Capital Market Development in Transition Economies: Country Experiences and Policies for the Future
Eva Thiel-Blommestein, Organisation de coopération et de développement économiques. Centre pour la coopération avec les non-membres, Centro para la Cooperación con Países No-miembros de la OCDE, OECD Staff, Organisation for Economic Co-operation and Development (OECD) Staff, Organisation for Economic Co-operation and Development, Centre for Co-operation with Non-members, France) Conference on the Development of Securities Markets in Central and Eastern Europe and Russia (1997 : Paris
OECD, 1998 - Business & Economics - 308 pages
Central and Eastern Europe and Russia have been actively building capital markets since the beginning of the transition period in 1990. Since that time, these countries have created or re-established equity markets and actively developed government securities markets. In some cases, corporate bond markets have also begun to flourish. Yet, many problems remain in achieving desired levels of efficiency, transparency and stability. For the first time, the evolution of both equity and securities markets in these countries is critically evaluated. The policy choices for promoting these objectives and further integration of the fledgling markets into the international capital markets are discussed, although they are not always straightforward and free of controversy. This book brings into focus some of the main obstacles on the road to building sound capital markets. Financial experts, economists from OECD member countries as well as government officials from several central and eastern European countries and Russia describe strategic choices and policy options based on their experiences with different privatisation methods, regulatory approaches and government debt management policies. The presentation of actual experiences and policy challenges encountered by government officials in creating and regulating securities markets -- in particular, very frank accounts by Russian and Czech officials of attempts to combat fraudulent practices of certain market participants -- makes this book unique. The range of lessons found here will provide support for countries currently in market turmoil and insights on the process of building capital markets for policymakers, academics and market participants.
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Development of markets for government securities
The need for further growth of institutional and retail sectors
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accordance activities allowed assets auction banks benefits bills bonds capital market cent Central changes clearing companies contracts contribution corporate countries credit organisation currency debt demand derivatives direct disclosure domestic economies effective emerging markets enterprises equity established financial markets foreign futures government securities growth Hedging Hungarian Hungary important increased infrastructure institutional investors insurance companies interest investment funds issue issuers Italy less limit liquidity major maturity OECD operations organisation participants pension funds period portfolio position privatisation professional protection purchase regulation regulatory relatively reports requirements result risk role rules Russian secondary securities market settlement shareholders shares significant Source standards Stock Exchange structure Supervision T-bills Table trading transactions transition transparency Treasury Turnover United Yes Yes