One of the main disadvantages of currency boards is the rule-based character of this system and the resulting inflexibility in case of shocks, a frequently recurring event in transition countries. Accordingly, central banks under currency board arrangements (CBA) are unable to respond to...

Nach zehn Jahren Transformation zeigen sich bei der makroökonomischen Konstitution der Reformstaaten Mittel- und Osteuropas (MOE) immer noch erhebliche Schwächen. Trotz zuletzt höherer Wachstumsdynamik haben die meisten Länder dieser Region das Produktionsniveau, das vor der Wende gemessen...

In their response to the global financial crisis, the international financial institutions (IFIs) have not only increased funds for shock financing, but have also significantly reformed their instruments. Nevertheless, some gaps remain. IFIs should consider the fact that most advanced low-income...

The frequency with which international financial crises have occurred since the mid-1990s (Asia 1997, Russia 1998, Brazil 1999, and Argentina 2001) points to the need to reform the international financial architecture. The emergence of and the unregulated approaches used to resolve financial...