Financial Transition in Europe and Central Asia : Challenges of the New Decade

This book contains 21 papers focusing on a wide range of issues concerning financial sector transition in the countries of Europe and Central Asia (ECA). It places the transition economies in the context of recent and prospective developments in global financial markets. This book also evaluates the experience of the last 10 years and reviews the progress from a command financial system to a market-based one, identifying some of the key characteristics of the financial transition. Pt. I. Global Financial Markets And The Transition Economies. Ch. 1. Transition Economies In The Evolving Global Financial Markets / Jacques De Larosiere. Ch. 2. Financial Integration In Western Europe: Can The East Catch Up? / Tommaso Padoa-schioppa -- Pt. Ii. Financial Sector Development In Perspective. Ch. 3. A Perspective On Financial Sector Development In Central And Eastern Europe / Lajos Bokros. Ch. 4. Challenges Of Financial System Development In Transition Economies / Stefan Kawalec And Krzysztof Kluza -- Pt. Iii. Banking Sector Restructuring. Ch. 5. Estonia: The Financial System In Retrospect And Prospect / Helo Meigas. Ch. 6. Financial Sector Restructuring: The Croatian Experience / Marko Skreb And Velimir Sonje. Edited By Lajos Bokros, Alexander Fleming, Lajos Bokros, Cari Votava. Based On Two Seminars And A Conference In Respectively Prague And Benesov In The Czech Republic At The Time Of The World Bank-international Monetary Fund Annual Meetings In Sept. 2000. Includes Bibliographical References. The financial sectors of the post-communist economies of Europe and Central Asia are perhaps where the most intractable problems existed and where the most difficult reforms were forced to begin. This report examines the factors that influenced, and will influence, the adaptation of ECA's financial systems, starting from an examination of how the global financial system--especially the Western European component--has evolved, and how these developments have both influenced and challenged different types of transition economies. The report also provides an opportunity to take stock of progress in the financial systems of ECA countries over the past 10 years and to identify the main challenges confronting financial policymakers during this period