Introduction / Richard J. Sweeney, Clas Wihlborg and Thomas D. Willett -- 1. The Case for Hard Currency Strategies for Emerging Market Economies / Eduard Hochreiter -- 2. Is Optimum Currency Area Theory Irrelevant for Economies in Transition? / Linda S. Goldberg -- 3. The Relevance of the Optimum Currency Area Approach for Exchange Rate Policies in Emerging Market Economies / Thomas D. Willett and Clas Wihlborg -- 4. Exchange Rates as Nominal Anchors: An Overview of the Issues / Jilleen R. Westbrook and Thomas D. Willett -- 5. Central European Exchange Rate Policy and Inflation / Richard C.K. Burdekin, Heidi Nelson and Thomas D. Willett
Summary
With the loss of Soviet control in Central and Eastern Europe, as well as the move toward economic liberalization in many developing countries, a huge increase in the number of convertible currencies in the world has occurred
