Front Matter

Front Matter

Guillermo Calvo, Eduardo Borensztein, Paul Masson, and Manmohan Kumar
Published Date:
February 1993
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    © 1993 International Monetary Fund

    Cataloging-in-Publication Data

    Financial sector reforms and exchange arrangements in Eastern Eu-rope / [two papers by Guillermo A. Calvo … et al.].

    • p. cm. — (Occasional Paper / International Monetary Fund,
    • ISSN 0251-6365 ; no. 102)
    • Includes bibliographical references.
    • Contents: Pt. 1. Financial markets and intermediation / Guillermo A. Calvo and Manmohan S. Kumar — Pt. 2. Exchange arrangements of previously centrally planned economies / Eduardo Borensztein and Paul R. Masson.
    • ISBN 1-55775-279-6 : $15.00
    • 1. Financial institutions — Europe, Eastern. 2. Foreign exchange— Europe, Eastern. 3. Capital market — Europe, Eastern. 4. Banks and banking—Europe, Eastern. 5. Monetary policy — Europe, Eastern. 6. Privatization — Europe, Eastern. I. Calvo, Guillermo. II. Series : Occasional paper (International Monetary Fund) ; no. 102.

    HG186. E82F57 1993 92-45213

    332.1 ’0947—dc20 CIP

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    The following symbols have been used throughout this paper:

    • … to indicate that data are not available;
    • — to indicate that the figure is zero or less than half the final digit shown, or that the item does not exist;
    • – between years or months (e.g., 1991–92 or January-June) to indicate the years or months covered, including the beginning and ending years or months;
    • / between years (e.g., 1991/92) to indicate a crop or fiscal (financial) year.

    “Billion” means a thousand million.

    Minor discrepancies between constituent figures and totals are due to rounding.

    The term “country,” as used in this paper, does not in all cases refer to a territorial entity that is a state as understood by international law and practice; the term also covers some territorial entities that are not states, but for which statistical data are maintained and provided internationally on a separate and independent basis.


    The papers in this volume were originally prepared in early 1992 for discussion in the Fund’s Executive Board. They deal with two of the key issues facing the economies in transition in Eastern Europe: how to develop their financial sectors along market lines and what type of exchange arrangements to adopt. The first paper discusses developments in the financial sector and constraints on the performance of recently constituted commercial banks, as well as issues related to privatization, stabilization policies, and prudential supervision. The second paper discusses the extent to which exchange arrangements in these countries have contributed to the reform process and the restructuring under way. Events may have already overtaken some of the information in this paper, reflecting the rapid changes occurring in these economies as well as the usual time lags between preparation and publication.

    The authors of Part I of this Occasional Paper are indebted to Ajai Chopra, Eric Clifton, David Coe, Omotunde Johnson, Mark Stone, Nissanke Weerasinghe, and, especially, to Peter Wickham for very useful comments and suggestions on earlier drafts of the paper. They would also like to express appreciation to Marco Lari for excellent research assistance.

    Part II, prepared by Eduardo Borensztein and Paul R. Masson, benefited from comments by Charles Adams, David Burton, and Bankim Chadha. The authors would like to thank Youkyong Kwon for research assistance.

    The authors of both papers are grateful to David Folkerts-Landau, Timothy Lane, Donald Mathieson, and, especially, Peter Isard for their valuable comments. They would like to thank other colleagues in European I and the Policy Development and Review Department for comments and for furnishing data. Margaret Casey and Elisa Diehl of the External Relations Department edited the papers and coordinated production, and Alicia Etchebarne-Bourdin, also of the External Relations Department, provided typesetting assistance. The views expressed here, as well as any errors, are the sole responsibility of the authors and do not reflect the opinions of the IMF Executive Board or IMF staff.

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