ince the beginning of 1997, a currency and/or banking crisis broke out in several transition countries (Bulgaria, Romania, the Czech Republic, Russia, Ukraine). In 1995, Hungary avoided a financial crisis by adjusting properly her macroeconomic policies. Financial markets in transition countries...

Introduction : global market integration, financial crises and policy imperatives / Geoffrey R. D. Underhill and Xiaoke Zhang -- Reform of the international financial architecture : what has been written? / Jonathan Story -- Costs and benefits of financial globalisation : concepts, evidence and...