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Non-Banking Financial Sector and the Link to Foreign Investment

In: Financial Reform in Central and Eastern Europe

Author

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  • Zdeněk Drábek

Abstract

The development of the non-banking financial sector in the former centrally planned economies has received considerable attention among policy-makers in these countries and among financial experts in the West. The reason is very simple. The financial sector of these countries was extremely poorly developed under central planning and it was confirmed, almost exclusively, to the banking sector. Capital markets were non-existent after the abolition of stock markets in the early stages of central planning and the non-banking financial institutions thus included only property, trade, travel and car insurance. It became very clear to the reformers in Central and Eastern Europe that in the transformation from central planning to market economy the introduction of capital markets had to occupy a central place.

Suggested Citation

  • Zdeněk Drábek, 1995. "Non-Banking Financial Sector and the Link to Foreign Investment," Palgrave Macmillan Books, in: Stephany Griffith-Jones & Zdeněk Drábek (ed.), Financial Reform in Central and Eastern Europe, chapter 2, pages 17-63, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-23800-2_2
    DOI: 10.1007/978-1-349-23800-2_2
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