Institutional vulnerability indicators for currency crises in Central and Eastern European countries

In the 1990s, emerging markets around the globe experienced several fullscale currency crises with often devastating economic, social and political effects. A number of Central and Eastern European countries (CEECs) were among those affected. There was not only the much-reported crisis in Russia in 1998, but also the turmoils in Bulgaria (1997), Romania (1997), the Czech Republic (1997) and Hungary (1994-1995).