Capital Market Development in Transition Economies [electronic resource]: Country Experiences and Policies for the Future /
Organisation for Economic Co-operation and Development.
Centre for Co-operation with Non-membersContent Provider
Thiel-Blommestein, Eva.
Conference on the Development of Securities Markets in Central and Eastern Europe and Russia(1997 :Paris, France)
Paris : OECD Publishing,
1998.
Central and Eastern Europe and Russia have been actively building capital markets since the beginning of the transition period in 1990. Since that time, these countries have created or re-established equity markets and actively developed government securities markets. In some cases, corporate bond markets have also begun to flourish. Yet, many problems remain in achieving desired levels of efficiency, transparency and stability. For the first time, the evolution of both equity and securities markets in these countries is critically evaluated. The policy choices for promoting these objectives and further integration of the fledgling markets into the international capital markets are discussed, although they are not always straightforward and free of controversy. This book brings into focus some of the main obstacles on the road to building sound capital markets. Financial experts, economists from OECD member countries as well as government officials from several central and eastern European countries and Russia describe strategic choices and policy options based on their experiences with different privatisation methods, regulatory approaches and government debt management policies. The presentation of actual experiences and policy challenges encountered by government officials in creating and regulating securities markets -- in particular, very frank accounts by Russian and Czech officials of attempts to combat fraudulent practices of certain market participants -- makes this book unique.The range of lessons found here will provide support for countries currently in market turmoil and insights on the process of building capital markets for policymakers, academics and market participants.
Editor's Note -- Overview. The Development of Securities Markets in Transition Economies - Policy Issues and Country Experience by Eva Thiel Blommestein -- Section 1. Development of Government Securities Markets -- Chapter 1. The Role of the Government in the Development of Securities Markets by Lars Kalderen -- Chapter 2. The Russian Government Securities Market by the Russian Central Bank -- Chapter 3. The Contribution of the Government Securities Market to the Development of Wider Securities Markets in Hungary by Atilla Csajbok and Judit Nemenyi -- Chapter 4. The Present Situation and Current Problems in the State Securities Market in the Slovak Republic by Juraj Janosik -- Chapter 5. Building Infrastructure for the Capital Market in Poland and the Competition between Government Securities and Other Instruments in the Money Market by the Polish Ministry of Finance -- Section II. Transparency and Standards of Disclosure -- Chapter 6. The Threat Posed to Transparency and Accountability of Equity Markets by the Czech Ministry of Financy -- Chapter 7. Transparency and Accountability of Equity Markets in Hungary by Laszlo Voros -- Chapter 8. Transparency, Compliance, and Disclosure Issues in Russia by the Central Bank of the Russian Federation -- Chapter 9. Corporate Securities Market Development in Russia by Alexander Radygin -- Section III. Institutional and Retail Sectors and the Development of New Instruments -- Chapter 10. Institutional Investors, Pension Reform, and Emerging Securities Markets by Hans J. Blommestein -- Chapter 11. New Financial Instruments in the Hungarian Financial Markets by Zoltan Szalai -- Chapter 12. The Provision of Clearing and Settlement Services for the Russian Futures Market by the Central Bank of the Russian Federation
Bibliographic Level Mode of Issuance: Monograph
Central and Eastern Europe and Russia have been actively building capital markets since the beginning of the transition period in 1990. Since that time, these countries have created or re-established equity markets and actively developed government securities markets. In some cases, corporate bond markets have also begun to flourish. Yet, many problems remain in achieving desired levels of efficiency, transparency and stability. For the first time, the evolution of both equity and securities markets in these countries is critically evaluated. The policy choices for promoting these objectives and further integration of the fledgling markets into the international capital markets are discussed, although they are not always straightforward and free of controversy. This book brings into focus some of the main obstacles on the road to building sound capital markets. Financial experts, economists from OECD member countries as well as government officials from several central and eastern European countries and Russia describe strategic choices and policy options based on their experiences with different privatisation methods, regulatory approaches and government debt management policies. The presentation of actual experiences and policy challenges encountered by government officials in creating and regulating securities markets -- in particular, very frank accounts by Russian and Czech officials of attempts to combat fraudulent practices of certain market participants -- makes this book unique.The range of lessons found here will provide support for countries currently in market turmoil and insights on the process of building capital markets for policymakers, academics and market participants.
Finance and Investment
Capital market
Capital market
Finance
Business & Economics
Investment & Speculation