By Morten Balling, Frank Lierman, Andy Mullineux
The international locations of significant and japanese Europe were via a profound transition procedure for greater than a decade now. The monetary sectors and markets within the area were topic to significant structural reforms together with privatization, liberalization and the purchase via overseas banks of controlling pursuits in neighborhood monetary associations. this significant new booklet contains papers that chart this procedure. subject matters mentioned comprise the consequences of destiny european club, and the suggestions pursued by means of the area financial institution and foreign financial Fund.
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Extra info for Financial Markets in Central and Eastern Europe: Stability and Efficiency
Indeed, Eesti Pank increased the capital adequacy ratio with a view to promoting resilience against cyclical risks in 1997 at the onset of Asian contagion, before the peak of the cycle. Having said that, one should take a look at the possible problems of the ‘macro-prudential’ policy approach. It is obvious that, as the ﬁnancial markets mature and ﬁnancial instruments become more complex, the tightening of banking regulations will simply intensify capital ﬂows outside the banking system. In that case, major capital ﬂows will be channelled to less regulated areas that will bring about new risks of potentially systemic nature.
In that case, major capital ﬂows will be channelled to less regulated areas that will bring about new risks of potentially systemic nature. The second problem is that the determination of the exact stage of a business cycle is simply not possible. In this regard, devices able to 28 Vahur Kraft dynamically react on cyclical factors are a great challenge. We have understood that we are not the only ones to think about these issues; the topic is also debated in several present EU member states. Adequate framework is a moving target I have already mentioned that the majority of work required for the implementation of the acquis communautaire has been completed in Estonia and our ﬁnancial sector is following internationally approved standards and good practices.
Many politicians (ﬁrst and foremost, François Mitterand, Helmut Kohl and Jacques Delors) who proposed the idea of a common, or even a single, currency in the 1980s had to struggle with the resistance of the Bundesbank and the Bank of England for a long time. The strict economic terms and conditions set forth in the Maastricht criteria and the establishment of the European Central Bank, independent of the other organisations of the EU as well as the respective governments of the member states, ﬁnally won the support of even conservative, cautious central bankers for this unique monetary adventure.
Financial Markets in Central and Eastern Europe: Stability and Efficiency by Morten Balling, Frank Lierman, Andy Mullineux