By Emilio Colombo
Financial Markets play an enormous position in monetary improvement, channeling saving to investments and facilitating development. In japanese Europe monetary markets have been in the beginning a lot underdeveloped, and lacked the abilities and infrastructure they had to be effective, having now not got them within the pre-transition period. The e-book deals a either theoretical and empirical research of monetary markets in transitional economies. It investigates monetary markets in Hungary, the Czech Republic, and Poland, and their position within the advancements within the 1990s.
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Additional info for The Role of Financial Markets in the Transition Process
2001) found Poles the most entrepreneurial. Evidence suggests that the growth of SMEs has not been restrained by lack of finance. At the same time, there has been a succession of policies to make the environment more hospitable to these enterprises. The OECD report on Poland (OECD, 2001) notes that finance has been provided through sever al sources including venture capital investments, which amounted to US$2 billion in 2000. Bank finance has also been available. Surveys report that 30-40% of SMEs regularly use zloty bank credits and 5-8% foreign currency credits, and only 10-15% report that their banking needs are not satisfied.
In particular, both the current ratio (current assets over current liabilities) and the quick ratio (current assets minus inventories over current liabilities) have faHen in the state sector. For both indicators, the gap between the two sectors has been widening in recent years (Figs. 6). The value of the current ratio has stabilised for the private sector, while the private sector's quick ratio is incre as ing rapidly enough to result in increase in the aggregate (Le. identic al to weighted average) quick ratio.
6% of the value of fixed assets (Rocznik Statystyczny 2001) One explanation for these differences in investment levels is that stateowned companies are de facto controlled by their employees. Their strategies are characterised by: 1) a shorter time horizon, and 2) greater incentives for portfolio diversification, as employees have both their human capital and financial investment attached to their own company and may wish to diversify risk. It may imply a lower level of investment in the firm. (Under socialism the problem was avoided, as funds for investment were administered centrally).