Download The New Capital Markets in Central and Eastern Europe by Michael Schröder (auth.), Dr. Michael Schröder (eds.) PDF

By Michael Schröder (auth.), Dr. Michael Schröder (eds.)

It is the purpose of this research to evaluate the consequences of the ecu growth at the capital markets within the such a lot complicated nations of significant and japanese Europe (CEE) and Russia and to examine the affects at the interactions among japanese and Western capital markets as a result of the integration procedure. as a result, this examine can be fairly important for monetary analysts, institutional traders and educational researchers who're drawn to the industrial and institutional advancements of capital markets in CEE nations and are searhing for a radical and entire research of the long run views of those capital markets. the eu Union has opened negotiations for ecu club in early 1998 with 5 CEE nations, the Czech Republic, Estonia, Hungary, Poland and Slovenia. In autumn 1999 the crowd of CEE nations invol ved within the negotiations for ecu club has been enlarged through Bulgaria, Latvia, Lithuania, Romania and Slovakia. The negotiations with the various CEE international locations have already reached a degree that makes access into the ecu within the following few years most likely. The becoming a member of nations need to undertake the complete acquis communautaire, which represents the legislative framework universal to all european participants. vital components of the acquis communautaire e. g. the liberalisation of capital events, eu financial Union, the unfastened provision of financial institution and non-bank monetary providers and new principles for prudential supervision without delay and ultimately impact the behaviour of the monetary region and the functioning of capital markets.

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The future integration into the European Union and the improvement in economic development should further increase the ratings for this group of . 14 countnes. 6 Conclusion After the strong decrease in GDP in the first half of the nineties most CEE countries show a remarkable strong growth. The most important growth factor has been gross fixed investment. Since the beginning of the economic upswing, also productivity has significantiy improved. But measured in terms of GNP per capita the distance to the Western European countries is still very high.

E. a privatisation that goes beyond pure conversion of state-owned companies in stock corporations kept by the state) as weIl as exposure to financial constraints and implementation of an efficient bankruptcy mechanism can put the hecessary competitive pressure on companies. Private owners are not always easily found. The evaluation of former public firms is rather difficult, foreign investors are regarded with scepticism, and domestic investors are often marked by a lack of savings. e. the privatisation of small firms which can adapt and be restructured more easily, were completed relatively fast due to simple privatisation procedures and included successful sales to private investors.

According to the European Commission's Progress Report 1998, only in some sectors companies are still mainly state-owned, such as energy, chemical companies, mining and steel mills. The banking sector is privatised by more than 80%. In March 1998, the sale of the first of the remaining four large state-owned banks IPB (to the Japanese investment bank Nomura) was completed. In May 1999, the KBC group (Kredietbank) of Belgium took over holdings in the second bank CSOB. By 2000, the other two banks shall be privatised by June 2000.

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