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The Financial System in the Czech Republic, Hungary and Poland after a Decade of Transition

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Author Info

  • Schardax, Franz
  • Reininger, Thomas
  • Summer, Martin

Abstract

The Czech Republic, Hungary and Poland (CEEC-3) have undertaken substantial efforts to build a new financial system under the constraints of their legacies from central planning. In this study, first we look at the banking sector. Then we give a description of bond and stock markets. These topics are complemented by an analysis of the structure of funding for the private and public sector, of the financial sector's vulnerability and of the legal conditions for external finance as well as for banking supervision. We find that the financial sector and financial intermediation are internationally integrated already to a large extent. This implies, inter alia, a non-negligible exposure of the corporate sector to exchange rate risk. While funding via equity markets remained modest, local currencydenominated debt issues are important for public financing. Our analysis shows that the legal, supervisory and regulatory infrastructure of the financial system is formally well developed, but suffers from enforcement problems. -- Polen, die Tschechische Republik und Ungarn unternahmen, ausgehend vom Erbe der zentralen Planwirtschaft, substanzielle Anstrengungen zur Errichtung neuer Finanzsysteme. Aufbauend auf einer Untersuchung des Bankensektors sowie der Kapitalmärkte erfolgt eine Analyse der Finanzierungsstruktur des privaten und des öffentlichen Sektors, der Krisenanfälligkeit des Finanzsektors sowie der rechtlichen Regelungen für externe Unternehmensfinanzierung und Bankenaufsicht. Finanzsektoren und -intermediation sind bereits in hohem Maße international integriert. Dies impliziert u.a., dass der Unternehmenssektor einem beachtlichen Wechselkursrisiko ausgesetzt ist. Während die Finanzierung über den Aktienmarkt gering ist, sind in nationaler Währung denominierte Schuldtitel für die Finanzierung des öffentlichen Sektors wichtig. Unsere Analyse zeigt, dass der rechtliche und aufsichtsrechtliche Rahmen der Finanzsysteme formal gut entwickelt ist. Es gibt jedoch Mängel bei der praktischen Umsetzung dieser Standards.

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Bibliographic Info

Paper provided by Deutsche Bundesbank, Research Centre in its series Discussion Paper Series 1: Economic Studies with number 2001,16.

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Date of creation: 2001
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Handle: RePEc:zbw:bubdp1:4161

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Related research

Keywords: Financial System in Czech Republic; Hungary and Poland; Financial Sector Transition; Transition Economics;

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Cited by:
  1. Pogorelec, Sabina, 2006. "Fiscal and monetary policy in the enlarged European Union," Working Paper Series 0655, European Central Bank.
  2. Volkhart Vincentz, 2002. "Entwicklungen und Tendenzen der Finanzsysteme in Osteuropa," Working Papers 237, Institut für Ost- und Südosteuropaforschung (Institute for East and South-East European Studies).
  3. R. T.A. de Haas & I. P.P van Lelyveld, 2004. "Foreign Bank Penetration and Private Sector Credit in Central and Eastern Europe," Journal of Emerging Market Finance, Institute for Financial Management and Research, vol. 3(2), pages 125-151, August.
  4. Henk Brouwer & Ralph de Haas & Bas Kiviet, 2002. "Banking sector development and financial stability in the run up to EU accession," Macroeconomics 0209003, EconWPA.
  5. Barry Eichengreen & Katharina Steiner, 2008. "Is Poland at Risk of a Boom-and-Bust Cycle in the Run-Up to Euro Adoption?," NBER Working Papers 14438, National Bureau of Economic Research, Inc.
  6. Jokipii, Terhi & Lucey, Brian, 2007. "Contagion and interdependence: Measuring CEE banking sector co-movements," Economic Systems, Elsevier, vol. 31(1), pages 71-96, March.
  7. Michel Aglietta & Camille Baulant & Sandra Moatti, 2003. "Les PECO devant la tentation de l'euro," Economie Internationale, CEPII research center, issue 93, pages 11-36.
  8. Abel, Istvan & Siklos, Pierre L., 2004. "Secrets to the successful Hungarian bank privatization: the benefits of foreign ownership through strategic partnerships," Economic Systems, Elsevier, vol. 28(2), pages 111-123, June.
  9. Herrmann, Sabine & Jochem, Axel, 2003. "Die internationale Intregration der Devisenmärkte in den mittel- und osteuropäischen Beitrittsländern: Spekulative Effizienz, Transaktionskosten und Wechselkursprämien," Discussion Paper Series 1: Economic Studies 2003,08, Deutsche Bundesbank, Research Centre.
  10. H. Brouwer & R. de Haas & B. Kiviet, 2002. "Banking sector development and financial stability in the run up to EU accession," MEB Series (discontinued) 2002-6, Netherlands Central Bank, Monetary and Economic Policy Department.

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