Course date

5 July - 16 July, 1999
Application deadline
15 February, 1999
Course Director(s): 

Laszlo Halpern

Institute of Economics, Hungarian Academy of Sciences, Budapest, Hungary

Gabor Korosi

Central European University, Budapest, Hungary
Course Faculty: 

Wojciech Charemsa

Economics, University of Leicester, United Kingdom

Francesca Cornelli

London School of Business, United Kingdom

Zsolt Darvas

The National Bank of Hungary, Budapest

Julia Kiraly

Corvinus University of Budapest, Hungary

Ibolya Schindele

The National Bank of Hungary, Budapest

Janos Szasz

Corvinus University of Budapest, Hungary

Andreas Worgotter

Institute of Advanced Studies, Vienna University, Austria/ CEU, Budapest, Hungary

All Central and Eastern European transforming economies had to build up and develop capital markets from scratch. Different countries chose different approaches, and the success of these institutions is very variable. Similarly, the integration of these markets into the global capital market brought very mixed results. It is important to consolidate evidence on the experiences so far, confront it with the theory, and draw conclusions on the possible paths of further development. Additionally, the introduction of EMU will be an important challenge to all CEE capital markets; we plan to discuss its consequences, possible strategies of adaptation.

As the institutions of capital markets were absent in these countries for decades, the development of the local capital markets was—and in many countries still is- seriously hampered by the lack of well-trained professionals. Universities throughout the region need lecturers who can teach modern theories of the capital markets, are familiar with the most important techniques and models routinely used on developed capital markets.

The purpose of this course is two-fold: To bring together experts of capital markets of the region to discuss  relevant issues, and to teach the modern theory and practice of operating on capital markets. We hope that many participants of our course will be junior faculty member in economics or finance departments, and they will be able to use their knowledge in higher education. We intend to keep the course at a good intermediate level: Assuming that participants are familiar with basic notions, however, are not experts