Paul G. Hare is Professor of Economics at Heriot-Watt University and Director of the Centre for Economic Reform and Transformation. He also edits Economics of Transition for the European Bank for Reconstruction and Development.Junior R. Davis is Research Associate at Heriot-Watt University. He has written several papers on economic adjustment in Eastern Europe and the former Soviet Union.

• PrefaceVOLUME IIntroductory overview by P. G. Hare and J R. DavisPart I Political economy of transition On the speed of transition in Central Europe P. Aghion and 0. J. Blanchard Lessons of the first four years of systemic change inEastern Europe A. Aslund Common fallacies in the debate on the economictransition in Central and Eastern Europe L. Balcerowicz Transition in Poland J Blanchard Output collapse in Eastern Europe: the role of credit G. A. Calvo and F. Coricelli Interventionist pressures on a policy maker during thetransition to economic freedom (personal experience) Dabrowski Transformation, depression, and economics: some lessons Ellman What is shock therapy? What did it do in Poland and Russia? P. Murrell Transformation traps Portes The role of political constraints in transition strategies G. Roland Why did output fall in Eastern Europe? J WilliamsonPart II Macroeconomics and stabilisation Stabilization and the macroeconomics of transition - howdifferent is Eastern Europe? Bruno Stabilization in Poland G. A. Calvo and F. Coricelli On the credibility of 'big bang' programs: a note on wageclaims and soft budget constraints in economies in transition F. Coricelli and G. M. Milesi-Ferretti Stabilization and economic reform in Russia Fischer Fiscal policy during the transition in Eastern Europe R.H. Gordon Transformational recession: the main causes J. Kornai The applicability of standard reform packages toEastern Europe J. WinieckiVOLUME II Part III Liberalisation and markets A theory of shortage in Socialist economies based on the"soft budget constraint" Y. Qian From plan to market: on the nature of the transformationcrisis H. Schmieding Knowledge, transaction costs and the creation of markets inpost-Socialist economies W SwaanPart IV Property rights and the legal framework for transition economies Legal foundations of a market economy European Economy Market-oriented reform legislation in the independent states European Economy Competition policy in Russia during and after privatization P. L. Joskow, R. Schmalensee and N TsukanovaPart V Privatisation The behaviour of state firms in Eastern Europe,pre-privatisation P. Aghion, 0. 1 Blanchard and R. Burgess The economics of enterprise restructuring in Central andEastern Europe P. Aghion, 0. J. Blanchard and W Carlin Political dimensions of privatization in Eastern Europe J. Batt Privatization policies in Central and Eastern Europe P. Bolton and G. Roland Economic transition and privatization: the issues S. Estrin Insiders and the state: overview of responses to agencyproblems in East European privatizations R. Frydman and A. Rapaczynski Triggering evolution: the case for a breakthrough inprivatization I. Grosfeld Restructuring and privatizing electric utilities in EasternEurope D. M. Newbery Transforming state enterprises in Poland: evidence onadjustment by manufacturing firms B. Pinto, M. Belka and S. Krajewski Privatization in Eastern Europe: irreversibility and criticalmass effects G. Roland and T. VerdierVOLUME IIIPart VI Banking and finance Balance sheet restructuring and privatisation of the banks H. J Blommestein and J R. Lange Financial reform in Eastern Europe: progress with thewrong model J Corbett and C. Mayer Bank reform and behavior in Central Europe P. Dittus Banking reform in Central and Eastern Europe European Bank for Reconstruction and Development Needed mechanisms of corporate governance and financein Eastern Europe R. Frydman, E. S. Phelps, A. Rapaczynski and A. Shleifer Enterprise debt and financial restructuring in Central andEastern Europe D. Begg and R. Portes An innovatory package for financial sector reforms inEastern European countries Steinherr Eastern Europe's experience with banking reform: is there arole for banks in the transition? Thorne Enterprise reform in Eastern Europe S. van Wijnbergen The role of international financial institutions in thetransition processS. Zecchini Part VII Trade Structural adjustment and international trade in EasternEurope: the case of Poland Berg and J Sachs A payments mechanism for the former Soviet Union: is theEPU a relevant precedent? B. Eichengreen Trade with Eastern Europe C. B. Hamilton and L. A. Winters The international competitiveness of industries in Bulgaria, Czechoslovakia, Hungary, and Poland G. Hughes and P. Hare Trade liberalization with Eastern nations. How sensitive? D. Neven The impact of systemic transition on the EuropeanCommunity D. M. Nuti EC trade with Eastern Europe J Rollo and A. SmithVOLUME IV Part VIII Agriculture Intersectoral changes in former Socialist economies:distinguishing initial from longer-term responses K. Anderson The CAP and Central and Eastern Europe Buckwell and S. Tangermann Domestic and trade policy for Central and East European agriculture L. Karp and S. Stefanou Why collectivization of agriculture in Socialist countrieshas failed: a transaction cost approach G. SchmittPart IX Labour markets 'Transitional' unemployment T. Boeri Unemployment, labour markets and structural change inEastern Europe M. Burda Economic restructuring, unemployment, and growth in atransition economy B. Chadha, F. Coricelli and K. Krajnyak Economic policy and employment in the transition economies of Central and Eastern Europe: what have we learned?R. Jackman