The Development of the Financial Sector in Southeast Europe
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KfW has been assigned responsibility by the German government and several other donors for projects designed to reconstruct the financial landscapes of Southeast Europe. These activities are recognized as quite successful in building sustainable financial institutions that serve the small end of the market, with special emphasis on microenterprise and small business. The KfW-managed projects have contributed to the overall stability of financial sectors and to economic recovery and growth through employment creation and investment. This book reviews experience gained and analyses the reasons for the successes achieved, options for further improvement, and scope for replicability in other transition and developing economies. A particularly interesting feature is that relatively small amounts of public funds can catalyse financial markets in volatile environments.
Foreword : the contribution of the German government to the reconstruction of Southeast EuropeList of abbreviationsCh. 1Introduction1Pt. IThe evolution of financial sector and economic development in Southeast Europe7Ch. 2The financial sector and economic development : evidence from Southeast Europe11Pt. IIInnovative approaches to building financial sectors in Southeast Europe43Ch. 3Competition and complementarity : KfW's approach to financial sector development in Southeast Europe51Ch. 4Providing long-term funds to local financial institutions - the European refinancing funds in Southeast Europe61Ch. 5Strengthening financial sectors in transition countries : IFC's contribution71Ch. 6EBRD's micro and small enterprise lending programmes : downscaling commercial banks and starting Greenfield banks79Ch. 7Surviving the crisis : microfinance in Bolivia, 1999-200289Ch. 8Institutional development and commercialistion - optimal exit for equity financiers101Pt. IIIPioneering banks and bankers in Southeast Europe113Ch. 9Market entry in Southeast Europe - Raiffeisenbank Belgrade119Ch. 10Sustainable microfinance banks - problems and perspectives125Ch. 11Equity participation in microfinance banks in Southeast Europe and Georgia - a strategic option for a large private German bank?135Pt. IVResearch and impact analysis for accountability and management141Ch. 12The contribution of science and research to the development of microfinance147Ch. 13Best practice principles for microfinance impact analysis159Ch. 14Enterprise level impacts of financial sector projects is Southeast Europe179Ch. 15Impact of financial sector projects in Southeast Europe - effects on financial institutions and the financial sector195Pt. VSummary and conclusion223Ch. 16Summary and conclusion225Index of names235Index of countries237Index of banks and organisations239Index of terms241
