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Financial reform in socialist economies in transition

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  • Long, Millard
  • Sagari, Silvia B.

Abstract

Neither in theory nor in practice have financial economists confronted a problem as all encompassing as the reform of financial systems in the socialist economies in transition (SET). In the economics literature, the impact of the financial system on the productive sectors has been a subject of much dispute, and the analysis has not been completely satisfactory. In particular, country experience has only involved the diagnosis and design of remedies for comparatively limited specific problems and the implementation of marginal changes in working systems. The problems being tackled today in the SET are hence beyond both our theoretical range and prior experience in country work. The purpose of this paper is to raise some of the important issues that emerge in the process of financial reform and venture some tentative suggestions. The discussion centers mainly on banking, which in the SET is the dominant segment of the financial sector. It considers the link between financial structure and the productive sector. It deals with a range of structural issues, including efficiency, contestability, ownership, separation of banking and industry and regulation. It also examines the transitional problems involved in implementing the new structure, and the sequencing of reforms.

Suggested Citation

  • Long, Millard & Sagari, Silvia B., 1991. "Financial reform in socialist economies in transition," Policy Research Working Paper Series 711, The World Bank.
    • Handle: RePEc:wbk:wbrwps:711
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    References listed on IDEAS

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    1. Silverberg, Stanley C., 1990. "The savings and loan problem in the United States," Policy Research Working Paper Series 351, The World Bank.
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    Cited by:

    1. Gerard Caprio, Jr., 1995. "The role of financial intermediaries in transitional economies," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 42(1), pages 257-302, June.
    2. Caprio, Gerard Jr. & Levine, Ross, 1992. "Reforming finance in transitional socialist economies : avoiding the path from shell money to shell games," Policy Research Working Paper Series 898, The World Bank.
    3. Karp, Larry & Stefanou, Spiro, 1991. "Polish Agriculture in Transition: Does it Hurt to be Slapped by an Invisible Hand?," CUDARE Working Papers 198594, University of California, Berkeley, Department of Agricultural and Resource Economics.
    4. Hinds, Manuel & Pohl, Gerhard, 1991. "Going to market : privatization in Central and Eastern Market Europe," Policy Research Working Paper Series 768, The World Bank.

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