Economic Reforms and Capital Markets in Central Europe PDF Download

Author: Ken Morita
Publisher: Routledge
ISBN: 1351159399
Category : Business & Economics
Languages : en
Pages : 296

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Book Description
Is the economic reform of Central Europe influenced by or an influence upon capital markets? Where does globalization fit in? Ken Morita's pioneering work investigates the relationship between the systemic transition of Central European economies and capital markets, in particular the commodity futures markets and speculation.

Author: Vitor Gaspar
Publisher:
ISBN: 9789291813483
Category : Banks and banking
Languages : en
Pages : 334

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Book Description

Author: Roman Frydman
Publisher: Central European University Press
ISBN: 9633864917
Category : Business & Economics
Languages : en
Pages : 239

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Book Description
In Eastern Europe privatization is now a mass phenomenon. The authors propose a model of it by means of an illustration from the example of Poland, which envisages the free provision of shares in formerly public undertakings to employees and consumers, and the provision of corporate finance from foreign intermediaries. One danger that emerges is that of bureaucratization. On the broader canvas, mass privatization implies the reform of the whole system, the creation of a suitable economic infrastructure for a market economy and the institutions of corporate governance. The authors point out the need for a delicate balance between evolution - which may be too slow - and design - which brings the risk of more government involvement than it is able to manage. A chapter originating as a European Bank working paper explores the banking implications of setting up a totally new financial sector with interlocking classes of assets. The economic effects merge into politics as the role of the state is investigated. Teachers and graduate students of public/private sector economies, East European affairs; advisers to bankers or commercial companies with Eastern European interests.

Author: Franklin Allen
Publisher: MIT Press
ISBN: 0262042762
Category : Business & Economics
Languages : en
Pages : 391

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Book Description
Experts from economics, finance, law, policy, and banking discuss the design and implementation of a future capital market union in Europe. The plan for further development of Europe's economic and monetary union foresees the creation of a capital market union (CMU)—a single market for capital in the entire Eurozone. The need for citizens and firms of all European countries to have access to funding, together with the pressure to improve the efficiency and risk-sharing opportunities of the financial system in general, put the CMU among the top priorities on the Eurozone's agenda. In this volume, leading academics in economics, finance, and law, along with policy makers and practitioners, discuss the design and implementation of a future CMU. Contributors describe the key design challenges of the CMU; specific opportunities and obstacles for reaching the CMU's goals of increasing the economic well-being of households and the profitability and viability of firms; the role that markets—from the latest fintech developments to traditional equity markets—can play in the future success of CMU; and the institutional framework needed for CMU in the aftermath of the global recession. Contributors Sumit Agarwal, Franklin Allen, Valentina Allotti, Gene Amromin, John Armour, Geert Bekaert, Itzhak Ben-David, Marcello Bianchi, Lorenzo Bini-Smaghi, Claudio Borio, Franziska Bremus, Marina Brogi, Claudia M. Buch, Giacomo Calzolari, Souphala Chomsisengphet, Luca Enriques, Douglas D. Evanoff, Ester Faia, Eilis Ferran, Jeffrey N. Gordon, Michael Haliassos, Campbell R. Harvey, Kathryn Judge, Suzanne Kalss, Valentina Lagasio, Katya Langenbucher, Christian T. Lundblad, Massimo Marchesi, Alexander Michaelides, Stefano Micossi, Emanuel Moench, Mario Nava, Giorgio Barba Navaretti, Giovanna Nicodano, Gianmarco Ottaviano, Marco Pagano, Monica Paiella, Lubos Pastor, Alain Pietrancosta, Richard Portes, Alberto Franco Pozzolo, Stephan Siegel, Wolfe-Georg Ringe, Diego Valiante

Author: Nicolas Véron
Publisher: Cornell University Press
ISBN: 9780801444166
Category : Business & Economics
Languages : en
Pages : 260

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Book Description
The authors challenge widespread beliefs that business accounting practices are neutral and involve the mere reporting of objective data, revealing how easily balance sheets can be manipulated.

Author: Massimo Rostagno
Publisher: Oxford University Press
ISBN: 0192895915
Category : Business & Economics
Languages : en
Pages : 449

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Book Description
The first twenty years of the European Central Bank offer a unique insight into how a central bank can navigate macroeconomic insecurity and crisis. This volume examines the structures and decision-making processes behind the complex measures taken by the ECB to tackle some of the toughest economic challenges in the history of modern Europe.

