The Emergence of Financial Markets in Transition: The Czech Experience
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.
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