By Stephan Barisitz
Comparative in constitution and overlaying an in depth variety of transition international locations in its survey, this finished booklet overviews the advance of the banking structures in crucial and japanese ecu because the communist period till the current time.
Taking in various international locations together with Hungary, Poland, Czech Republic, Slovakia, Bulgaria, Romania, Croatia, Russia, Ukraine, Belarus, Kazakhstan, Uzbekistan, Barisitz - an economist with the vital financial institution of Austra - analyzes the evolution of felony foundations, banking supervision, banks’ significant assets of resources, liabilities, profits and comparable alterations, banking crises, restructuring, rehabilitation courses, the position of foreign-owned banks and FDI.
A major book, it truly is attention-grabbing interpreting for all these learning and dealing within the parts of transition financial system, macro and financial financial system and financial history
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Extra info for Banking in Central and Eastern Europe 1980-2006: From Communism to Capitalism
This gave rise to high investment demand and strong growth rates of capital accumulation, triggering overinvestment (according to market economy criteria), low productivity, limited efficiency and a waste of resources. Although most banks were the property of enterprises, government exerted considerable sway over credit activities. While not so much intervening directly, state organs (predominantly republican and local jurisdictions) had various means at their disposal to impose their influence on firms and banks in exchange for protection against competition and other economic risks, like the risk of bankruptcy (OECD 1987: 43).
Due to intensified competition from the above-mentioned sources, margins between lending and deposit rates declined significantly. The banking sector was well capitalized. Poland Polish banking reforms were not as swift as those of Hungary but they did include as their centerpiece a decentralized restructuring program which changed incentives for banks as well as the real sector and effectively contributed to introducing hard budget constraints in the Polish economy. At the outset, however, liberal licensing policies and weak rules promoted the prolifer- Transition, liberalization, banking crises 25 ation of credit institutions, among them many pocket banks, which was reined in only in 1992 by the central bank’s imposition of higher capital requirements and other restrictions.
In the USSR, the erosion of Soviet central power led to the “takeover” of regional branches of Gosbank and of specialized banks by respective republican administrations and to the passage of republican banking legislation. The Russian Soviet Republic, for example, acted this way in late 1990. Overall, the various liberalization measures – notably, political liberalization 18 Banking under socialism and democratic reforms, as well as cross-border influences – successively pushed toward the end of the communist system.