Download or read book Bank Privatisation in Central and Eastern Europe Through the View of the Western European Stock Markets written by Plamen Patev and published by . This book was released on 2004 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: There are numerous studies on the privatisation process in Central and Eastern Europe (CEE) but none of them evaluates the effect of privatisation on bidders' market value. The objective of this research is the determination of the market value changes of several European banks during the time of their involvement in the process of bank privatisation in CEE. We have concentrated our attention on the variation of the privatising banks' stock prices, from the moment they had announced their intention to participate in the privatisation of bank institutions in Eastern and Central Europe, till the moment the privatisation contract was signed. We found that the capital markets react positively to the information about the privatisation process. We can say that this means that investors accept this process as positive news and that they expect that the privatisation will add value to the bidder's shares. This is a very clear indication that investors support management decision for expansion in CEE by participating in the process of privatisation. The different market reaction to privatisation in different countries can be taken as an indicator of the bank privatisation methods used by the governments in CEE. The results show that participation in the process of bank privatisation in CEE countries increases the cumulative abnormal volatility of the bidders.
Download or read book Creating Capital Markets in Central and Eastern Europe written by Gerhard Pohl and published by World Bank Publications. This book was released on 1995-01-01 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: Addresses the challenge Hungary faces in overcoming threatening deficits in its current and fiscal accounts without hampering economic growth. The Hungarian economy is emerging from a severe four-year recession with positive developments on numerous economic fronts, but with major weaknesses remaining because of large current and fiscal account deficits. This book addresses the challenge Hungary faces in overcoming these deficits without hampering economic growth. The report examines the country's macroeconomic performance in the first half of the 1990s and the stabilization package launched in March 1995. It explores the structure of fiscal revenues, pension reform, and enterprise and banking reforms. The study also looks at the impact of structural reforms on future economic growth and at Hungary's bid to integrate with the European Union.
Download or read book Financial Markets in Central and Eastern Europe written by Morten Balling and published by Routledge. This book was released on 2004-08-02 with total page 408 pages. Available in PDF, EPUB and Kindle. Book excerpt: The countries of Central and Eastern Europe have been through a profound transition process for more than a decade now. The financial sectors and markets in the region have been subject to major structural reforms including privatization, liberalization and the acquisition by foreign banks of controlling interests in local financial institutions. This important new book includes papers that chart this process. Topics discussed include the implications of future EU membership, and the strategies pursued by the World Bank and International Monetary Fund.
Download or read book Privatization and Economic Performance in Central and Eastern Europe written by European Association for Comparative Economic Studies and published by . This book was released on 1999 with total page 424 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides analysis of the impact of privatization on the economic performance of companies in Central and Eastern Europe. After considering theoretical issues, contributors provide an in-depth examination of corporate governance and company performance in advanced market and transition economies. A statistical and econometric analysis of extensive company-level data and interviews from a large number of firms between 1990 and 1997 is conducted to discover major factors in changing economic performance. The editor is affiliated with the Hungarian Academy of Sciences. Annotation copyrighted by Book News, Inc., Portland, OR
Download or read book Going to Market written by Manuel Hinds and published by World Bank Publications. This book was released on 1991 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: Insights into the major task of privatization facing Eastern European countries: about the key decisions to be made and about such important issues as whether to sell state enterprises or give them away (and to whom and in what sequence).
Download or read book The New Europe Evolving Economic and Financial Systems in East and West written by D.E. Fair and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 430 pages. Available in PDF, EPUB and Kindle. Book excerpt: The papers collected in this volume are those presented at the seventeenth Collo quium arranged by the Societe Universitaire Europeenne de Recherches Financieres (SUERF), which took place in Berlin in October 1992. The Society is supported by a large number of central banks and commercial banks, by other fmancial and business institutions and by personal subscriptions from academics and others interested in monetary and fmancial problems. Since its establishment in 1963, it has developed as a forum for the exchange of information, research results and ideas among academics and practitioners in these fields, including central bank officials and civil servants responsible for formulating and applying monetary and financial policies, national and international. A major activity of SUERF is to organise and conduct Colloquia on subjects of topical interest to its members. The titles, places and dates of previous Colloqu~ for which volumes of the collected papers were published are noted on the last page of this volume.
