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Structure of Monetary Assets in Transition Economies: Financial Innovation and Structural Transformation

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Author Info
Gérard Duchêne (ERUDITE - Université Paris XII Val de Marne, CES - Centre d'économie de la Sorbonne - CNRS : UMR8174 - Université Panthéon-Sorbonne - Paris I)
Ramona Jimborean (ERUDITE - Université Paris XII Val de Marne)
Boris Najman () (CES - Centre d'économie de la Sorbonne - CNRS : UMR8174 - Université Panthéon-Sorbonne - Paris I, GRATICE - Université Paris XII Val de Marne)

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Abstract

Using a panel data set we investigate the specificities of the structure of monetary assets in transition economies. This analysis reveals the main factors standing behind the structure of deposits held with banks (demand or time deposits), as well as the determinants of the trade-off between cash and demand deposits in Central and Eastern European Countries and in Former Soviet Union countries. We show that the strong preference for cash, which appears in transition countries, is related to the extent of the informal sector, to the low efficiency of the banking sector as well as to the massive currency substitutions. The relatively high share of time deposits compared to demand deposits is due to the inefficiency of the banking system and to the low level of development of alternative financial markets.

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Paper provided by HAL in its series Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) with number hal-00270544_v1.

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Date of creation: 11 May 2006
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Publication status: Published - Presented, Développements récents en Economie Financière, aspects microéconomiques et macroéconomiques., 2006, Strasbourg, France
Handle: RePEc:hal:cesptp:hal-00270544_v1

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Keywords: transition economics; money demand; cash deposit ratio;

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