Les marchés boursiers d'Europe Centrale et Orientale et leur environnement : une transition inachevée

Abstract

Stock Markets in Central and Eastern Europe and their Environment : The Unachieved Transition During the last ten years, transition countries had to rebuild from scratch stock exchanges which were put to a standstill more than fifty years ago. Progress in building stock markets is lagging in the process of transition, when they should play a major role. Capitalisation as a percentage of GDP is weak in comparison with Western developed economies. As stock exchanges started up in the wake of privatisation, their organisation was largely shaped according to the way privatisation occurred. Moreover stabilisation was a precondition for building domestic savings and attracting foreign investors, key features for an active market. These stock markets are now facing a new transition period. At the same time, more international openness, fostered by the EU accession process, should bring constraints and challenges for those markets. JEL classifications : G18, P20, P34