Financial regulation and financial system architecture in Central Europe

Journal of Banking and Finance

Volumn 24, Issue 4, 2000, Pages 525-553

  Scholtens, Bert ^a  

^a UNIVERSITY OF GRONINGEN   (Netherlands)

Author keywords

Banking; Finance system architecture; G20; G28; P34; Regulation; Transition

Indexed keywords

EID: 0041686576     PISSN: 03784266     EISSN: None     Source Type: Journal    
DOI: 10.1016/S0378-4266(99)00079-5     Document Type: Article

References (81)

1. Allen F., Gale D. A welfare comparison of intermediaries and financial markets in Germany and the US. European Economic Review. 39:1995;179-209.
2. Anderson, R.W., Berglöf, E., Mizsei, K., 1996. Banking sector development in Central and Eastern Europe. Forum Report of the Economic Policy Initiative No. 1, CEPR and Institute for EastWest Studies, London, New York and Warsaw.
3. Arestis, P., Demetriades, P., 1997a. Finance and growth: Institutional considerations and causality. Mimeo., University of East London and Keele University.
4. Arestis P., Demetriades P. Financial development and economic growth: Assessing the evidence. Economic Journal. 107:1997b;783-799.
5. Bahra, P., Green, C.J., Murinde, V., 1997. Coping with financial sector reforms in transitional economies: What have we learnt? In: Kowalski, T. (Ed.), Financial Market Reform in Emerging Market Economies: Quantitative and Institutional Issues. Akademia Ekonomiczna w Poznaniu, Poznan, pp. 11-40.
6. Basle Committee on Banking Supervision, 1997. Core principles for effective banking supervision, BIS, Basle, September.
7. Bencivenga V.R., Smith B.D. Financial intermediation and endogenous growth. Review of Economic Studies. 58:1991;195-209.
8. Bencivenga V.R., Smith B.D., Starr R.M. Transactions costs, technological choice, and endogenous growth. Journal of Economic Theory. 67:1995;153-177.
9. Benston G.J., Kaufman G.G. Is the banking and payments system fragile? Journal of Financial Services Research. 9:1995;209-240.
10. Berthélemy, J.-C., Varoudakis, A., 1996a. Models of financial development and growth: A survey of recent literature. In: Hermes, N., Lensink, R. (Eds.), Financial Development and Economic Growth. Routledge, London and New York, pp. 7-34.
11. Berthélemy J.-C., Varoudakis A. Economic growth, convergence clubs, and the role of financial development. Oxford Economic Papers. 48:1996b;300-328.
12. Blommestein, H.J., Spencer, M.G., 1994. The role of financial institutions in the transition to a market economy. In: Caprio, G., Folkerts-Landau, D., Lane, T.D. (Eds.), Building Sound Finance in Emerging Market Economies. International Monetary Fund, Washington, DC, pp. 139-189.
13. Boot A.W.A., Thakor A.V. Self-interested regulation. American Economic Review. 83:1993;206-212.
14. Boot A.W.A., Thakor A.V. Financial system architecture. Review of Financial Studies. 10:1997;693-733.
15. Brainard L.J. Reform in Eastern Europe: Creating a capital market. AMEX Bank Review. 17:1990;2-3.
16. Buch, C.M., 1996. Creating efficient banking systems - theory and evidence from Eastern Europe. Kiel Institute of World Economics, Kiel Studies No. 277, Tübingen.
17. Buch C.M. Opening up for foreign banks: How Central and Eastern Europe can benefit. Economics of Transition. 5:1997;339-366.
18. Calvo, G.A., Kumar, M.S., 1993 Financial markets and intermediation, in: Financial Sector Reforms and Exchange Rate Arrangements in Eastern Europe. IMF Occasional Paper 102, IMF, Washington, DC.
19. Caprio Jr., G., Atiyas, I., Hanson, J.A. (Eds.), 1994. Financial Reform: Theory and Experience. Cambridge University Press, Cambridge.
20. Corbett, J., Jenkinson, T., 1994. The financing of industry, 1970-1989: An international comparison. CEPR Discussion Paper 948, CEPR, London.
21. Corbett, J., Mayer, C., 1991. Financial reform in Eastern Europe: Progress with the wrong model. CEPR Discussion Paper 603, CEPR, London.
22. Davidson P. Money and the Real World. 1978;MacMillan, London.
23. Davis E.P. Debt, Financial Fragility, and Systemic Risk. 1995;Clarendon Press, Oxford.
