Designing Financial Systems设计金融系统：中东欧改革策略 下载 pdf 百度网盘 epub 免费 2025 电子版 mobi 在线

This collection examines the design of financial systems for central and eastern European countries engaged in the transition to market-based economies. It highlights the need for better approaches to measuring performance and providing incentives in banking and for financial mechanisms to encourage private-sector growth. Written by leading European and North American scholars, the essays apply modern finance theory and empirical data to the development of new financial sectors.

Two broad themes emerge. The first is the critical relationship between reforms in the financial sector and in the real economy. Lending policies, which have a significant impact on business performance, need to discourage bad firm performance without prematurely liquidating potentially profitable enterprises. Conversely, the quality of firms influences the financial sector. If banks cannot find good credit risks, they cannot improve the quality of their portfolios. Until a critical mass of viable firms is built, equity markets will not develop sufficiently. The second theme is that the lack of fully developed markets and institutions may distort the policy outcomes predicted under models based on fully developed economies. Reliance on these models may therefore be inappropriate for transition economies.

1 Introduction：Financial Systems in Transition

Anna Meyendorff and Anjan Thakor

2 Banks’Bad Debts：Policies，Creditor Passivity，and Soft BudgetCons仃aints

Janet Mitchell

3 0n the Design of Bank Bailout Policy in Transition Economies

Philippe Aghion，Patrick Bolton，and Steven Fries

4 Revisiting Hungary’S Bankruptcy Episode

John Bonin and Mark E．Schatier

5 Tax Avoidance and the Allocation of Credit

Anna Meyendorff

6 Franchise Value and the Dynamics of Financial Liberation

Thomas Hellmann，Kevin Murdock，and Joseph Stiglitz

7 Bank Liquidity Provision and Capitol Regulation in TransitionEconomies

Gary Gorton and Andrew Winton

8 Financial System Reform in Emerging Economies：The Case ofRomania

Anna Meyendorff and Anjan Thakor

9 Should Banks Have the Power to Enter AU Financial Businesses?

Raghuram G．Rajan

10 Effects of Ownership by Investment Funds on the Performance of Czech Firms

Andrew Weiss and Georgiy Nikitin

11 Financial Conditions and Investment during the Transition：Evidence

from Czech Firms

Lubomir Lizal and Jan Svejnar

12 Conglomeration in Bankin9：Incentives and Market Discipline

Arnoud Boot and Anjolein Schmeits

13 financial Reallocaion in Russian Groups

Enrico.c.perotti and stanislav Gelfer

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书籍介绍

This collection examines the design of financial systems for central and eastern European countries engaged in the transition to market-based economies. It highlights the need for better approaches to measuring performance and providing incentives in banking and for financial mechanisms to encourage private-sector growth. Written by leading European and North American scholars, the essays apply modern finance theory and empirical data to the development of new financial sectors.Two broad themes emerge. The first is the critical relationship between reforms in the financial sector and in the real economy. Lending policies, which have a significant impact on business performance, need to discourage bad firm performance without prematurely liquidating potentially profitable enterprises. Conversely, the quality of firms influences the financial sector. If banks cannot find good credit risks, they cannot improve the quality of their portfolios. Until a critical mass of viable firms is built, equity markets will not develop sufficiently. The second theme is that the lack of fully developed markets and institutions may distort the policy outcomes predicted under models based on fully developed economies. Reliance on these models may therefore be inappropriate for transition economies.