Developing stock markets in transition economies

Harrison, B. ORCID: 0000-0003-2567-9446, 2016. Developing stock markets in transition economies. PhD, Nottingham Trent University.

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Abstract

In 1991, the Communist Government of the USSR was voted out of existence and this formally brought to an end in Central and Eastern Europe, as well as in other countries, to a failed political ideology that had endured for more than seventy years with massive implications for control and allocation of economic resources. The term 'transition economy' was coined to describe the economies of those countries that that were propelled as a consequence of this, into a process of transition from planned (or socialist) economy to a market-based economy. The implications of this were far reaching and as private property was reintroduced, stock markets had to be established so that equity could be traded in newly created privately owned bodies corporate. This posed enormous problems, not least because new generations, unaccustomed to the operation of capital markets, had grown up under socialism and viewed the newly created stock markets with suspicion and caution. One of the major challenges in the transition economies was therefore to educate investors and to explain to nature of risk capital. However, efforts to educate investors were somewhat confounded because, coupled with the absence of understanding, there was an absence of reliable information about the companies traded on the stock market and lack of trust in the operation of the market itself. In this thesis, we investigate the emergence and development of stock markets in ten Central and East European countries (Bulgaria, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, Slovakia and Slovenia). As well as surveying their development we test whether the function efficiently and whether they are sufficiently development so as to exhibit comovement with the world's major stock markets.

Item Type: Thesis
Creators: Harrison, B.
Date: December 2016
Divisions: Schools > Nottingham Business School
Depositing User: Linda Sullivan
Date Added: 20 Sep 2018 12:43
Last Modified: 20 Sep 2018 12:43
URI: http://irep.ntu.ac.uk/id/eprint/34532

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