24. Demirgüç-Kunt A., Levine R. Stock market development and financial intermediaries: Stylized facts. World Bank Economic Review. 10:1996;291-321.
25. Demirgüç-Kunt A., Maksimovic V. Stock market development and financing choices of firms. World Bank Economic Review. 10:1996;341-369.
26. Diamond D.W. Financial intermediation and delegated monitoring. Review of Economic Studies. 51:1984;393-414.
27. Dittus P. Why East European banks do not want equity. European Economic Review. 40:1996;655-662.
28. Dow S.C. Money and the Economic Process. 1993;Edward Elgar, Aldershot.
29. Dowd K. Laissez-Faire Banking. 1993;Routledge, London.
30. Edwards J., Fischer K. Banks, Finance, and Investment in Germany. 1994;Centre for Economic Policy Research/Cambridge University Press, Cambridge.
31. European Bank for Reconstruction and Development (EBRD), 1994. Transition Report. EBRD, London.
32. European Bank for Reconstruction and Development (EBRD), 1997. Transition Report. EBRD, London.
33. Folkerts-Landau, D., Mathieson, D.J., Schinasi, G.J., 1997. International Capital Markets: Developments, Prospects, and Key Policy Issues. IMF, Washington, DC, November.
34. Frankel A.B., Montgomery J.D. Financial structure: An international perspective. Brookings Papers on Economic Activity. 1:1991;257-310.
35. Frydman, R., Gray, C., Hessel, M., Rapaczynski, A., 1998a. Private Ownership and Corporate Performance: Evidence from the Transition Economies. Mimeo., New York University, February.
36. Frydman, R., Hessel, M., Rapaczynski, A., 1998b. Why ownership matters?: Politicization and entrepreneurship in the restructuring of enterprises in Central Europe. Economic Research Report 98-14, C.V. Starr Center for Applied Economics, New York, April.
37. Galetovic A. Finance and growth: A synthesis and interpretation of the evidence. BNL Quarterly Review. 196:1996;59-82.
38. Gerschenkron, A., 1962. Economic Backwardness in Historical Perspective: A Book of Essays. The Belknap Press of Harvard University Press, Cambridge, MA.
39. Gertler, M., 1993. Discussion. in: Mayer, C., Vives, X. (Eds.), Capital Markets and Financial Intermediation. Cambridge University Press, Cambridge, pp. 190-193.
40. Goldsmith R.W. Financial Structure and Development. 1969;Yale University Press, New Haven, CT.
41. Goldsmith, R.W., 1985 Comparative National Balance Sheets: A Study of 20 Countries, 1688-1978. University of Chicago Press, Chicago.
42. Goodhart, C.A.E., 1994. Banks and the control of corporations, Economic Notes by Monte Paschi di Siena 23, 1-18.
43. Gorton G., Winton A. Banking in transition economies: Does efficiency require instability. Journal of Money, Credit, and Banking. 30:1998;621-650.
44. Greenwood J., Jovanovic B. Financial development, growth, and the distribution of income. Journal of Political Economy. 98:1990;1076-1107.
45. Griffith-Jones S., Drábek Z. Financial Reform in Central and Eastern Europe. 1995;MacMillan, London.
46. Hellwig, M., 1991. Banking, financial intermediation, and corporate finance. in: Giovannini, A., Mayer, C. (Eds.), European Financial Integration. Cambridge University Press, Cambridge.
47. International Finance Corporation (IFC), 1997. Emerging stock markets factbook. (IFC), Washington, DC.
48. International Monetary Fund (IMF), 1998. World Economic outlook. IMF, Washington, DC.
49. Kane E.J. Good intentions and unintended evil. Journal of Money, Credit, and Banking. 9:1977;55-69.
50. Kaplan S. Top executive rewards and firm performance: A comparison of Japan and the US. Journal of Political Economy. 102:1994;510-546.
51. King, R.G., Levine, R., 1993a. Financial intermediation and economic development. In: Mayer, C., Vives, X. (Eds.), Capital Markets and Financial Intermediation. Cambridge University Press, Cambridge, pp. 156-189.
52. King R.G., Levine R. Finance and growth: Schumpeter might be right. Quarterly Journal of Economics. 108:1993b;717-737.
53. King R.G., Levine R. Finance, entrepreneurship and economic growth: Theory and evidence. Journal of Monetary Economics. 32:1993c;513-542.
