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Development of Non-bank Financial Institutions and Capital Markets in European Union Accession Countries

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  • Marie-Renée Bakker
  • Alexandra Gross

Abstract

This paper assesses the role of non-bank financial institutions and capital markets in the financial sectors of the eight first-wave of Eastern European EU accession countries (the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Slovakia, and Slovenia), the current state of development and prospects for future growth, and the likely impact on these segments of the financial system of accession to the EU. Throughout the paper, the level of development of nonblank financial institutions and capital markets in the accession countries is benchmarked against comparable development levels seen in existing EU member states. The paper concludes with a series of policy recommendations to facilitate future development of non-bank forms of financial intermediation.

Suggested Citation

  • Marie-Renée Bakker & Alexandra Gross, 2004. "Development of Non-bank Financial Institutions and Capital Markets in European Union Accession Countries," World Bank Publications - Books, The World Bank Group, number 15030.
    • Handle: RePEc:wbk:wbpubs:15030
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    References listed on IDEAS

    as
    1. Mitchell Orenstein & Robert Holzmann & Michal Rutkowski, 2003. "Pension Reform in Europe : Process and Progress," World Bank Publications - Books, The World Bank Group, number 15132.
    2. de Luna Martinez, Jose & Rose, Thomas A., 2003. "International survey of integrated financial sector supervision," Policy Research Working Paper Series 3096, The World Bank.
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    Cited by:

    1. Park,Haelim & Ruiz Ortega,Claudia & Tressel,Thierry, 2015. "Determinants of long-term versus short-term bank credit in EU countries," Policy Research Working Paper Series 7436, The World Bank.
    2. World Bank, 2005. "Lithuania : Investment Climate Assessment," World Bank Publications - Reports 8568, The World Bank Group.
    3. Lo?c Chiquier, 2006. "Poland Housing Finance Policy Note," World Bank Publications - Reports 36679, The World Bank Group.
    4. Stone, Zita & Filippaios, Fragkiskos & Stoian, Carmen, 2014. "Equity culture development in Central and Eastern Europe: The role of institutional and managerial factors," Research in International Business and Finance, Elsevier, vol. 31(C), pages 234-263.
    5. Fungáčová, Zuzana & Hanousek, Jan, 2006. "A castle built on sand : the effects of mass privatization on stock market creation in transition economies," BOFIT Discussion Papers 14/2006, Bank of Finland, Institute for Economies in Transition.
    6. Lupu Dan, 2014. "The Impact Of Abusive Clauses Litigations On Profitability Of Romanian Banks," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, vol. 5, pages 81-87, October.
    7. Zuzana Fungáčová & Jan Hanousek, 2011. "Determinants of Firm Delisting on the Prague Stock Exchange," Prague Economic Papers, Prague University of Economics and Business, vol. 2011(4), pages 348-365.
    8. Giorgio Barba Navaretti & Giacomo Calzolari & Gianmarco Ottaviano & Alberto Franco Pozzolo, 2019. "Capital Market Union and Growth Prospects for Small and Medium Enterprises," Development Working Papers 449, Centro Studi Luca d'Agliano, University of Milano.
    9. Draženović Bojana Olgić & Hodžić Sabina & Maradin Dario, 2019. "The Efficiency of Mandatory Pension Funds: Case of Croatia," South East European Journal of Economics and Business, Sciendo, vol. 14(2), pages 82-94, December.
    10. repec:zbw:bofitp:2006_014 is not listed on IDEAS

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