Designing Financial Systems设计金融系统

2002-6  

Meyendorff, Anna; Meyendorff, Anna; Thakor, Anjan V.  

311  

This collection examines the design of financial systems for central and eastern European countries engaged in the transition to market-based economies. It highlights the need for better approaches to measuring performance and providing incentives in banking and for financial mechanisms to encourage private-sector growth. Written by leading European and North American scholars, the essays apply modern finance theory and empirical data to the development of new financial sectors. Two broad themes emerge. The first is the critical relationship between reforms in the financial sector and in the real economy. Lending policies, which have a significant impact on business performance, need to discourage bad firm performance without prematurely liquidating potentially profitable enterprises. Conversely, the quality of firms influences the financial sector. If banks cannot find good credit risks, they cannot improve the quality of their portfolios. Until a critical mass of viable firms is built, equity markets will not develop sufficiently. The second theme is that the lack of fully developed markets and institutions may distort the policy outcomes predicted under models based on fully developed economies. Reliance on these models may therefore be inappropriate for transition economies.

1 Introduction：Financial Systems in Transition Anna Meyendorff and Anjan Thakor2 Banks’Bad Debts：Policies，Creditor Passivity，and Soft BudgetCons仃aints Janet Mitchell3 0n the Design of Bank Bailout Policy in Transition Economies Philippe Aghion，Patrick Bolton，and Steven Fries4 Revisiting Hungary’S Bankruptcy Episode John Bonin and Mark E．Schatier5 Tax Avoidance and the Allocation of Credit Anna Meyendorff6 Franchise Value and the Dynamics of Financial Liberation Thomas Hellmann，Kevin Murdock，and Joseph Stiglitz7 Bank Liquidity Provision and Capitol Regulation in TransitionEconomies Gary Gorton and Andrew Winton8 Financial System Reform in Emerging Economies：The Case ofRomania Anna Meyendorff and Anjan Thakor9 Should Banks Have the Power to Enter AU Financial Businesses? Raghuram G．Rajan10 Effects of Ownership by Investment Funds on the Performance of Czech Firms Andrew Weiss and Georgiy Nikitin11 Financial Conditions and Investment during the Transition：Evidence from Czech Firms Lubomir Lizal and Jan Svejnar12 Conglomeration in Bankin9：Incentives and Market Discipline Arnoud Boot and Anjolein Schmeits13 financial Reallocaion in Russian Groups Enrico.c.perotti and stanislav GelferIndex

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