Affiliation:
1. Budapest University of Technology and Economics , Műegyetem rkp. 3. , Budapest , Hungary .
2. Budapest Business School , Diosy Lajos u. 22–24 , Budapest , Hungary .
Abstract
Abstract
The article analyses the structural changes of the financial intermediary system of Eastern-Central European (ECE) countries, that joined the EU in 2004, namely the Czech Republic, Hungary, Poland, Slovakia and Slovenia (ECE5) in the light of global and European trends from 2004 to 2016. Its two main focuses are the characteristics of the structural shifts and interconnectedness between banks and financial markets, on the one hand, and the size and specificities of shadow banking systems, on the other. Despite the limited catching up of the region the ECE5 countries has a much less deep and more bank-based financial system than their European counterparts without the emergence of significant market-based banking and shadow banking. However, while in the developed countries the most important shadow banking institutions are the non-money market mutual funds, in ECE5 countries other non-bank financial institutions are those that potentially exposed to shadow banking risk.
Subject
Law,General Economics, Econometrics and Finance
Reference34 articles.
1. Adrian, T. and Shin, H. S. (2010). The Changing Nature of Financial Intermediation and the Financial Crisis of 2007–09. Federal Reserve Bank of New York Staff Report, No. 439 Revised version.
2. AFME (Association for Financial Markets in Europe). Data Snapshot Q3 2019. Retrieved May 02, 2020, from https://www.afme.eu/Portals/0/DispatchFeaturedImages/AFME%20-Securitisation%20Data%20Snapshot%202019%20Q3.pdf.
3. Allen, F. and Gale, D. (1995). A welfare comparisons of intermediaries and financial markets in Germany and US. European Economic Review, 39(2), 179–209.
4. Allen, F. and Gale, D. (1997). Financial Markets, Intermediaries, and Intertemporal Smoothing. Journal of Political Economy, 15(3), 523–546.
5. Allen, F. and Gale, D. (2000). Comparing Financial Systems. Cambridge, Massachusetts, London, England: The MIT Press.
Cited by
5 articles.
订阅此论文施引文献
订阅此论文施引文献，注册后可以免费订阅5篇论文的施引文献，订阅后可以查看论文全部施引文献