FINANCE (&)DEVELOPMENT is published quarterly in English, Arabic, Chinese, French, German, Portuguese, and Spanish by the International Monetary Fund and the International Bank for Reconstruction and Deveiopment, Washington, DC 20431, USA.
Opinions expressed in articles and other materials are those of the authors; they do not necessarily reflect IMF or Bank policy.
Second class postage is paid at Washington, DC and at additional mailing offices. English edition printed at Lancaster Press, Lancaster, PA. Postmaster: please send change of address to Finance & Development, 700 19th Street. NW, Washington, DC 20431. English edition ISSN 0015-1947.
Masood Ahmed Nancy Birdsall Peter Clark Richard Hemming Naheed Kirmani Pierre Landell-Mills Anthony Lanyi Johannes Linn Gobind Nankani Orlando Roncesvalles Joanne Salop Brian Stuart
Financial Sector Reforms and Exchange Arrangements in Eastern Europe—
Two papers by Guillermo A. Calvo and ManmohanS. Kumar and Eduardo Borensztein and Paul R. Masson
The two papers included in Occasional Paper No. 102 draw from the brief yet radical reform experiences of five countries—Bulgaria, former Czechoslovakia, Hungary, Poland, and Romania. The first paper describes the financial sector reforms undertaken by these countries since the 1980s, as well as the problems encountered. It also discusses the roles privatization, stabilization policies, and prudential supervision can play in the financial sector development of these countries. The second paper analyzes the different exchange arrangements as they apply to previously centrally planned economies; examines the general arguments for convertibility in these countries; and considers the desirable degree of exchange rate flexibility.
Available in English. 59 pp. (paper) 1993. ISBN 1-55775-279-6 US$15.00. Stock # S0102-EA.
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Prejudice and Fact in Poland’s Industrial Transformation
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Megacities and the Environment
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The Editor welcomes views and comments from readers on the contents of the journal. The contents of Finance & Development may be quoted or reproduced without further permission. Due acknowledgement is requested.