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Financial Sector Reforms and Exchange Arrangements in Eastern Europe

Financial Sector Reforms and Exchange Arrangements in Eastern Europe »

Series: Occasional Papers

Author(s): Guillermo Calvo , Eduardo Borensztein , Paul Masson , and Manmohan Kumar

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 February 1993

DOI: http://dx.doi.org/10.5089/9781557752796.084

ISBN: 9781557752796

Keywords: exchange rate, foreign exchange, banking, equity markets, banking system

The two papers draw from the brief yet radical reform experiences of five countries-Bulgaria, former Czechoslovakia, Hungary, Poland, and Romania. The first paper describes the financial sector reforms untertaken b...

Exchange Rate Fluctuations and International Portfolio Rebalancing in Thailand1

Exchange Rate Fluctuations and International Portfolio Rebalancing in Thailand1 »

Source: Exchange Rate Fluctuations and International Portfolio Rebalancing in Thailand

Volume/Issue: 2012/214

Series: IMF Working Papers

Author(s): Jacob Gyntelberg , Subhanij Tientip , and Mico Loretan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2012

ISBN: 9781475505641

Keywords: Foreign exchange market, equity market, portfolio rebalancing, stock market, exchange rate, foreign exchange, financial institutions,

We present empirical evidence that the Thai baht's value is driven in part by investors' cross-border equity portfolio rebalancing decisions. Our results are based on comprehensive datasets of FX and stock market t...

Part I Financial Markets and Intermediation

Part I Financial Markets and Intermediation »

Source: Financial Sector Reforms and Exchange Arrangements in Eastern Europe

Series: Occasional Papers

Author(s): Guillermo Calvo , Eduardo Borensztein , Paul Masson , and Manmohan Kumar

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 February 1993

ISBN: 9781557752796

Keywords: exchange rate, foreign exchange, banking, equity markets, banking system

...

I Introduction

I Introduction »

Source: Financial Sector Reforms and Exchange Arrangements in Eastern Europe

Series: Occasional Papers

Author(s): Guillermo Calvo , Eduardo Borensztein , Paul Masson , and Manmohan Kumar

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 February 1993

ISBN: 9781557752796

Keywords: exchange rate, foreign exchange, banking, equity markets, banking system

This paper analyzes a number of issues related to the development of financial markets in the previously centrally planned economies (PCPEs) of Eastern Europe. 1 Thes...

II Recent Developments and the Role of the Financial Sector

II Recent Developments and the Role of the Financial Sector »

Source: Financial Sector Reforms and Exchange Arrangements in Eastern Europe

Series: Occasional Papers

Author(s): Guillermo Calvo , Eduardo Borensztein , Paul Masson , and Manmohan Kumar

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 February 1993

ISBN: 9781557752796

Keywords: exchange rate, foreign exchange, banking, equity markets, banking system

This section notes recent economic developments in the Eastern European countries, in particular, the sharp declines in output and real earnings. Among the reasons for the declines were the inev...

III Development of the Financial Sector

III Development of the Financial Sector »

Source: Financial Sector Reforms and Exchange Arrangements in Eastern Europe

Series: Occasional Papers

Author(s): Guillermo Calvo , Eduardo Borensztein , Paul Masson , and Manmohan Kumar

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 February 1993

ISBN: 9781557752796

Keywords: exchange rate, foreign exchange, banking, equity markets, banking system

This section describes the prereform financial system in the PCPEs and discusses the main reforms these countries have instituted to date in the banking sector. As a result of the reforms, the c...

IV Performance of the Banking Sector

IV Performance of the Banking Sector »

Source: Financial Sector Reforms and Exchange Arrangements in Eastern Europe

Series: Occasional Papers

Author(s): Guillermo Calvo , Eduardo Borensztein , Paul Masson , and Manmohan Kumar

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 February 1993

ISBN: 9781557752796

Keywords: exchange rate, foreign exchange, banking, equity markets, banking system

One of the key problems facing the newly constituted commercial banks is the poor quality of loan portfolios. This section discusses the problem and suggests several approaches for dealing with...

V Privatization and Capital Markets

V Privatization and Capital Markets »

Source: Financial Sector Reforms and Exchange Arrangements in Eastern Europe

Series: Occasional Papers

Author(s): Guillermo Calvo , Eduardo Borensztein , Paul Masson , and Manmohan Kumar

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 February 1993

ISBN: 9781557752796

Keywords: exchange rate, foreign exchange, banking, equity markets, banking system

Although the PCPEs have begun to reform their banking sectors, serious problems remain. At the same time, long-term capital markets, including equity and bond markets, remain underdeveloped. It...

VI Financial Sector Reforms and Stabilization Policies

VI Financial Sector Reforms and Stabilization Policies »

Source: Financial Sector Reforms and Exchange Arrangements in Eastern Europe

Series: Occasional Papers

Author(s): Guillermo Calvo , Eduardo Borensztein , Paul Masson , and Manmohan Kumar

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 February 1993

ISBN: 9781557752796

Keywords: exchange rate, foreign exchange, banking, equity markets, banking system

This section notes the close linkages between financial sector reform and the conduct of monetary policy, including the recent introduction of indirect instruments of monetary management, and th...

VII Credibility and Prudential Supervision

VII Credibility and Prudential Supervision »

Source: Financial Sector Reforms and Exchange Arrangements in Eastern Europe

Series: Occasional Papers

Author(s): Guillermo Calvo , Eduardo Borensztein , Paul Masson , and Manmohan Kumar

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 February 1993

ISBN: 9781557752796

Keywords: exchange rate, foreign exchange, banking, equity markets, banking system

This section discusses issues related to promoting stability in the banking system and examines some of the pitfalls that are inherent in the reform process. The strength of the emerging market-...