Financial Turbulence and Capital Markets in Transition Countries

JENS HÖLSCHER is Senior Lecturer in Economics at the University of Brighton.

Global financial turbulence severely affected countries in transition from planned towards market economies. Policy responses of Russia, Poland, the Czech Republic and Hungary are reviewed and compared in this book. Each country analysis is critically discussed. Contributors to this volume include Claudia Buch, Stephen F, Frowen, Jens Hölscher, Alexander Karmann, Jens Linne, Roman Matousek, Zbigniew Polanski, Bruno Schönfelder, Vladislav Semenkov, Johannes Stephan, Adam Török, Horst Tomann, Trantisek Turnovec and Uwe Vollmer.

1 Reviews four major economies in transition: Russia, Poland, Czech Republic and Hungary2 Assesses the consequences of global financial turbulences on these economies3 International contributors

List of Tables List of Figures Acknowledgements Notes on the Contributors Introduction PART I: KEYNOTE ADDRESS The Return of the Habsburgs - Reflections on the Role of Institutions in Transition Economies; H.Tomann 'Anglo-Saxon' or 'Rhenish' Financial Markets for Central-East Europe?; S.Herten & J.Hölscher PART II: RUSSIA August-98 as a Turning Point of Russian Reforms; V.Semenkov What Happened to Russia?; Comment on V.Semenkov; T.Linne Comment of V.Semenkov; A.Winkler PART III: POLAND Poland and International Financial Turbulences of the Second Half of the 1990s; Z.Polañski Immune to Contagion or Favourable Events?; Comment on Z.Polañski; A.Karmann PART IV: CZECH REPUBLIC Privatization and Transparency: Evidence from the Czech Republic; F.Turnovec Privatization, Ownership Structure and Transparency; Comment on F.Turnovec; C.Buch Comment on F.Turnovec; B.Schönfelder The Assessment of the Cost and Benefits of the Small and Medium Commercial Banks within the Czech Banking Sector; R.Matousek & A.Taci PART V: HUNGARY Turbulences and Emergency Landings on Leased Planes (Macroeconomics Stabilization and Financial Sector Reform in Hungary in the 1990s); A.Török Comment on Török; J.Stephan Comment on Török; U.Vollmer PART VI: RESUMEE Financial Markets in Transition Countries: Problems and Aspirations; S.F.Frowen Real Income Risk and Hedging in Transition Economies: A Note on Stephen F. Frowen; H.L.Battermann & U.Broll