Common issues emerging from the recent experience with IMF-supported programs in Hungary, Poland, Czechoslovakia, Bulgaria, and Romania are analyzed. These comprise the initial price overshooting and output collapse and the financial and structural problems associated with bad loan portfolios and sluggish implementation of privatization programs. Substantial success has been achieved in the initial microstabilization and opening-up effort. But difficulties with fiscal and monetary control may be emerging as a result of social and political pressures and unclear policy signals on the micro issues involving the structural transformation of the productive and financial systems.

Abstract

Common issues emerging from the recent experience with IMF-supported programs in Hungary, Poland, Czechoslovakia, Bulgaria, and Romania are analyzed. These comprise the initial price overshooting and output collapse and the financial and structural problems associated with bad loan portfolios and sluggish implementation of privatization programs. Substantial success has been achieved in the initial microstabilization and opening-up effort. But difficulties with fiscal and monetary control may be emerging as a result of social and political pressures and unclear policy signals on the micro issues involving the structural transformation of the productive and financial systems.

Volume 39 Index

Volume 39 (1992) comprises four issues, as follows:

March, pages 1–210

June, pages 211–464

September, pages 465–740

December, pages 741–987

Authors

Agénor, Pierre-Richard, Jagdeep S, Bhandari, and Robert P. Flood. Speculative Attacks and Models of Balance of Payments Crises 357

Agénor, Pierre-Richard, and Mark P. Taylor. Testing for Credibility Effects 545

Agénor, Pierre-Richard, and Robert P. Flood. Unification of Foreign Exchange Markets 923

Aizenman, Joshua. Exchange Rate Flexibility, Volatility, and Domestic and Foreign Direct Investment 890

Arnold, Ivo J.M. The Derivation of the Liquidity Ratio in the EMS: Comment on Kremers and Lane 195

Barr, David. The Demand for Money in Europe: Comment on Kremers and Lane 718

Bayoumi, Tamim. The Effect of the ERM on Participating Economies 330

Bhandari, Jagdeep S., Pierre-Richard Agénor, and Robert P. Flood. Speculative Attacks and Models of Balance of Payments Crises 357

Blejer, Mario I., and Carlo Cottarelli. Forced Saving and Repressed Inflation in the Soviet Union, 1986–90: Some Empirical Results 256

Boote, Anthony, Assessing Eastern Europe’s Capital Needs 948

Bruno, Michael. Stabilization and Reform in Eastern Europe: A Preliminary Evaluation 741

Chadha, Bankim, Paul R. Masson, and Guy Meredith. Models of Inflation and the Costs of Disinflation 395

Cnossen, Sijbren. Key Questions in Considering a Value-Added Tax for Central and Eastern European Countries 211

Cottarelli, Carlo, and Mario I. Blejer. Forced Saving and Repressed Inflation in the Soviet Union, 1986–90: Some Empirical Results 256

DeRosa, Dean A. Increasing Export Diversification in Commodity Exporting Countries: A Theoretical Analysis 572

Dinopoulos, Elias, and Timothy D. Lane. Market Liberalization Policies in a Reforming Socialist Economy 465

Dixit, Avinash. Theory and Policy: Reply to Tanzi 967

El-Erian, Mohamed A. Restoration of Access to Voluntary Capital Market Financing: The Recent Latin American Experience 175

Faruqee, Hamid. Dynamic Capital Mobility in Pacific Basin Developing Countries: Estimation and Policy Implications 706

Flood, Robert P., Pierre-Richard Agénor, and Jagdeep S. Bhandari. Speculative Attacks and Models of Balance of Payments Crises 357

Flood, Robert P., and Pierre-Richard Agenor. Unification of Foreign Exchange Markets 923

Guidotti, Pablo E., and Carlos A. Rodriguez. Dollarization in Latin America: Gresham’s Law in Reverse 518

Guide, Anne-Marie, and Holger C. Wolf, The Causes of Real Exchange Rate Variability: A Heretic View from the Interwar Period 696

