The Banking and Financial Sector of Lao PDR : Financial Sector Note

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dc.creatorAsian Development Bank
dc.creatorWorld Bank
dc.date2015-03-09T18:28:50Z
dc.date2015-03-09T18:28:50Z
dc.date2002-07-15
dc.date.accessioned2026-07-01T01:21:01Z
dc.descriptionDuring the second half of the 1980s, Lao PDR embarked on an ambitious program of economic reforms, called the New Economic Mechanism, whose main purpose was to gradually transform its centrally-planned economy into a market-oriented economy. The initial reform momentum lasted about one decade. The far-reaching reform program encompassed many critical components including: (a) promotion of private production through improved incentives; (b) institutional infrastructure to improve market economy operations; (c) the strengthening of Lao comparative advantages through trade liberalization and further specialization; and (d) the establishment of price stability through macroeconomic policy measures. The systemic changes introduced in Lao PDR have contributed to a significant transformation of the country s economic system, away from a rigorously centrally-planned economy and towards a form of market economy based on private ownership. The percentage of poor declined based on the national poverty line from 45 to 39 percent between 1992-93 and 1997-982. But the percentage of very poor did not decline and remained at slightly above 30 percent evidencing the need for even broader and faster growth. Moreover, several factors slowed down the economic liberalization process. Such factors included the lack of transparency in government-business relations, a weak civil society, the position of some interest groups at the national and provincial levels, and the existence of noncompetitive economic structures with a few firms and actors accounting for a large share of domestic production (except in agriculture). In some areas, reform policy stagnated and is lagging. This is the case in the financial sector. The creation of a two-tier banking system in the early 1990s with separate and well-defined functions for the central bank and the state-owned commercial banks, has not resulted in the expected benefits: Lao PDR is still suffering from chronic macroeconomic instability and the state-owned commercial banks are suffering from a large amount of non-performing loans. Taking into consideration the objective of the Lao leaders to improve the well-being of the Lao People, this paper argues that there are valid reasons for establishing rules that discipline the political influence on the design and conduct of economic policy, and more specifically, policy regulating the financial sector.
dc.formatapplication/pdf
dc.formattext/plain
dc.identifierhttp://documents.worldbank.org/curated/en/2002/07/23851589/banking-financial-sector-lao-pdr-financial-sector-note
dc.identifierhttps://hdl.handle.net/10986/21556
dc.identifierhttps://doi.org/10.1596/21556
dc.identifier.urihttp://hdl.handle.net/123456789/417287
