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Erschienen in:
2001 | OriginalPaper | Buchkapitel
Capital and Credit-based Development: Lessons from the Experience of Industrial Countries for Transition Economies in Central East Europe
verfasst von : Stephan Herten, Jens Hölscher, Matthias Moersch
Erschienen in: Financial Competition, Risk and Accountability
Verlag: Palgrave Macmillan UK
Enthalten in: Professional Book Archive
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The hypothesis of this chapter is that a strategy in favour of financial liberalisation in the emerging market economies of Central East Europe will lead to Anglo-Saxon types of financial sectors, including the implantation of chronic short termism and vulnerability to speculative attacks. For economic policy we argue therefore in favour of a careful rehabilitation approach following the postwar West German example (see Grünbacher and Hölscher 1997).