The Regulatory and Public Policy Agenda for Effective Intermediation in Post Socialist Economies
The advent of a market economy in formerly centralized economies has led to dramatic change in their financial sector, and the behavior of banking institutions. These firms must convert from de facto government agencies to credit evaluators, borrower monitors, and loan collectors. To perform these functions, substantial change has begun to transform the accounting, legal and property/bankruptcy laws in these economies. An equal change needs to occur in financial institution regulation. Financial system reforms must include a set of functions, procedures, and controls which collectively are referred to as a safety net for the system as a whole. A carefully constructed set of regulations appears necessary which will offset market imperfections without replacing them with a new bureaucratic structure. These regulations require trade-offs between stability and market discipline. In the end, however, no stability is offered by the removal or manipulation of market signals and the discipline of the price system.
|Date of creation:||Oct 1996|
|Date of revision:|
|Contact details of provider:|| Postal: 3301 Steinberg Hall-Dietrich Hall, 3620 Locust Walk, Philadelphia, PA 19104.6367|
Web page: http://fic.wharton.upenn.edu/fic/
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Saunders, Anthony & Sommariva, Andrea, 1993. "Banking sector and restructuring in Eastern Europe," Journal of Banking & Finance, Elsevier, vol. 17(5), pages 931-957, September.
- Bhattacharya Sudipto & Thakor Anjan V., 1993. "Contemporary Banking Theory," Journal of Financial Intermediation, Elsevier, vol. 3(1), pages 2-50, October.
- Marvin Goodfriend, 1988.
"Money, credit, banking, and payment system policy,"
Federal Reserve Bank of Richmond, pages 247-284.
- Marvin Goodfriend, 1991. "Money, credit, banking, and payments system policy," Economic Review, Federal Reserve Bank of Richmond, issue Jan, pages 7-23.
- Diamond, Douglas W & Dybvig, Philip H, 1983.
"Bank Runs, Deposit Insurance, and Liquidity,"
Journal of Political Economy,
University of Chicago Press, vol. 91(3), pages 401-19, June.
- Santomero, Anthony M., 1989. "The changing structure of financial institutions: a review essay," Journal of Monetary Economics, Elsevier, vol. 24(2), pages 321-328, September.
- Robert Litan & William Isaac & William Taylor, 1994. "Financial Regulation," NBER Chapters, in: American Economic Policy in the 1980s, pages 519-572 National Bureau of Economic Research, Inc.
- Guillermo A. Calvo & Fabrizio Coricelli, 1993.
"Output Collapse in Eastern Europe: The Role of Credit,"
IMF Staff Papers,
Palgrave Macmillan, vol. 40(1), pages 32-52, March.
- Guillermo Calvo & Fabrizio Coricelli, 1992. "Output Collapse in Eastern Europe; The Role of Credit," IMF Working Papers 92/64, International Monetary Fund.
- Allen N. Berger & Gregory F. Udell, 1991. "Securitization, risk, and the liquidity problem in banking," Finance and Economics Discussion Series 181, Board of Governors of the Federal Reserve System (U.S.).
- Gorton, Gary & Pennacchi, George, 1990. " Financial Intermediaries and Liquidity Creation," Journal of Finance, American Finance Association, vol. 45(1), pages 49-71, March.
- Enrico C Perotti, 1994. "A taxonomy of post-socialist financial systems: decentralized enforcement and the creation of inside money," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 2(1), pages 71-81, 03.
- Mathias Dewatripont & Jean Tirole, 1993.
"Efficient governance structure: implications for banking regulation,"
ULB Institutional Repository
2013/9655, ULB -- Universite Libre de Bruxelles.
- Dewatripont, Mathias & Tirole, Jean, 1992. "Efficient Governance Structure : Implications for Banking Regulation," IDEI Working Papers 18, Institut d'Économie Industrielle (IDEI), Toulouse.
- Douglas W. Diamond, 1984. "Financial Intermediation and Delegated Monitoring," Review of Economic Studies, Oxford University Press, vol. 51(3), pages 393-414.
- Calomiris, Charles W & Kahn, Charles M, 1991. "The Role of Demandable Debt in Structuring Optimal Banking Arrangements," American Economic Review, American Economic Association, vol. 81(3), pages 497-513, June.
- Jacklin, Charles J & Bhattacharya, Sudipto, 1988. "Distinguishing Panics and Information-Based Bank Runs: Welfare and Policy Implications," Journal of Political Economy, University of Chicago Press, vol. 96(3), pages 568-92, June.
- Ben Bernanke & Mark Gertler, 1987.
"Financial Fragility and Economic Performance,"
NBER Working Papers
2318, National Bureau of Economic Research, Inc.
- Stiglitz, Joseph E, 1989. "Financial Markets and Development," Oxford Review of Economic Policy, Oxford University Press, vol. 5(4), pages 55-68, Winter.
- Kareken, John H & Wallace, Neil, 1978. "Deposit Insurance and Bank Regulation: A Partial-Equilibrium Exposition," The Journal of Business, University of Chicago Press, vol. 51(3), pages 413-38, July.
- Bernanke, Ben & Gertler, Mark, 1989. "Agency Costs, Net Worth, and Business Fluctuations," American Economic Review, American Economic Association, vol. 79(1), pages 14-31, March.
- Franklin Allen & Douglas Gale, .
"Optimal Security Design,"
Rodney L. White Center for Financial Research Working Papers
26-87, Wharton School Rodney L. White Center for Financial Research.
- Santomero, Anthony M. & Trester, Jeffrey J., 1998. "Financial innovation and bank risk taking," Journal of Economic Behavior & Organization, Elsevier, vol. 35(1), pages 25-37, March.
- Corbett, Jenny & Mayer, Colin, 1991.
"Financial Reform in Eastern Europe: Progress with the Wrong Model,"
Oxford Review of Economic Policy,
Oxford University Press, vol. 7(4), pages 57-75, Winter.
- 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.
When requesting a correction, please mention this item's handle: RePEc:wop:pennin:96-34. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Thomas Krichel)
If references are entirely missing, you can add them using this form.