Front Matter

Front Matter Page

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.

Telephone: (202) 623-8300 • Fax Number: (202) 623-4738.

Pamela Bradley


Laura Wallace


Gita Bhatt


Luisa Watson


Martha Bonilla


June Lavin


Jessie Hamilton



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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  • Issues in Transition
  • The Ruble Area: A Breaking of Old Ties?
  • Grant Spencer & Adrienne Cheasty
  • Intergovernmental Finance: Critical to Russia’s Transformation?
  • Jennie Litvack & Christine Wallich
  • Guest Article
  • Privatization in Eastern Europe: Is the State Withering Away?
  • Roman Frydman & Andrzej Rapaczynski
  • Privatization: Expectations, Trade-offs, and Results
  • Gerd Schwartz & Paulo Silva Lopes
  • Prejudice and Fact in Poland’s Industrial Transformation
  • Ian Hume & Brian Pinto
  • Reforming Social Security Systems
  • George Kopits
  • Protecting the Poor: Social Safety Nets During Transition
  • Ke-Young Chu & Sanjeev Gupta
  • The Experience with Floating Rates
  • Peter Quirk & Hernán Cortés-Douglas
  • The Theory of Optimum Currency Areas Revisited
  • George Tavlas
  • War to Peace Transition in Uganda
  • Nat Colletta & Nicole Ball
  • Where We Stand with Renewable Energy
  • Dennis Anderson & Kulsum Ahmed
  • Megacities and the Environment
  • Michael Cohen
  • Books
  • North American Free Trade edited by Nora Lustig, Barry P. Bosworth, and Robert Z. Lawrence
  • John Nash
  • Who’s Bashing Whom? by Laura d’Andrea Tyson
  • J. Michael Finger
  • Renewable Energy: Sources for Fuels and Electricity edited by Thomas B. Johansson et al.
  • Kenneth King
  • Population and Development in Poor Countries by Julian L. Simon
  • William McGreevey
  • Vietnam at the Crossroads by Michael C. Williams
  • Vikram Khanna
  • Cuba After Communism by Eliana Cardoso and Ann Helwege
  • Erich Spitaeller

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.