Most transitional economies in Central and Eastern Europe have rather surprisingly resisted protectionist pressures - at least during early stages of reform - and adopted liberal trade policies. In this paper the course of trade policy during transition is explained from a political economy...

Most transition economies in Central and Eastern Europe have rather surprisingly resisted protectionist pressures-at least during early stages of reform-and pursued fairly liberal trade policies. In this paper, trade policy during transition is explained from a political economy perspective. It...

Financial market imperfections and especially the bad debt problem are among the most important factors impeding economic restructuring in transition economies. This paper analyses the implications of non-performing loans for the lending policy of banks and for the ensuing allocation of credit....