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Transforming the financial system in Eastern Europe's market economies: A proposal for clean balance sheets and an institutional transfer

  • Schmieding, Holger
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    In developed market economies, banks and other financial institutions perform a variety of vital tasks: they mobilise savings and allocate funds to the optimal uses, they pool investment risks, they exploit scale economies in the evaluation and monitoring of borrowers, and they match the preferences of lenders and borrowers for liquidity and for specific term structures of portfolios. Driven by self-interested owners whose own capital is at risk and by equally self-interested top managers who care for their reputation on the market for top executives, the banks exert financial discipline on their customers.

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    Paper provided by Kiel Institute for the World Economy in its series Kiel Working Papers with number 497.

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    Date of creation: 1991
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    Handle: RePEc:kie:kieliw:497
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    1. William G. Gale, 1990. "Collateral, Rationing, and Government Intervention in Credit Markets," NBER Chapters, in: Asymmetric Information, Corporate Finance, and Investment, pages 43-62 National Bureau of Economic Research, Inc.
    2. Calomiris, Charles W & Hubbard, R Glenn, 1990. "Firm Heterogeneity, Internal Finance, and 'Credit Rationing.'," Economic Journal, Royal Economic Society, vol. 100(399), pages 90-104, March.
    3. Winiecki, Jan, 1991. "Political economy of privatisation: Poland in comparative perspective," Kiel Working Papers 485, Kiel Institute for the World Economy.
    4. R. Glenn Hubbard, 1990. "Asymmetric Information, Corporate Finance, and Investment," NBER Books, National Bureau of Economic Research, Inc, number glen90-1, October.
    5. Guillermo A. Calvo & Jacob A. Frenkel, 1991. "Obstacles to Transforming Centrally-Planned Economies: The Role of Capital Markets," NBER Working Papers 3776, National Bureau of Economic Research, Inc.
    6. Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June.
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