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...

Cover -- Half Title -- Title -- Copyright -- Contents -- About the Authors and Contributors -- Foreword -- Acknowledgments -- Abbreviations -- Regional Classifications Used in This Report -- Overview -- ECA Financial Systems Remain Vulnerable to Financial Shocks and Are Not Sufficiently...

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...