By Yelena Kalyuzhnova, Michael Taylor
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Additional resources for Transitional Economies: Banking, Finance, Institutions
Thus liberalization in banking, instead of creating an economy-wide credit market, actually fragmented it along network-based lines. The third problem in effecting institutional change relates to the selfenforcing characteristic of most institutions. Arthur (1988, p. 10) has pointed out that there are four sources of self-enforcing mechanisms: (a) large set-up or fixed costs, which serve to bring down operating cost as Overview 17 more people use a system; (b) learning effects, which lower transaction costs of operating the system as it gets used more intensively; (c) coordination effects, which raise the payoffs for all agents by better coordination over a larger set of actions; and (d) adaptive expectations, where greater adoption or use of a system leads to enhanced expectations about its durability and credibility.
Consequently, they argue that a central part of market reforms must be the `transition of the government from a Communist police state to an institution supporting a market economy' (p. 230). Application: the development of equity markets in transitional economies The development of capital markets is important for all transitional economies. Capital markets are crucial for raising equity capital as well as for efficient risk-bearing and risk-shifting that is made possible by forward trades and trades in derivative instruments.
14 Transitional Economies Reforms in China have provided only limited insights since they have occurred in a markedly different economic and political setting. And reform in Latin American economies was concerned more with macroeconomic stabilization than large-scale systemic change. Like all experiments, the development of market institutions in transitional economies has been a two-way process. Existing conventional wisdom about reforms shaped initial approaches; and subsequent experience has challenged working assumptions and theories, forcing a re-thinking of the overall reform framework in many cases.