Financial Sector Transformation: Lessons from Economies in Transition

doi:10.1017/CBO9780511896699

While policy makers need to be focused on achieving and sustaining basic macroeconomic stability in the transition of economies from a socialist to a market orientation, financial institutions and reforms play a particularly crucial role in this transformation. The essays in this collection offer overviews of issues in banking sector reform and capital markets as well as specific perspectives on the financial sectors in changing economies of Central and Eastern Europe, China and Israel. The editors and contributors explore the questions of how much focus needs to be given to macroeconomic stabilization vis-à-vis the dynamics of the financial sector, what may be appropriate time frames for dealing with immediate and longer-term financial problems, and how trends toward economic globalization interact with financial development in transition countries. Original versions of the essays were presented at the Second Dubrovnik Conference on Transition Economies organized by the National Bank of Croatia in June 1996.

"...the book Financial Sector Transformation - Lessons from Economics in Transition by M. I. Blejer and M. Skreb could be a valuable source of information in this regard...readers interested in specific issues or country experieces may find the relevant sections worthwhile reading." Journal of Comparative Economics

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Contents

Frontmatter
pp i-iv
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Contents
pp v-vi
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List of Contributors
pp vii-viii
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Introduction: Financial Reforms and Economic Transition: An Overview of the Major Issues
pp 1-16
- By Mario Blejer, International Monetary Fund, Marko Škreb, National Bank of Croatia
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PART I - GENERAL STUDIES
pp 17-18
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1 - Monetary Policy during Transition: An Overview
pp 19-92
- By Martha de Melo, World Bank, Cevdet Denizer, World Bank
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2 - Toward Market-Oriented Banking in the Economies in Transition
pp 93-131
- By John Bonin, Wesley an University, Paul Wachtel, New York University
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3 - The Trials and Tribulations of Banking in Transition Economies: A Political Economy Perspective
pp 132-149
- By Arye L. Hillman, Bar Ilan University, Heinrich W. Ursprung, University of Konstanz
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4 - Financing Transition: Investing in Enterprises during Macroeconomic Transition
pp 150-192
- By Willem H. Buiter, University of Cambridge and Bank of England, Ricardo Lago, European Bank for Reconstruction and Development, Hélène Rey, London School of Economics and CREST
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PART II - COUNTRY STUDIES
pp 193-194
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5 - Banking Crises in the Baltic States: Causes, Solutions, and Lessons
pp 195-236
- By Ardo H. Hansson, Stockholm School of Economics, Triinu Tombak, Estonian Investment Bank
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6 - Monetary and Exchange Rate Policy, Capital Inflows, and the Structure of the Banking System in Croatia
pp 237-264
- By Velimir Šonje, National Bank of Croatia, Evan Kraft, National Bank of Croatia, Thomas Dorsey, International Monetary Fund
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7 - Monetary and Financial Market Reform in Transition Economies: The Special Case of China
pp 265-308
- By Robert A. Mundell, Columbia University
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8 - The Financial Sector and High Interest Rates: Lessons from Slovenia
pp 309-333
- By Velimir Bole, University of Ljubljana
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9 - Bank Rehabilitation in Slovenia: With Emphasis on Nova Ljubljanska Banka
pp 334-367
- By Franjo Štiblar, University of Ljubljana
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10 - Liberalization and Financial Reforms: Lessons from the Israeli Experience
pp 368-380
- By Jacob A. Frenkel, Bank of Israel
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PART III - AFTERWORD
pp 381-382
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11 - The Financial Sector in Transition
pp 383-392
- By Mario Blejer, International Monetary Fund
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Index
pp 393-403
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Financial Sector Transformation

Lessons from Economies in Transition

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Contents

Frontmatter
pp i-iv

Contents
pp v-vi

List of Contributors
pp vii-viii

Introduction: Financial Reforms and Economic Transition: An Overview of the Major Issues
pp 1-16

PART I - GENERAL STUDIES
pp 17-18

1 - Monetary Policy during Transition: An Overview
pp 19-92

2 - Toward Market-Oriented Banking in the Economies in Transition
pp 93-131

3 - The Trials and Tribulations of Banking in Transition Economies: A Political Economy Perspective
pp 132-149

4 - Financing Transition: Investing in Enterprises during Macroeconomic Transition
pp 150-192

PART II - COUNTRY STUDIES
pp 193-194

5 - Banking Crises in the Baltic States: Causes, Solutions, and Lessons
pp 195-236

6 - Monetary and Exchange Rate Policy, Capital Inflows, and the Structure of the Banking System in Croatia
pp 237-264

7 - Monetary and Financial Market Reform in Transition Economies: The Special Case of China
pp 265-308

8 - The Financial Sector and High Interest Rates: Lessons from Slovenia
pp 309-333

9 - Bank Rehabilitation in Slovenia: With Emphasis on Nova Ljubljanska Banka
pp 334-367

10 - Liberalization and Financial Reforms: Lessons from the Israeli Experience
pp 368-380

PART III - AFTERWORD
pp 381-382

11 - The Financial Sector in Transition
pp 383-392

Index
pp 393-403

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Financial Sector Transformation

Lessons from Economies in Transition

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