First published in 1998, this volume contributes to the debate after the fall of the Soviet Union on the transition of Eastern European, former Soviet countries to a market economy. The transition was an enterprise as daring in practice and historically unprecedented as it is an analytical laboratory subject to constant reflection. The first two chapters address foreign direct investment in Central and Eastern European countries. The rebuilding of social insurance systems is then addressed, with a focus on state pension schemes. The subsequent two chapters examine the political and demographic features of transition countries, highlighting media reform as a key aspect for the consolidation of a democratic, law-based, market economy and society. Focus then turns to Poland, the country which is considered to display the most progress in the political economy of transition. Finally, the controversial issue of the electoral successes of former Communist parties in Central and Eastern Europe is discussed.

Empirical analysis shows that democracy has facilitated economic liberalization in 25 postcommunist countries of Central and Eastern Europe and the former Soviet Union. The existence of a vibrant civil society at the start of the transition has the most explanatory power in this team's regression.

As the European Union (EU) launches its common currency (the Euro), Central European (CE) nations are searching for best practices in public liability management in order to smooth their integration into the EU. This work addresses that concern, examining borrowing policies, institution building, portfolio optimization, and the implications of the Euro and EU accession for public debt management. To help the CE countries achieve their goals, the World Bank and the European Commission held a two-day seminar in Brussels in mid-December 1997. European Union Accession presents the papers delivered at that seminar which was attended by all ten EU applicant countries: Bulgaria, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, the Slovak Republic, and Slovenia. The workshop pursued the following goals: (1) to investigate the implications of the launch of the Euro and of the EU accession on fiscal prudence and on the borrowing strategies of CE countries; (2) to facilitate the dissemination of the best public liabilities management techniques developed worldwide; and (3) to explore plausible arrangements to promote prudent public liabilities management in Central Europe through a regional expertise network.