Financial system development in transition economies

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Abstract

This paper provides an overview of the major issues with respect to financial system development in transition economies, which were discussed at a conference in Groningen, the Netherlands, December 1997. After a brief remark on the role of financial system design during economic transition, the paper focuses on the role of stock markets in the process of financial intermediation with emphasis on the role of regulations in these markets, the role of deposit insurance to improve bank system stability, and the importance of an independent central bank, measurement issues relating to central bank independence and its impact on inflation and growth. (C) 2000 Elsevier Science B.V. All rights reserved. JEL classification: G20; G28; G33; E58; P34.

Original languageEnglish
Pages (from-to)507-524
Number of pages18
JournalJournal of Banking & Finance
Volume24
Issue number4
Publication statusPublished - Apr-2000

Keywords

  • financial systems
  • transition
  • regulation
  • bank runs
  • central banks
  • CENTRAL BANK INDEPENDENCE
  • STOCK-MARKET DEVELOPMENT
  • CAPITAL-MARKETS
  • GROWTH
  • LIBERALIZATION
  • POLICY
  • FIRMS

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