54. Kregel, J.A., 1975. The Reconstruction of Political Economy: An introduction to Post-Keynesian Economics, second ed. MacMillan, London.
55. La Porta R., López-de-Silanes F., Shleifer A., Vishny R.W. Legal determinants of external finance. Journal of Finance. 52:1997;1131-1150.
56. La Porta, R., López-de-Silanes, F., 1998. Capital Markets and Legal Institutions. Mimeo., Harvard University, Cambridge, MA, May.
57. Levine R. The legal environment, banks, and long-run economic growth. Journal of Money, Credit, and Banking. 30:1998;596-613.
58. Levine R., Zervos S. Stock markets, banks, and economic growth. American Economic Review. 88:1998;537-558.
59. Mankiw N.G. Comments. European Economic Review. 31:1988;1183-1186.
60. Mayer C. New issues in corporate finance. European Economic Review. 32:1988;1167-1183.
61. McKinnon, R.I., 1993. Macroeconomic control in liberalizing socialist economies: Asian and European parallels. In: Giovannini, A. (Ed.), Finance and Development: Issues and Experience. Cambridge University Press, Cambridge, pp. 223-256.
62. Megginson W.L., Nash R.C., Randenborgh M. The financial and operating performance of newly privatized firms: An international empirical analysis. Journal of Finance. 49:1994;403-452.
63. Organisation for Economic Cooperation and Development (OECD), 1995. National Systems for Financing Innovation. OECD, Paris.
64. Organisation for Economic Cooperation and Development (OECD), 1997. Institutional Investors - Statistical Yearbook 1997. OECD, Paris.
65. Pagano M. Financial markets and growth: An overview. European Economic Review. 37:1993;613-622.
66. Perotti, E.C., Van Oijen, P., 1997. The Impact of Privatization on Stock Market Development in Emerging Economies. Mimeo., University of Amsterdam, Amsterdam.
67. Pohl, G., Claessens, S., 1994. Banks, capital markets, and corporate governance. Policy Research Working Paper 1326, World Bank, Washington, DC.
68. Pohl, G., Jedrzejczak, G.T., Anderson, R.E., 1995. Creating capital markets in Central and Eastern Europe. World Bank Technical Paper 295, World Bank, Washington, DC.
69. Rajan R.G., Zingales L. Financial dependence and growth. American Economic Review. 88:1998;559-586.
70. Rhyne, E., Buyske, G., Hogan, D., Vogel, R., 1994. Financial sector reform in Central and Eastern Europe: Synthesis of four country analyses. CAER Discussion Paper 24, Cambridge.
71. Rostowski J. The interenterprise debt explosion in the former Soviet Union: Causes, consequences, cures. Communist Economies and Economic Transformation. 5:1993;131-159.
72. Saint-Paul G. Technological choice, financial markets and economic development. European Economic Review. 36:1992;763-781.
73. Selgin G.A. The Theory of Free Banking: Money Supply Under Competitive Note Issue. 1988;Rowman & Littlefield, Totowa, NJ.
74. Shleifer A., Vishny R.W. A survey of corporate governance. Journal of Finance. 52:1997;737-783.
75. Smith, R.C., Walter, I., 1993. Bank-industry linkages: Models for Eastern European economic restructuring. In: Fair, D.E., Raymond, R. (Eds.), The New Europe: Evolving Economic and Financial Systems in East and West. Kluwer Academic Publishers, Dordrecht, pp. 41-60.
76. Steinherr A., Huveneers Ch. On the performance of differently regulated financial institutions: Some empirical evidence. Journal of Banking and Finance. 18:1994;271-306.
77. Stiglitz, J.E., 1989. The economic role of the state. In Heertje, A. (Ed.), The Economic Role of the State, Bank Insinger de Beaufort, Amsterdam, pp. 9-85.
78. Sussman, O Investment and banking: Some international comparisons. Oxford Review of Economic Policy. 10:1995;28-34.
79. Thorne A. Eastern Europe's experience with banking reform: Is there a role for banks in the transition. Journal of Banking and Finance. 17:1993;959-1000.
80. White, L.J., 1984. Free banking in Britain: Theory, Experience, Debate, 1800-1845. Cambridge University Press, New York.
81. World Bank, 1995. World Development Report 1996. Oxford University Press, New York.