By G. Robins
This booklet examines even if transplanting banks from outdoor can clear up the issues keen on making a well-functioning industry financial system, having a look particularly on the digital entire takeover of East German banks through their Western opposite numbers after unification. Drawing on quite a lot of English and German assets, and fieldwork interviews throughout Germany, it argues that there are not any quickly repair ideas for the transition to a industry. Implications are mentioned for East Germany and for different formerly centrally deliberate economies, and for the worldwide implications of international possession in banking.
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Additional info for Banking in Transition: East Germany after Unification
We also review the initial banking reforms and the associated problems. The fourth section covers the role of institutions and the issues surrounding their creation and function. In the fifth and final section, we examine financial system design and the underlying issues of financial restructuring and learning. 1 Our brief discussion begins with the question: what were the significant elements of the CPE? Fundamental was Marxist–Leninist ideology, which provided the justification and basis for its entire political, economic and social structure.
45 The rise in non-performing loans was due in large part to the recessions in the PCPEs,46 though it also reflected the high numbers of loans to inefficient SOEs, a point which underlines the inter-related nature of the symptoms. 47 These debts grew in response to the lack of finance being provided by banks and also to the high price of finance which was available. 48 In other words, inter-enterprise debt functioned as an alternative source of working capital49 and contributed to the maintenance of the softbudget constraint.
In the second stage, banks are allowed to engage in some financial intermediation, such as highly collateralised lending (what McKinnon refers to as the ‘real bills doctrine’). These measures are designed – first and foremost – to ensure macroeconomic stability, and only gradually to allow restructuring to take place. The main problem with McKinnon’s proposal is that the economy might collapse since many enterprises suffer from negative cash flow during restructuring. Another problem is that it assumes that the formal structure as proposed would be adhered to, and that organisations would not create informal arrangements in order to arbitrage the system.
Banking in Transition: East Germany after Unification by G. Robins