The paper lays out an analytical framework for understanding crises in emerging markets based on examination of stock variables in the aggregate balance sheet of a country and the balance sheets of its main sectors (assets and liabilities). It focuses on the risks created by maturity, currency,...

The paper describes in broad outline the roles of money and foreign trade in the unreformed centrally planned economy. It describes how money used by enterprises performed a different function and was isolated from that used by consumers, and how each was shielded from foreign influences. The...

The paper shows how the physical process of adjustment in planned economies is reflected in financial variables. If the domestic supply and demand balance is improved, the balance of income and expenditure will show corresponding changes. The paper traces the interrelationship between the real...