The Role Of Financial Markets In The Transition Process
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The Role Of Financial Markets In The Transition Process
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Author : Emilio Colombo
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
The Role Of Financial Markets In The Transition Process written by Emilio Colombo and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.
Financial Markets play an important role in economic development, channeling saving to investments and facilitating growth. In Eastern Europe financial markets were initially much underdeveloped, and lacked the skills and infrastructure they needed to be efficient, having not acquired them in the pre-transition era. The book offers a both theoretical and empirical analysis of financial markets in transitional economies. It investigates financial markets in Hungary, the Czech Republic, and Poland, and their role in the developments in the 1990s.
Financial Market Imperfections And Corporate Decisions
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Author : Emilio Colombo
language : en
Publisher: Springer Science & Business Media
Release Date : 2005-09-16
Financial Market Imperfections And Corporate Decisions written by Emilio Colombo and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005-09-16 with Business & Economics categories.
We would like to thank Akos Valentinyi and Mark Schaffer for their advice on various stages of this research project. We also would like to thank our col leagues at the Department of Economics of the University of Milan - Bicocca for their advice and support. This book is the result of a long term project financed by various research grants: in particular the Phare-Ace programme (Project P-96-6151-R) and a research grant from the Italian Ministry of Education under the young researchers scheme. Milan, March 2005 Emilio Colombo Luca Stanca Contents Introduction 1 Financial market imperfections and corporate decisions: theory and evidence 7 2. 1 Introduction 7 2. 2 Financial market imperfections, investment and cycles 9 2. 2. 1 The Stiglitz view 9 2. 2. 2 Agency costs and macroeconomic fluctuations 15 2. 2. 3 Assessing the differences 18 2. 2. 4 Further developments 20 2. 2. 5 Empirical evidence 22 2. 3 Financial market imperfections and corporate capital structure 24 2. 3. 1 Asymmetric information and capital structure choice . . 25 2. 3. 2 Agency costs and capital structure choice 30 2. 3. 3 Empirical evidence 32 The transformation of the Hungarian financial system 35 3. 1 Introduction 35 3. 2 Macroeconomic background 36 3. 3 Liberalisation, privatisation and financial development 44 3. 3. 1 Banking and credit 45 3. 3. 2 Equity market 48 3. 3. 3 Foreign direct investment 49 3. 4 Financial sector reform 50 3. 4.
Equity Markets In Transition
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Author : Reto Francioni
language : en
Publisher: Springer
Release Date : 2017-01-17
Equity Markets In Transition written by Reto Francioni and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-01-17 with Business & Economics categories.
This book underscores the complexity of the equity markets, the challenges they face, and the fact that they are still a work in process. Three interacting forces drive market change: competition, technology change, and regulatory change. The markets have one major objective in particular to achieve: the delivery of accurate price discovery for both traders and the broader market. Are we getting it? Are competition, technology, and regulation acting together to improve market quality, or are they adding to the complexity of the markets and making accurate price discovery harder to achieve? The difficulty of addressing these issues and reaching a consensus regarding public policy is reflected in the diverse opinions expressed in this book. From an institutional perspective, the volume’s contributors highlight the interconnectedness of all aspects of the internal and external environment within which exchange organizations act. Equity Markets in Transition underscores how technological evolution and recent regulatory changes have influenced the business, and how these developments have opened new possibilities for exchange organizations and for equity markets as a whole, including such issues as the impact of equity markets on job creation. The book combines both a theoretical and a practical approach. Part I presents a theoretical overview of the international equity market business, including an overall description of the value chain of stock trading that includes deep dives on every decisive step. Part II contains contributions from various business specialists who have specific practical and academic knowledge of the different steps. Equity Markets in Transition represents a unique combination of theoretical and practical analysis that offers first-hand insights on all relevant interactions and interrelations among the various parts of the exchange business, with an emphasis on facilitating analysis of the status quo and of emerging trends regarding business models, regulation, and the development of the competitor, customer and investor sides.
