This book critically examines the progress made on macroeconomic stabilization and financial sector reform in the transition economies of Central and Eastern Europe. It relates microeconomic experiences to the broader macroeconomic context of reform, and emphasises that macro reform is underpinned by micro and institutional reform, especially in the financial sphere.
Key features include:
* bank and enterprise restructuring and the progress towards the resolution of banking and bad debt problems
* implications of bank and enterprise restructuring for corporate governance and company performance
* an evaluation of bank-enterprise relationships
* exchange rates and capital flows, with an analysis of the capital inflow problem and the performance of fixed exchange rate regimes in the post-stabilization phase of the transition
* detailed surveys of individual firm and bank behaviour and performance during the reform process.
The book will be welcomed by scholars and practitioners interested in monetary and financial economics, the economics of transition and comparative economic systems.
Edited by Andrew W. Mullineux, The Business School, University of Birmingham and Christopher J. Green, Professor of Economics and Finance, Loughborough University, UK
Contents: Foreword: Keynote Speech by Vahur Kraft, President, Bank of Estonia Preface 1. Introductory Overview Part I: Bank and Enterprise Restructuring 2. The Polish Bank and Enterprise Restructuring Programme 3. Enterprise Restructuring and Changes in the Business Environment in Estonia 4. Financial Contracts and Relations in the Small and Medium-Sized Enterprise Sector in Poland 5. Financing Small and Medium-Sized Enterprises in Poland, 1989-1994 6. Entry Conditions, Structure and Performance in Banking Sectors in Central and Eastern Europe 7. Financial Reforms in Poland Part II: Exchange Rate Regimes and Capital Flows 8. Fixed Exchange Rate Regime in the Stages of Transition 9. Macroeconomic Policy and Capital Flows 10. The Magnitude and Determinants of Capital Flight in Eastern Europe 11. Sterilization of Capital Inflows in Transition Economies Part III: Macroeconomic Effects of Financial Reforms and Panel Discussion 12. Simulation Experiments of the Macroeconomic Effects of Financial Reforms in Poland and Estonia 13. The Continuing Debate Index