Eastern Europe and the financial sector: where are they going?






Financial transformation, Eastern Europe


The transformation that has taken place already in the countries of central and Eastern Europe and in the former Soviet Union is dramatic. Nevertheless, no single specific reform, taken by itself, is sufficient to ensure the success of the transformation or transition of a major economic sector like that of finance. Banking and financial market reforms, existing and planned, are evaluated for the emergent financial systems.


JEL: G18


BEGG, D. aoci PORTES, R. (1992) "Enterprise Debt aoci Economie Transformation:

Financial Restrueturing of the State Sector in CentraI aoci Eastern Europe",

Discussion Paper Series, no. 695, CEPR, Lancian.

BOFINGER, P. (1992) "The Experienee with Monetary Poliey io an Environment with

Strong Microeeonomic Distorsioos", in Irving, O. and Bofinget P. (eds.), The

Economie Consequences 01 the East, CEPR, London.

BRAINARO, L.T. (1991) "Strategies for Economie Ttansformation io CentraI and Eastern

Europe: Role of FinancÌal Market Reform", in CCEET, Tram/ormation 01 Planned

Economies, OECD, Paris.

BRUNO, M. (1992) "Stabilizatioo and Reform in Eastern Europe: A Preliminary Evaluation",


CALVO, G.A. (1991) "Financial Aspeets of Socialist Economies; From Inflation to

Reform" in Corbo, V., Coricelli, F. anci Bossak, ]. (eds.), Relorming CentraI and

Eastern European Economies: Initial Results and Challenges, IBRD, Washington.

CALVO, G.A. and CORICELLI, F. (1992) "Stabilizing a Previously Centrally Planned

Eeonomy: Poland 1990", Economie Policy.

CALVO G.A. and FRENKEL, ]. (1991) "Credit Matkets, Credibility and Economie Transformation",

Economie Perspectives.

CAMPBELL, R.W. (1991) The Socialist Economies in Transition, Indiana University Press,

Bloomington and Indianapolis.

CIOCCA, P. (1991) Banca, Finanza, Mercato, Einaudi, Totino.

CORBETT,]. and MAYER, c.P. (1991) "Pioancial Reform in Eastern Europe: Progress with

the Wroog ModeI", Discussion Paper Series, no. 603, CEPR, Loncion.

DOOLEY, M.P. aoci IsARD, P. (1992) "The Roles of Incentives and Planoing in MarketOtieoted

Transfot.tnations", in O'Btien, R. (ed.), Finance and the International

Economy: 6, Oxford University Press for the AMEX Bank Review, Oxford.

PISCHER, S. and GELB, A. (1991) "Issues io the Refotm of Socialist Eeonomies", in Corbo,

V., Cotieelli, F. aoci Bossak, ]. (eds.), Reforming CentraI and Eastern European

Economies: Initial Results and Challenges, IBRD, Washington.

FRYDMAN, R. and RAPACZì'NCKI, A. (1991) "Markets and Institutions in LatgeHScale

Ptivatization", io Corbo, V., Corieelli, F. aoci Bossak, ]. (eds.), Reforming CentraI

and Eastern European Economies: Initial Results and Challenges, IBRD, Washington.

GARBER, P. and WEISBROD, S. (1990) "Banks in the Market for Liquidity", Working Paper

Series, nn. 3381, NBER, Cambridge (MA).

GOLDSMITH, R.W. (1969) Finaneial Structure and Deve!opment, Yale University Press,

New Raven.

RRNCIR, M. anci KuCEK,]. (1991) "Stabilizatioo Polides aod Currency Convertibility in

Czechoslovakia", European Economy.

KORNAI, J. (1980) Economics 01 Shortage, North-Holland Publishing Co., Amsterdam.

MASERA, R.S. (1991) Intermediari, Mercati e Finanza d'Impresa, Laterza, Roma-Bari.

BNL Quarter1y Review

McKINNON, R.I. (1991) The Order 01 Economie Liberatization: Financial Control in the

Transition lo a Market Economy, The Johns Hopldns University Press, Baltimare

aod Landan.

NUTI, D.M. (1991) "Sequendng aod Credibility of Economie Reform", in Atkinsoo, A.B.

aod Brunetta, R. (eds.), Economics for the New Europe, Macmillao-IEA, Landan.

OECD (1991) Economie Surveys; Czech and Slovak Federal Republic, Paris.

PHELPS, E.S. (1992) "Needed Mechanisms of Corpotate Governance aod Finance in

Eastern Europe", mimeograph.

ROSATI, D.K. (1992) "The Politics nf Economie Reform in CentraI aod Eastern Europe",

Occasional Papers, no. 6, CEPR, Landan.

SAUNDERS, A. aod SOMMARIVA, A. (1992) "Banldng Sector aod Enterprise Restructuring in

Eastel'O Europe", mimeograph.

STIGLITZ, J.E. (1985) "Credit Markets and the ContraI of CapitaI", Journal 01 Money,

Credit and Banking, vaL 17, no. 2.

SUNDARAJAN, V. (1992) "CentraI BanIdng in Formerly Planned Economies", Finanee and


SZEGO, G.P. (1992) "Multi~Tier Financiai Intermediation Systems in Formerly Centrally

Planned Economies", mìmeogl'aph.

TANZI, V. (1992) "Financiai Markets and Public Finance in the Transformation Process",

in Irving, O. and Bafinger, P. (eds.), The Economie Consequences 01 the East, CEPR.





How to Cite

SARCINELLI, M. (2013). Eastern Europe and the financial sector: where are they going?. PSL Quarterly Review, 45(183). https://doi.org/10.13133/2037-3643/10640