Hardy, Daniel C. Soft Budget Constraints, Firm Commitments, and the Social Safety Net 310

Hardy, Daniel C, and Ashok Kumar Lahiri. Bank Insolvency and Stabilization in Eastern Europe 778

Hoffmaister, Alexander. The Cost of Export Subsidies: Evidence from Costa Rica 148

Husain, Aasim M., and Ratna Sahay. Does Sequencing of Privatization Matter in Reforming Planned Economies? 801

Kremers, Jeroen J.M., and Timothy D. Lane. The Derivation of the Liquidity Ratio in the EMS: Reply to Arnold 203

Kremers, Jeroen J.M., and Timothy D. Lane. The Demand for Money in Europe: Reply to Barr 730

Kumar, Manmohan S. The Forecasting Accuracy of Crude Oil Futures Prices 432

Lahiri, Ashok Kumar, and Daniel C. Hardy, Bank Insolvency and Stabilization in Eastern Europe 778

Lane, Timothy D., and Jeroen J.M. Kremers. The Derivation of the Liquidity Ratio in the EMS: Reply to Arnold 203

Lane, Timothy D., and Elias Dinopoulos. Market Liberalization Policies in a Reforming Socialist Economy 465

Lane, Timothy D., and Jeroen J.M. Kremers. The Demand for Money in Europe: Reply to Barr 730

Lane, Timothy D. Household Demand for Money in Poland: Theory and Evidence 825

MacDonald, Ronald, and Mark P. Taylor. Exchange Rate Economics: A Survey 1

Masson, Paul R. Portfolio Preference Uncertainty and Gains from Policy Coordination 101

Masson, Paul R., Bankim Chadha, and Guy Meredith. Models of Inflation and the Costs of Disinflation 395

Mendoza, Enrique G. Fisherian Transmission and Efficient Arbitrage Under Partial Financial Indexation: The Case of Chile 121

Mendoza, Enrique G. The Effects of Macroeconomic Shocks in a Basic Equilibrium Framework 855

Meredith, Guy, Bankim Chadha, and Paul R. Masson. Models of Inflation and the Costs of Disinflation 395

Montiel, Peter J., and Jonathan D. Ostry. Real Exchange Rate Targeting Under Capital Controls: Can Money Provide a Nominal Anchor? 58

Osband, Kent. Index Number Biases During Price Liberalization 287

Ostry, Jonathan D., and Peter J. Montiel. Real Exchange Rate Targeting Under Capital Controls: Can Money Provide a Nominal Anchor? 58

Ostry, Jonathan D., and Carmen M. Reinhart. Private Saving and Terms of Trade Shocks: Evidence from Developing Countries 495

Reinhart, Carmen M., and Jonathan D. Ostry. Private Saving and Terms of Trade Shocks: Evidence from Developing Countries 495

Rodriguez, Carlos A., and Pablo E. Guidotti, Dollarization in Latin America: Gresham’s Law in Reverse? 518

Sahay, Ratna, and Aasim M. Husain. Does Sequencing of Privatization Matter in Reforming Planned Economies? 801

Savastano, Miguel A. Collapse of a Crawling Peg Regime in the Presence of a Government Budget Constraint 79

Scott, Louis O. The Information Content of Prices in Derivative Security Markets 596

Tanzi, Vito. Theory and Policy: A Comment on Dixit and on Current Tax Policy 957

Taylor, Mark P., and Ronald MacDonald. Exchange Rate Economics: A Survey 1

Taylor, Mark P., and Pierre-Richard Agenor. Testing for Credibility Effects 545

Végh, Carlos A. Stopping High Inflation: An Analytical Overview 626

Wolf, Holger C., and Anne-Marie Guide. The Causes of Real Exchange Rate Variability: A Heretic View from the Interwar Period 696

Titles

Assessing Eastern Europe’s Capital Needs. By Anthony Boote 948

Bank Insolvency and Stabilization in Eastern Europe. By Daniel C. Hardy and Ashok Kumar Lahiri 778

