Hella Engerer analyzes the emergence, evolution, and theory of property rights and establishes the limits for privatization of state-owned enterprises in the transitional economies of Eastern Europe. She counters the assumption that reduction of the state sector helps to create the basis for a private property system, showing that privatization presupposes a stable framework for property. This is a major contribution to the understanding of the emerging economic order of Central and Eastern Europe.

By introducing a new national currency in November 1993, the Republic of Kazakstan took a decisive step towards establishing its political and economic independence. In the following years, Kazakstan made great efforts to lay the institutional foundation for econonmic policy in line with a free market system. The cooperation between Kazak experts and independent international advisors such as the group of German econonmists under the leadership of Lutz Hoffmann played an important role for the Kazak government in choosing the most effective concepts and instruments for economic policy. Thus, the main topic of this book is the discussion of the macroeconomic problems during the first years of transition and the role of international financial institutions, in particular the International Monetary Fund.
The topics are dealt with in a new form of presentation, collecting the papers of the advisory group in chronological order.