Three decades of the Czech stock exchange market: missed potential

Tři dekády českého burzovního trhu: nevyužitý potenciál

Petr Musílek

Český finanční a účetní časopis, 2019, vol. 2019, issue 2, 53-74

Abstract: The discussion paper focuses on the identification of the main reasons for the weak position of the stock exchange market in the Czech economic system. The introductory part of the article discusses the structure of the stock exchange market and its position. Attention is also paid to the impact of voucher privatization on the functioning of the Czech stock exchange market. The following part of the paper discusses the stock exchange market restrictions in the universal banking model. In the following part, the missing stock exchange market engine is identified, which in our opinion is a sufficiently capitalized pension pillar focused on investing in domestic equity instruments. Attention is also paid to the negative impact of inadequate regulation at various stages of the development of the investment environment. The final part of the paper discusses not only unsuccessful efforts to develop the stock exchange market, but also discusses ideas for increasing the importance of the stock exchange market in the Czech economy.

Keywords: Stock exchange; Investment instruments; Voucher privatization; Universal banking; REgulation and supervision of the stock exchange; Burzovní trh; Investiční instrumenty; Kuponová privatizace; Univerzální bankovnictví; Regulace a dohled burzovního trhu (search for similar items in EconPapers)
JEL-codes: G24 N24 (search for similar items in EconPapers)
Date: 2019
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DOI: 10.18267/j.cfuc.531

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