JENS HVLSCHER is Senior Lecturer in Economics at the University of Brighton.

• List of Tables List of Figures Acknowledgements Notes on the Contributors Introduction PART I: KEYNOTE ADDRESS The Return of the Habsburgs - Reflections on the Role of Institutions in Transition Economies; H.Tomann 'Anglo-Saxon' or 'Rhenish' Financial Markets for Central-East Europe?; S.Herten & J.Hölscher PART II: RUSSIA August-98 as a Turning Point of Russian Reforms; V.Semenkov What Happened to Russia?; Comment on V.Semenkov; T.Linne Comment of V.Semenkov; A.Winkler PART III: POLAND Poland and International Financial Turbulences of the Second Half of the 1990s; Z.Polañski Immune to Contagion or Favourable Events?; Comment on Z.Polañski; A.Karmann PART IV: CZECH REPUBLIC Privatization and Transparency: Evidence from the Czech Republic; F.Turnovec Privatization, Ownership Structure and Transparency; Comment on F.Turnovec; C.Buch Comment on F.Turnovec; B.Schönfelder The Assessment of the Cost and Benefits of the Small and Medium Commercial Banks within the Czech Banking Sector; R.Matousek & A.Taci PART V: HUNGARY Turbulences and Emergency Landings on Leased Planes (Macroeconomics Stabilization and Financial Sector Reform in Hungary in the 1990s); A.Török Comment on Török; J.Stephan Comment on Török; U.Vollmer PART VI: RESUMEE Financial Markets in Transition Countries: Problems and Aspirations; S.F.Frowen Real Income Risk and Hedging in Transition Economies: A Note on Stephen F. Frowen; H.L.Battermann & U.Broll

JENS HVLSCHER is Senior Lecturer in Economics at the University of Brighton.

• List of Tables List of Figures Acknowledgements Notes on the Contributors Introduction PART I: KEYNOTE ADDRESS The Return of the Habsburgs - Reflections on the Role of Institutions in Transition Economies; H.Tomann 'Anglo-Saxon' or 'Rhenish' Financial Markets for Central-East Europe?; S.Herten & J.Hölscher PART II: RUSSIA August-98 as a Turning Point of Russian Reforms; V.Semenkov What Happened to Russia?; Comment on V.Semenkov; T.Linne Comment of V.Semenkov; A.Winkler PART III: POLAND Poland and International Financial Turbulences of the Second Half of the 1990s; Z.Polañski Immune to Contagion or Favourable Events?; Comment on Z.Polañski; A.Karmann PART IV: CZECH REPUBLIC Privatization and Transparency: Evidence from the Czech Republic; F.Turnovec Privatization, Ownership Structure and Transparency; Comment on F.Turnovec; C.Buch Comment on F.Turnovec; B.Schönfelder The Assessment of the Cost and Benefits of the Small and Medium Commercial Banks within the Czech Banking Sector; R.Matousek & A.Taci PART V: HUNGARY Turbulences and Emergency Landings on Leased Planes (Macroeconomics Stabilization and Financial Sector Reform in Hungary in the 1990s); A.Török Comment on Török; J.Stephan Comment on Török; U.Vollmer PART VI: RESUMEE Financial Markets in Transition Countries: Problems and Aspirations; S.F.Frowen Real Income Risk and Hedging in Transition Economies: A Note on Stephen F. Frowen; H.L.Battermann & U.Broll

JENS HVLSCHER is Senior Lecturer in Economics at the University of Brighton.

• List of Tables List of Figures Acknowledgements Notes on the Contributors Introduction PART I: KEYNOTE ADDRESS The Return of the Habsburgs - Reflections on the Role of Institutions in Transition Economies; H.Tomann 'Anglo-Saxon' or 'Rhenish' Financial Markets for Central-East Europe?; S.Herten & J.Hölscher PART II: RUSSIA August-98 as a Turning Point of Russian Reforms; V.Semenkov What Happened to Russia?; Comment on V.Semenkov; T.Linne Comment of V.Semenkov; A.Winkler PART III: POLAND Poland and International Financial Turbulences of the Second Half of the 1990s; Z.Polañski Immune to Contagion or Favourable Events?; Comment on Z.Polañski; A.Karmann PART IV: CZECH REPUBLIC Privatization and Transparency: Evidence from the Czech Republic; F.Turnovec Privatization, Ownership Structure and Transparency; Comment on F.Turnovec; C.Buch Comment on F.Turnovec; B.Schönfelder The Assessment of the Cost and Benefits of the Small and Medium Commercial Banks within the Czech Banking Sector; R.Matousek & A.Taci PART V: HUNGARY Turbulences and Emergency Landings on Leased Planes (Macroeconomics Stabilization and Financial Sector Reform in Hungary in the 1990s); A.Török Comment on Török; J.Stephan Comment on Török; U.Vollmer PART VI: RESUMEE Financial Markets in Transition Countries: Problems and Aspirations; S.F.Frowen Real Income Risk and Hedging in Transition Economies: A Note on Stephen F. Frowen; H.L.Battermann & U.Broll