Development of Non-bank Financial Institutions and Capital Markets in European Union Accession Countries
'Development of Non-Bank Financial Institutions and Capital Markets in European Union Accession Countries' is part of the World Bank Working Paper series. These papers are published to communicate the results of the Bank's ongoing research and to stimulate public discussion. This study assesses the role of non-bank financial institutions and capital markets in the financial sectors of the eight first wave EU accession countries (Poland, Hungary, the Czech Republic, Slovakia, Estonia, Latvia, Lithuania, and Slovenia), the current state of development and prospects for future growth, and the likely impact on these segments of the financial system of accession to the EU. Throughout the paper, the level of development of non-bank financial institutions and capital markets in the accession countries is benchmarked against comparable development levels seen in existing EU member states. It concludes with a series of policy recommendations to facilitate future development of non-bank forms of financial intermediation.
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Insurance Assets as a Percentage of GDP in EU 8 Countries
Number of Insurance Companies in EU 15 and EU 8 Countries
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15 Figure accession countries assets as percent Bank SIMA Database Bank staff estimates capital markets corporate bond markets corporate governance corporate sector credit information services creditor rights Czech Estonia Hungary Czech Republic Database for GDP domestic equity markets Estonia Hungary Latvia example Factoring Assets factoring companies factoring industry Factoring Volume FEFSI financial markets financial sector financial systems GDP EU 15 grow rapidly growth Helsinki stock exchange Hungary Latvia Lithuania institutions and capital Insurance Assets insurance companies insurance sector Investment Company Institute KOSDAQ Latvia Lithuania Poland level of development levels seen Lithuania Poland Slovakia market capitalization market development million Mutual Fund Assets non-bank financial institutions OECD percent of GDP Percentage Poland Slovakia Slovenia private pension funds regulatory segments Slovakia Slovenia EU8 Slovenia EU8 Republic Source stock exchanges Supervision supervisors traded debt Traded Non-public Debt United Kingdom venture capital industry venture capital investments voucher privatization World Bank SIMA