The Role Of Financial Institutions In The Transition To A Market Economy
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Author : Mr.Michael G. Spencer
language : en
Publisher: International Monetary Fund
Release Date : 1993-10-01
The Role Of Financial Institutions In The Transition To A Market Economy written by Mr.Michael G. Spencer and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993-10-01 with Business & Economics categories.
Financial institutions intermediate between savers and investors and contribute to corporate governance. Equity and bond markets in the former centrally planned economies are not yet in a position adequately to provide these services. It is not yet clear that investment funds will provide the necessary financing and corporate management. Therefore the first priority for financial sector reforms must be to establish a healthy commercial banking sector. Banks are the most promising source of financing, provide payment services which are crucial to both the real and financial sectors and, by monitoring the use of loaned funds, will be the primary source of corporate governance during the transformation to a market economy.
Transitional Economies
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Author : Y. Kalyuzhnova
language : en
Publisher: Springer
Release Date : 2001-07-19
Transitional Economies written by Y. Kalyuzhnova and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001-07-19 with Business & Economics categories.
The integration of the countries of Central and Eastern Europe and the Commonwealth of Independent States international financial system was arguably one of the most profound changes experienced by the world economy in the 1990s. This book examines these countries in reforming their financial systems in the first decade of transition. Through case studies as well as more thematic approaches contributors deal with crucial elements of building a market-based financial system, the transformation of the banking sector, and non-bank reform and regulation of financial markets. They emphasise the importance of institution-building to the process of financial sector transformation and highlight the lessons to be learned from transitional financial experiences.
Financial Market Restructuring In Selected Central European Countries
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Author : Karen S. Vorst
language : en
Publisher: Routledge
Release Date : 2018-12-18
Financial Market Restructuring In Selected Central European Countries written by Karen S. Vorst and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-12-18 with Business & Economics categories.
Published in 1998, this book provides detailed information on the financial markets in selected Central European transitioning economies. The independent countries selected for study in the text are Poland, Hungary, the Czech Republic and the Slovak Republic. The former East Germany is also include due to its proximity to the above countries and its unique experience in the transition process. Each country's section of the book contains articles written by professionals in the selected country. These individuals are economists, central bankers and/or analysts who have first-hand knowledge of the financial system. Each section details: the development in the banking sector plus the role of the central bank and the government in guiding the economy toward the market system; discuses the emerging capital markets and the ongoing process of privatization; and provides an update of the economic progress toward a market system that has been achieved since 1989.
Financial Markets In Transition
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Author : Lars Oxelheim
language : en
Publisher: Arden Shakespeare
Release Date : 1996
Financial Markets In Transition written by Lars Oxelheim and has been published by Arden Shakespeare this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with Business & Economics categories.
Looks at the process of transition from independent national financial markets to a more integrated, globalized market and the key factors that lie behind growth, change and competitive success.
The Role Of Financial Institutions In The Transition To A Market Economy
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Author : Hans J... Blommestein
language : en
Publisher:
Release Date : 1993
The Role Of Financial Institutions In The Transition To A Market Economy written by Hans J... Blommestein and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993 with Capital market categories.
Financial Markets In Central And Eastern Europe
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Author : Morten Balling
language : en
Publisher: Routledge
Release Date : 2004-08-02
Financial Markets In Central And Eastern Europe written by Morten Balling and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-08-02 with Business & Economics categories.
The countries of Central and Eastern Europe have been through a profound transition process for more than a decade now. The financial sectors and markets in the region have been subject to major structural reforms including privatization, liberalization and the acquisition by foreign banks of controlling interests in local financial institutions. This important new book includes papers that chart this process. Topics discussed include the implications of future EU membership, and the strategies pursued by the World Bank and International Monetary Fund.
The Transition Of Finance In Japan And The United States A Comparative Perspective
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Author : Thomas F. Cargill
language : en
Publisher: Hoover Press
Release Date : 1988
The Transition Of Finance In Japan And The United States A Comparative Perspective written by Thomas F. Cargill and has been published by Hoover Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1988 with Finance categories.