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Integrating transition economies into the global commercial and
trade market system is a prolonged and risky process. This book is
a collection of studies dealing with the different issues related
to the liberalization of external relations in economies moving
from a socialist to a market-based system The focus is on external
sector developments, and the topics deal with balance of payments
conditions, exchange rate policies and regimes, international
competitiveness, international capital flows, trade, and other
matters related to the integration of transition economies into the
world economy. An understanding of the principles involved and of
the experiences of both transition and advanced economies during
this process is crucial to ensure its ultimate success. Written by
internationally recognized scholars, the chapters cover these
issues in a systematic manner. The first section treats current
account developments, capital flows, and exchange rate policies in
transition countries, the second section deals with specific issues
related to international trade, and the final section consists of
six specific country experiences. In this final section, a chapter
dealing with the Russian Federation discusses the collapse of the
ruble in August 1998.
The polemic about the proper role of monetary policies and the
appropriate functions of central banks has received renewed
stimulus from a number of very current events. In Europe, the
creation of a supranational central bank has been realized. In the
United States and other industrial as well as emerging countries,
the attributes and functions of central banks have been the subject
of lengthy debates. Professional interest has also been centered
recently on the issues of exchange regimes and the proper targeting
for monetary policy. The various papers in this collection deal
with this broad set of monetary and central banking issues, and
draw implications of high relevance for post-socialist transition
economies. These implications, however, are also important for
other emerging markets and for advanced economies as well. The
major subjects covered are classified within the following five
categories: 1) The definitions, meaning, and results of central
bank independence. 2) Goals and objectives of central bank
operations. 3) Central banks and financial sector soundness. 4)
Capital mobility, currency crises, and the role of capital
controls.5) The implications of European Monetary Unification for
transition economies. This book collects the contributions of very
well-known experts in monetary and central banking theory and
presents the results of original research specially geared to
understanding the implications of general economic theory for
emerging and transitional economies. The significant and very rapid
changes in the nature of good monetary transmission mechanisms
require the adaptation of traditional theories to new realities.
Such need is most pressing in transitional and emerging countries
which lack experience and depth in their financial markets. In this
book the particular requirements of these economies are integrated
into the main macroeconomic monetary theories. The volume also
includes analyses of a number of current issues such as capital
flows, currency crises, currency boards, and the implications of
European Monetary Union for transition economies.
Integrating transition economies into the global commercial and
trade market system is a prolonged and risky process. This book is
a collection of studies dealing with the different issues related
to the liberalization of external relations in economies moving
from a socialist to a market-based system The focus is on external
sector developments, and the topics deal with balance of payments
conditions, exchange rate policies and regimes, international
competitiveness, international capital flows, trade, and other
matters related to the integration of transition economies into the
world economy. An understanding of the principles involved and of
the experiences of both transition and advanced economies during
this process is crucial to ensure its ultimate success. Written by
internationally recognized scholars, the chapters cover these
issues in a systematic manner. The first section treats current
account developments, capital flows, and exchange rate policies in
transition countries, the second section deals with specific issues
related to international trade, and the final section consists of
six specific country experiences. In this final section, a chapter
dealing with the Russian Federation discusses the collapse of the
ruble in August 1998.
The polemic about the proper role of monetary policies and the
appropriate functions of central banks has received renewed
stimulus from a number of very current events. In Europe, the
creation of a supranational central bank has been realized. In the
United States and other industrial as well as emerging countries,
the attributes and functions of central banks have been the subject
of lengthy debates. Professional interest has also been centered
recently on the issues of exchange regimes and the proper targeting
for monetary policy. The various papers in this collection deal
with this broad set of monetary and central banking issues, and
draw implications of high relevance for post-socialist transition
economies. These implications, however, are also important for
other emerging markets and for advanced economies as well. The
major subjects covered are classified within the following five
categories: 1) The definitions, meaning, and results of central
bank independence. 2) Goals and objectives of central bank
operations. 3) Central banks and financial sector soundness. 4)
Capital mobility, currency crises, and the role of capital
controls. 5) The implications of European Monetary Unification for
transition economies. This book collects the contributions of very
well-known experts in monetary and central banking theory and
presents the results of original research specially geared to
understanding the implications of general economic theory for
emerging and transitional economies. The significant and very rapid
changes in the nature of good monetary transmission mechanisms
require the adaptation of traditional theories to new realities.
Such need is most pressing in transitional andemerging countries
which lack experience and depth in their financial markets. In this
book the particular requirements of these economies are integrated
into the main macroeconomic monetary theories. The volume also
includes analyses of a number of current issues such as capital
flows, currency crises, currency boards, and the implications of
European Monetary Union for transition economies.
While policy makers need to be focused on achieving and sustaining
basic macroeconomic stability in the transition of economies from a
socialist to a market orientation, financial institutions and
reforms play a particularly crucial role in this transformation.
The essays in this collection offer overviews of issues in banking
sector reform and capital markets as well as specific perspectives
on the financial sectors in changing economies of Central and
Eastern Europe, China and Israel. The editors and contributors
explore the questions of how much focus needs to be given to
macroeconomic stabilization vis-a-vis the dynamics of the financial
sector, what may be appropriate time frames for dealing with
immediate and longer-term financial problems, and how trends toward
economic globalization interact with financial development in
transition countries. Original versions of the essays were
presented at the Second Dubrovnik Conference on Transition
Economies organized by the National Bank of Croatia in June 1996.
While policy makers need to be focused on achieving and sustaining
basic macroeconomic stability in the transition of economies from a
socialist to a market orientation, financial institutions and
reforms play a particularly crucial role in this transformation.
The essays in this collection offer overviews of issues in banking
sector reform and capital markets as well as specific perspectives
on the financial sectors in changing economies of Central and
Eastern Europe, China and Israel. The editors and contributors
explore the questions of how much focus needs to be given to
macroeconomic stabilization vis-a-vis the dynamics of the financial
sector, what may be appropriate time frames for dealing with
immediate and longer-term financial problems, and how trends toward
economic globalization interact with financial development in
transition countries. Original versions of the essays were
presented at the Second Dubrovnik Conference on Transition
Economies organized by the National Bank of Croatia in June 1996.
The essays in this volume explore the special type of policies that
were needed in the post-socialist countries of Eastern Europe and
the former Soviet Union in order to reduce inflation and to stop
the fall in output that followed the collapse of Communism. The
book contains a number of general studies that discuss the type of
reforms needed and how they condition policies and analyse the
aggregate relationship between reducing inflation, implementing
structural reforms, and renewing the process of growth. It includes
a number of country studies (on the Baltics, Croatia, Hungary,
Poland, Slovenia and the Ukraine) about their stabilization
experiences. Thus the emerging picture is one of renewal of growth
in those countries that proceeded early and with the determination
to implement market-oriented reforms and to stabilize their
macroeconomy, and of gradual and slow stabilization of output in
those countries that entered the process only very recently.
The essays in this volume explore the special type of policies that
were needed in the post-socialist countries of Eastern Europe and
the former Soviet Union in order to reduce inflation and to stop
the fall in output that followed the collapse of Communism. The
book contains a number of general studies that discuss the type of
reforms needed and how they condition policies and analyse the
aggregate relationship between reducing inflation, implementing
structural reforms, and renewing the process of growth. It includes
a number of country studies (on the Baltics, Croatia, Hungary,
Poland, Slovenia and the Ukraine) about their stabilization
experiences. Thus the emerging picture is one of renewal of growth
in those countries that proceeded early and with the determination
to implement market-oriented reforms and to stabilize their
macroeconomy, and of gradual and slow stabilization of output in
those countries that entered the process only very recently.
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