Financial Development in Emerging Europe : The Unfinished Agenda

Author/Editor:

Edda Zoli

Publication Date:

November 12, 2007

Electronic Access:

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Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary:

This paper assesses the status of financial development in Emerging Europe, analyzes the factors that have shaped it, and discusses policy priorities. Financial development has progressed to varying degrees across the region. Macroeconomic stability and institutional quality have been important factors. Going forward, the EU integration process is likely to propel further reforms and shape financial development in EU members. In non-EU emerging economies the focus should be on maintaining macroeconomic stability and strengthening law enforceability. Creating a well-functioning government securities market, reinforcing corporate governance and creditor rights protection, and promoting the emergence of institutional investors would be beneficial.

Series:

Working Paper No. 07/245

Subject:

English

Publication Date:

November 12, 2007

ISBN/ISSN:

9781451868081/1018-5941

Stock No:

WPIEA2007245

Format:

Paper

Pages:

36

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