|Economies in Transition
Stanley Fischer and Ratna Sahay
Economic performance has differed widely among the transition economies.
The best performers are countries that were the most committed to reform at the start and
that have carried out reforms rapidly and consistently.
of Stalled Reforms
Oleh Havrylyshyn and John Odling-Smee
Powerful vested interests in some of the transition countries oppose
further reform. But, even in this difficult climate, reform can and should continue.
Poland has made considerable progress over the past decade in transforming
its centrally planned economy into a market-oriented one, but challenges remain. How can
it best complete this transformation and facilitate its integration into the European
on Country Development
Latvia has made considerable progress over the past decade in transforming
its centrally planned economy into a market-oriented one. What role has its central bank
played in this transition, and what steps is it taking to promote the country's continuing
Modernization Challenge Facing President Putin
Having established and strengthened basic market and democratic
institutions during the 1990s, Russia became an emerging market country that badly needs a
modernization breakthrough. How can the government of President Vladimir Putin attain this
Europe: From Transition to EU Membership
Robert A. Feldman and C. Maxwell Watson
The Central European countries have made considerable progress with the
transition to a market economy and now face the challenge of developing macroeconomic
policy frameworks on the road to EU accession.
Toward EU Accession
René Weber and Günther Taube
Estonia's rapid transition to a market economy and integration into the
world economy have intensified its economic and political ties with Western Europe. It now
faces the challenge of meeting the remaining requirements for EU membership and eventual
participation in EMU.
Eastern Europe and the New Financial Architecture
As the Central and Eastern European countries prepare to join the European
Union, they are participating in worldwide efforts to strengthen the global economy by
increasing the transparency of their economic policymaking and financial institutions,
adopting internationally accepted standards, and strengthening their financial systems.
Barry H. Potter and Jack Diamond
Most OECD countries rely on treasury systems operated by their finance
ministries to manage government finances. The Baltics, Russia, and other countries of the
former Soviet Union, which did not have comparable systems, are building them from
Asia: Achievements and Prospects
Although the five Central Asian countries in transition have made progress
in moving to a market economy, they still have far to go and need to intensify their
Policy Be Effective During Transition?: Lessons from Mongolia
Mongolia has undergone dramatic changes during its transition to a market
economy, with fundamental restructuring in both the real economy and the financial sector.
How effective is monetary policy in such a changing environment?
and Inflation Targeting
Enzo Croce and Mohsin S. Khan
Inflation targetinga framework for monetary policy that commits the
central bank to achieving low inflationhas enjoyed considerable success among
industrial countries in helping to maintain price stability. Developing countries may also
benefit from this approach, which enhances transparency and compels policymakers to deepen
New Tools for
Assessing Financial System Soundness
Paul Hilbers, Russell Krueger, and Marina Moretti
Macroprudential indicatorsdefined broadly as indicators of the
health and stability of the financial systemcan help countries assess their banking
systems' vulnerability to crisis. In recent years, an increasing amount of work has been
done on such indicators as part of efforts to strengthen the international financial
Funding the IMF:
The Debate in the U.S. Congress
It has been said that the U.S. Congress works in mysterious ways. During
the 1997-98 debate on increasing funding for the IMF, some supporters of the IMF viewed
the increasingly intense debate with foreboding. Even some knowledgeable insiders believed
that opponents of the quota increase were getting the upper hand. So how was it that full
funding was ultimately approved?