IDEAS home Printed from https://ideas.repec.org/a/prs/recofi/ecofi_0987-3368_2001_hos_6_1_3918.html
   My bibliography  Save this article

Les marchés boursiers d'Europe Centrale et Orientale et leur environnement : une transition inachevée

Author

Listed:
  • Patrick Mordacq

Abstract

[eng] Stock Markets in Central and Eastern Europe and their Environment : The Unachieved Transition . During the last ten years, transition countries had to rebuild from scratch stock exchanges which were put to a standstill more than fifty years ago. Progress in building stock markets is lagging in the process of transition, when they should play a major role. Capitalisation as a percentage of GDP is weak in comparison with Western developed economies. As stock exchanges started up in the wake of privatisation, their organisation was largely shaped according to the way privatisation occurred. Moreover stabilisation was a precondition for building domestic savings and attracting foreign investors, key features for an active market. These stock markets are now facing a new transition period. At the same time, more international openness, fostered by the EU accession process, should bring constraints and challenges for those markets. . JEL classifications : G18, P20, P34 [fre] Au cours des dix dernières années, les pays en transition ont dû recréer, dans le domaine boursier, institutions, mécanismes et métiers abandonnés depuis un demi-siècle. Les résultats sont très variables selon les pays, mais partout le développement des marchés boursiers est en retard dans le processus de transition alors même qu’il doit y jouer un rôle essentiel. Le développement de systèmes financiers reste en retard par rapport à l’économie réelle, le crédit bancaire tient une place prépondérante et le rôle des Bourses est encore restreint. Les Bourses ont véritablement commencé à fonctionner avec la privatisation, mais l’organisation des marchés a été différente selon que la privatisation de masse a été ou non le mécanisme prépondérant. Une nouvelle transition s’impose à ces marchés pour renforcer leur rôle d’intermédiation financière tout en s’ouvrant à l’environnement international. . Classification JEL : G18, P20, P34

Suggested Citation

  • Patrick Mordacq, 2001. "Les marchés boursiers d'Europe Centrale et Orientale et leur environnement : une transition inachevée," Revue d'Économie Financière, Programme National Persée, vol. 6(1), pages 421-428.
  • Handle: RePEc:prs:recofi:ecofi_0987-3368_2001_hos_6_1_3918
    DOI: 10.3406/ecofi.2001.3918
    Note: DOI:10.3406/ecofi.2001.3918
    as

    Download full text from publisher

    File URL: https://doi.org/10.3406/ecofi.2001.3918
    Download Restriction: no

    File URL: https://www.persee.fr/doc/ecofi_0987-3368_2001_hos_6_1_3918
    Download Restriction: no

    File URL: https://libkey.io/10.3406/ecofi.2001.3918?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Christian Aubin & Jean-Pierre Berdot & Daniel Goyeau & Jacques Léonard, 2005. "Quelle convergence financière pour les pecos ?. Une analyse économétrique de l'évolution des marchés d'actions (1998-2003)," Revue économique, Presses de Sciences-Po, vol. 56(1), pages 147-169.

    More about this item

    JEL classification:

    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • P20 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - General
    • P34 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions - - - Finance
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • P20 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - General
    • P34 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions - - - Finance

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:prs:recofi:ecofi_0987-3368_2001_hos_6_1_3918. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Equipe PERSEE (email available below). General contact details of provider: https://www.persee.fr/collection/ecofi .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.