law and strongfinancestrong in transition economies - world bank group.pdf

Law and Finance in Transition Economies1 Stefka Slavova2 The World Bank 1818 H Street Washington, D.C., and Department of Economics London School of Economics and Political Science Houghton Street, London WC2A 2AE, United Kingdom 1 I would like to thank Professor Charles Goodhart for his dedicated supervision, useful comments and practical guidance. I have also benefited from discussions with David Bernstein, Vicente Cunat, Simeon Djankov, Niko Matouschek, Anita Ramasastry and Jian Tong. Many thanks to participants in the CEPR Annual Transition Economics Summer Workshop for Young Academics, Budapest, May 1999. Thanks also go to participants in the LSE PhD Seminar in Economics, February 2000 as well as to participants in th the Young Economists Conference, 5 Spring Meeting of Young Economists, Oxford University, March 2000. I am also grateful to the Office of the General Counsel of the European Bank for Reconstruction and Development for providing me with excellent research opportunities. This research was undertaken with support from the European Unions Phare ACE Programme, Contract P96-7118-S. 2 Mailing address: Mail stop MC 9-903, Financial Sector Strategy and Policy, The World Bank, 1818 H Street, N.W., Washington, D.C., 20433, U.S.A., Tel: (+1 202) 473 2464, Fax: (+1 202) 522 2031, E-mail: sslavova@worldbank.org 1 Law and Finance in Transition Economies