Development of the Financial Sector Infrastructure in an EU CandidateCountry (The Case of Estonia)


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Development of the Financial Sector Infrastructure in an EU CandidateCountry (The Case of Estonia)

Show simple item record Vensel, Vello en_US 2009-02-04T10:24:51Z 2009-02-04T10:24:51Z 2004-05-17T00:00:00Z en_US
dc.description.abstract In the 1990s, most of the Central and Eastern European countries (CEECs) went through radical liberalization and adopted large-scale economic and political reform programs. These programs included almost complete price, trade and capital movement liberalization, macroeconomic stabilization, currency reform, and small-scale and large-scale privatization. What is the role of the development of a legal and institutional infrastructure along with these radical changes in society and the economy? The first part of this paper is based on the results of an interview study of entrepreneurs and managers in Estonia undertaken in 1998 and in Estonia, Russia, Finland and Sweden in 2000 in order to obtain their view of the behavior of government agencies, lawmaking procedures and the operation of law enforcement mechanisms. The second part of this paper presents summary results from interview surveys of Estonian manufacturing firms undertaken from 1994-2000. The surveys were designed to quantitatively measure the state of and changes in the Estonian business environment, focusing on the key aspects of financial contractual relationships of Estonian manufacturing firms as well as regulation and dispute resolution mechanisms. Among the observations it is noted that government regulations do not seriously affect business decisions regarding the operation, expansion or closing down of Estonian manufacturing firms. A second observation is that the Estonian court system is perceived as inadequate for resolving a substantial number of disputes and conflicts among economic agents although legislation exists. Most firms rely on mechanisms of self-enforcement when possible. Journal of Economic Literature Classification numbers: K42, K49, G18, G30 Keywords: business environment, corporate financial relationships, enterprise restructuring, corruption, law making procedures, law enforcement. en_US
dc.format.extent 25 s. en_US
dc.language eng en_US
dc.relation.ispartofseries LEFIC Working paper;2004-04 en_US
dc.subject.other kep en_US
dc.title Development of the Financial Sector Infrastructure in an EU CandidateCountry (The Case of Estonia) en_US
dc.type wp en_US
dc.accessionstatus modt04maj17 inrumo en_US
dc.contributor.corporation Copenhagen Business School. CBS en_US
dc.contributor.department Institut for Finansiering en_US
dc.contributor.departmentshort LEFIC en_US
dc.contributor.departmentuk Department of Finance en_US
dc.contributor.departmentukshort DF en_US
dc.description.notes With contributions by Jill Archer and Clas Wihlborg, Center for Law, Economics and en_US
dc.idnumber x645152748 en_US København en_US
dc.publisher.year 2004 en_US

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