By Stanislav Polouček (eds.)
The research during this e-book displays a variety of features of monetary area transformation in chosen critical eu international locations which are anticipated to hitch the ecu in 2004. The authors are valuable ecu monetary specialists who supply, between different issues, an in depth assessment of the next major issues: Banking law and Supervision; focus and potency of the Banking Sectors; monetary (banking) crises in chosen critical ecu nations; and financial and alternate fee improvement. the result of the learn performed by means of those authors mirror a fascinating truth: that there exist very important variations within the monetary quarter improvement even within the quite homogeneous crew of chosen principal ecu international locations, particularly the Czech Republic, Poland, Slovakia and Hungary.
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The research during this publication displays numerous features of economic area transformation in chosen significant ecu nations which are anticipated to affix the ecu in 2004. The authors are crucial eu monetary specialists who supply, between different issues, a close review of the subsequent major subject matters: Banking legislation and Supervision; focus and potency of the Banking Sectors; monetary (banking) crises in chosen principal ecu nations; and financial and alternate cost improvement.
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Extra resources for Reforming the Financial Sector in Central European Countries
2000b) find that measures of the initial level of financial depth and stock market liquidity have independent causal effects on the subsequent rates of GDP growth and economic efficiency improvements. 3. To measure a bank’s development Rousseau and Wachtel (2000) use M3/GDP. King and Levine (1993a, 1993b) use the total liquid liabilities of financial intermediaries (M3) divided by GDP and show that the bank’s development helps explain economic growth in a sample of more than 80 countries. 4. For the Czech Republic: M2 ϭ currency in circulation ϩ CZK demand deposits ϩ CZK time deposits ϩ deposits bills of exchange and other bonds (01/98–12/00 incl.
2. In comparing the size of financial sectors, it is essential to consider the size of the country’s economy and to measure quantitatively the size of the financial sectors relative to the GDP ratio. 8, which depict the size of financial sectors as a share of GDP in selected developed and transition countries respectively, confirm that the size of the financial sector is related to the level of economic development of the country. 7 Size of financial sectors in selected developed countries (% of GDP, 2000) * 1999 Source: Authors’ calculations based on World Bank, World Development Indicators, 2001.
And Levine, R. ‘Finance and Growth: Schumpeter Might Be Right’, Quarterly Journal of Economics, 108, 3 (1993a), 717–38. G. and Levine, R. ‘Finance, Entrepreneurship, and Growth’, Journal of Monetary Economics, 32, 3 (1993b), 513–42. Kulhánek, L. ‘Financial Markets and the Gross Domestic Product in the Czech Republic and in the EU Countries’, in Transition Countries Joining the European Union (Karviná, Canakkale: Silesian University, Canakkale Onsekiz Mart University 2002). Levine, R. ‘Financial Development and Economic Growth: Views and Agenda’, Journal of Economic Literature, 35 (1997), 688–726.
Reforming the Financial Sector in Central European Countries by Stanislav Polouček (eds.)