1. Cf. Jeffrey D. Sachs: Introduction, in: Jeffrey D. Sachs (ed.): Developing Country Debt and Economic Performance, Vol. 1: The International Financial System, NBER, Chicago 1989, pp. 1–35; John Williamson (ed.): Latin American Adjustment. How Much has Happened?, Institute for International Economics, Washington D.C. 1990.
2. Cf. Peter Nunnenkamp: Critical Issues of Macroeconomic Stabilization in Post-Socialist Countries. What Can We Learn from Past Failures?, in: Krzysztof Kaczynski (ed.): Re-integration of Poland into the West European Economy, Warsaw 1992, pp. 33–47.
3. In labelling developing and post-socialist economies as emerging market economies the paper follows the classification adopted by The Economist (see, e.g., The Economist, Vol. 331, No. 7860, p. 120).
4. Cf. Peter Bofinger: Options for the Payments and Exchange Rate System in Eastern Europe, Centre for Economic Policy Research, Discussion Papers No. 545, London 1991; Holger Schmieding: Lending Stability to Europe's Emerging Market Economies. On the Potential Importance of the EC and the ECU for Central and Eastern Europe, in: Kiel Studies, No. 251, Tübingen 1992; Volker Hofmann, Friedrich L. Sell: Credibility, Currency Convertibility and the Stabilization of the Ruble, in: INTERECONOMICS, Vol. 28, No. 1, 1993, pp. 11–16.
5. Cf. Rainer Schweickert, Peter Nunnenkamp, Ulrich Hiemenz: Stabilisierung durch feste Wechselkurse: Fehlschlag in Entwicklungsländern—Erfolgsrezept für Osteuropa?, in: Kiel Institute of World Economics, Kiel Discussion Papers, No. 181, Kiel 1992.