By Stanislav Polouček (eds.)
The research during this e-book displays a number of facets of monetary region transformation in chosen principal ecu international locations which are anticipated to hitch the european in 2004. The authors are crucial ecu monetary specialists who supply, between different issues, an in depth evaluate of the next major subject matters: Banking rules and Supervision; focus and potency of the Banking Sectors; monetary (banking) crises in chosen critical eu international locations; and fiscal and trade expense improvement. the result of the study performed via those authors replicate an enticing truth: that there exist vital changes within the monetary area improvement even within the rather homogeneous crew of chosen significant ecu nations, particularly the Czech Republic, Poland, Slovakia and Hungary.
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Extra resources for Reforming the Financial Sector in Central European Countries
Example text
For the time being, the only certainty is that an optimal, healthy and effective financial sector needs a well-balanced structure that must rely on both the developed banking sector and the working financial market. Countries with underdeveloped banking and financial sectors, low level of financial intermediation and illiquid financial markets may have problems with effective resource allocation, effective level of savings and investments, effective intermediation and therefore, stability of economic growth.
Although banking sectors in transition countries are relatively small, they dominate the financial sector because of the other segments of the financial sectors (capital markets) are even less developed. Capital markets evidently play a much more important role in developed countries. They do so even in countries where the financial system is based on the banking sector (Germany) and where financial systems are considered to be B-systems (Allen and Gale, 2000, Chs 1 and 3). The corporate bonds market is quite developed in Denmark, Italy and also in Austria.
2000 Czech Rep. 1999 Czech Rep. 1998 Czech Rep. 1997 Czech Rep. 12 Development of the financial sector’s structure in CEC (%, 1996–2000) Source: Authors’ calculations. In developed countries, for instance in Finland and Greece, a serious change in the structure of the financial sector is apparent. In Finland, companies and households boldly invested in the capital market after the banking crisis at the beginning of the 1990s, which was followed by the loss of confidence in the sector. Securities issued in Finland grew very rapidly, especially in 1995–99.