Contributions to an October 2001 conference in Kiev, Ukraine have been expanded into 12 essays exploring how capital has been deregulated in post-socialist countries over the past decade. Policy makers and economists from central banks in the region and international financial organizations such as the International Monetary Fund and the World Bank review experiences in six countries, and discuss such issues as sequencing capital account deregulation and financial sector stability, analogous experiences in eastern Asia, and recent codes- based deregulation in the Organization for Economic Cooperation and Development. Annotation (c) Book News, Inc., Portland, OR (booknews.com)
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This significant new book provides a succinct overview of the essential policy issues surrounding capital liberalization. The book compares the experiences of transition economies in Europe with those of advanced nations, allowing the reader to examine the changing international economic and financial environment within which transition countries have to liberalize.The book first deals with the critical issues concerning liberalization, including sequencing and financial market development. The authors move on to present an overview of the early liberalization experiences of advanced economies and East-Asian countries. This provides the context for a series of chapters reviewing liberalization progress in transition economies, in which international experts and senior officials analyze their own countries' experiences. The authors also emphasise the importance of financial market reform and the construction of a sound institutional framework if countries are to attract and productively use capital inflows. A stable financial system, whilst not infallible, is also crucial for minimizing the risk of financial crises of the type experienced by a number of countries during the 1980s and 1990s. The comprehensive scope of the subject matter and international contributions from a range of different perspectives will ensure this book is warmly received by academics and researchers with an interest in EU accession, transition economics and financial market reform. It will also serve as a useful guide to governments involved in capital liberalization in other parts of the world such as Latin America and Asia.
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