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Financial structures to promote private sector development in south-eastern Europe

Author

Listed:
  • Francesca Pissarides

    (European Bank of Reconstruction and Development)

Abstract

This 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.

Suggested Citation

  • Francesca Pissarides, 2001. "Financial structures to promote private sector development in south-eastern Europe," Working Papers 64, European Bank for Reconstruction and Development, Office of the Chief Economist.
  • Handle: RePEc:ebd:wpaper:64
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    More about this item

    Keywords

    financial sector; enterprises; south-eastern Europe;
    All these keywords.

    JEL classification:

    • N2 - Economic History - - Financial Markets and Institutions
    • P3 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions

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