More effort should be made to develop a framework for international monetary coordination, not only to maintain stable exchange rates among the U.S. dollar, the Japanese yen, and the euro, but to minimize the risk of currency and financial crises in emerging economies in East Asia and elsewhere

"Globalization brings opportunities and pressures for domestic firms in emerging markets to innovate and improve their competitive position. Using data on firms in 27 transition economies, the authors test for the effects of globalization through the impact of increased competition and foreign...

"Major changes have occurred in the structure of former centrally planned economies, including a sharp rise in the share of services in GDP, employment, and international transactions. However, large differences exist across transition economies with respect to services intensity and services...

"Loayza and Soto present policy and outcome-based ways of measuring the progress of market-oriented reforms in both traditional areas of first-generation reform and the areas of institutional reform that have been emphasized lately. These policy areas are the domestic financial system,...