dc.languageEnglish
dc.languageen_US
dc.publisherWorld Bank, Washington, DC
dc.rightsCC BY 3.0 IGO
dc.rightshttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectACCOUNTING
dc.subjectACCOUNTING FRAMEWORK
dc.subjectACCOUNTING STANDARDS
dc.subjectAMOUNT OF LOANS
dc.subjectASSET CLASSIFICATION
dc.subjectAUCTIONS
dc.subjectBALANCE SHEET
dc.subjectBALANCE SHEETS
dc.subjectBANK FINANCING
dc.subjectBANK RATE
dc.subjectBANK SUPERVISION
dc.subjectBANKING ASSETS
dc.subjectBANKING INSTITUTIONS
dc.subjectBANKING MARKET
dc.subjectBANKING SECTOR
dc.subjectBANKING SECTOR DEVELOPMENT
dc.subjectBANKING SYSTEM
dc.subjectBANKING SYSTEMS
dc.subjectBANKRUPTCY
dc.subjectBANKRUPTCY LAW
dc.subjectBIDS
dc.subjectBONDS
dc.subjectBROAD MONEY
dc.subjectBUDGET DEFICIT
dc.subjectBUDGET DEFICITS
dc.subjectBUSINESS PLANNING
dc.subjectCAPITAL ACCOUNT
dc.subjectCAPITAL ACCOUNT TRANSACTIONS
dc.subjectCAPITAL ADEQUACY
dc.subjectCAPITAL ALLOCATION
dc.subjectCAPITAL MARKETS
dc.subjectCENTRAL BANK
dc.subjectCENTRAL BANK BILLS
dc.subjectCENTRAL BANK INDEPENDENCE
dc.subjectCERTIFICATE OF DEPOSITS
dc.subjectCERTIFICATES OF DEPOSITS
dc.subjectCOMMERCIAL BANK
dc.subjectCOMMERCIAL BANK CREDIT
dc.subjectCOMMERCIAL BANKING
dc.subjectCOMMERCIAL BANKS
dc.subjectCONTINGENT LIABILITIES
dc.subjectCREDIT AVAILABILITY
dc.subjectCREDIT PROGRAMS
dc.subjectCREDIT RISK
dc.subjectCREDIT RISKS
dc.subjectCRISIS COUNTRIES
dc.subjectCURRENCY
dc.subjectCURRENCY BOARD
dc.subjectDEBT OBLIGATIONS
dc.subjectDEBTS
dc.subjectDEFICIT FINANCING
dc.subjectDEPOSIT
dc.subjectDEPOSIT INSURANCE
dc.subjectDEPOSIT MOBILIZATION
dc.subjectDEPOSITS
dc.subjectDEVELOPING COUNTRIES
dc.subjectDEVELOPMENT BANK
dc.subjectDIRECTED CREDIT
dc.subjectDISBURSEMENTS
dc.subjectDISCLOSURE REQUIREMENTS
dc.subjectDOMESTIC CREDIT
dc.subjectDOMESTIC DEBT
dc.subjectECONOMIC DEVELOPMENT
dc.subjectECONOMIC EFFICIENCY
dc.subjectECONOMIC LIBERALIZATION
dc.subjectECONOMIC TRANSACTIONS
dc.subjectEXCESS LIQUIDITY
dc.subjectEXCHANGE RATE
dc.subjectEXCHANGE RATES
dc.subjectEXPENDITURE
dc.subjectEXPENDITURES
dc.subjectFINANCES
dc.subjectFINANCIAL ASSETS
dc.subjectFINANCIAL CRISES
dc.subjectFINANCIAL CRISIS
dc.subjectFINANCIAL DEVELOPMENT
dc.subjectFINANCIAL HEALTH
dc.subjectFINANCIAL INSTITUTION
dc.subjectFINANCIAL INSTITUTIONS
dc.subjectFINANCIAL INSTRUMENTS
dc.subjectFINANCIAL SECTOR DEVELOPMENT
dc.subjectFINANCIAL STABILITY
dc.subjectFINANCIAL STATEMENTS
dc.subjectFINANCIAL SYSTEM
dc.subjectFINANCIAL SYSTEMS
dc.subjectFISCAL CONSTRAINTS
dc.subjectFISCAL DEFICIT
dc.subjectFISCAL DEFICITS
dc.subjectFISCAL DISCIPLINE
dc.subjectFISCAL POLICIES
dc.subjectFISCAL POLICY
dc.subjectFIXED ASSETS
dc.subjectFLOATING EXCHANGE RATE
dc.subjectFOREIGN CAPITAL
dc.subjectFOREIGN CURRENCIES
dc.subjectFOREIGN CURRENCY
dc.subjectFOREIGN DIRECT INVESTMENT
dc.subjectFOREIGN DIRECT INVESTMENTS
dc.subjectFOREIGN EXCHANGE
dc.subjectFOREIGN EXCHANGE MARKET
dc.subjectFOREIGN INVESTMENT
dc.subjectFOREIGN INVESTORS
dc.subjectGOVERNMENT ACCOUNTING SYSTEM
