Financial reform in Central and Eastern Europe /

The introduction by Griffith-Jones sets the research agenda for this project consisting of six papers written by country experts and an excellent overview of the experiences of developing countries with financial reform. Among edited conference volumes on financial reform in Central and Eastern Europe, this one is distinctive for its focus on the Czech Republic. Like many such compilations, this volume is somewhat outdated as thorough data coverage and policy evaluation extend only to the end of 1992. Unfortunately, attempts to include policies through 1993 in the papers on Poland and Hungary are too sketchy to be successful. Due to the breakup of Czechoslovakia in 1993, the four chapters providing extensive information on all aspects of Czech capital markets remain useful additions to the literature. The editing could be tightened, e.g., several tables are improperly labeled, and the conclusion does not link the papers effectively but treats only a subset of the issues identified in the introduction. For the information on the Czech Republic and the interesting lessons drawn from developing countries focusing on the sequencing of liberalization and the importance of institution-building, this volume is a useful reference tool. Upper-division undergraduate through professional. J. P. Bonin; Wesleyan University