The paper presents a model of optimum currency areas using a general equilibrium approach with regionally differentiated goods. The choice of a currency union depends upon the size of the underlying disturbances, the correlation between these disturbances, the costs of transactions across currencies, factor mobility across regions, and the interrelationships between demand for different goods. It is found that, while a currency union can raise the welfare of the regions within the union, it unambiguously lowers welfare for those outside the union. [JEL F33, F36]

Abstract

The paper presents a model of optimum currency areas using a general equilibrium approach with regionally differentiated goods. The choice of a currency union depends upon the size of the underlying disturbances, the correlation between these disturbances, the costs of transactions across currencies, factor mobility across regions, and the interrelationships between demand for different goods. It is found that, while a currency union can raise the welfare of the regions within the union, it unambiguously lowers welfare for those outside the union. [JEL F33, F36]

Volume 41 Index

Volume 41 (1994) comprises four issues, as follows:

March, pages 1–174

June, pages 175–382

September, pages 383–535

December, pages 537–704

Authors

Agénor, Pierre-Richard, and Robert P. Flood. Unification of Foreign Exchange Markets: A Rejoinder to Lai and Chang 171

Artis, Michael J., and Mark P. Taylor. The Stabilizing Effect of the ERM on Exchange Rates and Interest Rates: Some Nonparametric Tests 123

Batiño, Tomás J.T., Juhi Dhawan, and V. Sundararajan. Payments System Reforms and Monetary Policy in Emerging Market Economies in Central and Eastern Europe 383

Bayoumi, Tamim. A Formal Model of Optimum Currency Areas 537

Bazzoni, Stefania, and Karim Nashashibi. Exchange Rate Strategies and Fiscal Performance in Sub-Saharan Africa 76

Borensztein, Eduardo, and Carmen M Reinhart. The Macroeconomic Determinants of Commodity Prices 236

Calvo, Guillermo A., and Manmohan S. Kumar. Money Demand, Bank Credit, and Economic Performance in Former Socialist Economies 314

Calvo, Guillermo A., and Enrique G. Mendoza. Trade Reforms of Uncertain Duration and Real Uncertainty 555

Chang, Wen-ya, and Ching-chong Lai. Unification of Foreign Exchange Markets: A Comment on Agénor and Flood 163

Cottarelli, Carlo, and Angeliki Kourelis. Financial Structure, Bank Lending Rates, and the Transmission Mechanism of Monetary Policy 587

Davis, E.P., and S.G.B. Henry. The Use of Financial Spreads as Indicator Variables: Evidence for the United Kingdom and Germany 517

Dhawan, Juhi, Tomás J.T. Baliño, and V. Sundararajan. Payments System Reforms and Monetary Policy in Emerging Market Economies in Central and Eastern Europe 383

Ghosh, Atish R., and Jonathan D. Ostry. Export Instability and the External Balance in Developing Countries 214

Golub, Stephen S. Comparative Advantage, Exchange Rates, and Sectoral Trade Balances of Major Industrial Countries 286

Flood, Robert P., and Pierre-Richard Agénor. Unification of Foreign Exchange Markets: A Rejoinder to Lai and Chang 171

Halikias, Ioannis. Testing the Credibility of Belgium’s Exchange Rate Policy 350

Henry, S.G.B., and E.P. Davis. The Use of Financial Spreads as Indicator Variables: Evidence for the United Kingdom and Germany 517

Hooyman, Catharina J. The Use of Foreign Exchange Swaps by Central Banks 149

Isard, Peter. Realignment Expectations, Forward Rate Bias, and Intervention in an Optimizing Model of Exchange Rate Adjustment 435

Kourelis, Angeliki, and Carlo Cottarelli. Financial Structure, Bank Lending Rates, and the Transmission Mechanism of Monetary Policy 587

Kumar, Manmohan S., and Guillermo A. Calvo. Money Demand, Bank Credit, and Economic Performance in Former Socialist Economies 314

Lachman, Desmond. Budget Deficits and the Public Debt in Sweden 502

Lai, Ching-chong, and Wen-ya Chang. Unification of Foreign Exchange Markets: A Comment on Agénor and Flood 163

Lane, Timothy D., Alexander Sundakov, and Rolando Ossowski. Shortages Under Free Prices: The Case of Ukraine in 1992 411

Lequiller, François I., and Kimberly D. Zieschang. Drift in Producer Price Indexes for the Former Soviet Union Countries 526

