Financial Markets in Central and Eastern Europe: Stability and Efficiency (Routledge Studies in the European Economy, 14)

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. Introduction / Morten Balling -- 1. Financial-sector Development As A Tool For Eu Accession / Luigi Passamonti -- 2. Factors Influencing The Financial System Stability-oriented Policies Of A Small Country Soon To Become An Eu Member : The Estonian Experience / Vahur Kraft -- 3. Role Of Central Banks In Promoting Financial Stability : The Hungarian Experience / Zsigmond Jarai -- 4. Banking Sector Development And Economic Growth In Transition Countries / Tuuli Koivu -- 5. Financial-sector Macro-efficiency : Concepts, Measurement, Theoretical And Empirical Evidence / Gerhard Fink, Peter Haiss And Hans Christian Mantler -- 6. Financial-sector Efficiency : The Impact Of Policy And The Road Ahead / C. Maxwell Watson -- 7. Challenging The Prudential Supervisor -- Liability Versus (regulatory) Immunity : Lessons From The Eu Experience For Central And Eastern European Countries / Michel Tison -- 8. Reforms Enhancing The Efficiency Of The Financial Sector And The Implications Of Future Eu Membership / Lelo Liive -- 9. Effect Of Foreign Bank Entry On Domestic Banks In Central And Eastern Europe / Peter Zajc -- 10. Are Foreign Banks In Central And Eastern Europe More Efficient Than Domestic Banks? / Christopher J. Green, Victor Murinde And Ivaylo Nikolov -- 11. Efficiency Of Banking Systems In Cee : Inequality And Convergence To The Eu / Mariana Tomova, Nikolay Nenovsky And Totka Naneva -- 12. Internationalization Of Estonian Banks : Inward Versus Outward Penetration / Mart Sorg, Janek Uiboupin, Urmas Varblane And Vello Vensel -- 13. Early-warning Model For Currency Crises In Central And Eastern Europe / Franz Schardax -- 14. Institutional Vulnerability Indicators For Currency Crises In Central And Eastern European Countries / Dirk Effenberger -- 15. Financial Stability And The Design Of Monetary Policy / Alicia Garcia Herrero And Pedro Del Rio. Edited By Morten Balling, Frank Lierman And Andy Mullineux. The Papers Presented In This Volume Were Presented At A Colloquium Organized In Tallinn, Estonia, 12-14 June 2003 By The Société Universitaire Européenne De Recherches Financières. The Theme Of The Colloquium Was Stability And Efficiency Of Financial Markets In Central And Eastern Europe. Simultaneously Published In The Usa And Canada. Includes Bibliographical References And Index. Book Cover......Page 1 Title......Page 4 Contents......Page 5 List of figures......Page 11 List of tables......Page 12 List of contributors......Page 16 Acknowledgements......Page 18 List of abbreviations......Page 19 Introduction......Page 20 Financial-sector development as a tool for EU accession......Page 28 Factors influencing the financial system stability-oriented policies of a small country soon to become an EU member: the Estonian experience......Page 41 The role of central banks in promoting financial stability: the Hungarian experience......Page 50 Banking sector development and economic growth in transition countries......Page 66 Financial-sector macro-efficiency: concepts, measurement, theoretical and empirical evidence......Page 80 Financial-sector efficiency: the impact of policy and the road ahead......Page 118 Challenging the prudential supervisor liability versus (regulatory) immunity: lessons from the EU experience for Central and Eastern European countries......Page 152 Reforms enhancing the efficiency of the financial sector and the implications of future EU membership......Page 185 The effect of foreign bank entry on domestic banks in Central and Eastern Europe......Page 208 Are foreign banks in Central and Eastern Europe more efficient than domestic banks?......Page 225 The efficiency of banking systems in CEE: inequality and convergence to the EU......Page 244 The internationalization of Estonian banks: inward versus outward penetration......Page 270 An early-warning model for currency crises in Central and Eastern Europe......Page 310 Institutional vulnerability indicators for currency crises in Central and Eastern European countries......Page 331 Financial stability and the design of monetary policy......Page 358 Subject index......Page 393 Author index......Page 398 This book charts the process of financial market reform in Central and Eastern Europe. Topics discussed will include the implications of future EU membership, and the strategies pursued by the World Bank and International Monetary Fund I am very grateful to SUERF for having invited me to deliver one of the opening addresses of this Colloquium with a reflection on the role of financial-sector development.