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Restructuring financial systems in transition and developing economies: an approach based on the French financial system

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  • Elisabetta Bertero

Abstract

The aim of this paper is to contribute to the debate on the redesigning of financial systems in Central and Eastern European and developing countries by focusing attention on specific financial institutions appropriate to easing the transition and fostering the creation of markets. The paper argues that the immediate emulation of the better‐known institutions of the most developed, market‐based financial systems, i.e. the US and the UK, should not be taken for granted. It underlines, instead, the importance of drawing inspiration from the experiences of a variety of institutions and financial systems. Particularly relevant are those systems that have experienced forms of transition and a mix, over time, of market and state intervention. The approach of this paper is one of institutional financial economics (Neave, 1991 and Williamson, 1986), in which structural details of financial institutions and contracts, in our case French financial institutions, are analysed. We argue that the principles on which some French financial institutions are based and aspects of their functioning are of value to reformers. We discuss the lessons that can be learnt from the Crédit National, the Commissariat Général du Plan, the CODEVI and the SOFARIS.

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  • Elisabetta Bertero, 1997. "Restructuring financial systems in transition and developing economies: an approach based on the French financial system," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 5(2), pages 367-393, November.
    • Handle: RePEc:bla:etrans:v:5:y:1997:i:2:p:367-393
    DOI: 10.1111/j.1468-0351.1997.tb00022.x
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    References listed on IDEAS

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    1. Da Rin, Marco & Hellmann, Thomas, 2002. "Banks as Catalysts for Industrialization," Journal of Financial Intermediation, Elsevier, vol. 11(4), pages 366-397, October.
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    Cited by:

    1. Gur Ofer, 2001. "Development and Transition: Emerging, but Merging?," Revue d'Économie Financière, Programme National Persée, vol. 6(1), pages 107-146.
    2. Gur Ofer, 2001. "Développement et transition : émergence ou convergence ?," Revue d'Économie Financière, Programme National Persée, vol. 6(1), pages 115-160.
    3. Elisabetta Bertero & Laura Rondi, 1997. "Does debt discipline state-owned firms? Evidence from a panel of Italian firms," CERIS Working Paper 199711, CNR-IRCrES Research Institute on Sustainable Economic Growth - Torino (TO) ITALY - former Institute for Economic Research on Firms and Growth - Moncalieri (TO) ITALY.
    4. Bertero, Elisabetta & Rondi, Laura, 2000. "Financial pressure and the behaviour of public enterprises under soft and hard budget constraints: evidence from Italian panel data," Journal of Public Economics, Elsevier, vol. 75(1), pages 73-98, January.
    5. Elisabetta Bertero & Laura Rondi, 2002. "Hardening a Soft Budget Constraint Through 'Upward Devolution' to a Supranational Institution: The Case of Italian State-Owned Firms and the European Union," WIDER Working Paper Series DP2002-16, World Institute for Development Economic Research (UNU-WIDER).

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