Poland's 1993 Enterprise and Bank Restructuring Programme (EBRP) tried to force state-owned commercial banks to build institutional capacity and resolve their problem loans. The outcome of its innovative bank-led workout ('conciliation') process, documented in this study of 62 firms, is...

The nature of TVEs and the real functions of township-village governments are rooted in the Chinese township-village organization. The management of common property in a village group or a rural community is quite different from management in a situation where the boundaries of common property...

Economic transition turns the inherited wage structure upside down. Changes are rapid and dramatic. The Polish example shows that even in the first year of market-oriented reforms, there was a marked increase in earnings inequality, a dramatic rise in the wage premium for white-collar skills,...

This paper deals with the Bulgarian experience with exchange rate policy and the related macroeconomic adjustment in the transition period. It is argued that in the context of the Bulgarian macroeconomic environment, the exchange rate regime and the exchange rate policy (or the lack of such) did...

Five real exchange rate indicators are computed to assess the international competitiveness of Hungarian industry. These indicators are explained in econometric equations by employment, unemployment, productivity, interest spread and real producer wage. Causality tests reveal that external...

The authors report on technical work which examines the implications of combining complementarities and convex adjustment costs in a model of economic reform. The main results are that the optimal pace of reform is higher if there is a larger initial crisis, stronger pro-reform institutions, and...

The Newly Liberalizing Countries (NLCs) in Eastern Europe have to undergo a fundamental structural change. In this paper the Chenery Hypothesis (CH) is employed to make a quantitative assessment of this change. The CH, roughly speaking, relates an economy's sectoral structure to its stage of...