Mendoza, Enrique G., and Guillermo A. Calvo. Trade Reforms of Uncertain Duration and Real Uncertainty 555

Montiel, Peter J., and Jonathan D. Ostry. The Parallel Market Premium: Is It a Reliable Indicator of Real Exchange Rate Misalignment in Developing Countries? 55

Mourmouras, Alex, and José A. Tijerina. Collection Lags and the Optimal Inflation Tax: A Reconsideration 30

Nashashibi, Karim, and Stefania Bazzoni. Exchange Rate Strategies and Fiscal Performance in Sub-Saharan Africa 76

Ossowski, Rolando, Alexander Sundakov, and Timothy D. Lane. Shortages Under Free Prices: The Case of Ukraine in 1992 411

Ostry, Jonathan D., and Atish R. Ghosh. Export Instability and the External Balance in Developing Countries 214

Ostry, Jonathan D., and Peter J. Montiel. The Parallel Market Premium: Is It a Reliable Indicator of Real Exchange Rate Misalignment in Developing Countries? 55

Perraudin, William and Thierry Pujol. A Framework for the Analysis of Pension and Unemployment Benefit Reform in Poland 643

Pujol, Thierry and William Perraudin. A Framework for the Analysis of Pension and Unemployment Benefit Reform in Poland 643

Ramaswamy, Ramana. The Structural Crisis in the Swedish Economy: Role of Labor Markets 367

Reinhart, Carmen M., and Eduardo Borensztein. The Macroeconomic Determinants of Commodity Prices 236

Reinhart, Carmen M., and Peter Wickham. Commodity Prices: Cyclical Weakness or Secular Decline? 175

Rousslang, Donald J., and Stephen P. Tokarick. The Trade and Welfare Consequences of U.S. Export-Enhancing Tax Provisions 675

Saint-Paul, Gilles. Do Labor Market Rigidities Fulfill Distributive Objectives? Searching for the Virtues of the European Model 624

Scacci avillani, Fabio. Long Memory Processes and Chronic Inflation: Detecting Homogenous Components in a Linear Rational Expectations Model 488

Sundakov, Alexander, Rolando Ossowski, and Timothy D. Lane. Shortages Under Free Prices: The Case of Ukraine in 1992 411

Sundararajan, V., Tomás J.T. Baliño, and Juhi Dhawan. Payments System Reforms and Monetary Policy in Emerging Market Economies in Central and Eastern Europe 383

Taylor, Mark P., and Michael J. Artis. The Stabilizing Effect of the ERM on Exchange Rates and Interest Rates: Some Nonparametric Tests 123

Tokarick, Stephen P., and Donald J. Rousslang. The Trade and Welfare Consequences of U.S. Export-Enhancing Tax Provisions 675

Thakur, Subhash. The “Hard” SDR: An Exploratory Analysis 460

Thomas, Alun H. Expected Devaluation and Economic Fundamentals 262

Tijerina, José A., and Alex Mourmouras. Collection Lags and the Optimal Inflation Tax; A Reconsideration 30

Villanueva, Delano, Openness, Human Development, and Fiscal Policies: Effects of Economic Growth and Speed of Adjustment 1

Wickham, Peter, and Carmen M. Reinhart. Commodity Prices: Cyclical Weakness or Secular Decline? 175

Zieschang, Kimberly D., and François I. Lequiller. Drift in Producer Price Indexes for the Former Soviet Union Countries 526

Titles

Budget Deficits and the Public Debt in Sweden. By Desmond Lachman 502

Collection Lags and the Optimal Inflation Tax: A Reconsideration. By Alex Mourmouras and José A. Tijerina 30

Commodity Prices: Cyclical Weakness or Secular Decline? By Carmen M. Reinhart and Peter Wickham 175

Comparative Advantage, Exchange Rates, and Sectoral Trade Balances of Major Industrial Countries. By Stephen S. Golub 286

Do Labor Market Rigidities Fulfill Distributive Objectives? Searching for the Virtues of the European Model. By Gilles Saint-Paul 624

Drift in Producer Price Indexes for the Former Soviet Union Countries. By François I. Lequiller and Kimberly D. Zieschang 526

Exchange Rate Strategies and Fiscal Performance in Sub-Saharan Africa. By Karim Nashashibi and Stefania Bazzoni 76

Expected Devaluation and Economic Fundamentals. By Alun H. Thomas 262

Export Instability and the External Balance in Developing Countries. By Atish R. Ghosh and Jonathan D. Ostry 214

