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The role of non-bank financial intermediaries (with particular reference to Egypt)

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  • Vittas, Dimitri
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    Abstract

    Non-bank financial intermediaries (NBFIs) comprise a mixed bag of institutions, ranging from leasing, factoring, and venture capital companies to various types of contractual savings and institutional investors (pension funds, insurance companies, and mutual funds). The common characteristic of these institutions is that they mobilize savings and facilitate the financing of different activities, but they do not accept deposits from the public. NBFIs play an important dual role in the financial system. They complement the role of commercial banks by filling gaps in their range of services. But they alsocompete with commercial banks and force them to be more efficient and responsive to the needs of their customers. Most NBFIs are also actively involved in the securities markets and in the mobilization and allocation of long-term financial resources. The state of development of NBFIs is usually a good indicator of the state of development of the financial system. The author focuses on contractual savings institutions, namely pension funds and life insurance companies, that are by far the most important NBFIs. He also offers a brief review of the role and growth of other NBFIs, such as leasing and factoring companies, as well as venture capital companies and mutual funds. The author covers developments in selected countries in different regions of the world. He also examines the recent growth of NBFIs, especially contractual savings institutions and securities markets, in Egypt. He discusses the necessary regulatory and other policy reforms for promoting NBFIs--in particular, the openness to international markets and foreign presence that is essential for the transfer of skills and technologies.

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    Bibliographic Info

    Paper provided by The World Bank in its series Policy Research Working Paper Series with number 1892.

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    Date of creation: 31 Mar 1998
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    Handle: RePEc:wbk:wbrwps:1892

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    Related research

    Keywords: Banks&Banking Reform; Payment Systems&Infrastructure; International Terrorism&Counterterrorism; Insurance&Risk Mitigation; Financial Intermediation; Banks&Banking Reform; Financial Intermediation; Insurance&Risk Mitigation; Contractual Savings; Non Bank Financial Institutions;

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    1. Helmut Reisen, 1997. "Liberalising Foreign Investments by Pension Funds: Positive and Normative Aspects," OECD Development Centre Working Papers 120, OECD Publishing.
    2. Honohan, Patrick & Vittas, Dimitri, 1996. "Bank regulation and the network paradigm : policy implications for developing and transition economies," Policy Research Working Paper Series 1631, The World Bank.
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