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The Order of Financial Liberalization

In: Economic Transition in Central Europe and the Commonwealth of Independent States

Author

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  • Tomasz Mickiewicz

Abstract

This chapter begins with an overview of the functions of financial intermediation and possible sources of inefficiency in the context of economic transition. We refer to the optimum order of financial liberalization, discussed by McKinnon (1993). We next move to an empirical analysis. First, we test how the transition economies in general, and the two main regions within this group (CIS and non-CIS), differ from other comparator economies along basic financial dimensions. Second, we test how the reforms implemented in the transition countries affected the characteristics of their financial systems, distinguishing between immediate effects and those that came with a time lag. We then draw some brief conclusions.

Suggested Citation

  • Tomasz Mickiewicz, 2005. "The Order of Financial Liberalization," Studies in Economic Transition, in: Economic Transition in Central Europe and the Commonwealth of Independent States, chapter 8, pages 143-159, Palgrave Macmillan.
    • Handle: RePEc:pal:stuchp:978-0-230-50434-9_8
    DOI: 10.1057/9780230504349_8
    as

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