Financial System Transition in Central Europe: The First Decade
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 currency-denominated 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.
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- Glenn Hoggarth & Ricardo Reis & Victoria Saporta, 2001.
"Costs of banking system instability: some empirical evidence,"
Bank of England working papers
144, Bank of England.
- Hoggarth, Glenn & Reis, Ricardo & Saporta, Victoria, 2002. "Costs of banking system instability: Some empirical evidence," Journal of Banking & Finance, Elsevier, vol. 26(5), pages 825-855, May.
- Katharina Pistor & Martin Raiser & Stanislaw Gelfer, 2000. "Law and Finance in Transition Economies," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 8(2), pages 325-368, July.
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