Abstract

n the early 1990s after the collapse of the Soviet Union, all countries in East and Central Europe had to reform their economic, political and social bases. About economic reform, the first and the most important step was the privatization of state enterprises. Therefore, the distribution of shares of stock stamps was considered private advocates. This article attempts to examine the effects and consequenceson the economic situation of these countries compared to the determinants indices on stock. The research results show that voucher privatization has negative impact on development of stock exchange in the short and medium term.

Key words: Privatization, economic reform, vouchers, stock and stock exchange.