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Author : Rainer Haselmann
Publisher : Unknown
Page : 226 pages
File Size : 41,5 Mb
Release : 2006
Category : Electronic
ISBN : 3895185507
Author : Mario I. Blejer,Marko Skreb
Publisher : Springer Science & Business Media
Page : 458 pages
File Size : 51,9 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9781461551935
the adaptation of the institutional settings of monetary policy to deal with an emerging market economy had to be carried out in the midst of an unprecedented stabilization effort and, therefore, was particularly urgent and complicated. In many of the transition countries, the transformation effort implied not just changes in procedures but the establishment of a central bank from scratch, a process that involved an important effort, precisely at a time when the whole system was in serious turmoil. While the process of reforms is not yet completed in all the transition countries, an immense amount of progress has been achieved, and many of the transition countries face today monetary and central banking conditions that are close to those of Western economies. In this volume, we collect a number of important contributions that discuss the most burning aspects of the current debates on central banking and monetary policy and draw implications for the postsocialist transition economies. The various papers included in the volume deal with a broad set of related issues, which are highly relevant not just for transition economies but for other emerging markets and for advanced economies as well. The subjects covered in the book are divided into seven major categories (Sections II to VIII), some of which overlap.
Author : David A. Grigorian,Vlad Manole
Publisher : International Monetary Fund
Page : 40 pages
File Size : 47,5 Mb
Release : 2002
Category : Bank mergers
ISBN : UCSD:31822031628852
Author : John P. Bonin,Iftekhar Hasan,Paul Wachtel
Publisher : Unknown
Page : 30 pages
File Size : 54,7 Mb
Release : 2004
Category : Electronic
ISBN : 9516868975
Using data from 1996 to 2000, we investigate the effects of ownership, especially by a strategic foreign owner, on bank efficiency for eleven transition countries in an unbalanced panel consisting of 225 banks and 856 observations. Applying stochastic frontier estimation procedures, we compute profit and cost efficiency scores taking account of both time and country effects directly. In second-stage regressions, we take these efficiency measures along with return on assets as dependent variables with dummy variables for ownership type, a variable controlling for bank size, and dummy variables for year and country effects as explanatory variables. Methodologically, our results demonstrate the importance of including fixed effects, especially country effects, and also suggest a preference for efficiency measures over financial measures of bank performance in empirical work on transition countries. With respect to the impact of ownership, we conclude that privatization by itself is not sufficient to increase bank efficiency as government-owned banks are not appreciably less efficient than domestic private banks. Our results do support the hypothesis that foreign ownership leads to more efficient banks in transition countries. We find that foreign-owned banks are more cost-efficient than other banks and that they also provide better service, in particular if they have a strategic foreign owner. Moreover, the participation of international institutional investors is shown to have a considerable additional positive impact on profit efficiency, which is consistent with the notion that these investors facilitate the transfer of technology and know how to newly privatized banks. In addition, we find that the remaining government-owned banks are less efficient in providing services, which is consistent with the hypothesis that the better banks were privatized first in transition countries. Finally, efficiency declines with bank size, which could call into question government-orchestrated bank consolidation strategies. We conjecture that the presence of many small and efficient foreign greenfield operations in these transition countries may be responsible for this result. Published in: Journal of Banking & Finance vol. 29, no 1 (2005) pp. 31-53. ISSN 0378-4266.
Author : Edda Zoli
Publisher : International Monetary Fund
Page : 44 pages
File Size : 52,7 Mb
Release : 2001-10
Category : Business & Economics
ISBN : UCSD:31822029658523
The paper analyses the cost and effectiveness of bank restructuring policies in 11 transition countries during 1991-98. It argues that country-specific banking sector features, the size of bad loans inherited from the centrally planned system, and weaknesses in the restructuring policies implemented were the main factors affecting the overall fiscal costs, with the latter two being more significant. The paper finds no significant relationship between the size of restructuring costs and overall improvement in banking sector performance for the sample countries as a whole.
