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This paper focuses on the payments system reforms and monetary policy in emerging market economies in Central and Eastern Europe. The reforms in the payments system are viewed as closely interrelated with the development of money and foreign exchange markets and the instruments of monetary policy used by the central banks. The paper shows that although starting from similar origins, there were significant variations in experiences of the countries studied in transforming their payments systems after the start of the reforms toward a market economy, from which certain lessons can be drawn.
This paper focuses on the payments system reforms and monetary policy in emerging market economies in Central and Eastern Europe. The reforms in the payments sy
This paper examines effects of economic growth and speed of adjustment on openness, human development, and fiscal policies. The model developed in this paper po
Primary commodities still account for the bulk of exports in many developing countries. However, real commodity prices have been declining almost continuously s
Although accommodative policies and widespread indexation may account for the persistence of high inflation, they cannot explain changes in the inflation rate.