Capital Markets and Financial Intermediation in The Baltics

Niamh Sheridan, Alfred Schipke, Susan George and Christian Beddies

No 2004/002, IMF Occasional Papers from International Monetary Fund

Abstract: In just over a decade after independence, the three Baltic countries, Estonia, Latvia, and Lithuania, have transformed themselves into fully functioning, small open-market economies that will be joining the European Union. Capital Markets and Financial Intermediation in The Baltics analyzes the financial systems of the three countries and discusses some of their unique characteristics. The study also examines current distortions of the systems and discusses whether or not the Baltics should move from an almost exclusively bank-based system to one that relies more on capital markets. In the process, it addresses issues of corporate governance and regional integration.

Keywords: OP; bank; bond market; parent bank; market; EU accession countries; EU banking systems; EU integration; authorities' strategy; Securities markets; Stock markets; Capital markets; Commercial banks; Foreign banks; Baltics (search for similar items in EconPapers)
Pages: 43
Date: 2004-01-14
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