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Financial Sector Reforms and Exchange Arrangements in Eastern Europe


  • Guillermo Calvo
  • Eduardo Borensztein
  • Paul R Masson
  • Manmohan S. Kumar


The two papers 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 untertaken 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 convertability in these countries; and considers the desirable degree of exchange rate flexibility.

Suggested Citation

  • Guillermo Calvo & Eduardo Borensztein & Paul R Masson & Manmohan S. Kumar, 1993. "Financial Sector Reforms and Exchange Arrangements in Eastern Europe," IMF Occasional Papers 102, International Monetary Fund.
  • Handle: RePEc:imf:imfocp:102

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    References listed on IDEAS

    1. Wei Ding & Domac, Ilker & Ferri, Giovanni, 1998. "Is there a credit crunch in East Asia?," Policy Research Working Paper Series 1959, The World Bank.
    2. Angel J. Ubide & Tomás J. T. Baliño, 1999. "The Korean Financial Crisis of 1997—A Strategy of Financial Sector Reform," IMF Working Papers 99/28, International Monetary Fund.
    3. Steven Radelet & Jeffrey Sachs, 1998. "The Onset of the East Asian Financial Crisis," NBER Working Papers 6680, National Bureau of Economic Research, Inc.
    4. Asli Demirgüç-Kunt & Enrica Detragiache, 1998. "The Determinants of Banking Crises in Developing and Developed Countries," IMF Staff Papers, Palgrave Macmillan, vol. 45(1), pages 81-109, March.
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    Cited by:

    1. Christos Papazoglou, 1999. "Exchange Rate Policy and Output Growth: The Experience of the Transition Economies of Central and Eastern Europe," Post-Communist Economies, Taylor & Francis Journals, vol. 11(3), pages 319-336.
    2. Warren Coats & Marko Škreb, 2002. "Ten Years of Transition - Central Banking in the CEE and the Baltics," Surveys 7, The Croatian National Bank, Croatia.
    3. Jérôme Sgard, 1995. "Ajustement des entreprises et distribution du crédit pendant la transition : une comparaison de quatre pays d'Europe centrale et orientale," Revue Économique, Programme National Persée, vol. 46(3), pages 787-796.
    4. van Aarle, B. & Budina, N., 1995. "Currency substitution in Eastern Europe," Discussion Paper 1995-2, Tilburg University, Center for Economic Research.
    5. Jérôme Sgard, 1995. "Ajustement des entreprises et distribution du crédit pendant la transition: Une comparaison de quatre pays d'Europe centrale et orientale," Sciences Po publications info:hdl:2441/7104, Sciences Po.

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