Financial System Transition in Central Europe: The First Decades

Thomas Reininger, Franz Schardax and Martin Summer

No 16 in SUERF Studies from SUERF - The European Money and Finance Forum, currently edited by Natacha Valla

Abstract: The Czech Republic, Hungary and Poland (CEEC-3) have undertaken substantial efforts to build a new financial system under the constraints of their legacies from central planning. In this study, first we look at the banking sector. Then we give a description of bond and stock markets. These topics are comple-mented by an analysis of the structure of funding for the private and public sector, of the financial sector's vulnerability and of the legal conditions for external finance as well as for banking supervision. We find that the financial sector and financial intermediation are internationally integrated already to a large extent. This implies, inter alia, a non-negligible exposure of the corporate sector to exchange rate risk. While funding via equity markets remained modest, local currency-denominated debt issues are important for public financing. Our analysis shows that the legal, supervisory and regulatory infra-structure of the financial system is formally well developed, but suffers from enforcement problems.

Keywords: Financial System in Czech Republic; Hungary and Poland; Financial Sector Transition; Transition Economics (search for similar items in EconPapers)
JEL-codes: G00 O16 O57 P52 (search for similar items in EconPapers)
Date: 2002
ISBN: 978-3-902109-08-8
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (12)

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