Download or read book The New Capital Markets in Central and Eastern Europe written by Michael Schröder and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 539 pages. Available in PDF, EPUB and Kindle. Book excerpt: An excellent analyses of the effects of EU enlargement on capital markets in the most advanced countries of Central and Eastern Europe and Russia. It also investigates the EU's impact on the interactions between Eastern and Western capital markets. The study is particularly useful for financial analysts, institutional investors and academic researchers who are interested in the economic and institutional developments of capital markets in CEE countries.
Download or read book Privatizing Eastern Europe written by J.M. Van Brabant and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 343 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume is meant to be a modest contribution to the ongoing debate about the transitions away from the administrative planning environment typical of the former communist regimes. The central subject matter is a fairly special one, namely the privatization of these economies together with the restoration and effective monitoring of property rights. These are paramount tasks of the ongoing transformations once progress toward pOlitical democracy is secured. Though I would not allot divestment of existing state-owned assets the kind of pivotal importance that some observers reserve for it, changing rules on the utilization of these assets is evidently at the core of what the transition toward market-based economic systems should be all about. Rather than examining the entire range of issues that surround the controvery on privatization, this volume is primarily concerned with the economics of taking the state out of the decision making about existing assets. Among the several aspects of this discussion three stand out. One is the establishment of clear property rights. This is fundamental to minimize trans action costs in an environment where decisions will increasingly be taken by independent economic agents acting on their own account. Second, I look only incidentally at the various angles of creating capital markets, particularly for existing assets, in these economies.
Download or read book Privatization in Eastern Europe written by Roman Frydman and published by Central European University Press. This book was released on 1994-01-01 with total page 239 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Financial Markets of Eastern Europe and the Former Soviet Union written by François Perquel and published by Woodhead Publishing. This book was released on 1998-01-09 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt: The banking systems of eastern Europe and the states of the former Soviet Union have undergone dramatic change in recent years. This is the first book to provide a practical overview of the banking systems in the region. It describes the changes that have occurred and the differences that still remain. The author provides a full account of the various financial centres and the diversity of products that are available, including currencies, bonds, stocks, futures, coupons and certificates. The book covers financial internediaries, savings protection and corporate governance and concludes with a look at potential future developments. It will be essential reading for corporates, bankers, fund managers, investors and advisers involved in the region.
Download or read book Privatization in Central and Eastern Europe written by June G. Hopps and published by Bloomsbury Publishing USA. This book was released on 1998-08-27 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt: Central and Eastern European countries are facing the transition from central to market systems with different strategies and capacities. As the task of societal transformation is without precedent in world history, the massive economic restructuring has revealed the need for distributive justice and general well-being. As the editors and contributors to this volume point out, the monolithic preoccupation with economic restructuring in a market economics framework is implemented at the expense of social protection and security. In contrast to traditional views of privatization as only an economic or managerial phenomenon, this collection approaches privatization as a broader integrated process of societal transformation. Privatization as defined here consists of integrated processes of societal restructuring that affect sociopolitical, economic, and ideological constructs as well as human and physical capital development, transformation of family structures, market stabilization, and organization of social care. Public policymakers as well as scholars and researchers of contemporary Eastern Europe will find this collection of great interest, and an important challenge to the economic models of privatization which undervalue social costs.
Download or read book Financial Reform in Central and Eastern Europe written by A. W. Mullineux and published by Nova Publishers. This book was released on 1996 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book contains 3 major sections: 1: Monetary and Exchange Rate Policies in Poland and the ex-CSFR; 2: The Banking Sector and Enterprise Restructuring, including Privatisation and Hardening of Budget Constraints and the Micro Level; and 3: Bank Regulatory and Supervisory Issues.
