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dc.contributor.authorHájková, Danaen_US
dc.contributor.authorHanousek, Janen_US
dc.contributor.authorNěmeček, Liboren_US
dc.date.accessioned2011-04-12T11:20:20Z-
dc.date.available2011-04-12T11:20:20Z-
dc.date.issued2002en_US
dc.identifier.citationEIB Papers 0257-7755 7 2002 1 55-72en_US
dc.identifier.urihttp://hdl.handle.net/10419/44813-
dc.description.abstractIn contrast to many other accession countries of Central and Eastern Europe (CEECs), the Czech Republic experienced a shorter and less severe transition recession in the first half of the 1990s. The decline in output lasted two years and by 1995, real GDP had returned to its 1989 level. Unemployment was surprisingly low, averaging less than 3 percent in 1990-95. In addition, stabilisation policies (the fixing and devaluation of the exchange rate, tight fiscal and monetary policies, and initial wage discipline) led to a fast reduction in inflation to single-digit levels and, thus, to internal as well as external stability. The liberalisation of prices, wages and trade, along with the fast launching of mass privatisation of state property were seen as major achievements in getting the country on a path to prosperity. A number of observers have noted that what appeared like a smooth transition from socialism to capitalism was in fact a sign that a fundamental reorientation of the Czech economy was yet to come. We agree with this assessment. What is more, one of our main hypothesis is that the country's apparent success at output and macroeconomic stabilisation in the early phase of transition distracted from addressing fundamental problems of the banking sector and corporate governance. That these problems were real became evident with the massive accumulation of nonperforming loans on banks' balance sheets, bank failures, and the economic recession in the second half of the 1990s.en_US
dc.language.isoengen_US
dc.subject.ddc330en_US
dc.subject.stwBanken_US
dc.subject.stwReorganisationen_US
dc.subject.stwEigentümerstrukturen_US
dc.subject.stwBankenkriseen_US
dc.subject.stwEU-Erweiterungen_US
dc.subject.stwTschechische Republiken_US
dc.titleThe Czech Republic's banking sector: Emerging from turbulent timesen_US
dc.typeArticleen_US
dc.identifier.ppn351902066en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:EIB Papers, European Investment Bank (EIB)

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