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The Role of Financial Institutions in the Transition to a Market Economy

Author

Listed:
  • Mr. Michael G. Spencer
  • Mr. H. J. Blommestein

Abstract

Financial institutions intermediate between savers and investors and contribute to corporate governance. Equity and bond markets in the former centrally planned economies are not yet in a position adequately to provide these services. It is not yet clear that investment funds will provide the necessary financing and corporate management. Therefore the first priority for financial sector reforms must be to establish a healthy commercial banking sector. Banks are the most promising source of financing, provide payment services which are crucial to both the real and financial sectors and, by monitoring the use of loaned funds, will be the primary source of corporate governance during the transformation to a market economy.

Suggested Citation

  • Mr. Michael G. Spencer & Mr. H. J. Blommestein, 1993. "The Role of Financial Institutions in the Transition to a Market Economy," IMF Working Papers 1993/075, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:1993/075
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    Citations

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    Cited by:

    1. Feldman, Robert A & Kumar, Manmohan S, 1995. "Emerging Equity Markets: Growth, Benefits, and Policy Concerns," The World Bank Research Observer, World Bank, vol. 10(2), pages 181-200, August.
    2. Zhu, D., 2006. "Essays on financial structure and macroeconomic performance," Other publications TiSEM 24c51821-c7c3-4684-acf8-8, Tilburg University, School of Economics and Management.
    3. Egerer, Roland, 1995. "Capital markets, financial intermediaries, and corporate governance : an empirical assessment of the top ten voucher funds in the Czech Republic," Policy Research Working Paper Series 1555, The World Bank.
    4. Liliana Rojas-Suárez & Steven R. Weisbrod, 1996. "Crear estabilidad en los mercados financieros latinoamericanos," Research Department Publications 4029, Inter-American Development Bank, Research Department.
    5. Prof. Dr. Robert Holzmann, 1994. "Funded and Private Pensions for Eastern European Countries in Transition?," Public Economics 9405004, University Library of Munich, Germany.
    6. Liliana Rojas-Suárez & Steven R. Weisbrod, 1996. "Building Stability in Latin American Financial Markets," Research Department Publications 4028, Inter-American Development Bank, Research Department.
    7. Blommstein, Hans J. & Spencer, Michael G., 1996. "Sound finance and the wealth of nations," The North American Journal of Economics and Finance, Elsevier, vol. 7(2), pages 115-124.
    8. Scholtens, Bert, 2000. "Financial regulation and financial system architecture in Central Europe," Journal of Banking & Finance, Elsevier, vol. 24(4), pages 525-553, April.

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