Bulgaria needs to give its monetary reform instant credibility, to avoid the dangers of continuing inflation on the one hand and depression on the other. A fixed exchange rate system with a central bank always fails. There is, however, one proven system that will successfully maintain a fixed...

Professor Hanke served as an adviser to Bulgarian President Petar Stoyanov, from 1997 to 2002. In 1997, Bulgaria adopted a Currency Board System, based on Professor Hanke's draft Currency Board Law, which he authored at the request of President Stoyanov. The Currency Board brought an end to...

The Markovic government has clearly come down on the side of moving Yugoslavia towards a market economy. To succeed, the government must successfully privatize its so-called social capital, which represents about 85 percent of Yugoslavia's capital stock. We have presented privatization...