Financial Structure, Bank Lending Rates, and the Transmission Mechanism of Monetary Policy. By Carlo Cottarelli and Angeliki Kourelis 587

A Framework for the Analysis of Pension and Unemployment Benefit Reform in Poland. By William Perraudin and Thierry Pujol 675

A Formal Model of Optimum Currency Areas. By Tamim Bayoumi 537

The “Hard” SDR: An Exploratory Analysis. By Subhash Thakur 460

Long Memory Processes and Chronic Inflation: Detecting Homogenous Components in a Linear Rational Expectations Model. By Fabio Scacciavillani 488

The Macroeconomia Determinants of Commodity Prices. By Eduardo Borensztein and Carmen M. Reinhart 236

Money Demand, Bank Credit, and Economic Performance in Former Socialist Economies. By Guillermo A. Calvo and Manmohan S. Kumar 314

Openness, Human Development, and Fiscal Policies: Effects of Economic Growth and Speed of Adjustment. By Delano Villanueva 1

The Parallel Market Premium: Is It a Reliable Indicator of Real Exchange Rate Misalignment in Developing Countries?. By Peter J. Montiel and Jonathan D. Ostry 55

Payments System Reforms and Monetary Policy in Emerging Market Economies in Central and Eastern Europe. By Tomás J.T. Baliño, Juhi Dhawan, and V. Sundararajan 383

Realignment Expectations, Forward Rate Bias, and Intervention in an Optimizing Model of Exchange Rate Adjustment. By Peter Isard 435

Shortages Under Free Prices: The Case of Ukraine in 1992. By Alexander Sundakov, Rolando Ossowski, and Timothy D. Lane 411

The Stabilizing Effect of the ERM on Exchange Rates and Interest Rates: Some Nonparametric Tests. By Michael J. Artis and Mark P. Taylor 123

The Structural Crisis in the Swedish Economy: Role of Labor Markets. By Ramana Ramaswamy 367

Testing the Credibility of Belgium’s Exchange Rate Policy. By Ioannis Halikias 350

The Trade and Welfare Consequences of U.S. Export-Enhancing Tax Provisions. By Donald J. Rousslang and Stephen P. Tokarick 675

Trade Reforms of Uncertain Duration and Real Uncertainty. By Guillermo A. Calvo and Enrique G. Mendoza 555

Unification of Foreign Exchange Markets: A Rejoinder to Lai and Chang. By Pierre-Richard Agénor and Robert P. Flood 171

Unification of Foreign Exchange Markets: A Comment on Agenor and Flood. By Ching-chong Lai and Wen-ya Chang 163

The Use of Financial Spreads as Indicator Variables: Evidence for the United Kingdom and Germany. By E.P. Davis and S.G.B. Henry 517

The Use of Foreign Exchange Swaps by Central Banks. By Camarina J. Hooyman 149

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).

C Mathematical and Quantitative Methods

C22 Time-Series Models
  • Commodity Prices; Cyclical Weakness or Secular Decline? By Carmen M. Reinhart and Peter Wickham 175

  • Long Memory Processes and Chronic Inflation; Detecting Homogenous Components in a Linear Rational Expectations Model. By Fabio Scacciavillani 488

C43 Index Numbers and Aggregation
  • Drift in Producer Price Indexes for the Former Soviet Union Countries. By François I. Lequiller and Kimberly D. Zieschang 526

C51 Model Construction and Estimation
  • The Use of Financial Spreads as Indicator Variables; Evidence for the United Kingdom and Germany. By E.P. Davis and S.G.B. Henry 517

C68 Computable General Equilibrium Models
  • The Trade and Welfare Consequences of U.S. Export-Enhancing Tax Provisions. By Donald J. Rousslang and Stephen P. Tokarick 675

C82 Methodology for Collecting, Estimating, and Organizing Macroeconomic Data
  • Drift in Producer Price Indexes for the Former Soviet Union Countries. By François I. Lequiller and Kimberly D. Zieschang 526

D Microeconomics

D40 Market Structure and Pricing—General
  • Shortages Under Free Prices: The Cake of Ukraine in 1992. By Alexander Sundakov, Rolando Ossowski, and Timothy D. Lane 411

E Macroeconomics and Monetary Economics

E21 Consumption; Saving
  • Export Instability and the External Balance in Developing Countries. By Atish R. Ghosh and Jonathan D. Ostry 214

