Financial structures to promote private sector development in south-eastern Europe
AbstractThis paper investigates the extent to which the financial sector in south-eastern Europe (SEE) responds to the needs of the local private sector. It does so through an analysis of the sources of finance used by enterprises when making fixed investments, and by looking at the level of banking intermediation and the (lack of) development of the non-banking financial sector. Enterprises in SEE are found to rely mainly on internal funds to finance expansion. The degree of financial intermediation of which the local banking system is capable is far lower than in Western economies. The paper examines various characteristics of the financial sector to gain an understanding of this poor performance.
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Bibliographic InfoPaper provided by European Bank for Reconstruction and Development, Office of the Chief Economist in its series Working Papers with number 64.
Length: 35 pages
Date of creation: Jun 2001
Date of revision:
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More information through EDIRC
financial sector; enterprises; south-eastern Europe;
Find related papers by JEL classification:
- N2 - Economic History - - Financial Markets and Institutions
- P3 - Economic Systems - - Socialist Institutions and Their Transitions
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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- Cottarelli, Carlo & Dell'Ariccia, Giovanni & Vladkova-Hollar, Ivanna, 2005. "Early birds, late risers, and sleeping beauties: Bank credit growth to the private sector in Central and Eastern Europe and in the Balkans," Journal of Banking & Finance, Elsevier, vol. 29(1), pages 83-104, January.
- Ivanna Vladkova Hollar & Giovanni Dell'Ariccia & Carlo Cottarelli, 2003. "Early Birds, Late Risers, and Sleeping Beauties," IMF Working Papers 03/213, International Monetary Fund.
- John P. Bonin, 2001. "Financial Intermediation in Southeast Europe: Banking On the Balkans," wiiw Balkan Observatory Working Papers 006, The Vienna Institute for International Economic Studies, wiiw.
- Bos,J.W.B. & Laar,M.,van de, 2004.
"Explaining Foreign Direct Investment in Central and Eastern Europe: an Extended Gravitiy Approach,"
041, Maastricht University, Maastricht Research School of Economics of Technology and Organization (METEOR).
- Jaap Bos & Mindel van de Laar, 2004. "Explaining Foreign Direct Investment in Central and Eastern Europe: an Extended Gravity Approach," DNB Working Papers 008, Netherlands Central Bank, Research Department.
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