Monetary integration of developing and transition countries is considered as a monetary strategy for immunization against international monetary instabilities. This paper corresponds to the growing interest in the integration theory and its application to the Economic and Monetary Union...

One key focus of the on-going debate on the integration of international financial markets have been measures to lengthen the maturity of foreign debt, as short-term debt is typically considered to be highly volatile. The transition economies of Central and Eastern Europe are one group of...