E24 Employment; Unemployment; Wages
  • Do Labor Market Rigidities Fulfill Distributive Objectives? Searching for the Virtues of the European Model. By Gilles Saint-Paul 624

E3 Prices, Business Fluctuations, and Cycles
  • Commodity Prices; Cyclical Weakness or Secular Decline? By Carmen M. Reinhart and Peter Wickham 175

E30 Prices, Business Fluctuations, and Cycles—General
  • The Macroeconomic Determinants of Commodity Prices. By Eduardo Borensztein and Carmen M. Reinhart 236

E31 Price Level; Inflation; Deflation
  • Drift in Producer Price Indexes for the Former Soviet Union Countries. By François I. Lequiller and Kimberly D. Zieschang 526

  • Exchange Rate Strategies and Fiscal Performance in Sub-Saharan Africa. By Karim Nashashibi and Stefania Bazzoni 76

  • Long Memory Processes and Chronic Inflation; Detecting Homogenous Components in a Linear Rational Expectations Model. By Fabio Scacciavillani 488

E42 Monetary Standards and Regimes; Government and the Monetary System
  • Exchange Rate Strategies and Fiscal Performance in Sub-Saharan Africa, By Karim Nashashibi and Stefania Bazzoni 76

  • The “Hard” SDR; An Exploratory Analysis. By Subhash Thakur 460

E43 Determination of Interest Rates; Term Structure of Interest Rates
  • Financial Structure, Bank Lending Rates, and the Transmission Mechanism of Monetary Policy. By Carlo Cottarelli and Angeliki Kourelis 587

  • Testing the Credibility of Belgium’s Exchange Rate Policy. By Ioannis Halikias 350

E44 Financial Markets and the Macroeconomy
  • Financial Structure, Bank Lending Rates, and the Transmission Mechanism of Monetary Policy. By Carlo Cottarelli and Angeliki Kourelis 587

E51 Money Supply; Credit; Money Multipliers
  • Collection Lags and the Optimal Inflation Tax; A Reconsideration. By Alex Mourmouras and José A. Tijerina 30

E52 Monetary Policy (Targets, Instruments, and Effects)
  • Financial Structure, Bank Lending Rates, and the Transmission Mechanism of Monetary Policy. By Carlo Cottarelli and Angeliki Kourelis 587

  • The Use of Foreign Exchange Swaps by Central Banks. By Catharina J. Hooyman 149

E58 Central Banks and Their Policies
  • Financial Structure, Bank Lending Rates, and the Transmission Mechanism of Monetary Policy. By Carlo Cottarelli and Angeliki Kourelis 587

  • Long Memory Processes and Chronic Inflation; Detecting Homogenous Components in a Linear Rational Expectations Model. By Fabio Scacciavillani 488

  • Payments System Reforms and Monetary Policy in Emerging Market Economies in Central and Eastern Europe. By Tomás J.T. Baliño, Juhi Dhawan, and V. Sundararajan 383

  • The Use of Foreign Exchange Swaps by Central Banks. By Catharina J. Hooyman 149

E6 Macroeconomic Aspects of Public Finance, Macroeconomic Policy, and General Outlook
  • Do Labor Market Rigidities Fulfill Distributive Objectives? Searching for the Virtues of the European Model. By Gilles Saint-Paul 624

  • Exchange Rate Strategies and Fiscal Performance in Sub-Saharan Africa. By Karim Nashashibi and Stefania Bazzoni 76

E61 Policy Objectives; Policy Designs and Consistency; Policy Coordination
  • Commodity Prices; Cyclical Weakness or Secular Decline? By Carmen M. Reinhart and Peter Wickham 175

  • Trade Reforms of Uncertain Duration and Real Uncertainty. By Guillermo A. Calvo and Enrique G. Mendoza 555

E62 Fiscal Policy; Public Expenditures and Finance; Taxation
  • Budget Deficits and the Public Debt in Sweden. By Desmond Lachman 502

  • Collection Lags and the Optimal Inflation Tax: A Reconsideration. By Alex Mourmouras and José A. Tijerina 30

F International Economics

F13 Commercial Policy; Protection; Promotion; Trade Negotiations
  • Trade Reforms of Uncertain Duration and Real Uncertainty. By Guillermo A. Calvo and Enrique G. Mendoza 555

  • The Trade and Welfare Consequences of U.S. Export-Enhancing Tax Provisions. By Donald J. Rousslang and Stephen P. Tokarick 675

