Edward Elgar Publishing Capital Markets in Central and Eastern Europe

Financial reforms in the former command economies of Central and Eastern Europe have given birth to institutions that further the links between these economies and the world economy. This book studies in a comparative framework financial developments in Central and Eastern Europe and highlights aspects that are unique to these developments. The book begins with country profiles of Albania, Bulgaria, Croatia, Czech Republic, Hungary, Macedonia, Poland, Romania, Slovak Republic, Slovenia and FR Yugoslavia. The transition process in eleven countries is tracked by means of a review of the role of monetary policy in macroeconomic stabilization, the characteristics of the banking systems, the transfer of corporate ownership through privatization schemes, the dynamics of exchange-related trading, and the role of international funding. The book turns then to an in-depth analysis of specific issues including central bank independence, the design of promotional banks, privatization processes, the efficiency of emerging capital markets, financial risk, and foreign debt settlement. The book will appeal especially to policymakers interested in the evolution and operation of financial institutions in transitional economies, and to academics and researchers who are keen to learn more about the economics of transition, financial and monetary economics, and comparative economic systems. Review 'The great merit of the present work is that it provides depth and detail on a set of policy issues that are surely crucial to the ultimate success of the process of economic transformation in the former communist world. . . . One of the great merits of this book is that it provides detailed discussion of a number of key technical issues of banking and financial systems that are often neglected in works of this kind.' -- David A. Dyker, Slavic Review About the Author Edited by Christian Helmenstein, Managing Director, ESCE Economic & Social Research, Vienna, Austria