OP:14. Integrating the Central and East European Countries into the International Monetary System
Author(s): R Portes
Publication Date: April 1994

Abstract: The Central and East European countries (CEECs) have become progressively more differentiated since they discarded their old economic systems at the end of the 1980s. They in no respect more diverse than in their monetary and exchange rate regimes and their degree of integration into the international economy. The paper discusses why we should be concerned with integrating these countries into the IMS. It briefly reviews where they started from. It then looks more closely at what integration means. The paper goes on to deal with convertibility and exchange-rate policies, external debt, aid, and conditionality. It then assesses the relationships between these countries and both regional and global institutional frameworks and the roles of the IMF and World Bank in the CEECs.

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