F14 Country and Industry Studies of Trade
  • Comparative Advantage, Exchange Rates, and Sectoral Trade Balances of Major Industrial Countries. By Stephen S. Golub 286

F3 International Finance
  • Exchange Rate Strategies and Fiscal Performance in Sub-Saharan Africa. By Karim Nashashibi and Stefania Bazzoni 76

F31 Exchange Rates; Foreign Exchange Intervention
  • Budget Deficits and the Public Debt in Sweden. By Desmond Lachman 502

  • Expected Devaluation and Economic Fundamentals. By Alun H. Thomas 262

  • The Parallel Market Premium: Is It a Reliable Indicator of Real Exchange Rate Misalignment in Developing Countries? By Peter J. Montiel and Jonathan D. Ostry 55

  • Realignment Expectations, Forward Rate Bias, and Intervention in an Optimizing Model of Exchange Rate Adjustment. By Peter Isard 435

  • The Stabilizing Effect of the ERM on Exchange Rates and Interest Rates: Some Nonparametric Tests. By Michael J. Artis and Mark P. Taylor 123

  • Testing the Credibility of Belgium’s Exchange Rate Policy. By Ioannis Halikias 350

    Unification of Foreign Exchange Markets: A Rejoinder to Lai and Chang. By Pierre-Richard Agénor and Robert P. Flood 171

  • Unification of Foreign Exchange Markets: A Comment on Agénor and Flood. By Ching-Chong Lai and Wen-Ya Chang 163

F32 Current Account Adjustment; Short-term Capital Movements
  • Comparative Advantage, Exchange Rates, and Sectoral Trade Balances of Major Industrial Countries. By Stephen S. Golub 286

  • Export Instability and the External Balance in Developing Countries. By Atish R. Ghosh and Jonathan D. Ostry 214

F33 International Monetary Arrangements and Institutions
  • Expected Devaluation and Economic Fundamentals. By Alun H. Thomas 262

  • A Formal Model of Optimum Currency Areas. By Tamim Bayoumi 537

  • The “Hard” SDR: An Exploratory Analysis. By Subhash Thakur 460

  • Testing the Credibility of Belgium’s Exchange Rate Policy. By Ioannis Halikias 350

  • The Use of Foreign Exchange Swaps by Central Banks. By Catharina J. Hooyman 149

F36 Financial Aspects of Economic Integration
  • A Formal Model of Optimum Currency Areas, By Tamim Bayoumi 537

F39 Other
  • The Macroeconomic Determinants of Commodity Prices. By Eduardo Borensztein and Carmen M. Reinhart 236

F41 Open Economy Macroeconomics
  • Export Instability and the External Balance in Developing Countries. By Atish R. Ghosh and Jonathan D. Ostry 214

  • The Parallel Market Premium: Is It a Reliable Indicator of Real Exchange Rate Misalignment in Developing Countries? By Peter J. Montiel and Jonathan D. Ostry 55

  • Trade Reforms of Uncertain Duration and Real Uncertainty. By Guillermo A. Calvo and Enrique G. Mendoza 555

  • Unification of Foreign Exchange Markets: A Rejoinder to Lai and Chang. By Pierre-Richard Agénor and Robert P. Flood 171

  • Unification of Foreign Exchange Markets: A Comment on Agénor and Flood. By Ching-Chong Lai and Wen-Ya Chang 163

F42 International Policy Coordination
  • The Stabilizing Effect of the ERM on Exchange Rates and Interest Rates: Some Nonparametric Tests. By Michael J. Artis and Mark P. Taylor 123

F43 Economic Growth of Open Economies
  • Openness, Human Development, and Fiscal Policies: Effects of Economic Growth and Speed of Adjustment. By Delano Villanueva 1

G Financial Economics

G15 International Financial Markets
  • The Use of Foreign Exchange Swaps by Central Banks. By Catharina J. Hooyman 149

G21 Banks; Other Depository Institutions; Mortgages
  • Money Demand, Bank Credit, and Economic Performance in Former Socialist Economies. By Guillermo A. Calvo and Manmohan S. Kumar 314

  • Payments System Reforms and Monetary Policy in Emerging Market Economies in Central and Eastern Europe. By Tomás J.T. Baliño, Juhi Dhawan, and V. Sundararajan 383

G38 Government Policy and Regulation
  • Money Demand, Bank Credit, and Economic Performance in Former Socialist Economies. By Guillermo A. Calvo and Manmohan S. Kumar 314

