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The Emergence of Financial Markets in Transition: The Czech Experience

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  • Katerina Smidkova

    (Czech National Bank)

Abstract

The study is focused on the first five years of development of well- functioning financial markets that was an important part of economic transition. The Czech experience is used to gain an insight into the complexity of the process of their emergence. Major players on the Czech financial markets are described. Specifically, the role of the central bank, the government sector and the state-owned banking sector in the process of financial markets emergence is analyzed. Then the structure and depth of the Czech financial markets together with reasons of their emergence is reviewed. The study concludes with emphasizing several lessons from the Czech experience. For example, the strategy of slower financial liberalization and of providing fewer licenses at the beginning of transition is recommended.

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File URL: http://128.118.178.162/eps/mac/papers/0303/0303021.pdf
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Bibliographic Info

Paper provided by EconWPA in its series Macroeconomics with number 0303021.

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Length: 52 pages
Date of creation: 26 Mar 2003
Date of revision:
Handle: RePEc:wpa:wuwpma:0303021

Note: Type of Document - ; pages: 52 . WP IECNB 1996 No 59.
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Web page: http://128.118.178.162

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Keywords: financial markets emergence Czech transition;

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  1. Joseph E. Stiglitz, 1990. "Markets and Development," NBER Working Papers 2961, National Bureau of Economic Research, Inc.
  2. Ben S. Bernanke & Alan S. Blinder, 1988. "Credit, Money, and Aggregate Demand," NBER Working Papers 2534, National Bureau of Economic Research, Inc.
  3. Bernhard Fischer & Helmut Reisen, 1992. "Towards Capital Account Convertibility," OECD Development Centre Policy Briefs 4, OECD Publishing.
  4. Corbett, Jennifer & Mayer, Colin, 1991. "Financial Reform in Eastern Europe: Progress With the Wrong Model," CEPR Discussion Papers 603, C.E.P.R. Discussion Papers.
  5. Gerard Caprio, Jr., 1995. "The role of financial intermediaries in transitional economies," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 42(1), pages 257-302, June.
  6. L. Wade, 1988. "Review," Public Choice, Springer, vol. 58(1), pages 99-100, July.
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Cited by:
  1. Bredin, Don & Cuthbertson, Keith, 2001. "Money Demand in the Czech Republic since Transition," Research Technical Papers 3/RT/01, Central Bank of Ireland.
  2. Chris Allen & Katerina Smidkova, 2004. "Voucher Privatization, HouseholdsĀ“ Demand for Consumption Goods and Financial Assets and Implications for Macroeconomic Policy," Macroeconomics 0403003, EconWPA.

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