TY  - BOOK
AU  - Gould, David Michael
PY  - 2017
DA  - 2017//
TI  - Risks and Returns: Managing Financial Trade-Offs for Inclusive Growth in Europe and Central Asia
T3  - Europe and Central Asia Studies
ET  - Online-Ausg.
PB  - The World Bank
CY  - Washington, D.C
KW  - Financial Sector
KW  - Banks
KW  - Inclusive Growth
KW  - Capital Markets
KW  - Financial Inclusion
KW  - Financial Efficiency
KW  - Insurance
KW  - Synergies In Finance
KW  - Supervisory Structures
KW  - Financial Stability
KW  - Credit
KW  - Savings
KW  - Policy Tradeoffs
AB  - During the 1990s, Emerging Europe and Central Asia (ECA) opted for a model of rapid financial development focused on bank credit expansion often funded by foreign capital. This model helped boost the financial inclusion of firms and households, but was also accompanied by lower financial efficiency and increased vulnerability to banking crises. The need for financial sector reforms has become more urgent as stagnating income growth, particularly of middle- to lower-income earners, is leading to increased dissatisfaction with the status quo of low productivity growth and limited access to opportunities. This demand for change can be the impetus for rebalancing financial policies to support higher and more inclusive growth. A healthy and balanced financial sector is needed to support structural adjustment in the oil dependent economies of the eastern side ECA and greater innovation in the countries of the western part of ECA. This report argues that financial development must reach beyond increasing access to credit. ECA countries should strive to build balanced financial systems integrating both bank and non-bank markets, enabling prudent financial inclusion. Most importantly, ECA falls significantly behind other world regions 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
SN  - 9781464809682
UR  - http://elibrary.worldbank.org/doi/book/10.1596/978-1-4648-0967-5
UR  - https://doi.org/10.1596/978-1-4648-0967-5
DO  - 10.1596/978-1-4648-0967-5
LA  - English
N1  - David Michael Gould
ID  - 1657053180
ER  -