Download or read book Financial Development Integration and Stability written by Klaus Liebscher and published by Edward Elgar Publishing. This book was released on 2007-01-01 with total page 570 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial industries in central, eastern and south-eastern Europe have undergone dramatic changes over the past decade. Foreign direct investment contributed to the development of market-oriented banking and financial systems able to support the rapid pace of economic growth in these countries. Policymakers, academics and private sector analysts have contributed to this volume with their stimulating insights on a broad range of issues, from recent credit booms to the cross-border integration of banking and capital markets. Anyone who wants to understand how finance, growth and financial stability interact in transition economies should read this book. Mario Draghi, Governor of the Banca d Italia and Chairman of the Financial Stability Forum This book highlights the achievements and challenges of the ongoing process of financial integration in Europe. The financial integration of Europe is both welcomed as an economic driving force and watched with concern as a source of potential stability. After all, changing financial, regulatory and corporate ownership structures are fuelling competition, capital mobility and financial intermediation, but at the same time creating new systemic risks. With a special focus on Central, Eastern and South-Eastern Europe, the contributors to this book explore a wide spectrum of underlying issues, including the finance-growth nexus, credit boom patterns, the implications of foreign bank entry modes, lessons learned from old EU member states and commercial bank strategies. Authoritative views from central bank officials and policymakers are complemented with a special focus on empirical and econometric evidence from academia as well as practical insights from key financial market players. This unique collection will be of great interest to economists and experts in the fields of financial markets and European integration from central, commercial and investment banks, governments, international organizations, universities and research institutes.
Download or read book Privatization in Eastern Europe written by Hans Smit and published by Martinus Nijhoff Publishers. This book was released on 2023-09-20 with total page 263 pages. Available in PDF, EPUB and Kindle. Book excerpt: A hands-on approach to the privatization process in Eastern Europe, divided into the following categories: - Guidelines for Foreign Purchasers of State Enterprises - A Business Survival Guide for Getting Things Done in Kiev - Critical Challenges of Capital Formation - The Greenfield Approach to Privatization - Vouchers and their Practical Use - Detailed Analysis of the Particulars of the Privatization Procedures in Russia, Ukraine, Poland, the Czech Republic and Slovakia, and Hungary. Furthermore, Privatization in Eastern Europe includes a list of all privatization laws
Download or read book Capital Markets in Central and Eastern Europe written by Christian Helmenstein and published by Edward Elgar Publishing. This book was released on 1999 with total page 508 pages. Available in PDF, EPUB and Kindle. Book excerpt: The financial reforms in the economies of Eastern and Central Europe have created institutions which are becoming increasingly integrated into the world economy. This book examines aspects of the emerging capital markets and financial developments in the area in a comparative assessment and highlights aspects of these developments which are not present in the developed capital markets of Western Europe, Asia or North America.
Download or read book Central Banking in Central and Eastern Europe written by Marcello De Cecco and published by International Monetary Fund. This book was released on 1994-10-01 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the philosophies which inspired the institution of central banking in Central and Eastern Europe in the interwar years. Influenced by the Financial Section of the League of Nations, the new central banks adopted laws which prohibited or severely restricted the financing of government fiscal debt. They were encouraged to centralize their payments systems and manage exchange rates to keep control of the money supply and achieve monetary stability. Before long they were forced to adopt further provisions in the area of banking supervision to regulate commercial banks. This paper considers the particular cases of Czechoslovakia, Hungary and Poland.
Download or read book Money Banking and Financial Markets in Central and Eastern Europe written by R. Matousek and published by Springer. This book was released on 2015-12-04 with total page 299 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a deep insight into the market changes and policy challenges that transition economies have undergone in the last twenty years. It not only comments on and evaluates the development of financial markets in transition economies, but also highlights the key obstacles to full integration of financial markets into the EU market.
