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The Capital Markets of Emerging Europe: Institutions, Instruments and Investors

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  • Ms. Li L Ong
  • Silvia Iorgova

Abstract

Emerging European countries have made large strides in developing their local capital markets since the early-1990s. However, the rate of development has been widely disparate across countries and market segments, underpinned by the varying degrees of progress made in key areas such as establishing pricing benchmarks, adopting, implementing and enforcing securities laws and regulations, encouraging the growth of an institutional investor base, and providing adequate trading infrastructure. This paper provides an overview of the trends in the region's local capital markets, and examines the main factors that have contributed to their growth and effectiveness to date. It also discusses selected policy responses necessary to further improve the breadth and depth of these markets.

Suggested Citation

  • Ms. Li L Ong & Silvia Iorgova, 2008. "The Capital Markets of Emerging Europe: Institutions, Instruments and Investors," IMF Working Papers 2008/103, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:2008/103
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    References listed on IDEAS

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    1. Niamh Sheridan & Mr. Alfred Schipke & Ms. Susan M George & Mr. Christian H. Beddies, 2004. "Capital Markets and Financial Intermediation in The Baltics," IMF Occasional Papers 2004/002, International Monetary Fund.
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    Cited by:

    1. Kamal A. El-Wassal, 2013. "The Development of Stock Markets: In Search of a Theory," International Journal of Economics and Financial Issues, Econjournals, vol. 3(3), pages 606-624.
    2. Gabrisch, Hubert & Orlowski, Lucjan T. & Pusch, Toralf, 2012. "Sovereign default Risk in the Euro-Periphery and the Euro-Candidate Countries," MPRA Paper 41265, University Library of Munich, Germany.
    3. Prats Albentosa, María Asuncíon & Sandoval, Beatriz, 2020. "Does stock market capitalization cause GDP? A causality study for Central and Eastern European countries?," Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy (IfW Kiel), vol. 14, pages 1-29.
    4. Mr. Martin Cihak & Mr. Wim Fonteyne, 2009. "Five Years After: European Union Membership and Macro-Financial Stability in the New Member States," IMF Working Papers 2009/068, International Monetary Fund.
    5. Christian Saborowski, 2009. "Capital Inflows and the Real Exchange Rate: Can Financial Development Cure the Dutch Disease?," IMF Working Papers 2009/020, International Monetary Fund.
    6. Oana Georgiana AMARANDEI, 2015. "INSTITUTIONAL CHANGES IN EMERGING EUROPE Abstract : The recent global economic crisis has created new conditions and situations for the economic environment and therefore, in this context the rethinki," EcoForum, "Stefan cel Mare" University of Suceava, Romania, Faculty of Economics and Public Administration - Economy, Business Administration and Tourism Department., vol. 4(Special I), pages 1-14, august.
    7. Belcic-Stefan Iulia-Oana, 2015. "The Road Of Romania From Frontier Towards Emerging Capital Market Status," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, vol. 4, pages 155-163, August.
    8. Valentina Vasile & Mirela Matei, 2010. "The Romanian Municipal Bond Market and the International Financial Crisis," Romanian Journal of Economics, Institute of National Economy, vol. 30(1(39)), pages 110-126, June.
    9. Elisabeth Beckmann & Mariya Hake & Jarmila Urvová, 2013. "Determinants of Households’ Savings in Central, Eastern and Southeastern Europe," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue 3, pages 8-29.
    10. Yilmaz Bayar & Marius Dan Gavriletea & Dan Constantin Danuletiu & Adina Elena Danuletiu & Emre Sakar, 2022. "Pension Funds, Insurance Companies and Stock Market Development: Evidence from Emerging Markets," Mathematics, MDPI, vol. 10(13), pages 1-13, July.
    11. Christian Saborowski, 2011. "Can financial development cure the Dutch disease?," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 16(3), pages 218-236, July.
    12. Harasztosi, Péter & Kátay, Gábor, 2020. "Currency matching by non-financial corporations," Journal of Banking & Finance, Elsevier, vol. 113(C).

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