The Role of Financial Markets in the Transition Process

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Emilio Colombo, Edward John Driffill
Springer Science & Business Media, Jan 10, 2003 - Business & Economics - 228 pages
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Financial Markets play an important role in economic development, channeling saving to investments and facilitating growth. In Eastern Europe financial markets were initially much underdeveloped, and lacked the skills and infrastructure they needed to be efficient, having not acquired them in the pre-transition era. The book offers a both theoretical and empirical analysis of financial markets in transitional economies. It investigates financial markets in Hungary, the Czech Republic, and Poland, and their role in the developments in the 1990s.

 

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Contents

Financial Markets and Transition
1
13 Empirical Evidence
5
14 Financial Market Imperfections in Eastern Europe
7
15 The Aim of this Volume
8
References
10
The Order of Financial Liberalisation Lessons from the Polish Experience
13
22 Institutions and Sources of Finance
14
23 Privatisation Restructuring and Enterprise Finance
26
57 Conclusions
134
References
138
Financial Instability in the Transition Economies Lessons from East Asia for East Europe
139
62 Is the DiamondDybvig Approach Relevant for Banking Policy in Transition Economies?
141
63 The Model
142
65 The Role of the Banking System
144
66 Liquidity Requirements as a Means to Preserve Financial Stability
146
The Case of Foreign Interest Rate Shocks
149

24 Conclusions
38
References
39
Economic and Financial Transition in Hungary
43
32 Macroeconomic Developments and Transition Progress
44
33 Financial Developments
63
34 Issues in Financial Development
75
35 Challenges Ahead
88
References
90
Endogenous Startups Financial Conditions and Capital Accumulation
93
42 The Basic Model
95
43 Public Expenditure Financed by Labor Income Taxes
105
44 An Open Economy in a Fixed Exchange Rate Regime
108
45 Conclusions
111
References
116
Wealth Distribution Occupational Choice and the Behaviour of the Interest Rate
117
52 Model Economy
119
53 Equilibrium Conditions and Factor Prices
122
54 Market Equilibrium Dynamics
124
55 Development and Inequality
132
56 Some Empirical Evidence in Eastern Europe
133
68 Conclusions
151
References
153
Foreign Direct Investment in the Banking Sector Experiences and Lessons from CEECs
155
Are Transitional Economies Special?
156
73 Data on FDI in TE Banking Sectors
160
74 Impact of FDI in the Banking Sector
165
75 Determinants of FDI Localization in the Banking Sector
171
76 Conclusions
175
References
177
Corporate Capital Structure in Transition Evidence from Hungarian and Czech Firms
179
Theoretical Issues
180
83 Data Set and Descriptive Statistics
185
84 Empirical Analysis
191
85 Conclusions
196
Financing Patterns in Hungary as Seen from Balance Sheets and from Interviews
199
92 Analysis of Financial Accounts of Companies
200
93 Survey Findings
210
94 Summary and Lessons
221
References
224
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