| Description |
1 online resource (265 pages) : color illustrations |
| Series |
Europe and Central Asia studies |
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Europe and Central Asia studies.
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| Contents |
Machine generated contents note: ECA Financial Systems Remain Vulnerable to Financial Shocks and Are Not Sufficiently Developed to Support Inclusive Growth -- Setting Financial Policy Priorities -- ECA's Gaps in Relation to the Financial Development Frontier -- Contribution of Financial Development to Growth in ECA and the World -- Trade-Offs between Financial Inclusion and Stability in ECA -- Using Financial Sector Strategies to Formulate Holistic and Balanced Financial Policy -- References -- 1. Europe and Central Asia Financial Systems in Historical and Cross-Country Contexts -- How Do ECA Financial Systems Differ from Those in Other Regions? -- How Different Are Financial Systems within ECA? -- Conclusion -- Notes -- References -- Spotlight 1 Understanding the Role and Governance of State-Owned Banks -- 2. Finance for Growth and Shared Prosperity -- What Has Been the Growth Performance of Countries in ECA Excluding the Impact of Finance? -- What Is the Relationship between Financial Development and Growth in ECA? -- Which Dimensions of Financial Development Should ECA Countries Prioritize for Long-Term Growth and Shared Prosperity? -- Conclusion -- Notes -- References -- Spotlight 2 Tackling the High and Persistent Level of Nonperforming Loans in Europe and Central Asia -- 3. Jobs and Firms' External Financing Conditions -- Jobs and the Bottom 40 in ECA -- Can Improving Firms' External Financing Conditions Increase Employment and Income among Households in the Bottom 40 in ECA? -- What Impact Does Improving Firms' External Financing Conditions Have on Labor Market Volatility? -- How Does Labor Market Volatility as a Result of Fluctuations in Credit Affect the Bottom 40? -- What Policies Can Improve Income Growth among the Bottom 40 and Reduce Volatility for the Top 60? -- Notes -- References -- Spotlight 3 Achieving Equilibrium Credit Provision in Europe and Central Asia with the Help of Cross-Border Supervision -- Spotlight 4 Weighing Different Strategies for Developing Capital Markets in Europe and Central Asia -- 4. Household Saving Behavior in Europe and Central Asia -- What Characterizes the Saving Behavior in ECA, and Which Policies Can Boost Savings? -- What Drives Saving Behavior in Emerging ECA? -- Conclusion -- Notes -- References -- Spotlight 5 Developing Private Pension Schemes in Europe and Central Asia -- 5. Nexus of Financial Inclusion and Financial Stability: Identifying Trade-Offs and Synergies for Europe and Central Asia -- How Do We Measure Financial Inclusion and Stability? -- How Do We Assess the Relationship between Inclusion and Stability? -- How Are Stability and Inclusion Related? -- Conclusion -- Notes -- References -- Spotlight 6 Setting Up the Framework for Macroprudential Policy in Europe and Central Asia -- Spotlight 7 Promoting the Use of Insurance for Increased Risks from Climate Change -- 6. Financial Sector Strategies and Financial Sector Outcomes: Do the Strategies Perform? -- What Has Driven Financial Sector Strategies, and How Can They Be Evaluated? -- How Do We Estimate the Relationship between Strategies and Financial Outcomes? -- What Are the Estimation Results? -- Summary and Policy Recommendations -- Country Pointers to Focus Policy Efforts with the Help of Financial Sector Strategies -- Notes -- References -- Spotlight 8 Learning from Crisis Simulation Exercises in Europe and Central Asia -- Appendixes -- A. Econometrics -- B. Controlling for the Effect of Growth on Finance -- C. Financial Development Data -- D. Regression Analysis of the Impact of Credit on Firm-Level Outcomes -- E. Data Source for the Analysis -- F. Comparability of Global Findex and OeNB Euro Surveys -- G. Detailed Tables of Results -- H. Employed Measures of Financial Inclusion and Stability -- I. Financial Inclusion and Stability Tables and Figures -- J. Modeling the Dependence between Financial Inclusion and Stability -- K. Nexus between Financial Inclusion and Stability: Additional Results |
| Summary |
During the 1990s, Emerging Europe and Central Asia (ECA) opted for a model of rapid financial development focused on bank credit expansion often funded by foreign capital. This model helped boost the financial inclusion of firms and households, but was also accompanied by lower financial efficiency and increased vulnerability to banking crises. The need for financial sector reforms has become more urgent as stagnating income growth, particularly of middle-to lower-income earners, is leading to increased dissatisfaction with the status quo of low productivity growth and limited access to opportunities. This demand for change can be the impetus for rebalancing financial policies to support higher and more inclusive growth. A healthy and balanced financial sector is needed to support structural adjustment in the oil dependent economies of the eastern side ECA and greater innovation in the countries of the western part of ECA. This report argues that financial development must reach beyond increasing access to credit. ECA countries should strive to build balanced financial systems integrating both bank and non-bank markets, enabling prudent financial inclusion. Most importantly, ECA falls significantly behind other world regions in the use of saving products. Striking the right balance across all dimensions of financial development (stability, efficiency, inclusion, and overall depth) is crucial for achieving and sustaining inclusive growth |
| Bibliography |
Includes bibliographical references |
| Notes |
Resource, viewed March 6, 2017 |
| Subject |
Finance -- Europe
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Finance -- Asia, Central
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Economic development -- Europe
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Economic development -- Asia, Central
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Risk -- Europe
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Risk -- Asia, Central
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BUSINESS & ECONOMICS -- Finance.
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Economic development
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Finance
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Risk
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Central Asia
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Europe
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| Form |
Electronic book
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| Author |
Melecky, Martin, author.
|
| LC no. |
2017288386 |
| ISBN |
9781464809682 |
|
1464809682 |
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1464809674 |
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9781464809675 |
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