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Romanian Financial System Reform

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Author Info

  • Anna Meyendorff
  • Anjan V. Thakor

Abstract

Taking steps to reduce financial system fragility is important for sustained economic growth. This paper focuses on two questions: What are the key problems of the Romanian financial system? What specific action steps are needed to address these problems and achieve the desired financial reform? We conclude that the current financial system suffers from inadequate restructuring of and weak corporate governance in both enterprises and banks, a lack of appropriate credit culture, poor credit skills, legal and regulatory ambiguities, weak banking supervision, and missing markets and institutions. Major recommendations for reform include (1) implementing effective bank privatization, and removing impediments to foreign ownership; (2) improving the net worth positions and corporate governance structures of industrial firms; (3) focusing initial reform efforts on the banking sector, with subsequent development of capital markets; (4) setting up institutions to facilitate the creation of markets for insurance, mortgages, and other financial markets.

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File URL: http://www.wdi.umich.edu/files/Publications/WorkingPapers/wp100.pdf
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Bibliographic Info

Paper provided by William Davidson Institute at the University of Michigan in its series William Davidson Institute Working Papers Series with number 100.

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Length: pages
Date of creation: 01 Nov 1997
Date of revision:
Handle: RePEc:wdi:papers:1997-100

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Cited by:
  1. Jose L. Gallizo & Jordi Moreno & Ioana Iuliana Pop (Grigorescu), 2011. "Banking Efficiency And European Integration. Implications Of The Banking Reform In Romania," Annales Universitatis Apulensis Series Oeconomica, Faculty of Sciences, "1 Decembrie 1918" University, Alba Iulia, vol. 2(13), pages 25.
  2. Simon Johnson & John McMillan & Christopher Woodruff, 1999. "Property Rights, Finance, and Entrepreneurship," CESifo Working Paper Series 212, CESifo Group Munich.

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