By Mario I. Blejer, Marko Skreb
Whereas coverage makers have to concentrate on reaching and maintaining easy macroeconomic balance within the transition of economies from a socialist to a industry orientation, monetary associations and reforms play a very an important function during this transformation. The essays during this assortment provide overviews of concerns in banking region reform and capital markets in addition to particular views at the monetary sectors in altering economies of valuable and japanese Europe, China, and Israel. unique types of the essays have been provided on the moment Dubrovnik convention on Transition Economies geared up via the nationwide financial institution of Croatia in June, 1996.
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Amateur Company 2. Artistic Companyt Vilnius Vilnius 1956 1960 3. Children's Company 4. Dance Company Vilnius Vilnius Vilnius Kaunas 1958 1962 1957 1960 (Shalom Aleikhem); (Gershenzon); Green Fields (P. Hirshbeyn); (Goldfaden); Merry Beggars; Happy Holiday Hersh/ Ostropoler Witch 5. Amateur Company 6. Dramatic Company* 200,000 (Lermontov) The 1965 1958 1965 Lithuania 5. Choir 6. Amateur Dramatic Company 200,000 (Shalom Aleikhem); Freylekhs (Okun); Green Fields (Hirshbeyn); Across the Ocean (Gordin); Wise Men ef Helm (Gershenzon); Who ls Guilry (Zoshchenko); A Woman Lived in the World (Agrinenko) Folk-songs; Poems by Soviet Yiddish writers; translated poems We Sing around the Bonfire; The Bloo 0The year of the latest stabilization effort as reported in Fisher, Sahay, and Vegh (1995). b The following countries, in which stabilization started in 1995, are excluded: Azerbaijan, Russia, Tajikistan; Uzbekistan is excluded due to lack of data. cTurkmenistan is excluded from all calculations since no stabilization started before 1995. For the following countries and years, domestic broad money growth is substituted for base money growth: Estonia, Latvia, Lithuania in year T - 1 (1991), Latvia in year T (1992), Uzbekistan in year T (1994). In Bulgaria, ceilings were exceeded in 1992, and it was only in 1994 that monetary aggre gates were brought under control and credit ceilings removed. Most "slow response" countries did not use credit ceilings; limita tions on credit expansion would have been inconsistent with the authorities' strategy of using directed credit to maintain employ ment and output in state enterprises. 34 MARTHA DE MELO AND CEVDET D E N I ZER Interest Controls Interest rates on bank deposits and loans have been market determined since late 1992/early 1993 in most "fast response" countries.