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By Ingrid Matthäus-Maier, J. D. Pischke

KfW has been assigned accountability through the German govt and several donors for tasks designed to reconstruct the monetary landscapes of Southeast Europe. those actions are well-known as particularly winning in development sustainable monetary associations that serve the small finish of the industry, with precise emphasis on microenterprise and small enterprise. The KfW-managed initiatives have contributed to the final balance of monetary sectors and to fiscal restoration and progress via employment production and funding. This booklet reports adventure received and analyses the explanations for the successes accomplished, ideas for additional development, and scope for replicability in different transition and constructing economies. a very attention-grabbing function is that particularly small quantities of public cash can catalyse monetary markets in risky environments.

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Extra resources for The Development of the Financial Sector in Southeast Europe: Innovative Approaches in Volatile Environments

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Wachtel (1998). ‘Financial Intermediation and Economic Performance. Historical Evidence from Five Industrialised Countries’, Journal of Money, Credit and Banking, 30(4), November 1998, pp. 657-678. H. -P. Zeitinger (2001). ‘Micro-Finance Banks. Building New Institutions Instead of Remodelling Existing Ones’, Small Enterprise Development, 11 (2), pp. 32-43. Schumpeter, J. (1912). Theorie der Wirtschaftlichen Entwicklung, Leipzig: Dunker & Humblot. Sundararajan, V. T. Balino (1991). ‘Issues in Recent Banking Crises’, in.

C. EBRD (1998). Transition Report, London. EBRD (2001). Transition Report, London. European Union Commission (2000). PHARE – An Evaluation of Phare-financed programmes in support of SMEs, Final Synthesis Report, Brussels. M. D. Lane (1994). C. M. and A. Taci (2002). ‘Banking Reform and Development in Transition Economies’, EBRD Working Paper, No. 71, London. Gelb, A. and P. Honohan (1991). ‘Financial Sector Reform’, in. Thomas, V. et al. C. Gomel, Giorgio (2002). pdf Greenwood, J. and B. Jovanovic (1990).

Investors, however, have varying time horizons depending on their corporate missions and objectives. And official donor organisations have exit strategies, as their role is inconsistent with permanent equity participation in commercial institutions that operate efficiently in the private sector. KfW Offers Comprehensive Solutions to Regional and Sectoral Challenges Doris Köhn and Wolfram Erhardt illustrate KfW's comprehensive approach to financial sector development in Southeast Europe. These authors argue that even if individual projects are successful and viable, a project-centred approach is insufficient to reform the region's financial sectors.

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