Property Relations and Financial Reforms in Transition Economies

32 Pages Posted: 1 May 1998

See all articles by Paul G. Hare

Paul G. Hare

Heriot-Watt University; CASE, Warsaw


Property relations and financial markets are key aspects of the transition to a market economy. This paper reviews conceptual analysis and recent experience in these areas under five broad headings: (1) property rights and the legal framework; (2) privatisation; (3) the management and regulation of state-owned firms; (4) banking and finance; and (5) restructuring. The emphasis of the paper is on the view that these apparently different dimensions of the transition are actually closely inter-related, with the result that good policies in one area are necessarily highly dependent on progress with the others. Some of these issues turned out to be more difficult and complicated than appeared at the start of transition, but considerable learning has taken place and better policies can now be designed.

JEL Classification: O16, P34

Suggested Citation

Hare, Paul, Property Relations and Financial Reforms in Transition Economies. Available at SSRN: or

Paul Hare (Contact Author)

Heriot-Watt University ( email )

Edinburgh EH14 4AS, Scotland EH14 1AS
United Kingdom
0131 451 3483 (Phone)
0131 451 3498 (Fax)

CASE, Warsaw ( email )

Al. Jana Pawła II 61/212
Warsaw, 01-031

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