The Causes of Real Exchange Rate Variability: A Heretic View from the Interwar Period, By Anne-Marie Guide and Holger C. Wolf 696

Collapse of a Crawling Peg Regime in the Presence of a Government Budget Constraint. By Miguel A. Savastano 79

The Cost of Export Subsidies: Evidence from Costa Rica. By Alexander Hoffmaister 148

The Demand for Money in Europe: Comment on Kremers and Lane. By David Barr 718

The Demand for Money in Europe: Reply to Barr. By Jeroen J.M. Kremers and Timothy D. Lane 730

The Derivation of the Liquidity Ratio in the EMS: Comment on Kremers and Lane. By Ivo J.M. Arnold 195

The Derivation of the Liquidity Ratio in the EMS: Reply to Arnold. By Jeroen J.M. Kremers and Timothy D. Lane 203

Does Sequencing of Privatization Matter in Reforming Planned Economies? By Aasim M. Husain and Ratna Sahay 801

Doliarization in Latin America: Gresham’s Law in Reverse? By Pablo E. Guidoni and Carlos A, Rodriguez 518

Dynamic Capital Mobility in Pacific Basin Developing Countries: Estimation and Policy Implications. By Hamid Faruqee 706

The Effect of the ERM on Participating Economies. By Tamim Bayoumi 330

The Effects of Macroeconomic Shocks in a Basic Equilibrium Framework. By Enrique G. Mendoza 855

Exchange Rate Economics: A Survey. By Ronald MacDonald and Mark P. Taylor 1

Exchange Rate Flexibility, Volatility, and Domestic and Foreign Direct Investment. By Joshua Aizenman 890

Fisherian Transmission and Efficient Arbitrage Under Partial Financial Indexation: The Case of Chile. By Enrique G. Mendoza 121

Forced Saving and Repressed Inflation in the Soviet Union, 1986–90: Some Empirical Results. By Carlo Cottarelli and Mario I. Blejer.. 256

The Forecasting Accuracy of Crude Oil Futures Prices. By Manmohan S. Kumar 432

Household Demand for Money in Poland: Theory and Evidence. By Timothy D. Lane 825

Increasing Export Diversification in Commodity Exporting Countries: A Theoretical Analysis. By Dean A. DeRosa 572

Index Number Biases During Price Liberalization. By Kent Osband .... 287

The Information Content of Prices in Derivative Security Markets. By Louis O. Scott 596

Key Questions in Considering a Value-Added Tax for Central and Eastern European Countries. By Sijbren Cnossen 211

Market Liberalization Policies in a Reforming Socialist Economy. By Elias Dinopoulos and Timothy D. Lane 465

Models of Inflation and the Costs of Disinflation. By Bankim Chadha, Paul R. Masson, and Guy Meredith 395

Portfolio Preference Uncertainty and Gains from Policy Coordination. By Paul R. Masson 101

Private Saving and Terms of Trade Shocks: Evidence from Developing Countries. By Jonathan D. Ostry and Carmen M. Reinhart 495

Real Exchange Rate Targeting Under Capital Controls: Can Money Provide a Nominal Anchor? By Peter J. Montiel and Jonathan D. Ostry 58

Restoration of Access to Voluntary Capital Market Financing: The Recent Latin American Experience. By Mohamed A. El-Erian 175

Soft Budget Constraints, Firm Commitments, and the Social Safety Net. By Daniel C. Hardy 310

Speculative Attacks and Models of Balance of Payments Crises. By Pierre-Richard Agénor, Jagdeep S. Bhandari, and Robert P, Flood 357

Stabilization and Reform in Eastern Europe: A Preliminary Evaluation. By Michael Bruno 741

Stopping High Inflation: An Analytical Overview. By Carlos A. Végh .. 626

Testing for Credibility Effects. By Pierre-Richard Agenor and Mark P. Taylor 545

Theory and Policy: A Comment on Dixit and on Current Tax Policy. By Vito Tanzi 957

Theory and Policy: Reply to Tanzi. By Avinash Dixit 967

Unification of Foreign Exchange Markets. By Pierre-Richard Agénor and Robert P. Flood 923

Subjects

To facilitate electronic storage and retrieval of bibliographic data, Staff Papers has adopted the subject classification scheme of the Journal of Economic Literature (Nashville, Tennessee).

