The transition process in which a country moves from a planned economy to a market economy offers a unique opportunity for economists and policymakers to observe and understand the effects of major institutional, legal, and political changes on economic systems. But one feature of the process...

The collapse of the centrally planned economies in Eastern Europe has triggered complex economic reforms in all former communist countries, on their ways towards freemarket economic systems. Their economies have become real, real-scale, and real-time research laboratories. The multifaceted and...

По прошествии почти двух десятилетий переходного периода регион ЦВЕ/СНГ по-прежнему находится в состоянии перемен. После продолжительного периода устойчивого...

This paper provides evidence regarding gains to agricultural market liberalization in China. We empirically identify the different effects that incentive reforms and gradual market liberalization have on China's agricultural economy during its transition period. We find that average gains within...

This paper describes ways that the CEEs can speed their convergence with the EU by emulating the growth strategies of the very fast growing economies. In Section II, we introduce the VFGEs, and discuss some of the sources of their superior growth performance. In Section III, we demonstrate the...

This study examines the path of adjustments of the exchange rate system in the transforming economy of Poland. It emphasizes the relative advantage of flexible exchange rates over the currency peg. It focuses on several aspects of the exchange rate policy that have not been adequately discussed....

This paper explores the methods that the Ukrainian government (supported by international technical assistance providers) is developing to minimize the probability of a damaging, systemic banking crisis. The contention is that with highly lucrative existing sources of income for banks receding...

The paper aims to analyse the economic transition in Georgia, focusing on the stabilization and structural reform program which began in 1994, once regained political stability after 2 years of civil war. The stabilization and structural reform program promoted by IMF and World Bank was...

Fiscal stance is at the center of economic debate all over the post socialist countries. The most important issues that are more or less realized seem to be following. 1. To what extend will public sector budget deficits be monetized in the future i.e., do they eventually spell inflation?. 2....

The Kazakstani banking system, its youthfulness notwithstanding, is developing rapidly. The paper provides an overview of the development experienced by the banking system in Kazakstan focusing on several different sides of the issue, such as the role of the National Bank, its strategy for the...