Development and Finance from issue 2008/3

Stephan Barisitz

Banking Transformation 1980-2006 in Central and Eastern Europe – From Communism to Capitalism

- Abstract -

JEL N-24

In Central and Eastern Europe two ‘waves of banking reform' can be identified, comprising essential elements which all countries (must) go through to achieve market-centred development in a sustainable manner, at least according to the pattern of historical experience. There are also outliers, but most countries follow this process. While the first reform wave largely embodies liberalization, the second one predominantly refers to restructuring and institutionalization. The scheme of two separate banking reform waves, in most cases both preceded by crises, fully reflects the reality of institutional change in the majority of analyzed countries, namely in the Czech Republic, Slovakia, Bulgaria, Romania, Croatia, Russia and Ukraine.


Stephan Barisitz, Senior Economist of the Foreign Research Division (Oesterreichische Nationalbank, Austria)

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