Introduction; E.Berglöf & G.Roland Soft Budget Constraint Theories: From Centralization to the Market; E.Maskin When does Privatization Work? The Impact of Private Ownership on Corporate Performance in the Transition Economies; R.Frydman, C.Gray, M.Hessel & A.Rapaczynski Disorganization and Financial Collapse; D.Marin & M.Schnitzer Transition with Labour Supply; T.Boeri The Evolution of Output in Transition Economics: Explaining the Differences; A.Berg, E.Borensztein & R.Sahay Property Rights, Finance, and Entrepreneurship; S.Johnson, J.McMillan & C.Woodruff Courts and Relational Contracts; S.Johnson, J.McMillan & C.Woodruff Dodging the Grabbing Hand: The Determinants of Unofficial Activity in Sixty-nine Countries; E.Friedman, S.Johnson, D.Kauffman & P.Zoido-Lobaton Why do Firms Hide? Bribes and Unofficial Activity after Communism; S.Johnson, D.Kauffman, J.McMillan & C.Woodruff The Causes of Corruption: A Cross-National Study; D.Treisman Incentives to Provide Local Public Goods: Fiscal Federalism, Russian Style; E.Zhuravskaya Regional Decentralization and Fiscal Incentives: Federalism, Chinese Style; H.Jin, Y.Qian & B.R.Weingast The Razor's Edge: Distortions and Incremental Reform in the People's Republic of China; A.Young Coordinating Changes in Transition Economies; Y.Qian, G.Roland & C.Xu