Financial Sector Reforms and Exchange Arrangements in Eastern Europe

ByGuillermo Calvo, Eduardo Borensztein, Paul R Masson, Manmohan S. Kumar

February 15, 1993

Summary

The two papers draw from the brief yet radical reform experiences of five countries-Bulgaria, former Czechoslovakia, Hungary, Poland, and Romania. The first paper describes the financial sector reforms untertaken by these countries since the 1980s, as well as the problems encountered. It also discusses the roles privatization, stabilization policies, and prudential supervision can play in the financial sector development of these countries. The second paper analyzes the different exchange arrangements as they apply to previously centrally planned economies; examines the general arguments for convertability in these countries; and considers the desirable degree of exchange rate flexibility.

Subject: Banking, Commercial banks, Credit, Currencies, Exchange rate arrangements, Exchange rates, Financial institutions, Financial markets, Foreign exchange, Money, Stock markets

Keywords: Caribbean, Central and Eastern Europe, Commercial banks, convertibility, Credit, Currencies, current account convertibility, Eastern Europe, Europe, Exchange rate arrangements, Exchange rates, market, market mechanism, OP, PCPEs, price liberalization, privatization process, stabilization policy, Stock markets

Pages:
66
Volume:
1993
DOI:
https://doi.org/10.5089/9781557752796.084
Issue:
002
Series:
Occasional Paper No. 1993/002
Stock No:
S102EA0000000
ISBN:
9781557752796
ISSN:
0251-6365

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Notes

Part I. Financial Markets and Intermediation, by Guillermo A Calvo and Manmohan S Kumar; Part II. Exchange Arrangements of Previously Centrally Planned Economies, by Eduardo Borensztein and Paul R Masson.

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