2004年-世界发展银行全球_Development_of_Non-bank_Financial_Institutions_and_Capital_Markets_in_European_Union_Accession_Countries_53页_617kb

Summary: Development of Non-bank Financial Institutions and Capital Markets in European Union Accession Countries

Core Content

This paper examines the development of non-bank financial institutions (NBFIs) and capital markets in the eight first-wave Eastern European EU accession countries (the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Slovakia, and Slovenia). It evaluates the current state of these financial sectors, their growth potential, and the challenges they face in the context of EU accession. The study compares the progress of these countries with the more developed financial systems of existing EU member states (the "EU 15").

Main Points

• Financial System Overview:
  The EU 8 countries have made significant progress in banking system reform, resulting in modern and stable banking systems. However, their financial systems remain underdeveloped compared to the EU 15, particularly in terms of non-bank financial institutions and capital markets.

• Importance of Diversified Financial Systems:
  A diversified financial system is essential for economic growth and stability. NBFIs and capital markets provide additional financial instruments and channels, enhancing access to finance and supporting long-term investment and risk management.

• Current Status of NBFIs and Capital Markets:
  Despite some growth, the non-bank financial institutions and capital markets in the EU 8 are still underdeveloped. Insurance assets remain below 10% of GDP, while equity and corporate bond markets are not yet well-established. The EU 8 financial systems are largely bank-dominated, with non-bank segments comprising only 15–20% of total financial assets.

• Key Challenges:
  The EU 8 face challenges in developing their financial systems beyond the banking sector. These include limited financial sector depth, underdeveloped capital markets, and a need for regulatory frameworks that support sustainable growth and risk management.

• Prospects for Growth:
  The paper highlights the potential for growth in NBFIs and capital markets, particularly in insurance, mutual funds, pension funds, and venture capital. Factors such as rising incomes, aging populations, and mortgage market development are expected to drive this growth.

• Policy Recommendations:
  The study concludes with policy recommendations aimed at promoting the development of non-bank financial intermediation and capital markets. These include strengthening regulatory and supervisory frameworks, encouraging competition, and facilitating integration into the broader EU financial markets.

Key Information

• Financial System Assets:

  • Total financial system assets in the EU 15 are 5.6 times GDP, while in the EU 8 they are only 1.2 times GDP (Figure 1).
  • Banking system assets in the EU 8 are less than 100% of GDP, compared to nearly 300% in the EU 15 (Figure 2).

• Bank Credit to the Private Sector:

  • The aggregate bank credit to the private sector in the EU 8 as a percentage of GDP has remained stagnant over the past seven years (Table 2).
  • Some countries, like Hungary, Estonia, and Latvia, have seen significant growth, while others, such as the Czech Republic and Slovakia, have experienced decline or stagnation.

• Insurance Sector:

  • Total insurance premiums in the EU 8 were $13.9 billion in 2002, with life insurance accounting for one-third and non-life for two-thirds.
  • Insurance density and penetration in the EU 8 are significantly lower than in the EU 15, indicating a less mature sector.
  • The insurance sector in the EU 8 is still in its early stages of development, with only the Czech Republic and Slovenia showing more advanced levels.

• Capital Markets:

  • Equity markets in the EU 8 have grown rapidly but are not yet well-established.
  • Corporate bond and government bond markets are underdeveloped, limiting the ability of companies to access alternative financing.
  • The paper suggests that the development of these markets is crucial for long-term economic growth and financial system stability.

Structure of the Paper

1. Introduction:

   • Overview of the EU 8 countries' financial system development post-banking reform.
   • Importance of NBFIs and capital markets in economic growth and financial stability.

2. The Importance of Non-bank Financial Institutions and Capital Markets:

   • Discusses the role of diversified financial systems in economic development.
   • Highlights the contribution of NBFIs and capital markets to financial access and risk management.

3. Current Status and Key Challenges:

   • Examines the development of NBFIs and capital markets in the EU 8.
   • Details the challenges in each segment, including insurance, pension funds, mutual funds, leasing, factoring, venture capital, and equity and fixed income markets.
   • Outlines the need for policy reforms to support growth and integration.

4. Conclusions and Recommendations:

   • Summarizes the findings and emphasizes the importance of developing NBFIs and capital markets.
   • Provides a series of policy recommendations to enhance financial system depth and breadth.

Annex and References

• Annex:

  • Provides detailed financial sector data for the EU 8 and EU 15, including total financial sector assets, bank credit to the private sector, insurance market indicators, and other relevant financial metrics.

• Bibliography:

  • Lists sources used for the study, including national statistical publications, OECD data, and World Bank databases.

Tables and Figures

• Tables:

  • Table 1: EU 8 and EU 15 Total Financial Sector Assets (US$ Million)
  • Table 2: EU 8 Bank Credit to the Private Sector (as a percent of GDP)
  • Table 3: EU 8 Insurance Market Indicators

• Figures:

  • Figure 1: Financial System Assets as a Percentage of GDP in EU 15 and EU 8 Countries
  • Figure 2: Banking Assets as a Percentage of GDP in EU 15 and EU 8 Countries
  • Figure 3: Financial System Assets in EU 8 Countries
  • Figure 4: Insurance Assets as a Percentage of GDP in EU 15 and EU 8 Countries
  • Figure 5: Insurance Assets as a Percentage of GDP in EU 8 Countries
  • Figure 6: Number of Insurance Companies in EU 15 and EU 8 Countries

This paper underscores the importance of developing non-bank financial institutions and capital markets for the long-term economic growth and financial stability of the EU 8 countries. It highlights the need for policy support, regulatory improvements, and market integration to achieve this goal.