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Financial Development in Emerging Europe: The Unfinished Agenda

Edda Zoli

International Monetary Fund (IMF)

November 2007

IMF Working Paper No. 07/245

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.

Number of Pages in PDF File: 38

Keywords: Emerging markets, Europe, Securities markets, Governance

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Date posted: November 20, 2007  

Suggested Citation

Zoli, Edda, Financial Development in Emerging Europe: The Unfinished Agenda (November 2007). IMF Working Papers, Vol. , pp. 1-36, 2007. Available at SSRN: http://ssrn.com/abstract=1030687

Contact Information

Edda Zoli (Contact Author)
International Monetary Fund (IMF) ( email )
700 19th Street NW
Washington, DC 20431
United States
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