For a decade now Japan has virtually stagnated. Some blame this on a succession of unfavourable shocks that began with the bursting of the "bubble" economy. More appropriate macroeconomic policies, targeting inflation and/or the exchange rate, could, in this view, lead to a revival. Others argue...

Eastern Europe is engaged in a massive program of financial reform. This paper argues that while this program has many desirable features, it has failed to address some of the most basic issues. These concern the relationship between the financial system and the enterprise sector, and the...