The New Capital Markets in Central and Eastern Europe

Dr. Michael Schröder ist Leiter des Forschungsbereichs 'Internationale Finanzmärkte und Finanzmanagement' am Zentrum für Europäische Wirtschaftsforschung (ZEW) in Mannheim.

1 Economic Background.- 1.1 Macroeconomic Developments and Public Finances.- 1.2 Success of Privatisation in CEE Countries.- 1.3 Monetary Policy and Banking Systems.- 1.4 Exchange Rate Arrangements in Transitional Economies.- 2 The Emerging Regulatory Framework for Banking and Securities Markets in the CEECs.- 3 Market Structures and Developments.- 3.1 Main Features of the Markets.- 3.2 The Role of Institutional Investors in Equity and Bond Markets.- 4 The Information Efficiency of the Stock Markets in Central and Eastern Europe.- 5 Transformation of External Shocks and Capital Market Integration.- 6 Integration in the European Capital Markets.- 6.1 The Central and Eastern European Countries on their Way to EU Membership.- 6.2 Effects of the Capital Account Liberalisation in Central and Eastern European Countries.- 6.3 Effects of new Exchange Rate Arrangements on CEE Capital Markets.- 6.4 Public Finance in CEE Countries.- 6.5 Future Adjustments in the Banking Systems.- 6.6 Effects of the Integration Process on the Capital Markets in Russia.- 7 Outlook and Perspectives: The Future Role of CEE Capital Markets in the European Capital Markets.- 7.1 The Future Role of Capital Markets in Central and Eastern Europe for the Domestic Economy.- 7.2 Investments in CEE Capital Markets: Benefits from Diversification and Optimal Portfolios.- 7.3 Competition between Western and Eastern European Equity Markets.- 8 Country Summaries.- List of Authors.