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Central European banks and stock exchanges:: Capacity-building and institutional development


Author Info

  • Fink, Gerhard
  • Haiss, Peter R.
  • Orlowski, Lucjan
  • Salvatore, Dominick


This paper analyses capacity building and institutional development in the banking and capital market sectors of formerly planned economies in Central and Eastern Europe. While the existing literature mostly addresses the specific situation of banks and capital markets in a particular country or for a few countries of the region only, this paper identifies common institutional and structural problems of all 10 Central European applicant countries for EU membership. Given the strong tendencies towards imprudent banking, the small size of the financial markets, asymmetric information, inadequate capitalization and insufficient supervision, privatization of the large former state owned banks may require strong equity involvement of foreign banks and international institutions like the European Bank for Reconstruction and Development (EBRD), which reduce the risk for foreign investors by providing guarantees and securing more reliable banking policies of the respective governments.

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Bibliographic Info

Article provided by Elsevier in its journal European Management Journal.

Volume (Year): 16 (1998)
Issue (Month): 4 (August)
Pages: 431-446

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Handle: RePEc:eee:eurman:v:16:y:1998:i:4:p:431-446

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Cited by:
  1. Lucjan T. Orlowski, 1999. "The Development of Financial Markets in Poland," CASE-CEU Working Papers 0033, CASE-Center for Social and Economic Research.
  2. Jan Hanousek & Evzen Kocenda & Ali M. Kutan, 2008. "The Reaction of Asset Prices to Macroeconomic Announcements in New EU Markets: Evidence from Intraday Data," CERGE-EI Working Papers wp349, The Center for Economic Research and Graduate Education - Economic Institute, Prague.
  3. Fink, Gerhard & Haiss, Peter & Vuksic, Goran, 2009. "Contribution of financial market segments at different stages of development: Transition, cohesion and mature economies compared," Journal of Financial Stability, Elsevier, vol. 5(4), pages 431-455, December.
  4. Jan Hanousek & Evžen Kočenda, 2010. "Effect of Intraday Information Flow on the Emerging European Stock Markets," Politická ekonomie, University of Economics, Prague, vol. 2010(4), pages 435-457.
  5. Katarzyna Zawalinska, 1999. "Asset and Liabilities Management. The Institutional Approach to ALM by Commercial Banks in Poland: a Special Focus on Risk Management," CASE Network Studies and Analyses 0185, CASE-Center for Social and Economic Research.


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