The paper surveys the role of financial markets and fiscal institutions in the transformation process going on in Eastern and Central Europe. It highlights (a) the need to create some sort of “social ecological balance” necessary for the working of a modern market economy; (b) the need to...

The paper discusses some channels through which corruption affects growth such as the impact of corruption on enterprises, on the allocation of talent, and on investment. It also discusses the impact of corruption on some aspects of public finance

The reform of fiscal relations between different levels of geovernment is crucial to the success of China's current structural transformation to a socialist market economy. The reform will profoundly affect macroeconomic stability, growth prospects , and the effectiveness of providing public...