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The Emergence of Financial Markets in Transition: The Czech Experience

Author

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  • Katerina Smidkova

    (Czech National Bank)

Abstract

The study is focused on the first five years of development of well- functioning financial markets that was an important part of economic transition. The Czech experience is used to gain an insight into the complexity of the process of their emergence. Major players on the Czech financial markets are described. Specifically, the role of the central bank, the government sector and the state-owned banking sector in the process of financial markets emergence is analyzed. Then the structure and depth of the Czech financial markets together with reasons of their emergence is reviewed. The study concludes with emphasizing several lessons from the Czech experience. For example, the strategy of slower financial liberalization and of providing fewer licenses at the beginning of transition is recommended.

Suggested Citation

  • Katerina Smidkova, 2003. "The Emergence of Financial Markets in Transition: The Czech Experience," Macroeconomics 0303021, University Library of Munich, Germany.
    • Handle: RePEc:wpa:wuwpma:0303021
    Note: Type of Document - ; pages: 52 . WP IECNB 1996 No 59.
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    References listed on IDEAS

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    1. Corbett, Jenny & Mayer, Colin, 1991. "Financial Reform in Eastern Europe: Progress with the Wrong Model," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 7(4), pages 57-75, Winter.
    2. L. Wade, 1988. "Review," Public Choice, Springer, vol. 58(1), pages 99-100, July.
    3. Bernanke, Ben S & Blinder, Alan S, 1988. "Credit, Money, and Aggregate Demand," American Economic Review, American Economic Association, vol. 78(2), pages 435-439, May.
    4. Joseph E. Stiglitz, 1989. "Markets and Development," NBER Working Papers 2961, National Bureau of Economic Research, Inc.
    5. Gerard Caprio, Jr., 1995. "The role of financial intermediaries in transitional economies," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 42(1), pages 257-302, June.
    6. Bernhard Fischer & Helmut Reisen, 1992. "Towards Capital Account Convertibility," OECD Development Centre Policy Briefs 4, OECD Publishing.
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    2. Chris Allen & Katerina Smidkova, 2003. "Voucher Privatization, Households´ Demand for Consumption Goods and Financial Assets and Implications for Macroeconomic Policy," Macroeconomics 0303013, University Library of Munich, Germany.
    3. Keith Cuthbertson & Don Bredin, 2001. "Money demand in the czech republic since transition," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 4(4), pages 271-290.

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