The results of the first decade of economic transition are very uneven and are distributed according to a sub-regional pattern. The group of "leading reformers" consists of middle-income countries of democratic capitalism of the Central Europe and Baltic region (CEB). The second group of less...

This paper seeks the main factors behind inflation in Russia over the period 1996–2001. It presents a succinct description of Russian monetary policy and inflation developments. The econometric analysis establishes a long-run relationship between demand for the real money balances on the one...

We analyze Georgian education finance and show that it is embedded in the overall structure of Georgian rayon finances, reflecting all their weaknesses: inequalities, lack of transparency, unmanageability, room for corruption. The budgetary and political independence of rayons is very limited....

This paper deals with the choice of the exchange rate parity upon Poland's entry to EMU. Given that the euro parity should reflect some equilibrium exchange rate, two theoretical concepts are discussed: fundamental and behavioural equilibrium exchange rates. These approaches are then estimated....

Informative content of macroeconomic fundamentals with respect to currency crisis prediction is reassessed for the period of 1990s on the panel of 46 developed and emerging economies. In the first part the paper develops a model for currency crisis prediction. The distinction is made between...

An attempt is made to explore the basic implications of differences in productivity growth rates in countries within a monetary union and tailor them to the case of the EU new member countries running up to the EMU. By using the mathematical model of Harrod-Balassa Samuelson effect and linking...

The purpose of this paper is to demonstrate the diversified picture of the tax systems and tax reforms in the former communist countries after the first decade of their transition from a centrally planned to a market economy system. While CEB countries are seriously advanced in synchronization...

This work will discuss the major challenges facing transition economies restructuring their financial systems to integrate with world financial markets. Discussion will include the particular development of capital markets. Special attention is paid to the example of the Republic of Uzbekistan;...

The purpose of this study is to describe the separate stages of the transformation in light of the basic accompanying fiscal difficulties and to formulate general conclusions regarding the factors which substantially affect the state of public finances and the quality of fiscal policy in...

The financial innovations and increased integration of capital markets have made the nature of balance of payments turmoil much more complex, than described by firstgeneration models. The severe financial crises, which erupted in 1990's in many seemingly "invulnerable" economies that in most...