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Process and Effects of Financial Liberalization in Transition Countries: A Selective Literature Survey

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  • Claude Berthomieu

    ()
    (Université de Nice–Sophia Antipolis, CEMAFI, France)

  • Anastasia Ri

    ()
    (Université de Nice–Sophia Antipolis, CEMAFI, France)

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    Abstract

    This paper aims at reviewing selected literature on (1) structural financial changes observed in a large sample of transition economies in the Central and/or Oriental Europe during the last two decades, (2) efficiency of this financial liberalization in relative terms (in macroeconomic sense), and (3) impact of liberalization on financial problems of small and medium-size enterprises, a specific puzzle concerning this very important economic sector as for its role in the employment and growth of these economies.

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    File URL: http://www.panoeconomicus.rs/casopis/2009_4/03%20Claude%20Berthomieu.pdf
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    Bibliographic Info

    Article provided by Savez ekonomista Vojvodine, Novi Sad, Serbia in its journal Panoeconomicus.

    Volume (Year): 56 (2009)
    Issue (Month): 4 (December)
    Pages: 453-473

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    Handle: RePEc:voj:journl:v:56:y:2009:i:4:p:453-473

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    Web page: http://www.panoeconomicus.rs/

    Related research

    Keywords: Transition economies; Financial systems; Growth; Small and Medium enterprises;

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    References

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    1. Hyoungsoo Zang & Young Chul Kim, 2007. "Does financial development precede growth? Robinson and Lucas might be right," Applied Economics Letters, Taylor & Francis Journals, vol. 14(1), pages 15-19.
    2. Haselmann, Rainer, 2006. "Strategies of foreign banks in transition economies," Emerging Markets Review, Elsevier, vol. 7(4), pages 283-299, December.
    3. Laurent Weill, 2003. "Banking efficiency in transition economies," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 11(3), pages 569-592, 09.
    4. Roubini, Nouriel & Sala-i-Martin, Xavier, 1992. "Financial repression and economic growth," Journal of Development Economics, Elsevier, vol. 39(1), pages 5-30, July.
    5. de Haas, Ralph & van Lelyveld, Iman, 2010. "Internal capital markets and lending by multinational bank subsidiaries," Journal of Financial Intermediation, Elsevier, vol. 19(1), pages 1-25, January.
    6. Sylviane Guillaumont Jeanneney & Kangni Kpodar, 2005. "Financial Development, Financial Instability and Poverty," Economics Series Working Papers WPS/2005-09, University of Oxford, Department of Economics.
    7. Peter Lawrence, 2006. "Finance and development: why should causation matter?," Journal of International Development, John Wiley & Sons, Ltd., vol. 18(7), pages 997-1016.
    8. Vassili Prokopenko & Paul Holden, 2001. "Financial Development and Poverty Alleviation," IMF Working Papers 01/160, International Monetary Fund.
    9. Steven Fries & Damien Neven & Paul Seabright & Anita Taci, 2006. "Market entry, privatization and bank performance in transition," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 14(4), pages 579-610, October.
    10. Klapper, Leora & Sarria-Allende, Virginia & Zaidi, Rida, 2006. "A firm-level analysis of small and medium size enterprise financing in Poland," Policy Research Working Paper Series 3984, The World Bank.
    11. John Hutchinson & Ana Xavier, 2006. "Comparing the Impact of Credit Constraints on the Growth of SMEs in a Transition Country with an Established Market Economy," Small Business Economics, Springer, vol. 27(2), pages 169-179, October.
    12. Ayyagari, Meghana & Beck, Thorsten & Demirguc-Kunt, Asl, 2003. "Small and medium enterprises across the globe : a new database," Policy Research Working Paper Series 3127, The World Bank.
    13. Ralph de Haas & Ilko Naaborg, 2005. "Does Foreign Bank Entry Reduce Small Firms' Access to Credit? Evidence from European Transition Economies," DNB Working Papers 050, Netherlands Central Bank, Research Department.
    14. Sylviane GUILLAUMONT JEANNENEY & Kangni KPODAR, 2004. "Développement financier, instabilité financière et réduction de la pauvreté," Working Papers 200429, CERDI.
    15. Staikouras, Christos & Mamatzakis, Emmanuel & Koutsomanoli-Filippaki, Anastasia, 2008. "Cost efficiency of the banking industry in the South Eastern European region," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 18(5), pages 483-497, December.
    16. Masten, Arjana Brezigar & Coricelli, Fabrizio & Masten, Igor, 2008. "Non-linear growth effects of financial development: Does financial integration matter?," Journal of International Money and Finance, Elsevier, vol. 27(2), pages 295-313, March.
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