István Ábel, Dean, Budapest Business School, Hungary, Pierre L. Siklos, Professor Emeritus, Department of Economics, Lazaridis School of Business and Economics, Wilfrid Laurier University and Balsillie School of International Affairs, Canada, István P. Székely, formerly European Commission, Belgium

• Contents: Preface 1. State Desertion and Credit Market Failure in the Transition 2. Constraints on Enterprise Liquidity and their Impact on Monetary Policy 3. Fiscal and Monetary Policies in the Transition: Searching for the Credit Crunch 4. The Economics of Bankruptcy in the Transition to a Market Economy 5. Changing Structure of Household Portfolios in Emerging Market Economies 6. Financial Intermediation and Industrial Restructuring in Central and Eastern Europe 7. The Gradual Approach to Banking Reform and the Anatomy of the Bad Loans Problem 8. The Banking Sector and Macroeconomic Performance: A Current Assessment 9. Central Bank Independence in the Early Stages of the Transition 10. Stabilization and Convertibilty in the Transition: The Legacies of the Twin Deficits References Index

István Ábel, Dean, Budapest Business School, Hungary, Pierre L. Siklos, Professor Emeritus, Department of Economics, Lazaridis School of Business and Economics, Wilfrid Laurier University and Balsillie School of International Affairs, Canada, István P. Székely, formerly European Commission, Belgium

• Contents: Preface 1. State Desertion and Credit Market Failure in the Transition 2. Constraints on Enterprise Liquidity and their Impact on Monetary Policy 3. Fiscal and Monetary Policies in the Transition: Searching for the Credit Crunch 4. The Economics of Bankruptcy in the Transition to a Market Economy 5. Changing Structure of Household Portfolios in Emerging Market Economies 6. Financial Intermediation and Industrial Restructuring in Central and Eastern Europe 7. The Gradual Approach to Banking Reform and the Anatomy of the Bad Loans Problem 8. The Banking Sector and Macroeconomic Performance: A Current Assessment 9. Central Bank Independence in the Early Stages of the Transition 10. Stabilization and Convertibilty in the Transition: The Legacies of the Twin Deficits References Index

István Ábel, Dean, Budapest Business School, Hungary, Pierre L. Siklos, Professor Emeritus, Department of Economics, Lazaridis School of Business and Economics, Wilfrid Laurier University and Balsillie School of International Affairs, Canada, István P. Székely, formerly European Commission, Belgium

• Contents: Preface 1. State Desertion and Credit Market Failure in the Transition 2. Constraints on Enterprise Liquidity and their Impact on Monetary Policy 3. Fiscal and Monetary Policies in the Transition: Searching for the Credit Crunch 4. The Economics of Bankruptcy in the Transition to a Market Economy 5. Changing Structure of Household Portfolios in Emerging Market Economies 6. Financial Intermediation and Industrial Restructuring in Central and Eastern Europe 7. The Gradual Approach to Banking Reform and the Anatomy of the Bad Loans Problem 8. The Banking Sector and Macroeconomic Performance: A Current Assessment 9. Central Bank Independence in the Early Stages of the Transition 10. Stabilization and Convertibilty in the Transition: The Legacies of the Twin Deficits References Index