The operating target for monetary policy in the United States has changed from borrowings in the late 1980s to a target range for the fed funds rate to a specific fed funds target. In addition, secrecy about the policy target has largely disappeared, and since 1994 policy targets have been...

In the three fast track, Central European transition countries, Hungary, Poland and the Czech Republic, bank restructuring and privatization involved different approaches and met with a variety of outcomes. Hence, these experiences in otherwise similar transition economies provide important...

There have been profound changes in both political and economic institutions in China over the last twenty years. Moreover, the pace of transition has led to variation across the country in the level of development. In this paper, we use panel data for the Chinese provinces to study the role of...