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Role of State in the Development of Capital Markets in CEE

Case of Poland

by: Artan Gjergji
published by: Verlag Doctor Müller
pp: 144
ISBN: 978-3639212181
price: € 59.00

Book's frontpage

This book analyzes the role of the state in the development of the capital markets in the post-communist countries of the CEE, mainly focusing on these countries: Poland, Hungary, Czech Republic and Slovenia, as they have the most relatively developed capital markets in the region.
 
Besides, Polish capital market was highlighted as a case study, because of its leading role in this area. After a detailed analysis of the capital market in the region and defining the similarities on their development history (starting from the collapse of the central planned system until EU membership), it was concluded that the state in CEECs played a crucial role on backing up the development of the domestic capital markets by mainly building institutions and establishing a modern market based legal framework, offering fiscal incentives to foster development of domestic companies and the foreign investment inflows, as well as providing these fragile markets with first financial instruments privatizing state-owned companies through capital market and exchange, and issuing Treasury debentures to finance State Budget financial needs.
 
Going more in deep to the Polish case, was raised the conclusion that the role of the State in the development of the capital market in Poland was significant, and as a matter of fact, it gave its positive results by making Warsaw one of the most important financial centers in the region. Within this context, a decisive role was played by the Polish State in the shaping of the public capital market segment by setting up necessary financial institutions; providing capital market with financial instruments; undertaking the necessary steps for development of the legislative and regulatory framework in full accordance with EU legislation; undertaking the necessary steps to improve market liquidity, efficiency and transparency in order to be more competitive; compiling specific strategies to develop capital market and securities industry, undertaking other reforms, which directly or indirectly has a positive effect on the development of the domestic capital market (i.e. pension funds reform).
 
During the entire process of capital market development, Polish Government and national responsible institutions had a strong support through technical assistance from Western specialized homologue institutions and through financial support provided by EU funds.

 

Chapter-by-chapter

I Introduction
II The Importance of Capital Markets to the Economy
III. Capital Markets in Central Eastern Europe
IV Role of the State in the Development of Capital Markets: the Case of Poland
V Conclusions
VI Bibliography

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