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Capital Market Inflation and Privatisation in Capitalist and Post-Communist Economies

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  • Jan Toporowski

    (South Bank University, London)

Abstract

This paper examines the conditions under which privatisation has been associated with capital market inflation in early and contemporary capitalism. It is argued that this association with capital market inflation creates an unstable financial structure. The lack of private financial accumulation under Communism has constrained privatisation through capital markets. But the alternative privatisation through foreign direct investment has created a stronger financial structure, albeit creating an industrial structure that is more vulnerable to adverse international circumstances.

Suggested Citation

  • Jan Toporowski, 1998. "Capital Market Inflation and Privatisation in Capitalist and Post-Communist Economies," Zagreb International Review of Economics and Business, Faculty of Economics and Business, University of Zagreb, vol. 1(2), pages 77-89, November.
    • Handle: RePEc:zag:zirebs:v:1:y:1998:i:2:p:77-89
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    Citations

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    Cited by:

    1. Lubom??r L??zal, 2002. "Determinants of Financial Distress: What Drives Bankruptcy in a Transition Economy? The Czech Republic Case," William Davidson Institute Working Papers Series 451, William Davidson Institute at the University of Michigan.
    2. Jan Toporowski, 2000. "Monetary Policy in an Era of Capital Market Inflation," Macroeconomics 0004026, University Library of Munich, Germany.
    3. Evzen Kocenda & Juraj Valachy, 2001. "Secondary Privatization in the Czech Republic: Changes in Ownership and Enterprise Performance in Voucher-Privatized Firms," CASE Network Reports 0045, CASE-Center for Social and Economic Research.

    More about this item

    Keywords

    capital markets; privatisation; Ponzi finance; pension funds;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • P34 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions - - - Finance

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