By G. Robins
This ebook examines even if transplanting banks from outdoors can remedy the issues concerned with making a well-functioning marketplace financial system, having a look in particular on the digital whole 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 fast repair options for the transition to a marketplace. 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 resources for Banking in Transition: East Germany after Unification
These proposals are based on the notion that banks are different from other enterprises in that they manage the population’s deposits as well as the payment system, and that they are highly geared. On this view, the payment system and savings must be protected, even at the cost of less rapid progress in enterprise restructuring. 116 The high volatility in PCPEs would lead many ‘good’ banking decisions to go wrong owing to changes in their environment, and the learning process of banks would be long and marked by mistakes.
77 It is not surprising, then, that in times of rapid and fundamental change, many people rely on their established patterns of transacting while they are adjusting to the new rules, or simply disregard the new rules entirely: Although a wholesale change in the formal rules may take place, at the same time there will be many informal constraints that have great survival tenacity because they still resolve basic exchange problems among the participants, be they social, political, or economic’78 (emphasis added).
The flow problem) suggests that bankers in these countries may be making mistakes which are part of their learning process. 102 Training is only the beginning. 103 The learning process may not be linear and will certainly not be instantaneous and costless as held in neo-classical economics. 104 We are more concerned with how learning occurs and hence what conditions may enable or constrain it from taking place. 105 As Arrow remarked: It has been assumed here that learning takes place only as a byproduct of ordinary production.