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Transition and the Open Economy: An Overview
Mario I. Blejer and Marko Skreb
I
Exchange-Rate Policies and the Balance of Payments
2
Current-Account Sustainability in Transition Economies
Nouriel Roubini and Paul Wachtel
3
Exchange-Rate Arrangements in the Transition Economies
Robert A. Mundell
4
Toward Virtual Exchange-Rate Stability in Western and Eastern Europe
with the Advent of EMU
Ronald I. McKinnon
5
A Model of Real Exchange-Rate Determination in Transition Economies
Clemens Grafe and Charles Wyplosz
6
Financing the Transition to a Market Economy: External Borrowing in the
Baltics and CIS Region
John Odling-Smee and Basil Zavoico
7
Capital Flows and Stability of Financial Systems in Emerging Countries
Andr& Icard
17
19
95
131
159
185
201
vi CONTENTS
II
Transition and International Trade
8
Geographic Diversification of Trade in Transition Economies
Oleh Havrylyshyn and Hassan AI-Atrash
9
The Fiscal Implications of Trade Liberalization in Transition Countries
Vito TanzL Adrienne Cheasty, and Kristina Kostial
10
What Is Special About Endogenous International Trade Policy in
Transition Economies?
Arye L. Hillman and Heinrich Ursprung
III
Selected Country Experiences
11
External Deficit, Exchange Rate, and Competitiveness in Croatia:
Is There a Problem?
Boris VujEid and Tomislav PreseEan
12
Exchange-Rate Policy in the Czech Republic: The Perils of Sticking to
Fixed Exchange Rates
Fabrizio Coricelli

13
Trade, Trade Policy, and Foreign-Exchange Regimes Under Transition:
Russia and the Dutch Disease
Gur Ofer and Vladimir Drebentsov
14
Balance of Payments, Exchange Rates, and Competitiveness:
Lessons for Transition Economies from the Israeli Experience
Jackob A. Frenkel
361
403
15
Balance of Payments, Exchange Rates, and Competitiveness in Hungary
Laszl5 Halpern and Judit Nemenyi
16
Current-Account Surplus and Falling Competitiveness in Slovenia
Velimir Bole
419
449
Index 471

Balance of Payments, Exchange Rates,
and Competitiveness in Transition
Economies Part2

Balance of Payments, Exchange Rates,
and Competitiveness in Transition
Economies Part3