Banking in Central and Eastern Europe 1980-2006: From by Stephan Barisitz PDF

By Stephan Barisitz

Comparative in constitution and masking an intensive variety of transition international locations in its survey, this complete booklet overviews the improvement of the banking structures in crucial and jap ecu because the communist period till the current time.

Taking in a variety of international locations together with Hungary, Poland, Czech Republic, Slovakia, Bulgaria, Romania, Croatia, Russia, Ukraine, Belarus, Kazakhstan, Uzbekistan, Barisitz - an economist with the vital financial institution of Austra - analyzes the evolution of felony foundations, banking supervision, banks’ significant assets of resources, liabilities, gains and comparable alterations, banking crises, restructuring, rehabilitation courses, the position of foreign-owned banks and FDI.

A major book, it really is interesting examining for all these learning and dealing within the parts of transition economic system, macro and financial financial system and financial history

 

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Extra info for Banking in Central and Eastern Europe 1980-2006: From Communism to Capitalism

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Looking at Yugoslav developments: In the above-outlined environment of structural rigidities, easy money and financial laxity, inflation accelerated throughout the 1980s and reached hyperinflationary levels at the end of the decade. The continuing depreciation of the dinar made it difficult or impossible for many (unhedged) enterprises to repay their foreign currency loans, which further weakened the portfolios of credit institutions whose underlying positions were already precarious. Although the Narodna banka Jugoslavije had the ultimate responsibility for foreign currency deposits, it did not hold sufficient hard currency reserves to cover them.

This gave rise to high investment demand and strong growth rates of capital accumulation, triggering overinvestment (according to market economy criteria), low productivity, limited efficiency and a waste of resources. Although most banks were the property of enterprises, government exerted considerable sway over credit activities. While not so much intervening directly, state organs (predominantly republican and local jurisdictions) had various means at their disposal to impose their influence on firms and banks in exchange for protection against competition and other economic risks, like the risk of bankruptcy (OECD 1987: 43).

In order to avoid unpleasant surprises, firms strove for long-term maximization of premiums and prestige. Such sustained behavior tended to perpetuate wasteful modes of production and technological backwardness (“soft planning”). As far as expanding credits (accounting money) translated into increased wage payments (cash money) that were not fully accompanied by a corresponding rise in real output, this contributed to a groundswell of monetary overhang (Thieme 1998: 641–642). 2 The socialist authorities were well aware of this unsatisfactory overall situation, which weighed more and more heavily the more obvious it became that the “socialist camp” was falling further behind the capitalist West.

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