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Property Relations and Financial Reforms in Transition Economies

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  • P.G. Hare

Abstract

Property relations and financial markets are key aspects of the transition to a market economy. This paper reviews conceptual analysis and recent experience in these areas under five broad headings: (1) property rights and the legal framework; (2) privatisation; (3) the management and regulation of state-owned firms; (4) banking and finance; and (5) restructuring. The emphasis of the paper is on the view that these apparently different dimensions of the transition are actually closely inter-related, with the result that good policies in one area are necessarily highly dependent on progress with the others. Some of these issues turned out to be more difficult and complicated than appeared at the start of transition, but considerable learning has taken place and better policies can now be designed.

Suggested Citation

  • P.G. Hare, 1997. "Property Relations and Financial Reforms in Transition Economies," CERT Discussion Papers 9711, Centre for Economic Reform and Transformation, Heriot Watt University.
    • Handle: RePEc:hwe:certdp:9711
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    References listed on IDEAS

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    1. I Grosfeld & P Hare, 1991. "Privatization in Hungary," CEP Discussion Papers dp0031, Centre for Economic Performance, LSE.
    2. Roman Frydman & Andrzej Rapaczynski, 1993. "Insiders and the state: overview of responses to agency problems in East European privatizations," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 1(1), pages 39-59, January.
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    Cited by:

    1. Peter Luzik, 1999. "International Experience in Tax Reform and Lessons for Ukraine," CERT Discussion Papers 9904, Centre for Economic Reform and Transformation, Heriot Watt University.

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