The papers collected in this volume are those presented at the seventeenth Collo quium arranged by the Societe Universitaire Europeenne de Recherches Financieres (SUERF), which took place in Berlin in October 1992. The Society is supported by a large number of central banks and commercial banks, by other fmancial and business institutions and by personal subscriptions from academics and others interested in monetary and fmancial problems. Since its establishment in 1963, it has developed as a forum for the exchange of information, research results and ideas among academics and practitioners in these fields, including central bank officials and civil servants responsible for formulating and applying monetary and financial policies, national and international. A major activity of SUERF is to organise and conduct Colloquia on subjects of topical interest to its members. The titles, places and dates of previous Colloqu~ for which volumes of the collected papers were published are noted on the last page of this volume.

Klappentext

The book refers to two transitions. Eastern European economies, including CIS republics, are in the process of transition to a market economy. EC countries are on the way to implementing an economic and monetary union and many of them would welcome a political union. EC countries cannot be separated from EFTA member countries, nor Europe from the rest of the world. The two transitions are different in kind, and in some respects are opposed. While Western Europe is searching for more trade and monetary integration, i.e. for more globalisation, Eastern economies are exposed to disintegration. At the same time the East is influenced by the West and both transitions have some common challenges: the search for a model of capitalism, intermediate between laissez-faire and interventionism; the search for competition as a discipline and for efficiency. The book focuses on privatization, economic reform, relationships between banks and industry, the role of the State, the dynamics of banking and financial sectors, monetary reform, the independence of the central bank, the European monetary union, and East-West economic and financial relations. This collection of papers, authored by members of universities, financial institutions and international organisations, is of outstanding interest for policy makers, executives and academics.

Inhalt
AOpening Addresses.- I Introduction.- II The New Europe; Evolving Economic and Financial Systems in East and West.- B Privatization, Industrial Organization.- III Notes on Voucher Privatization in Eastern Europe.- IV Bank-Industry Linkages: Models for Eastern European Economic Restructuring.- V In the Image of the West: Creating Financial Systems in Eastern Europe.- VI Privatisation in Western Economies.- VII Barriers to Privatisation: the Case of Poland.- VIII Privatization in Romania -the Case for Financial Institutions.- C Banking and Financial Reform and the Regulatory Issue.- IX From the Plan to the Market: Banking and Financial Reform Aspects.- X Financial Aspects of Enterprise Restructuring.- XI Financial Sector Reform and Monetary Policy in Central and Eastern Europe.- XII Secular Pressures on Banking in Developed Financial Systems: Is Traditional Banking an Industry in Secular Decline?.- XIII Regulation in an International Financial Market Place.- XIV Reforming the Financial System in Central and Eastern Europe.- D Central Banking and Monetary Policy; the Anchor Problem.- XV Towards a Single European Currency: ECU, Franc-fort, Question-Mark.- XVI Monetary Policy Issues and Monetary Integration in Selected East European Countries.- XVII Economic and Monetary Policy in Eastern Europe: Monetarist or Keynesian Approach?.- XVIII Central Bank Independence: Searching for the Philosophers' Stone.- XIX Strategic Impediments to Currency Unification.- XX The Romanian Leu - A Difficult Road Towards Convertibility.- E Economic Adjustment, Balance of Payments and East-West Relations.- XXI National Saving in Developing and Reforming Countries.- XXII Western Enterprises' Response to the Reform Processes in Eastern Europe.- XXIII Capital Needs and Investment Financing inEastern Countries.- XXIV Financial Integration and Disintegration in the Former USSR.- XXV La Crise Economique en Europe Centrale et la Croissance de laCE: F Agenda pour 19931995.- XXVI Retirement Savings of Western Europe: the Motor for Deepening Integration in a Wider Europe of the Regions?.- F Concluding Address.- XXVII General Report on the Colloquium.