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

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

Abstract

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.

Suggested Citation

  • Fink, Gerhard & Haiss, Peter R. & Orlowski, Lucjan & Salvatore, Dominick, 1998. "Central European banks and stock exchanges:: Capacity-building and institutional development," European Management Journal, Elsevier, vol. 16(4), pages 431-446, August.
    • Handle: RePEc:eee:eurman:v:16:y:1998:i:4:p:431-446
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    Cited by:

    1. Brůha, Jan & Kočenda, Evžen, 2018. "Financial stability in Europe: Banking and sovereign risk," Journal of Financial Stability, Elsevier, vol. 36(C), pages 305-321.
    2. Hanousek, Jan & Kocenda, Evzen & Kutan, Ali M., 2009. "The reaction of asset prices to macroeconomic announcements in new EU markets: Evidence from intraday data," Journal of Financial Stability, Elsevier, vol. 5(2), pages 199-219, June.
    3. Lucjan T. Orlowski, 1999. "The Development of Financial Markets in Poland," CASE-CEU Working Papers 0033, CASE-Center for Social and Economic Research.
    4. Jan Hanousek & Evžen Kočenda, 2010. "Vliv vnitrodenních makroekonomických zpráv na akciové trhy nových států EU [Effect of Intraday Information Flow on the Emerging European Stock Markets]," Politická ekonomie, Prague University of Economics and Business, 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.
    6. Stephan Barisitz, 2009. "Banking Sector Transformation in CESEE," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue 5, pages 92-100.
    7. Jan Brůha & Evžen Kočenda, 2018. "Bankovní sektor a státní riziko v Evropské unii [Banking Sector and Sovereign Risk in Euroepan Union]," Politická ekonomie, Prague University of Economics and Business, vol. 2018(3), pages 366-383.
    8. 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.

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