Title Financial development in the CIS-7 countries : bridging the great divide / prepared by Gianni De Nicolo, Sami Geadah, and Dmitrity Rozhkov

Published Washington, D.C. : International Monetary Fund, 2003

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Description 1 online resource (19 pages) : illustrations Series IMF working paper, 2227-8885 ; WP/03/205 IMF working paper ; WP/03/205. Contents Contents -- I. INTRODUCTION -- II. THE DIVIDE IN FINANCIAL DEVELOPMENT -- III. THE ROOTS OF THE DIVIDE -- IV. POLICY PRIORITIES -- References Summary This paper documents the great divide in the level of financial development between the Commonwealth of Independent States (CIS) 7 countries and the more advanced economies in transition, in particular those of Central and Eastern Europe and Baltic states. It discusses the roots of financial underdevelopment in the CIS-7 countries by examining the differentials in interest rate spreads between the CIS-7 countries and the transition economies that have achieved faster financial development. The roots of the divide are traced to weaknesses in the institutional infrastructure for financial intermediation, which lead to a combination of low depositor trust in the banking system and high credit risk. High credit risk stems mainly from the poor creditor-rights protection and weak auditing and accounting standards. Financial sector reform strategies that fail to give priority to the resolution of weaknesses in the basic financial infrastructure are unlikely to be successful in letting the CIS-7 countries bridge the great divide Bibliography Includes bibliographical references Notes Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212 MiAaHDL digitized 2010 HathiTrust Digital Library committed to preserve pda MiAaHDL Print version record Subject Financial services industry -- Commonwealth of Independent States Banks and banking -- Commonwealth Of Independent States Financial services industry. Financial services industry Form Electronic book Author Geadah, Sami, author. Rozhkov, Dmitriy, author. International Monetary Fund. Monetary and Financial Systems Department. ISBN 1282634658 9781282634657 9781451874570 145187457X 9781451919158 1451919158

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