Essays on financial intermediation in emerging Europe from transition to crisis

The main idea in this thesis is to analyze the macroeconomic implication of the micro-level failures of financial markets resulting from economic transformation of countries in Central and Eastern Europe. After first chapter which overviews the overall process of financial sector transition, financial integration and crisis transmission to the region of the Emerging Europe, the following three chapters cover the separate issues based on micro level data empirical analysis. The chapter 2 investigates the liberalized credit market resulting in its segmentation according to risk and transparency of borrowers on the case of Serbia. The empirical research is based on banks field survey and panel data estimation on database consisting of individual banks financial data. The Chapter 3 analyses the role of credit in the newly established monetary policy framework based on generalized method of moments estimation on Serbian banking sector data and points out to weak evidence on the role of credit in monetary policy transmission. The Chapter 4 examines the determinants of financing obstacle using probit estimation on the EBRD database (Business Environment and Enterprise Performance Survey) for 18 European transition economies and demonstrates that firms in productive sectors (manufacturing industry) have had relatively more problem in access to finance. The general conclusion resulting from the thesis is that the regulatory environment and specific policies related to financial sector in new market economies should encompass institutions to deal with information asymmetries and specific market failures that may lead to macroeconomic imbalances and propagation of external shocks.L’intention principale de cette thèse est d’analyser les implications macroéconomiques des défaillances microéconomiques des marchés financiers résultant de la transformation économique des pays d’Europe Centrale et Orientale. Ces implications se sont notamment manifestées durant la récente crise mondiale. Dans ce résumé je présente d’abord l’environnement de la crise puis les principaux traits décrivant les deux décennies de la transition économique précédant la crise dans la région de l’Europe émergeante. J’accorde une attention particulière à la dimension financière pendant les deux phases observées – la crise et la transition. Ensuite seront présentés, le sujet, l’objectif principal, ainsi que la méthodologie utilisée dans la thèse. Puis, suit la description du cadre de préparation de cette thèse et la présentation de sa structure d’ensemble, incluant les résumés des trois chapitres empiriques et de leurs conclusions spécifiques