A General Economics and Teaching

A10 General The Forecasting Accuracy of Crude Oil Futures Prices. By Manmohan S. Kumar 432

C Mathematical and Quantitative Methods

C22 Time-Series Models The Cost of Export Subsidies: Evidence from Costa Rica. By Alexander Hoftmaister 148

The Forecasting Accuracy of Crude Oil Futures Prices. By Manmohan S. Kumar 432

C4 Econometric and Statistical Methods: Special Topics Testing for Credibility Effects. By Pierre-Richard Agénor and Mark P. Taylor 545

C43 Index Numbers and Aggregation Index Number Biases During Price Liberalization. By Kent Osband 287

C52 Model Evaluation and Testing The Forecasting Accuracy of Crude Oil Futures Prices. By Manmohan S. Kumar 432

C73 Stochastic and Dynamic Games Portfolio Preference Uncertainty and Gains from Policy Coordination. By Paul R. Masson 101

D Microeconomics

D12 Consumer Economics: Empirical Analysis Forced Saving and Repressed Inflation in the Soviet Union, 1986–90: Some Empirical Results. By Carlo Cottarelli and Mario I. Blejer 256

D78 Positive Analysis of Policymaking and Implementation Soft Budget Constraints, Firm Commitments, and the Social Safety Net. By Daniel C. Hardy 310

E Macroeconomics and Monetary Economics

E21 Consumption; Saving Forced Saving and Repressed Inflation in the Soviet Union, 1986–90: Some Empirical Results. By Carlo Cottarelli and Mario I. Blejer 256

Private Saving and Terms of Trade Shocks: Evidence from Developing Countries. By Jonathan D. Ostry and Carmen M. Reinhart 495

E22 Capital; Investment (Including Inventories) Assessing Eastern Europe’s Capital Needs. By Anthony Boote .. 948

E3 Prices, Business Fluctuations, and Cycles Testing for Credibility Effects. By Pierre-Richard Agénor and Mark P. Taylor 545

E31 Price Level; Inflation; Deflation Models of Inflation and the Costs of Disinflation. By Bankim Chadha, Paul R. Masson, and Guy Meredith 395

The Causes of Real Exchange Rate Variability: A Heretic View from the Interwar Period. By Anne-Marie Guide and Holger C. Wolf 696

E32 Business Fluctuations; Cycles The Effects of Macroeconomic Shocks in a Basic Equilibrium Framework. By Enrique G. Mendoza 855

E37 Forecasting and Simulation The Forecasting Accuracy of Crude Oil Futures Prices. By Manmohan S. Kumar 432

E4 Money and Interest Rates Dollarization in Latin America: Gresham’s Law in Reverse? By Pablo E. Guidotti and Carlos A. Rodriguez 518

E41 Demand for Money Forced Saving and Repressed Inflation in the Soviet Union, 1986–90: Some Empirical Results, By Carlo Cottarelli and Mario L Blejer 256

Household Demand for Money in Poland: Theory and Evidence. By Timothy D. Lane 825

E42 Monetary Standards and Regimes; Government and the Monetary System Speculative Attacks and Models of Balance of Payments Crises. By Pierre-Richard Agenor, Jagdeep S. Bhandari, and Robert P. Flood 357

E43 Determination of Interest Rates; Term Structure of Interest Rates Fisherian Transmission and Efficient Arbitrage Under Financial Indexation; The Case of Chile. By Enrique G. Mendoza 121

Dynamic Capital Mobility in Pacific Basin Developing Countries: Estimation and Policy Implications. By Hamid Faruqee 706

E44 Financial Markets and the Macroeconomy Portfolio Preference Uncertainty and Gains from Policy Coordination. By Paul R. Masson 101