Author: Ken Morita
Publisher: World Scientific
ISBN: 9813148128
Category : Political Science
Languages : en
Pages : 352

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Book Description
This book provides the analysis on capital markets in China, focusing attention upon (1) the bubble phenomena (whether or not a Chinese bubble really exists and might burst), (2) foreign direct investment and (3) integration, through all of which we could recognize the current situation and the future prospects of Chinese marketization. As regards to the bubble phenomena, particularly 'early warning indicator' of the bubble, this book attempts to utilize the Grubbs-Smirnov Test to discover the 'abnormal value' in several asset markets. Investigations of this book suggest that the distinctive features of the Chinese market have been significantly different from the markets of capitalist countries such as the United States and Japan. As far as Japan's foreign direct investments in China are concerned, this book tries to reveal the Chinese characteristics on FDI phenomena with FDI-trade ratio. The analysis of this book suggests that Chinese FDI from Japan has undoubtedly revealed the distortions caused by non-economic factors, which also mean that the distinctive features of the Chinese market have been different from the markets of the United States and Japan etc. Regarding integration, this book provides the analysis on the 'G2' system between the United States and China (cooperation or conflict between them). The considerations of this book conclude that it might be difficult to have good cooperation between them because of significant differences between the Chinese system and the US system.

Author: Ronald MacDonald
Publisher: Springer Science & Business Media
ISBN: 1461513855
Category : Business & Economics
Languages : en
Pages : 286

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Book Description
A key objective of the Central European Economies (CEE) on their transition path from planned to more market-oriented economies has been membership of the European Union (EU). The start of Economic and Monetary Union (EMU) in 1999 has added membership of the EMU to the agenda for the CEEs. The task of the so-called Visègrad countries (the Czech and Slovak Republics, Hungary and Poland) of preparing for EU and EMU membership is the key theme underlying the papers contained in this volume. There are many issues to be resolved before the Visègrad countries are admitted into the EU, and this volume focuses on the issues relating to macroeconomic policies and financial sector structures. The chapters of Central Europe Towards Monetary Union: Macroeconomic Underpinnings and Financial Reputation contain new theoretical and empirical results and also comprehensive institutional overviews. The intended readership of the book is policy makers and economists working in the academic and financial sectors.

Author: Michael D. Bordo
Publisher: University of Chicago Press
ISBN: 0226065995
Category : Business & Economics
Languages : en
Pages : 600

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Book Description
As awareness of the process of globalization grows and the study of its effects becomes increasingly important to governments and businesses (as well as to a sizable opposition), the need for historical understanding also increases. Despite the importance of the topic, few attempts have been made to present a long-term economic analysis of the phenomenon, one that frames the issue by examining its place in the long history of international integration. This volume collects eleven papers doing exactly that and more. The first group of essays explores how the process of globalization can be measured in terms of the long-term integration of different markets-from the markets for goods and commodities to those for labor and capital, and from the sixteenth century to the present. The second set of contributions places this knowledge in a wider context, examining some of the trends and questions that have emerged as markets converge and diverge: the roles of technology and geography are both considered, along with the controversial issues of globalization's effects on inequality and social justice and the roles of political institutions in responding to them. The final group of essays addresses the international financial systems that play such a large part in guiding the process of globalization, considering the influence of exchange rate regimes, financial development, financial crises, and the architecture of the international financial system itself. This volume reveals a much larger picture of the process of globalization, one that stretches from the establishment of a global economic system during the nineteenth century through the disruptions of two world wars and the Great Depression into the present day. The keen analysis, insight, and wisdom in this volume will have something to offer a wide range of readers interested in this important issue.

Author: Augusto de la Torre
Publisher: World Bank Publications
ISBN: 0821365444
Category : Business & Economics
Languages : en
Pages : 232

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Book Description
Back in the early 1990s, economists and policy makers had high expectations about the prospects for domestic capital market development in emerging economies, particularly in Latin America. Unfortunately, they are now faced with disheartening results. Stock and bond markets remain illiquid and segmented. Debt is concentrated at the short end of the maturity spectrum and denominated in foreign currency, exposing countries to maturity and currency risk. Capital markets in Latin America look particularly underdeveloped when considering the many efforts undertaken to improve the macroeconomic environment and to reform the institutions believed to foster capital market development. The disappointing performance has made conventional policy recommendations questionable, at best. 'Emerging Capital Markets and Globalization' analyzes where we stand and where we are heading on capital market development. First, it takes stock of the state and evolution of Latin American capital markets and related reforms over time and relative to other countries. Second, it analyzes the factors related to the development of capital markets, with particular interest on measuring the impact of reforms. And third, in light of this analysis, it discusses the prospects for capital market development in Latin America and emerging economies and the implications for the reform agenda.