Financial Sector Transformation
Lessons from Economies in Transition

This book offers overviews of issues in banking sector reform and capital markets in Central and Eastern Europe, China and Israel.

Mario I. Blejer (Edited by), Marko Skreb (Edited by)

9780521640374, Cambridge University Press

Hardback, published 28 April 1999

412 pages, 22 b/w illus. 97 tables
23.7 x 16.5 x 3 cm, 0.71 kg

"...the book Financial Sector Transformation - Lessons from Economics in Transition by M. I. Blejer and M. Skreb could be a valuable source of information in this regard...readers interested in specific issues or country experieces may find the relevant sections worthwhile reading." Journal of Comparative Economics

While policy makers need to be focused on achieving and sustaining basic macroeconomic stability in the transition of economies from a socialist to a market orientation, financial institutions and reforms play a particularly crucial role in this transformation. The essays in this collection offer overviews of issues in banking sector reform and capital markets as well as specific perspectives on the financial sectors in changing economies of Central and Eastern Europe, China and Israel. The editors and contributors explore the questions of how much focus needs to be given to macroeconomic stabilization vis-à-vis the dynamics of the financial sector, what may be appropriate time frames for dealing with immediate and longer-term financial problems, and how trends toward economic globalization interact with financial development in transition countries. Original versions of the essays were presented at the Second Dubrovnik Conference on Transition Economies organized by the National Bank of Croatia in June 1996.

Introduction: financial reforms and economic transitions: an overview of the major issues Mario I. Blejer and Marko Skreb
Part I. General Studies: 1. Monetary policy during transition: an overview Martha de Melo and Cedvet Denizer
2. Towards market-oriented banking in the economies of transition John Bonnin and Paul Wachtel
3. The political economy of banking sector reform in transition Arye L. Hillman and Heinrich W. Ursprung
4. Macroeconomic influences on transition and financial reforms Willem H. Buiter, Ricardo Lago and Hélene Rey
Part II. Country Studies: 5. Banking crisis in the Baltic state: causes, solutions and lessons
6. Monetary and exchange rate policy, capital inflows and the structure of the banking system in Croatia Velimir Sonje, Evan Kraft and Thomas Dorsey
7. Monetary and financial market reform in transition economies: the special case of China Robert A. Mundell
8. The financial sector and high interest rates: lessons from Slovenia Velimir Bole
9. Bank rehabilitation in Slovenia: with emphasis on Nova Ljubljanska Banka Franjo Stiblar
10. Liberalization and financial reforms: lessons from the Israeli experience Jacob A. Frenkel
Part III. Afterword: 11. The financial sector in transition: an afterword Mario I. Blejer.

Subject Areas: Economic systems & structures [KCS]