Author : John Bonin,Iftekhar Hasan,Paul Wachtel
Publisher : Unknown
Page : 44 pages
File Size : 40,9 Mb
Release : 2004
Category : Banks and banking
ISBN : UTEXAS:059173031643917
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Author : C. Hartwell
Publisher : Springer
Page : 250 pages
File Size : 47,6 Mb
Release : 2013-04-30
Category : Business & Economics
ISBN : 9781137323712
Examines the institutional developments in 28 transition economies over the past two decades and concludes that, contrary to popular belief, institutions were not neglected; while personalities mattered as much as policies for outcomes, getting the basic institutions right was the most important aspect of a successful transition.
Author : Gordon Hughes,Magda Lovei
Publisher : World Bank Publications
Page : 82 pages
File Size : 45,7 Mb
Release : 1999-01-01
Category : Business & Economics
ISBN : 0821345648
..".transition has proved to be a much longer and more difficult process than most had anticipated, and progress has varied. By 1998 only one country, Poland (which embarked on economic reform before the rest of the region), had reestablished sustained economic growth and surpassed the pretransition level of real gross domestic product (GDP)." - From 'Economic Reform and Environmental Performance in Transition Economies' Most global economy and environmental watchers expect the transition to a market economy to yield environmental benefits. The changing incentives that a market economy introduces should foster more efficient production, better use of resources, and increased community input. The advanced reformers of the Central and Eastern European (CEE) countries proved this to be the case. They improved energy efficiency and reduced emissions intensity of pollutants. The slower-reforming countries of the Newly Independent States (NIS) also experienced lower pollution. However, that downturn coincided with the economic decline, which shut down many major polluters. This report reviews progress in environmental trends since transition began. It looks at air and water pollution and health indicators in the trends and in light of the environmental issues identified in the Environmental Action Programme for Central and Eastern Europe. It continues and builds on the World Bank's work in analyzing the environmental effects of transition, restructuring, and privatization with a view to identifying priority areas for investment and policy initiatives. The report will interest environmental policy makers and practitioners.
Author : Iftekhar Hasan,Katherin Marton
Publisher : Unknown
Page : 37 pages
File Size : 45,9 Mb
Release : 2000
Category : Electronic
ISBN : 9516869319
The paper analyzes the experiences and developments of Hungarian banking sector during the transitional process from a centralized economy to a market-oriented system. The paper identifies that early reorganization initiatives, flexible approaches to privatization, and liberal policies towards foreign banks' involvement with the domestic institutions helped to build a relatively strong and increasingly efficient banking system. Banks with higher foreign bank ownership involvement were associated with lower inefficiency. Published in: Journal of Banking & Finance vol 27, no 12 (December 2003), pp. 2249-2271, ISSN 0378-4266.
Author : Anna Meyendorff,Anjan V. Thakor
Publisher : MIT Press
Page : 340 pages
File Size : 55,9 Mb
Release : 2002
Category : Business & Economics
ISBN : 0262133911
This collection examines the design of financial systems for central and eastern European countries engaged in the transition to market-based economies. It highlights the need for better approaches to measuring performance and providing incentives in banking and for financial mechanisms to encourage private-sector growth. Written by leading European and North American scholars, the essays apply modern finance theory and empirical data to the development of new financial sectors.
Author : Alice Galenson
Publisher : World Bank
Page : 95 pages
File Size : 46,8 Mb
Release : 2005-01-01
Category : Business & Economics
ISBN : 082136099X
The transition economies of the Europe and Central Asia Region faced unprecedented political, economic, and social change after the break-up of the Soviet Union. With assistance from the World Bank and other donors, many countries quickly accomplished a number of reforms, but progress in others has been slower. Much has been achieved - the private share of GDP in the transition countries is nearly 70 percent, and 8 countries have joined the EU - but much remains to be completed. 'Economies in Transition' assesses the effectiveness of Bank assistance to the transition, focusing particularly on five topics: 1) private sector development; 2) governance, public sector management, and institution-building; 3) the financial sector; 4) social protection; and 5) energy. Overall Bank assistance has been successful, but there were mistakes before the true nature of transition was fully understood. The Bank internalized the emerging lessons and shifted its emphasis accordingly. This study highlights the importance of lending at prudent levels until a solid knowledge base is established, with convincing evidence of government and societal ownership of the assistance program. It contends that analysis of governance and poverty monitoring should be early features of the assistance program, active programs of stakeholder inclusion should be widely replicated, and country assistance strategies used to bolster reform capacity.
