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By Emilio Colombo

Financial Markets play an immense function in financial improvement, channeling saving to investments and facilitating development. In japanese Europe monetary markets have been before everything a lot underdeveloped, and lacked the talents and infrastructure they had to be effective, having no longer bought them within the pre-transition period. The e-book bargains 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 function within the advancements within the 1990s.

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Output and its components Since the beginning of reforms, the evolution of GDP in transitional economies followed a similar U~shaped pattern: after an initial severe contraction that lasted two to four years, GDP stabilized and then started to grow. 1 illustrates the point. In the figure, the number of years since the beginning of reforms is reported on the horizontal axis. Real GDP is displayed on the vertical axis. Year O is the year before the start of reforms; real GDP in that year is normalized to 100.

25 Poland's score on shareholder rights was high relative to transition economies in 1992. This initial advantage, which was maintained throughout the 1990s may explain the better performance of the Warsaw Stock Exchange and the ability of Polish companies to raise some new capital. However, by the end 7 For general assessment, see section on legal transition indicators in EBRD 2001. 2 The Order of Financial Liberalisation 25 of 1990s, other stock exchanges in the region had improved their standards, and as a result all remain close to the world average.

As stressed by Valentinyi (1996), the credit factor seems to have played a relevant role only in 1992 with the introduction of the bankruptcy law (see below), and later on constraining the access by the new firms to external sources of finance. 8%, due to a deceleration of extern al demand in the European Union. Investments also increased at a considerable rate (with the exception of 1995), although a deterioration of the extern al environment led to a contraction of investment in the private sector in 2001 (OECD, 2002).

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