In contrast to many other accession countries of Central and Eastern Europe (CEECs), the Czech Republic experienced a shorter and less severe transition recession in the first half of the 1990s. The decline in output lasted two years and by 1995, real GDP had returned to its 1989 level....

This paper investigates the possibility that the newly emerging equity markets in Central Europe exhibit a degree of efficiency similar to that which prevails in more developed markets. The different privatization strategies adopted by the various countries in the region are shown to have...