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By M. Watanabe

This e-book explores what occurred within the transition economies of China, Vietnam and Myanmar from either macro and micro views, and questions no matter if the governments of those nations are able to enforcing potent reform and transformation.

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8. This is shown in order to understand the conditions of secure financial intermediation function relative to positive spread. Of course, if complete competition among banks is considered, the spread might be small. However, if the possibility of a financial restraint situation arises, then banks must have a positive and sufficient spread. 4). Focusing on China, this country started real financial reform in the middle 1990s; from this time, positive spreads appeared. Before the reforms, however, the existence of positive spreads is not clear.

Romania, by contrast, has the shortest experience – six years since 1997. Since the transition process covers many aspects of society, it is certainly difficult to establish clear criteria for determining each turning point. For example, it is well known that Hungary underwent a course of liberalization of some societal aspects from the late 1960s. In this section, however, overall economic structural changes are considered as the basis for determining turning points. The changes are explained briefly in the table.

However, this might be a rather new problem. We cannot unilaterally condemn the state sector’s involvement in economic activity as negative for economic development during the transition period. State sector involvement may produce a substitutive function of law, which has provided some agents of economic activity with regulations or perform the role of a referee on the conflicts in business activity during the period when the legal framework was relatively underdeveloped. 5 Concluding remarks The transition process from a planned economy to a market economy has been regarded a process of exit of the government.

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