Author : United Nations. Economic Commission for Europe
Publisher : UN
Page : 40 pages
File Size : 49,8 Mb
Release : 2007
Category : Business & Economics
ISBN : UCSD:31822034612523
The text is based on a workshop on trade finance in transition economies, which was held under the auspices of the United Nations Economic Commission for Europe. The participants included private companies and banks from developed market economies involved in foreign-trade financing in the transition economies of Central and Eastern Europe and the Commonwealth of Independent States.
Author : Alexander E Fleming,Marcelo M Giugale
Publisher : World Scientific
Page : 236 pages
File Size : 40,7 Mb
Release : 2000-08-21
Category : Business & Economics
ISBN : 9789814492447
It is now ten years since the former Soviet Union collapses and the countries of Europe and Central Asia abandoned central planning. Enough experience has accumulated to allow a more reflective study of the transition period. One of the most critical elements of the transition to a market-based economy has been the establishment of the institutions and markets that constitute a financial system. This book examines financial transition through the lens of flow of funds accounts. These accounts have been used in the OECD countries for many years as an aid in analyzing money flows around their financial systems. This is the first time, however, that an attempt has been made to interpret financial transition from this perspective and it has yielded what the authors consider to be new, useful insights into the processes. The book reviews the evolution of financial systems in eight transition countries: Estonia, Hungary, Kazakhstan, Latvia, Lithuania, Poland, Russia, and Romania. Each chapter draws upon a flow of funds analysis to illuminate the relationship between macroeconomic performance and the evolving pattern of financial flows through the emerging markets and institutions. The introductory chapter discusses the nature of the flow of funds approach and its applicability to transition economies, while another chapter compares and contrasts the macroeconomic and financial performances of the eight countries by focusing on the orientation of sectoral imbalances within each economy and the nature of financing flows associated with them. Contents:The Flow of Funds in a Transition Context (A E Fleming & M M Giugale)The Evolution of Financial Systems in Eastern Europe and Central Asia: An Overview Through the Lens of the Flow of Funds (M M Giugale & A E Fleming)Kazakhstan — Financing Imbalances in a Resource Rich Economy (J Dawson & S Everhart)Romania — Dealing with the Twin Deficit (S J Peachey)Hungary — Tapping Resilient Household Savers (A Kerekes)Russia — A National Unwillingness to Pay for Government (J A Holsen)Estonia — When the Problem is the Private Sector (S J Peachey)Latvia — Finely Balanced for Growth (S J Peachey)Poland — Toward a Sustainable Financing Structure (W M Orlowski)Lithuania — The Persistent Dependency on the State (J Dawson & S Everhart) Readership: Policymakers, practitioners and academicians dealing with economic development, finance and transition issues. Keywords:
Author : Mr.Willem H. Buiter
Publisher : International Monetary Fund
Page : 58 pages
File Size : 41,7 Mb
Release : 1997-04-01
Category : Business & Economics
ISBN : 9781451980073
Key medium– and longer–term fiscal issues faced by transition economies are reviewed, including government solvency and the sustainability of the fiscal–financial–monetary program. The paper aims to assist the design and implementation of future Fund programs and to contribute to the debate about fiscal policy in transition economies. After presenting a framework for evaluating the sustainability of the fiscal–financial–monetary program of the state, some numerical material is presented on public debt, (quasi–) fiscal deficits and monetary financing. Eight budgetary issues of special relevance to transition economies are considered next. The lessons from this study are summarized in a number of propositions.
Author : Paul Siegelbaum
Publisher : World Bank Publications
Page : 196 pages
File Size : 46,6 Mb
Release : 2002-01-01
Category : Political Science
ISBN : 082135065X
Annotation The study reviews the transition efforts of four countries - Albania, Azerbaijan, Kyrgyz Republic, and Moldova, to develop recommendations, which may benefit countries in future transition efforts. These countries have been unable to overcome obstacles to achieve any sustainable success in terms of growth or poverty reduction.