N24 - Economic History: Financial Markets and Institutions: Europe: 1913-Return

The discussion paper focuses on the identification of the main reasons for the weak position of the stock exchange market in the Austrian economic system. The introductory part of the paper is based on an examination of the reasons for the establishment of the Vienna Stock Exchange. The following part of the article focuses on the boom, which ended in a stock market crash in 1873. This stock market crash significantly affected the Vienna Stock Exchange market in the following decades. Attention is also paid to the development of the Vienna Stock Exchange after the collapse of the Austro-Hungarian monarchy. The final part of the paper discusses the causes of long-term stagnation of the Vienna stock market.

The discussion paper focuses on the identification of the main reasons for the weak position of the stock exchange market in the Czech economic system. The introductory part of the article discusses the structure of the stock exchange market and its position. Attention is also paid to the impact of voucher privatization on the functioning of the Czech stock exchange market. The following part of the paper discusses the stock exchange market restrictions in the universal banking model. In the following part, the missing stock exchange market engine is identified, which in our opinion is a sufficiently capitalized pension pillar focused on investing in domestic equity instruments. Attention is also paid to the negative impact of inadequate regulation at various stages of the development of the investment environment. The final part of the paper discusses not only unsuccessful efforts to develop the stock exchange market, but also discusses ideas for increasing the importance of the stock exchange market in the Czech economy.

This paper provides a review of pre-World War II financial derivatives trading in Prague. Its structure, development and various contexts are being addressed, based on a comprehensive research of contemporary resources. Empirical data, which have not been used so far for similar purpose, allow a detailed analysis of trading in options on shares of the Skoda Corporation in 1929. The most exciting era of the Czech equities market, as well as its dominant issue, are thus represented, contributing to a better understanding of Czech financial history.