Economic Systems is a refereed journal for the analysis of causes and consequences of the significant institutional variety prevailing among all developed, developing, emerging, and transition economies, as well as attempts at and proposals for their reform. The journal is open to micro and macro contributions, theoretical as well as empirical, the latter to analyze related topics against the background of country or region-specific experiences. This is to reflect the respective new orientation within the field of comparative economics: decades of development and transition experience in many countries have clearly demonstrated the importance of institutions and institutional change for the functioning of markets and the ways in which policies influence economic activity in general and economic growth in particular. However, we believe that institutional development is only one of the important factors in affecting domestic and global economies. Hence, Economic Systems strongly encourages submissions from all other fields, covering, but not limited to, a variety of aspects of financial and economic systems and development, including private and state banking; goods and services and financial markets; macro and micro policies and their effects; and global trade issues and exchange rate systems in all developed, developing, emerging, and transition economies. We are particularly interested in empirical papers with significant policy implications.