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This paper examines financial market comovements across European transition economies and compares their experience to that of their regions. Correlations in monthly indices of exchange market pressures can partly be explained by direct trade linkages, but not by measures of other fundamentals. Higher-frequency data during three crisis periods reveals the presence of structural breaks in the relationship between exchange-, but not stock markets. While the reaction of markets during the Asian and Czech crises is muted, the pattern of high-frequency spillovers during the Russian crisis looks very similar to that observed in other regions during turbulent times.

Finance: General --- Foreign Exchange --- Investments: Stocks --- International Finance: General --- International Financial Markets --- Socialist Institutions and Their Transitions: Financial Economics --- General Financial Markets: General (includes Measurement and Data) --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Finance --- Currency --- Foreign exchange --- Investment & securities --- Stock markets --- Currency markets --- Stocks --- Exchange rate arrangements --- Exchange rates --- Financial markets --- Financial institutions --- Stock exchanges --- Foreign exchange market --- Russian Federation

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This paper examines the household demand for narrow money in Poland during the 1980s. At that time, there were shortages, but informal trade in both goods and foreign exchange was common, and holdings of foreign currency were substantial. Household money demand in this environment is first examined at the theoretical level: a representative household’s holding of domestic and foreign money is analyzed in a cash-in-advance model in which domestic currency is needed to purchase goods in the official shops while either domestic or foreign currency can be used in the black market. This model gives rise to a formulation of money demand which is then estimated using household-level data from 1979 to 1988.

Foreign Exchange --- Inflation --- Macroeconomics --- Money and Monetary Policy --- Economics: General --- Demand for Money --- Price Level --- Deflation --- Informal Economy --- Underground Econom --- Macroeconomics: Consumption --- Saving --- Wealth --- Socialist Institutions and Their Transitions: Financial Economics --- Monetary economics --- Currency --- Foreign exchange --- Economics of specific sectors --- Demand for money --- Market exchange rates --- Informal economy --- Consumption --- Money --- Prices --- Economic sectors --- National accounts --- Informal sector --- Economics --- Poland, Republic of

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This paper takes stock of the current state of development of the financial systems in five Central European transition economies (the Czech Republic, Hungary, Poland, the Slovak Republic, and Slovenia) that are also leading EU accession candidates. It presents both a progress report and an assessment of remaining challenges, with a focus on the role of the financial sector in supporting macroeconomic stability and sustainable growth.

Banks and Banking --- Finance: General --- Industries: Financial Services --- Financial Markets and the Macroeconomy --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Financial Institutions and Services: Government Policy and Regulation --- Socialist Institutions and Their Transitions: Financial Economics --- Financial Institutions and Services: General --- General Financial Markets: Government Policy and Regulation --- Banking --- Finance --- Commercial banks --- Financial sector --- Financial Sector Assessment Program --- Financial services --- Financial institutions --- Economic sectors --- Financial sector policy and analysis --- Financial sector stability --- Banks and banking --- Financial services industry --- Czech Republic

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This paper reviews recent banking reform efforts in the lower Mekong countries (LMCs), comprising Cambodia, the Lao People's Democratic Republic, and Vietnam. Linked by close economic and cultural ties, the three LMCs face the dual challenge of economic development and transition to market-based economies. Two-tier banking systems were formally introduced in the late 1980s. However, state-owned banks with weak balance sheets continue to dominate the banking systems of Vietnam and Lao P.D.R. Cambodia's main challenge is to reconstruct a banking system after decades of civil strife. Based on progress made and brief cross-country comparisons, the paper identifies key challenges and options for further reform.

Banks and Banking --- Industries: Financial Services --- Money and Monetary Policy --- Financial Institutions and Services: Government Policy and Regulation --- Socialist Institutions and Their Transitions: Financial Economics --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Banking --- Finance --- Financial services law & regulation --- Monetary economics --- Commercial banks --- Nonperforming loans --- Foreign banks --- Loan classification --- Financial institutions --- Credit --- Money --- Financial regulation and supervision --- Banks and banking --- Loans --- Banks and banking, Foreign --- State supervision --- Lao People's Democratic Republic

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There is ample empirical evidence for developed economies that asset prices contain information about future economic developments. But is this also the case in transition economies? Using a panel of monthly data for the Czech Republic, Hungary, Poland, Russia, Slovakia, and Slovenia for the period 1994-1999 it is shown that historical values for interest rates, exchange rates, and stock prices signal future movements in real economic activity. This result has significant implications for policymakers, and a composite leading indicator based on the three asset prices is presented, which contains information about the future development of economic activity.

Finance: General --- Investments: Stocks --- Macroeconomics --- Industries: General --- International Finance: General --- Information and Market Efficiency --- Event Studies --- International Financial Markets --- Socialist Institutions and Their Transitions: Financial Economics --- Macroeconomics: Production --- Price Level --- Inflation --- Deflation --- Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data) --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Financial Markets and the Macroeconomy --- General Financial Markets: General (includes Measurement and Data) --- Economic growth --- Investment & securities --- Finance --- Industrial production --- Asset prices --- Cyclical indicators --- Stocks --- Financial sector development --- Production --- Prices --- Financial institutions --- Stock markets --- Financial markets --- Industries --- Business cycles --- Financial services industry --- Stock exchanges --- Hungary