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The Prospects of Capital Markets in Central and Eastern Europe

  • Jens Köke
  • Michael Schröder

The picture of the securities exchanges and financial sectors of Central and Eastern Europe (CEE) is still relatively unfavorable. In comparison with their Western counterparts, CEE securities exchanges, with the sole exception of the Warsaw Stock Exchange, are underdeveloped and less important to the domestic economies in general and to corporate finance in particular. Under pressure for several reasons, CEE securities exchanges should change their form of (international) organization to ensure future success. Stronger international integration of the exchanges could also improve the integration of CEE companies into international capital markets.

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Article provided by M.E. Sharpe, Inc. in its journal Eastern European Economics.

Volume (Year): 41 (2003)
Issue (Month): 4 (July)
Pages: 5-37

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Handle: RePEc:mes:eaeuec:v:41:y:2003:i:4:p:5-37
Contact details of provider: Web page: http://mesharpe.metapress.com/link.asp?target=journal&id=106044

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  1. Marco Pagano & Otto Randl & Ailsa A. Röell & Josef Zechner, 2000. "What Makes Stock Exchanges Succeed? Evidence from Cross-Listing Decisions," CSEF Working Papers 50, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
  2. Pietro Garibaldi & Nada Mora & Ratna Sahay & Jeromin Zettelmeyer, 2001. "What Moves Capital to Transition Economies?," IMF Staff Papers, Palgrave Macmillan, vol. 48(4), pages 6.
  3. Guercio, Diane Del & Hawkins, Jennifer, 1999. "The motivation and impact of pension fund activism," Journal of Financial Economics, Elsevier, vol. 52(3), pages 293-340, June.
  4. Schmiedel, Heiko, 2001. "Technological development and concentration of stock exchanges in Europe," Research Discussion Papers 21/2001, Bank of Finland.
  5. Claessens, Stijn & Kingebiel, Daniela & Schmukler, Sergio L., 2002. "Explaining the Migration of Stocks from Exchanges in Emerging Economies to International Centres," Working Paper Series UNU-WIDER Research Paper , World Institute for Development Economic Research (UNU-WIDER).
  6. Marco Pagano & Ailsa A. Roell & Joseph Zechner, 1999. "The Geography of Equity Listing; Why Do Companies List Abroad?," CSEF Working Papers 28, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy, revised 01 Sep 2001.
  7. Gaa, Charles & Stephen Lumpkin & Robert Ogrodnik & Peter Thurlow, 2001. "The Future Prospects for National Financial Markets and Trading Centres," Working Papers 01-10, Bank of Canada.
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