By R. Matousek
This ebook offers a deep perception into the marketplace adjustments and coverage demanding situations that transition economies have passed through within the final two decades. It not just reviews on and evaluates the improvement of monetary markets in transition economies, but in addition highlights the main hindrances to complete integration of monetary markets into the european marketplace.
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Additional info for Banking and Financial Markets in Central and Eastern Europe: 20 Years of Transition (Palgrave Macmillan Studies in Banking and Financial Institutions)
6 UNIDO’s database provides information only about the number of establishments7 in individual sectors and not about the number of firms, as EUROSTAT’s database does. Since companies can have more establishments, there is some measurement error in the dependent variable when using these data. Cetorelli (2001) and Black and Strahan (2002) document a strong correlation between the number of establishments and the number of firms, and between the rate of creation of new businesses and the share of new establishments, respectively.
For instance, Petersen and Rajan (1995) build a theoretical model in which banks with market power are more willing to finance young firms. They also find empirical support for such an effect. Furthermore, Hellman and DaRin (2002) propose a theory and empirical evidence showing that more concentrated banking sectors promote the development of new sectors and thus act as catalysts for industrialisation. In this paper we investigate whether the differences in the results obtained in the literature may result from the focus on different country groupings and different periods of time.
The rebound has been somewhat more pronounced only in Turkey, which seems to have decoupled from CEE and is recovering at a similar pace as the Asian emerging markets. 2). 3). 1). In particular, with the exception Dubravko Mihaljek 15 of Turkey and Lithuania, the CDS spreads have trended upwards since mid-2009. 5). 4). In summary, financial markets in CEE have not yet fully recovered from the global financial crisis. 4 Impact on capital flows Most emerging market crises of the 1980s and the 1990s were associated with sudden stops in private capital inflows.