Like all market-based economies, the transition countries are now subject to inancial mstabihty. This timely and iniportant book uncovers the distinctive fea-tures of pansition that give rise to financial crises in emerging market countries." -Charles Wyplosz, Professor of International Economics, Graduate Institute of International Studies and International Center for Monetary and Banking Studies, Geneva

"This is an outstanding volume, dealing with banks, exchange rate policies, and financial crises in the emerging markets. It is also a unique source of provocative theory and factual information about the adoption of the curo by the Central and East European nations." Jan Svejnar, Executive Director of The William Davidson Institute and Everett E. Berg Professor, University of Michigan