Financial Markets, Credit Constraints, and Investment in Rural Romania
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Washington, DC: World Bank
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The report assesses the performance of
financial markets in rural areas of Romania, based on three
- rural household, rural enterprise, and financial
intermediary - surveys, carried out in 1998, and other
official data covering 1997. The study finds that rural
financial markets perform rather poorly in three key
dimensions: the degree of access to financial services by
rural economic agents (enterprises and households) is very
limited; this limited access hinders the ability of these
agents to take advantage of the investment opportunities
available in rural areas; and, these markets failed to
allocate flows of credit to those agents with the most
profitable investment opportunities. This poor performance
is caused by an unfortunate combination of short term
circumstances, structural factors, and government policies,
and interventions. In particular, the degree of access to
credit services by rural agents is very low, because several
factors have combined, to weaken both the supply of, and
demand for rural credit. The report suggests a detailed
government strategy to correct the observed shortcomings of
rural financial markets, and identifies new challenges
likely to appear. Moreover, the Government could assist in
increasing the availability of credit, by improving policies
in financial markets, legal and regulatory framework, and,
the ability of the financial sector to provide retail
financial services.
Palabras clave
MARKET ANALYSIS, FINANCIAL MANAGEMENT, CREDIT MARKETS, CREDIT RESTRAINT, INVESTMENT BARRIERS, RURAL FINANCE, HOUSEHOLD SURVEYS, FINANCIAL INTERMEDIATION, ACCESSIBLE SERVICES, FINANCIAL SERVICES, RURAL ECONOMIC DISPARITIES, FINANCIAL VOLATILITY, INFLATION RATES, LEGAL & REGULATORY FRAMEWORK, AGRICULTURAL SUBSIDIES, POLICY REFORM, INTERVENTION STRATEGIES, INSTITUTIONAL FRAMEWORK, RETAIL MARKETING ACCOUNTING, ACCOUNTING RECORDS, AGRICULTURE, AQUIFERS, BANK BRANCHES, BANK DEPOSITS, BANKING SECTOR, BANKING SYSTEM, BANKS, BOOK VALUE, BORROWING, CAPITAL ADEQUACY, CASH FLOW ANALYSIS, CASH FLOWS, COLLATERAL, COMMERCIAL BANKS, COMMERCIAL CREDIT, CONSOLIDATED FINANCIAL STATEMENTS, CONSOLIDATION, CREDIT MARKETS, CREDIT RISK, DEBT, DEPOSITS, DEPRECIATION, DEVELOPMENT POLICIES, DUAL ECONOMY, ECOLOGY, ECONOMIC REFORM, ECONOMIC RESEARCH, ECONOMIC SECTORS, ECONOMICS, EMPIRICAL ANALYSIS, EMPIRICAL EVIDENCE, EMPIRICAL INFORMATION, EMPLOYMENT, ENVIRONMENTAL PERFORMANCE, EXCHANGE RATE, FARMS, FINANCIAL INSTITUTIONS, FINANCIAL INTEGRATION, FINANCIAL INTERMEDIARIES, FINANCIAL INTERMEDIATION, FINANCIAL MARKETS, FINANCIAL PERFORMANCE, FINANCIAL SECTOR, FINANCIAL SERVICES, FINANCIAL TRANSACTIONS, FOREST MANAGEMENT, FORESTRY, GDP, GROWTH RATE, INCOME, INFLATION, INFLATION RATE, INFLATION RATES, INTEREST RATE, INTEREST RATES, INTERNATIONAL TRADE, LIQUIDATION, MANAGEMENT INFORMATION SYSTEMS, MATURITY, NOMINAL INTEREST RATES, PER CAPITA INCOME, POLICY MAKERS, PRIVATE BANKS, PRIVATIZATION, PRODUCTION COSTS, PRODUCTION TECHNOLOGY, PROFITABILITY, PRUDENTIAL REGULATIONS, PUBLIC FINANCE, PUBLIC POLICY, REGULATORY FRAMEWORK, REORGANIZATION, RETURN ON ASSETS, RETURN ON EQUITY, SAVINGS, SAVINGS ACCOUNTS, STATE BANKING, STATE BANKS, STATE ENTERPRISES, STATISTICAL DATA, SUSTAINABLE DEVELOPMENT, TRANSACTION COSTS, TRANSITION ECONOMIES, WAGES, WATER PRICING