Fisherian Transmission and Efficient Arbitrage Under Financial Indexation: The Case of Chile. By Enrique G. Mendoza 121

Bank Insolvency and Stabilization in Eastern Europe. By Daniel C. Hardy and Ashok Kumar Lahiri 778

E52 Monetary Policy (Targets, Instruments, and Effects) Real Exchange Rate Targeting Under Capital Controls: Can Money Provide a Nominal Anchor? By Peter J. Montiel and Jonathan D. Ostry 58

Portfolio Preference Uncertainty and Gains from Policy Coordination. By Paul R. Masson 101

Fisherian Transmission and Efficient Arbitrage Under Financial Indexation: The Case of Chile. By Enrique G. Mendoza 121

Models of Inflation and the Costs of Disinflation. By Bankim Chadha, Paul R. Masson, and Guy Meredith 395

E6 Macro economic Aspects of Public Finance, Macroeconomic Policy, and General Outlook Testing for Credibility Effects. By Pierre-Richard Agenor and Mark P. Taylor 545

E61 Policy Objectives; Policy Designs and Consistency; Policy Coordination Real Exchange Rate Targeting Under Capital Controls: Can Money Provide a Nominal Anchor? By Peter J. Montiel and Jonathan D. Ostry 58

E63 Comparative or Joint Analysis of Fiscal and Monetary or Stabilization Policy Stabilization and Reform in Eastern Europe: A Preliminary Evaluation. By Michael Bruno 741

E65 Studies of Particular Policy Episodes Stabilization and Reform in Eastern Europe: A Preliminary Evaluation. By Michael Bruno 741

F International Economics

F11 Neoclassical Models of Trade Increasing Export Diversification in Commodity Exporting Countries: A Theoretical Analysis. By Dean A. DeRosa 572

F13 Commercial Policy; Protection; Promotion; Trade Negotiations The Cost of Export Subsidies: Evidence from Costa Rica. By Alexander Hoffmaister 148

F15 Economic Integration Increasing Export Diversification in Commodity Exporting Countries: A Theoretical Analysis. By Dean A. DeRosa 572

F17 Trade Forecasting and Simulation The Cost of Export Subsidies: Evidence from Costa Rica. By Alexander Hoffmaister 148

F21 International Investment; Long-Term Capital Movements Dynamic Capital Mobility in Pacific Basin Developing Countries: Estimation and Policy Implications, By Hamid Faruqee 706

Exchange Rate Flexibility, Volatility, and Domestic and Foreign Direct Investment. By Joshua Aizenman 890

F30 International Fianance—General Exchange Rate Economics: A Survey. By Ronald MacDonald and Mark P. Taylor 1

F31 Exchange Rates; Foreign Exchange Intervention Real Exchange Rate Targeting Under Capital Controls: Can Money Provide a Nominal Anchor? By Peter J. Montiel and Jonathan D. Ostry 58

Collapse of a Crawling Peg Regime in the Presence of a Government Budget Constraint. By Miguel A. Savastano 79

Portfolio Preference Uncertainty and Gains from Policy Coordination. By Paul R. Masson 101

Speculative Attacks and Models of Balance of Payments Crises. By Pierre-Richard Agénor, Jagdeep S. Bhandari, and Robert P. Flood 357

Unification of Foreign Exchange Markets. By Pierre-Richard Agénor and Robert P. Flood 923

F32 Current Account Adjustment; Short-Term Capital Movements Private Saving and Terms of Trade Shocks: Evidence from Developing Countries. By Jonathan D. Ostry and Carmen M. Reinhart 495

F33 International Monetary Arrangements and Institutions The Effect of the ERM on Participating Economies. By Tamim Bayoumi 330

The Causes of Real Exchange Rate Variability: A Heretic View from the Interwar Period. By Anne-Marie Guide and Holger C. Wolf 696

F34 International Lending and Debt Problems Restoration of Access to Voluntary Capital Market Financing: The Recent Latin American Experience. By Mohamed A. E1-Erian 175

