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Money and Finance in the Transition to a Market Economy
The process of transition from a centrally planned economy to one driven primarily by market forces has been a source of controversy and debate. Although the pace and approach has varied we are now beginning to understand some of the essential ingredients necessary for a successful transition.
More Information
Contents
More Information
The process of transition from a centrally planned economy to one driven primarily by market forces has been a source of controversy and debate. Although the pace and approach has varied we are now beginning to understand some of the essential ingredients necessary for a successful transition.
These changes have produced a tremendous quantity of literature which can make it difficult to grasp the most important issues. This book focuses on the key questions and problems facing the monetary and financial sectors of transitional economies, specifically in Hungary, Poland and the Czech Republic. It examines many of the reforms, why these proved necessary, and their impact in the early stages of transition. The authors focus on four main themes:
• the removal of state intervention and its effect on liquidity and the availability of credit
• the failure of credit markets and the implications for corporate finance
• the role of property rights and the importance of bankruptcy in a well-functioning market economy
• effects of the separation of the central bank from commercial lending functions, and its consequences for the overall operation of monetary policy in a transitional economy
Money and Finance in the Transition to a Market Economy will be essential reading for those wishing to learn more about the financial and monetary implications of the transition to a market economy in the Central and Eastern European countries. It will be welcomed by graduates, academics, researchers and policymakers alike.
These changes have produced a tremendous quantity of literature which can make it difficult to grasp the most important issues. This book focuses on the key questions and problems facing the monetary and financial sectors of transitional economies, specifically in Hungary, Poland and the Czech Republic. It examines many of the reforms, why these proved necessary, and their impact in the early stages of transition. The authors focus on four main themes:
• the removal of state intervention and its effect on liquidity and the availability of credit
• the failure of credit markets and the implications for corporate finance
• the role of property rights and the importance of bankruptcy in a well-functioning market economy
• effects of the separation of the central bank from commercial lending functions, and its consequences for the overall operation of monetary policy in a transitional economy
Money and Finance in the Transition to a Market Economy will be essential reading for those wishing to learn more about the financial and monetary implications of the transition to a market economy in the Central and Eastern European countries. It will be welcomed by graduates, academics, researchers and policymakers alike.
Contents
Contents: Preface 1. State Desertion and Credit Market Failure in the Transition 2. Constraints on Enterprise Liquidity and their Impact on Monetary Policy 3. Fiscal and Monetary Policies in the Transition: Searching for the Credit Crunch 4. The Economics of Bankruptcy in the Transition to a Market Economy 5. Changing Structure of Household Portfolios in Emerging Market Economies 6. Financial Intermediation and Industrial Restructuring in Central and Eastern Europe 7. The Gradual Approach to Banking Reform and the Anatomy of the Bad Loans Problem 8. The Banking Sector and Macroeconomic Performance: A Current Assessment 9. Central Bank Independence in the Early Stages of the Transition 10. Stabilization and Convertibilty in the Transition: The Legacies of the Twin Deficits References Index
