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At the beginning of the transition process, the countries of Central and Eastern Europe faced the task of creating a functioning financial system where none had existed before. A decade later, high-level practitioners and well-known experts take stock of banking and monetary policy in the region, centring on: the governance of banks; the spread of financial crisis; and, perspectives for monetary policy and banking sector development.
List of contents
List of Tables List of Figures Acknowledgements PART I: KEYNOTE ADDRESS Experience and Perspectives of Financial Sector Development in Central and Eastern Europe; L.Bokros PART II: THE GOVERNANCE OF BANKS IN EMERGING FINANCIAL SYSTEMS Is Foreign Control a Panacea? On Governance and Restructuring of Commercial Banks in Transition Economies; C.Buch Refinancing Banks in an Unstable Financial Environment: The KfW Experience; W.Neuhauss PART III: FINANCIAL CRISIS IN RETROSPECT Models of Financial Crisis? Can They Explain the 'Boom' of Financial Crises in Transition?; Z.Arvai & J.Vincze Promoting Financial Development and Preventing Crisis: Lessons from Poland; Z.Polanski The Role of the Financial Sector in Macroeconomic Adjustment Programmes; G.Bell PART IV: FINANCIAL DEVELOPMENT IN EASTERN EUROPE: LOOKING AHEAD 'EU Accession Countries: What Path to a Successful EMU Membership?'; P.Bofinger & T.Wollmershäuser Financial Institution Building: Only a Drop in the Ocean?; C.P.Zeitinger The Development of the Banking Sector in Eastern Europe: The Next Decade; C.Hainz & M.Schnitzer Index
About the author
ZSOFIA ARVAI Economics and Research Department, National Bank of Hungary
GERWIN BELL Senior Economist, International Monetary Fund's European I Department
PETER BOFINGER Professor of Economics, University of Würzburg
LAJOS BOKROS Director of Financial Advisory Service, Europe and Central Asia, The World Bank
CLAUDIA BUCH Head of Research Group, Financial Markets, Kiel Institute of World Economics
CHRISTA HAINZ Economics Postgraduate, Lugwig-Maximilians-University, Munich
WERNER NEUHAUSS Senior Project Manager and Financial Sector Specialist, Kreditanstalt für Wiederaufbau (KfW), Germany's Development Bank, Frankfurt
ZBIGNIEW POLANSKI Professor of Money and Banking, Warsaw School of Economics and Advisor to the President of the National Bank of Poland
MONIKA SCHNITZER Professor of Economics, Lugwig-Maximilians-University
JÁNOS VINCZE Advisor, Research and Economics Department, National Bank of Hungary
TIMO WOLLMERSHÄUSER Research Assistant, Department of Economics, University of Würzburg
CLAUS-PETER ZEITINGER Founder and Managing Director, Internationale Projekt Consult (IPC) GmbH, Frankfurt
Summary
At the beginning of the transition process, the countries of Central and Eastern Europe faced the task of creating a functioning financial system where none had existed before. A decade later, high-level practitioners and well-known experts take stock of banking and monetary policy in the region, centring on: the governance of banks; the spread of financial crisis; and, perspectives for monetary policy and banking sector development.
