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.
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.
Emilio Colombo, University of Milan, Italy / John Driffill, University of London, UK
Inhaltsangabe
1 Financial Markets and Transition.- 1.1 Introduction.- 1.2 Theoretical Background.- 1.3 Empirical Evidence.- 1.4 Financial Market Imperfections in Eastern Europe.- 1.5 The Aim of this Volume.- References.- 2 The Order of Financial Liberalisation: Lessons from the Polish Experience.- 2.1 Introduction.- 2.2 Institutions and Sources of Finance.- 2.3 Privatisation, Restructuring and Enterprise Finance.- 2.4 Conclusions.- References.- 3 Economic and Financial Transition in Hungary.- 3.1 Introduction.- 3.2 Macroeconomic Developments and Transition Progress.- 3.3 Financial Developments.- 3.4 Issues in Financial Development.- 3.5 Challenges Ahead.- References.- 4 Endogenous Startups, Financial Conditions, and Capital Accumulation.- 4.1 Introduction.- 4.2 The Basic Model.- 4.3 Public Expenditure Financed by Labor Income Taxes.- 4.4 An Open Economy in a Fixed Exchange Rate Regime.- 4.5 Conclusions.- References.- 5 Wealth Distribution, Occupational Choice and the Behaviour of the Interest Rate.- 5.1 Introduction.- 5.2 Model Economy.- 5.3 Equilibrium Conditions and Factor Prices.- 5.4 Market Equilibrium Dynamics.- 5.5 Development and Inequality.- 5.6 Some Empirical Evidence in Eastern Europe.- 5.7 Conclusions.- References.- 6 Financial Instability in the Transition Economies: Lessons from East (Asia) for (East) Europe.- 6.1 Introduction.- 6.2 Is the Diamond-Dybvig Approach Relevant for Banking Policy in Transition Economies?.- 6.3 The Model.- 6.4 The Social Planner Problem.- 6.5 The Role of the Banking System.- 6.6 Liquidity Requirements as a Means to Preserve Financial Stability.- 6.7 Financial Instability and External Shocks: The Case of Foreign Interest Rate Shocks.- 6.8 Conclusions.- References.- 7 Foreign Direct Investment in the Banking Sector: Experiences and Lessons from CEECs.- 7.1 Introduction.- 7.2 FDI in the Banking Sector: Are Transitional Economies Special?.- 7.3 Data on FDI in TE Banking Sectors.- 7.4 Impact of FDI in the Banking Sector.- 7.5 Determinants of FDI Localization in the Banking Sector.- 7.6 Conclusions.- References.- 8 Corporate Capital Structure in Transition: Evidence from Hungarian and Czech Firms.- 8.1 Introduction.- 8.2 Determinants of Leverage in TEs: Theoretical Issues.- 8.3 Data Set and Descriptive Statistics.- 8.4 Empirical Analysis.- 8.5 Conclusions.- References.- 9 Financing Patterns in Hungary - as Seen from Balance Sheets and from Interviews.- 9.1 Introduction.- 9.2 Analysis of Financial Accounts of Companies.- 9.3 Survey Findings.- 9.4 Summary and Lessons.- References.
1 Financial Markets and Transition.- 1.1 Introduction.- 1.2 Theoretical Background.- 1.3 Empirical Evidence.- 1.4 Financial Market Imperfections in Eastern Europe.- 1.5 The Aim of this Volume.- References.- 2 The Order of Financial Liberalisation: Lessons from the Polish Experience.- 2.1 Introduction.- 2.2 Institutions and Sources of Finance.- 2.3 Privatisation, Restructuring and Enterprise Finance.- 2.4 Conclusions.- References.- 3 Economic and Financial Transition in Hungary.- 3.1 Introduction.- 3.2 Macroeconomic Developments and Transition Progress.- 3.3 Financial Developments.- 3.4 Issues in Financial Development.- 3.5 Challenges Ahead.- References.- 4 Endogenous Startups, Financial Conditions, and Capital Accumulation.- 4.1 Introduction.- 4.2 The Basic Model.- 4.3 Public Expenditure Financed by Labor Income Taxes.- 4.4 An Open Economy in a Fixed Exchange Rate Regime.- 4.5 Conclusions.- References.- 5 Wealth Distribution, Occupational Choice and the Behaviour of the Interest Rate.- 5.1 Introduction.- 5.2 Model Economy.- 5.3 Equilibrium Conditions and Factor Prices.- 5.4 Market Equilibrium Dynamics.- 5.5 Development and Inequality.- 5.6 Some Empirical Evidence in Eastern Europe.- 5.7 Conclusions.- References.- 6 Financial Instability in the Transition Economies: Lessons from East (Asia) for (East) Europe.- 6.1 Introduction.- 6.2 Is the Diamond-Dybvig Approach Relevant for Banking Policy in Transition Economies?.- 6.3 The Model.- 6.4 The Social Planner Problem.- 6.5 The Role of the Banking System.- 6.6 Liquidity Requirements as a Means to Preserve Financial Stability.- 6.7 Financial Instability and External Shocks: The Case of Foreign Interest Rate Shocks.- 6.8 Conclusions.- References.- 7 Foreign Direct Investment in the Banking Sector: Experiences and Lessons from CEECs.- 7.1 Introduction.- 7.2 FDI in the Banking Sector: Are Transitional Economies Special?.- 7.3 Data on FDI in TE Banking Sectors.- 7.4 Impact of FDI in the Banking Sector.- 7.5 Determinants of FDI Localization in the Banking Sector.- 7.6 Conclusions.- References.- 8 Corporate Capital Structure in Transition: Evidence from Hungarian and Czech Firms.- 8.1 Introduction.- 8.2 Determinants of Leverage in TEs: Theoretical Issues.- 8.3 Data Set and Descriptive Statistics.- 8.4 Empirical Analysis.- 8.5 Conclusions.- References.- 9 Financing Patterns in Hungary - as Seen from Balance Sheets and from Interviews.- 9.1 Introduction.- 9.2 Analysis of Financial Accounts of Companies.- 9.3 Survey Findings.- 9.4 Summary and Lessons.- References.
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