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

  • Francesca Pissarides

    (European Bank of Reconstruction and Development)

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    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.

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    Paper provided by European Bank for Reconstruction and Development, Office of the Chief Economist in its series Working Papers with number 64.

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    Length: 35 pages
    Date of creation: Jun 2001
    Date of revision:
    Handle: RePEc:ebd:wpaper:64
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    1. International Monetary Fund, 2001. "Albania; First Review Under the Third Annual Arrangement Under the Poverty Reduction and Growth Facility and Request for Waiver of Performance Criteria—Staff Report; Staff Statement; News Brief on t," IMF Staff Country Reports 01/29, International Monetary Fund.
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