Financial policy in transition economies: architecture, pace, and sequencing
Author(s)
Akimov, Alexandr
Dollery, B.
Griffith University Author(s)
Year published
2008
Metadata
Show full item recordAbstract
In the aftermath of the collapse of communism in Eastern Europe, transition economies faced acute problems in transforming their economic institutions to be compatible with a market economy, including the financial sector. This article explores some of the major problems involved in this transformation process posed by restructuring of the financial system and the pace and sequencing of financial reform. The article considers bank-dominated and market-oriented financial system design; "shock therapy" as against "gradualism" in reform; the scope of financial sector reforms and liberalization; and the optimum sequencing of ...
View more >In the aftermath of the collapse of communism in Eastern Europe, transition economies faced acute problems in transforming their economic institutions to be compatible with a market economy, including the financial sector. This article explores some of the major problems involved in this transformation process posed by restructuring of the financial system and the pace and sequencing of financial reform. The article considers bank-dominated and market-oriented financial system design; "shock therapy" as against "gradualism" in reform; the scope of financial sector reforms and liberalization; and the optimum sequencing of financial sector liberalization.
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View more >In the aftermath of the collapse of communism in Eastern Europe, transition economies faced acute problems in transforming their economic institutions to be compatible with a market economy, including the financial sector. This article explores some of the major problems involved in this transformation process posed by restructuring of the financial system and the pace and sequencing of financial reform. The article considers bank-dominated and market-oriented financial system design; "shock therapy" as against "gradualism" in reform; the scope of financial sector reforms and liberalization; and the optimum sequencing of financial sector liberalization.
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Journal Title
Problems of Economic Transition
Volume
50
Issue
9
Subject
Banking, Finance and Investment not elsewhere classified
Applied Economics
Other Economics
Banking, Finance and Investment