dc.subjectGOVERNMENT BUDGET
dc.subjectGOVERNMENT DEFICITS
dc.subjectGOVERNMENT SECURITIES
dc.subjectGOVERNMENT SECURITY
dc.subjectGROSS DOMESTIC PRODUCT
dc.subjectHOLDING
dc.subjectHOLDINGS
dc.subjectINFLATION
dc.subjectINFLATION RATE
dc.subjectINFLATIONARY PRESSURES
dc.subjectINFORMAL LENDERS
dc.subjectINFORMATION ASYMMETRY
dc.subjectINFORMATIONAL ASYMMETRY
dc.subjectINSTRUMENT
dc.subjectINSURANCE COMPANY
dc.subjectINSURANCE INDUSTRY
dc.subjectINTEREST BURDEN
dc.subjectINTEREST COSTS
dc.subjectINTERNAL AUDIT
dc.subjectINTERNATIONAL DEVELOPMENT
dc.subjectINTERNATIONAL FINANCIAL INSTITUTIONS
dc.subjectINTERNATIONAL SETTLEMENTS
dc.subjectISSUANCE
dc.subjectJUDICIAL ENFORCEMENT
dc.subjectJUDICIAL PROCESS
dc.subjectLACK OF TRANSPARENCY
dc.subjectLEGAL FRAMEWORK
dc.subjectLEGAL SYSTEM
dc.subjectLENDER
dc.subjectLENDER OF LAST RESORT
dc.subjectLENDING DECISIONS
dc.subjectLENDING INTEREST RATES
dc.subjectLEVEL OF INFLATION
dc.subjectLIABILITY
dc.subjectLIFE INSURANCE
dc.subjectLIQUIDITY
dc.subjectLOAN
dc.subjectLOAN PORTFOLIOS
dc.subjectLOCAL BUSINESS
dc.subjectLONG TERM ASSETS
dc.subjectLOSS STATEMENTS
dc.subjectMACROECONOMIC ENVIRONMENT
dc.subjectMACROECONOMIC INSTABILITY
dc.subjectMACROECONOMIC MANAGEMENT
dc.subjectMACROECONOMIC POLICIES
dc.subjectMACROECONOMIC POLICY
dc.subjectMACROECONOMIC STABILITY
dc.subjectMARK TO MARKET
dc.subjectMARKET ECONOMY
dc.subjectMARKET INFRASTRUCTURE
dc.subjectMARKET INSTRUMENT
dc.subjectMARKET MECHANISM
dc.subjectMARKET SHARE
dc.subjectMATURITY
dc.subjectMICROFINANCE
dc.subjectMONETARY AUTHORITIES
dc.subjectMONETARY CONTROL
dc.subjectMONETARY FUND
dc.subjectMONETARY POLICIES
dc.subjectMONETARY POLICY
dc.subjectNATIONAL SAVING
dc.subjectNON-PERFORMING LOANS
dc.subjectOUTSTANDING LOAN
dc.subjectPAYMENT SYSTEM
dc.subjectPOLITICAL STABILITY
dc.subjectPRICE STABILITY
dc.subjectPRIVATE BANKS
dc.subjectPRIVATE INVESTMENTS
dc.subjectPRODUCTIVE INVESTMENTS
dc.subjectPROPERTY RIGHTS
dc.subjectPRUDENTIAL REGULATIONS
dc.subjectPUBLIC BANKS
dc.subjectPUBLIC FINANCE
dc.subjectPUBLIC INVESTMENT
dc.subjectPUBLIC INVESTMENTS
dc.subjectREAL INTEREST
dc.subjectREAL INTEREST RATES
dc.subjectREGULATORY FRAMEWORK
dc.subjectRESERVE
dc.subjectRESERVES
dc.subjectRETURN
dc.subjectRETURNS
dc.subjectREVOLVING FUNDS
dc.subjectRISK MANAGEMENT
dc.subjectSAVINGS DEPOSITS
dc.subjectSAVINGS RATE
dc.subjectSAVINGS RATES
dc.subjectSECONDARY TRADING
dc.subjectSHARE OF CREDIT
dc.subjectSHAREHOLDER
dc.subjectSOLVENCY
dc.subjectSTATE BANK
dc.subjectSTOCK EXCHANGE
dc.subjectSTOCK MARKET
dc.subjectSTOCK MARKETS
dc.subjectT-BILLS
dc.subjectTAX
dc.subjectTAX DEDUCTION
dc.subjectTAX SYSTEM
dc.subjectTRADE LIBERALIZATION
dc.subjectTRADING
dc.subjectTRANSACTION
dc.subjectTRANSACTION COSTS
dc.subjectTREASURY
dc.subjectTREASURY BILL
dc.subjectTREASURY BILL AUCTIONS
dc.subjectTREASURY BILLS
dc.subjectTURNOVER
dc.subjectUNDERLYING ASSET
dc.subjectVALUATION
dc.titleThe Banking and Financial Sector of Lao PDR : Financial Sector Note

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