F36 Financial Aspects of Economic Integration The Effect of the ERM on Participating Economies. By Tamim Bayoumi 330

Increasing Export Diversification in Commodity Exporting Countries: A Theoretical Analysis. By Dean A. DeRosa 572

Exchange Rate Flexibility, Volatility, and Domestic and Foreign Direct Investment. By Joshua Aizenman 890

F4 Macroeconomic Aspects of International Trade and Finance Exchange Rate Flexibility, Volatility, and Domestic and Foreign Direct Investment. By Joshua Aizenman 890

F41 Open Economy Macroeconomics Exchange Rate Economics: A Survey. By Ronald MacDonald and Mark P. Taylor 1

Real Exchange Rate Targeting Under Capital Controls: Can Money Provide a Nominal Anchor? By Peter J. Montiel and Jonathan D. Ostry 58

Collapse of a Crawling Peg Regime in the Presence of a Government Budget Constraint. By Miguel A. Savastano 79

Speculative Attacks and Models of Balance of Payments Crises. By Pierre-Richard Agenor, Jagdeep S. Bhandari, and Robert P. Flood 357

Private Saving and Terms of Trade Shocks: Evidence from Developing Countries. By Jonathan D. Ostry and Carmen M. Reinhart 495

Dollarization in Latin America: Gresham’s Law in Reverse? By Pablo E. Guidotti and Carlos A. Rodriguez 518

Stopping High Inflation: An Analytical Overview. By Carlos A. Végh 626

Stabilization and Reform in Eastern Europe: A Preliminary Evaluation. By Michael Bruno 741

Unification of Foreign Exchange Markets. By Pierre-Richard Agénor and Robert P. Flood 923

F42 International Policy Coordination The Effect of the ERM on Participating Economies. By Tamim Bayoumi 330

G Financial Economics

G12 Asset Pricing The Information Content of Prices in Derivative Security Markets. By Louis O. Scott 596

G13 Contingent Pricing; Futures Pricing The Information Content of Prices in Derivative Security Markets. By Louis O. Scott 596

G14 Information and Market Efficiency The Information Content of Prices in Derivative Security Markets. By Louis O. Scott 596

G15 International Financial Markets Restoration of Access to Voluntary Capital Market Financing: The Recent Latin American Experience. By Mohamed A. El-Erian 175

Dynamic Capital Mobility in Pacific Basin Developing Countries: Estimation and Policy Implications. By Hamid Faruqee 706

G21 Banks; Other Depository Institutions; Mortgages Bank Insolvency and Stabilization in Eastern Europe. By Daniel C. Hardy and Ashok Kumar Lahiri 778

H Public Economies

H6 National Budget, Deficit, and Debt

H20 Taxation and Subsidies—General Key Questions in Considering a Value-Added Tax for Central and Eastern European Economies. By Sijbren Cnossen 211

Theory and Policy: A Comment on Dixit and on Current Tax Theory. By Vito Tanzi 957

H21 Efficiency; Optimal Taxation Theory and Policy: A Comment on Dixit and on Current Tax Theory. By Vito Tanzi 957

H24 Income and Other Nonbusiness Taxes Theory and Policy: A Comment on Dixit and on Current Tax Theory. By Vito Tanzi 957

H32 Fiscal Policies and Behavior of Economic Agents—Firm Soft Budget Constraints, Firm Commitments, and the Social Safety Net. By Daniel C. Hardy 310

H73 Interjurisdictional Differentials and Their Effects Key Questions in Considering a Value-Added Tax for Central and astern European Economies. By Sijbren Cnossen 211

J Labor and Demographic Economics

J65 Unemployment Insurance; Severance Pay; Plant Closings Soft Budget Constraints, Firm Commitments, and the Social Safety Net. By Daniel C. Hardy 310

L Industrial Organization

L10 Market Structure, Firm Strategy, and Market Performance—General Does Sequencing of Privatization Matter in Reforming Planned Economies? By Aasim M. Husain and Ratna Sahay 801

