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Financial Development in Emerging Europe: The Unfinished Agenda

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  • Ms. Edda Zoli

Abstract

This paper assesses the status of financial development in Emerging Europe, analyzes the factors that have shaped it, and discusses policy priorities. Financial development has progressed to varying degrees across the region. Macroeconomic stability and institutional quality have been important factors. Going forward, the EU integration process is likely to propel further reforms and shape financial development in EU members. In non-EU emerging economies the focus should be on maintaining macroeconomic stability and strengthening law enforceability. Creating a well-functioning government securities market, reinforcing corporate governance and creditor rights protection, and promoting the emergence of institutional investors would be beneficial.

Suggested Citation

  • Ms. Edda Zoli, 2007. "Financial Development in Emerging Europe: The Unfinished Agenda," IMF Working Papers 2007/245, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:2007/245
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    Citations

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    Cited by:

    1. Omri, Anis & Daly, Saida & Rault, Christophe & Chaibi, Anissa, 2015. "Financial development, environmental quality, trade and economic growth: What causes what in MENA countries," Energy Economics, Elsevier, vol. 48(C), pages 242-252.
    2. Sulemana Mahawiya, 2015. "Financial sector development and threshold effect of inflation in ECOWAS and SADC: A Panel smooth transition regression approach," Working Papers 539, Economic Research Southern Africa.
    3. Wenwen Sheng & M. C. Sunny Wong, 2017. "Capital Flow Management Policies and Riskiness of External Liability Structures: the Role of Local Financial Markets," Open Economies Review, Springer, vol. 28(3), pages 461-498, July.
    4. Missaoui, Ibtissem & Ben Rejeb, Jaleleddine & Elkhaldi, Abderrazek, 2016. "Les déterminants institutionnels et macroéconomiques du développement du marché boursier dans les pays de la région MENA [Institutional and macroeconomic determinants of stock market development in," MPRA Paper 83619, University Library of Munich, Germany.
    5. Hovhannes Toroyan & Mr. George C Anayiotos, 2009. "Institutional Factors and Financial Sector Development: Evidence from Sub-Saharan Africa," IMF Working Papers 2009/258, International Monetary Fund.
    6. Bittencourt, Manoel, 2011. "Inflation and financial development: Evidence from Brazil," Economic Modelling, Elsevier, vol. 28(1), pages 91-99.
    7. Claude Berthomieu & Anastasia Ri, 2009. "Process and Effects of Financial Liberalization in Transition Countries: A Selective Literature Survey," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 56(4), pages 453-473, December.
    8. Mukherjee Deepraj & Dutta Nabamita, 2013. "Do Political Institutions and Culture Jointly Matter for Financial Development? A Cross-Country Panel Investigation," Global Economy Journal, De Gruyter, vol. 13(2), pages 203-232, June.
    9. Selim Yildirim & Bilge Kagan zdemir & Burhan Dogan, 2013. "Financial Development and Economic Growth Nexus in Emerging European Economies: New Evidence from Asymmetric Causality," International Journal of Economics and Financial Issues, Econjournals, vol. 3(3), pages 710-722.
    10. Fink, Gerhard & Haiss, Peter & Vuksic, Goran, 2009. "Contribution of financial market segments at different stages of development: Transition, cohesion and mature economies compared," Journal of Financial Stability, Elsevier, vol. 5(4), pages 431-455, December.

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