policy and the structure of the social safety net (SSN) affects different aspects of labor force mobility. The text is structured as follows: Introduction, then follows Chapter 2,...

The paper looks at linkages between MDGs and PRSPs in six transition countries: Armenia, Azerbaijan, Georgia, Kyrgyz Republic, Mongolia, and Tajikistan. Progress towards MDG attainment in all these countries is considered. Key features of PRSPs in the countries of the sub-region are analyzed....

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...

The results of the first decade of economic transition are very uneven and are distributed according to a sub-regional pattern. The group of 'leading reformers' consists of middle-income countries of democratic capitalism of the Central Europe and Baltic region (CEB). The second group of less...

After a long period in which state-led development was the dominant economic paradigm, since the 1980s private sector development has been the focus for economic policy makers. It is probably no coincidence that economic growth, stagnant for a few decades in much of the developing world, took...

The financial innovations and increased integration of capital markets have made the nature of balance of payments turmoil much more complex, than described by firstgeneration models. The severe financial crises, which erupted in 1990's in many seemingly "invulnerable" economies that in most...

The paper examines neoclassical measures to evaluate government policy in transition countries: 1) marginal factor prices and the return to capital, 2) growth rates and taxes, 3) inflation rates, and 4) debt/GDP ratios, related to international real business cycle and endogenous growth theory....