N Economic History

N1 Macroeconomics; Growth and Fluctuations The Effects of Macroeconomic Shocks in a Basic Equilibrium Framework. By Enrique G. Mendoza 855

N24 Financial Markets and Institutions—Europe: 1913–71 The Causes of Real Exchange Rate Variability: A Heretic View from the Interwar Period, By Anne-Marie Guide and Holger C. Wolf 696

O Economic Development, Technological Change, and Growth

O10 Economic Development—General Private Saving and Terms of Trade Shocks: Evidence from Developing Countries. By Jonathan D. Ostry and Carmen M. Reinhart 495

O11 Macro economic Analyses of Economic Development Assessing Eastern Europe’s Capital Needs. By Anthony Boote... 948

O52 Economy-Wide Country Studies—Europe Assessing Eastern Europe’s Capital Needs. By Anthony Boote,.. 948

O53 Economy-Wide Country Studies—Asia, Including Middle East Private Saving and Terms of Trade Shocks: Evidence from Developing Countries. By Jonathan D. Ostry and Carmen M. Reinhart 495

O54 Economy-Wide Country Studies—Latin America; Caribbean Restoration of Access to Voluntary Capita! Market Financing: The Recent Latin American Experience. By Mohamed A. El-Erian 175

Private Saving and Terms of Trade Shocks: Evidence from Developing Countries. By Jonathan D. Ostry and Carmen M. Reinhart 495

O55 Economy-Wide Country Studies—Africa Private Saving and Terms of Trade Shocks: Evidence from Developing Countries. By Jonathan D. Ostry and Carmen M. Reinhart 495

O57 Comparative Studies of Countries Key Questions in Considering a Value-Added Tax for Central and Eastern European Countries. By Sijbren Cnossen 211

P Economic Systems

P21 Planning and Coordination of Socialist Economies Market Liberalization Policies in a Reforming Socialist Economy. By Elias Dinopoulos and Timothy D. Lane 465

Bank Insolvency and Stabilization in Eastern Europe. By Daniel C. Hardy and Ashok Kumar Lahiri 778

Does Sequencing of Privatization Matter in Reforming Planned Economies? By Aasim M. Husain and Ratna Sahay 801

P22 Prices Forced Saving and Repressed Inflation in the Soviet Union, 1986–90: Some Empirical Results. By Carlo Cottarelli and Mario I. Blejer 256

P24 Income Measurement and Growth Index Number Biases During Price Liberalization. By Kent Osband 287

P26 Political Economy of Socialism Soft Budget Constraints, Firm Commitments, and the Social Safety Net. By Daniel C. Hardy 310

P27 Socialist Systems—Performance and Prospects Bank Insolvency and Stabilization in Eastern Europe. By Daniel C. Hardy and Ashok Kumar Lahiri 778

P31 Socialist Enterprises Market Liberalization Policies in a Reforming Socialist Economy. By Elias Dinopoulos and Timothy D. Lane 465

P33 Socialist Institutions—Foreign Trade and Investment Market Liberalization Policies in a Reforming Socialist Economy. By Elias Dinopoulos and Timothy D. Lane 465

P34 Socialist Institutions—Finance Bank Insolvency and Stabilization in Eastern Europe. By Daniel C. Hardy and Ashok Kumar Lahiri 778

Household Demand for Money in Poland: Theory and Evidence. By Timothy D. Lane 825

A12lev3sec17

In statistical matter throughout this issue,

dots (…) indicate that data are not available;

a dash (—) indicates that the figure is zero or less than half the final digit shown, or that the item does not exist;

a single dot (.) indicates decimals;

a comma (,) separates thousands and millions;

“billion” means a thousand million, and “trillion” means a thousand billion;

a short dash (–) is used between years or months (for example, 1990–92 or January-October) to indicate a total of the years or months inclusive of the beginning and ending years or months;

a stroke (/) is used between years (for example, 1991/92) to indicate a fiscal year or a crop year;

a colon (:) is used between a year and the number indicating a quarter within that year (for example, 1992:2);

components of tables may not add to totals shown because of rounding.