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Risks and returns - managing financial trade-offs for inclusive growth in Europe and central Asia (Paperback)
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Risks and returns - managing financial trade-offs for inclusive growth in Europe and central Asia (Paperback)
Series: Europe and Central Asia studies
Expected to ship within 12 - 17 working days
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During the 1990s, Emerging Europe and Central Asia (ECA) chose a
model of rapid financial development emphasizing bank credit
expansion often funded by foreign capital. Although boosting
financial inclusion of firms and households, the model was
accompanied by lower efficiency and increased financial
vulnerability. After two waves of crises, in the late 1990s and
after 2008, ECA's banking systems again face major stress. The
crises and stresses have eroded trust in banks and job creation in
credit-dependent firms. ECA's shallow and illiquid capital markets
offer no additional support. Stagnating income growth, particularly
of middle- to lower-income earners, has led to increasing
dissatisfaction with low productivity growth and limited
opportunities. This frustration provides the impetus for reshaping
financial policies. A healthy and balanced financial sector could
strengthen structural adjustment in ECA's eastern, oil-dependent
economies and innovation in its western countries. Risks and
Returns: Managing Financial Trade-Offs for Inclusive Growth in
Europe and Central Asia argues for reaching beyond increasing
access to credit. ECA countries must build integrated financial
systems, enabling prudent financial inclusion in a region
significantly lagging in the use of saving products. Striking the
right balance across all dimensions of financial development
(stability, efficiency, inclusion, and overall depth) is crucial
for achieving and sustaining inclusive growth. Redesigning
financial policy involves addressing trade-offs often overlooked in
the past. Too much credit and imprudent financial inclusion have
led to banking crises. Overly stringent regulation to foster
financial stability has hindered inclusion and efficiency gains.
Both shortfalls have had negative consequences for shared
prosperity. Risks and Returns discusses tools and approaches to
help policy makers achieve balanced financial development.
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