H Public Economics

H2 Taxation and Subsidies
  • Exchange Rate Strategies and Fiscal Performance in Sub-Saharan Africa. By Karim Nashashibi and Stefania Bazzoni 76

H21 Efficiency; Optimal Taxation
  • Collection Lags and the Optimal Inflation Tax: A Reconsideration. By Alex Mourmouras and José A. Tijerina 30

  • Do Labor Market Rigidities Fulfill Distributive Objectives? Searching for the Virtues of the European Model. By Gilles Saint-Paul 624

H23 Externalities; Redistributive Effects
  • Do Labor Market Rigidities Fulfill Distributive Objectives? Searching for the Virtues of the European Model. By Gilles Saint-Paul 624

H3 Fiscal Policies and Behavior of Economic Agents
  • Openness, Human Development, and Fiscal Policies: Effects of Economic Growth and Speed of Adjustment. By Delano Villanueva 1

H30 Fiscal Policies and Behavior of Economic Agents—General
  • Budget Deficits and the Public Debt in Sweden. By Desmond Lachman 502

  • Money Demand, Bank Credit, and Economic Performance in Former Socialist Economies. By Guillermo A. Calvo and Manmohan S. Kumar 314

H5 National Government Expenditures and Related Policies
  • Exchange Rate Strategies and Fiscal Performance in Sub-Saharan Africa. By Karim Nashashibi and Stefania Bazzoni 76

  • Openness, Human Development, and Fiscal Policies: Effects of Economic Growth and Speed of Adjustment. By Delano Villanueva 1

H55 Social Security and Public Pensions
  • Do Labor Market Rigidities Fulfill Distributive Objectives? Searching for the Virtues of the European Model. By Gilles Saint-Paul 624

  • A Framework for the Analysis of Pension and Unemployment Benefit Reform in Poland. By William Perraudin and Thierry Pujol 643

H6 National Budget. Deficit, and Debt
  • Exchange Rate Strategies and Fiscal Performance in Sub-Saharan Africa. By Karim Nashashibi and Stefania Bazzoni 76

H60 National Budget, Deficit, and Debt—General
  • Budget Deficits and the Public Debt in Sweden. By Desmond Lachman 502

J Labor and Demographic Economies

J26 Retirement; Retirement Policies
  • A Framework for the Analysis of Pension and Unemployment Benefit Reform in Poland. By William Perraudin and Thierry Pujol 643

J3 Wages, Compensation, and Labor Costs
  • Do Labor Market Rigidities Fulfill Distributive Objectives? Searching for the Virtues of the European Model. By Gilles Saint-Paul 624

J30 Wages, Compensation, and Labor Costs—General
  • The Structural Crisis in the Swedish Economy: Role of Labor Markets. By Ramana Ramaswamy 367

J65 Unemployment Insurance; Severance Pay; Plant Closings
  • A Framework for the Analysis of Pension and Unemployment Benefit Reform in Poland. By William Perraudin and Thierry Pujol 643

O Economic Development, Technological Change, and Growth

O11 Macroeconomic Analyses of Economic Development
  • The Parallel Market Premium: Is It a Reliable Indicator of Real Exchange Rate Misalignment in Developing Countries?. By Peter J. Montiel and Jonathan D. Ostry 55

O13 Agriculture; Natural Resources; Other Primary Products
  • Export Instability and the External Balance in Developing Countries. By Atish R. Ghosh and Jonathan D. Ostry 214

P Economic Systems

P22 Prices
  • Shortages Under Free Prices: The Cake of Ukraine in 1992. By Alexander Sundakov, Rolando Ossowski, and Timothy D. Lane 411

P23 Markets
  • Shortages Under Free Prices: The Cake of Ukraine in 1992. By Alexander Sundakov, Rolando Ossowski, and Timothy D. Lane 411

P27 Performance and Prospects
  • Money Demand, Bank Credit, and Economic Performance in Former Socialist Economies. By Guillermo A. Calvo and Manmohan S. Kumar 314

P31 Socialist Enterprises
  • Shortages Under Free Prices: The Cake of Ukraine in 1992. By Alexander Sundakov, Rolando Ossowski, and Timothy D. Lane 411

P34 Finance
  • Payments System Reforms and Monetary Policy in Emerging Market Economies in Central and Eastern Europe. By Tomás J.T. Baliño, Juhi Dhawan, and V. Sundararajan 383

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