Financial-Stability Challenges in European Emerging-Market Countries

Schinasi, Garry

dc.creator	Schinasi, Garry
dc.date	2012-03-19T18:04:11Z
dc.date	2012-03-19T18:04:11Z
dc.date	2011-08-01
dc.date.accessioned	2023-02-17T20:58:48Z
dc.date.available	2023-02-17T20:58:48Z
dc.identifier	http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20110822113330
dc.identifier	http://hdl.handle.net/10986/3535
dc.identifier.uri	http://localhost:8080/xmlui/handle/CUHPOERS/244499
dc.description	This paper examines the financial-stability challenges that will most likely be faced by European emerging-market countries in adapting to the post-crises environment, including the new financial-stability architecture and the other remaining weaknesses revealed by the global and European crises. The paper first reviews the pre-crisis financial-stability architectures in Europe and across the globe and then identifies the key weaknesses revealed by the global crisis. It then describes the micro and macro-prudential components of the new European System of Financial Supervision and some of its design limitations (and only briefly mentions reforms designed to deal with sovereign debt problems). The paper then identifies ten key areas where there are remaining challenges of implementation and additional reforms: six areas pertaining to all countries in Europe as well as the other major financial centers and four areas more germane to emerging-market countries in Europe. In discussing these ten areas, the paper tries to differentiate the relative challenges faced by categories of emerging-market countries, and their possible links to the excessive build-up of vulnerabilities in the pre-crisis period as a potential source of lessons for policy going forward.
dc.language	English
dc.relation	Policy Research working paper ; no. WPS 5773
dc.rights	CC BY 3.0 IGO
dc.rights	http://creativecommons.org/licenses/by/3.0/igo/
dc.rights	World Bank
dc.subject	ACCOUNTING
dc.subject	ACCOUNTING PRACTICES
dc.subject	ADEQUATE DISCLOSURE
dc.subject	ARBITRAGE
dc.subject	AUDITING
dc.subject	BAILOUT
dc.subject	BALANCE SHEET
dc.subject	BANK FAILURES
dc.subject	BANK FOR INTERNATIONAL SETTLEMENTS
dc.subject	BANK REGULATIONS
dc.subject	BANKING CRISES
dc.subject	BANKING INDUSTRY
dc.subject	BANKING INSTITUTION
dc.subject	BANKING REGULATIONS
dc.subject	BANKING SUPERVISION
dc.subject	BANKING SYSTEMS
dc.subject	BANKRUPTCY
dc.subject	BOND
dc.subject	BROKERS
dc.subject	CAPITAL MARKETS
dc.subject	CAPITAL REQUIREMENTS
dc.subject	CAPITAL SHORTAGE
dc.subject	CENTRAL BANK
dc.subject	CENTRAL BANK INDEPENDENCE
dc.subject	CENTRAL BANKS
dc.subject	CHECKS
dc.subject	CLEARING HOUSES
dc.subject	COLLECTIVE ACTION
dc.subject	COMMERCIAL CODES
dc.subject	COMMON MARKET
dc.subject	CONNECTED LENDING
dc.subject	CONSOLIDATED SUPERVISION
dc.subject	CONSOLIDATION
dc.subject	CORPORATE GOVERNANCE
dc.subject	CREDIT RISK
dc.subject	CRISES MANAGEMENT
dc.subject	CURRENCY
dc.subject	DEBT CRISES
dc.subject	DEBT CRISIS
dc.subject	DECENTRALIZATION
dc.subject	DEPOSIT
dc.subject	DEPOSIT INSURANCE
dc.subject	DEPOSIT INSURANCE SCHEMES
dc.subject	DEPOSITORS
dc.subject	DERIVATIVE
dc.subject	DERIVATIVE MARKETS
dc.subject	DERIVATIVES
dc.subject	DERIVATIVES MARKETS
dc.subject	ECONOMIC EFFICIENCY
dc.subject	EMERGING MARKET
dc.subject	EMERGING MARKET COUNTRIES
dc.subject	EMERGING MARKETS
dc.subject	EMERGING-MARKET
dc.subject	EUROPEAN CENTRAL BANK
dc.subject	EXTERNALITIES
dc.subject	FEDERAL DEPOSIT INSURANCE
dc.subject	FEDERAL DEPOSIT INSURANCE CORPORATION
dc.subject	FEDERAL RESERVE
dc.subject	FINANCE MINISTRIES
dc.subject	FINANCIAL CONGLOMERATES
dc.subject	FINANCIAL CRISES
dc.subject	FINANCIAL CRISIS
dc.subject	FINANCIAL DISTRESS
dc.subject	FINANCIAL INFRASTRUCTURES
dc.subject	FINANCIAL INSTITUTION
dc.subject	FINANCIAL INSTITUTIONS
dc.subject	FINANCIAL INSTRUMENTS
dc.subject	FINANCIAL INTEGRATION
dc.subject	FINANCIAL LIBERALIZATION
dc.subject	FINANCIAL MARKET
dc.subject	FINANCIAL MARKETS
dc.subject	FINANCIAL REGULATION
dc.subject	FINANCIAL RISK
dc.subject	FINANCIAL RISKS
dc.subject	FINANCIAL SECTOR DEVELOPMENTS
dc.subject	FINANCIAL SERVICES
dc.subject	FINANCIAL STABILITY
dc.subject	FINANCIAL STRUCTURE
dc.subject	FINANCIAL SYSTEM
dc.subject	FINANCIAL SYSTEMS
dc.subject	FINANCING FACILITIES
dc.subject	FISCAL BURDEN
dc.subject	FIXED EXCHANGE RATE
dc.subject	FOREIGN BANK
dc.subject	FOREIGN BANKS
dc.subject	FOREIGN EXCHANGE
dc.subject	FOREIGN EXCHANGE MARKETS
dc.subject	FOREIGN EXCHANGE TRANSACTIONS
dc.subject	FRAMEWORK FOR SECURITIES
dc.subject	FRAUD
dc.subject	FUNGIBLE
dc.subject	GLOBAL ECONOMY
dc.subject	GLOBAL FINANCE
dc.subject	GLOBAL FINANCIAL SYSTEM
dc.subject	GLOBAL MARKET
dc.subject	GLOBAL MARKETS
dc.subject	GLOBALIZATION
dc.subject	GOVERNANCE MECHANISMS
dc.subject	GOVERNMENT BONDS
dc.subject	GOVERNMENT INVOLVEMENT
dc.subject	HEDGE FUNDS
dc.subject	HOST COUNTRIES
dc.subject	HOST COUNTRY
dc.subject	HOUSING
dc.subject	INSTITUTIONAL ARCHITECTURE
dc.subject	INSTITUTIONAL INVESTORS
dc.subject	INSURANCE
dc.subject	INSURANCE COMPANIES
dc.subject	INSURANCE CORPORATION
dc.subject	INTEREST-RATE DERIVATIVES
dc.subject	INTERNATIONAL BANK
dc.subject	INTERNATIONAL SETTLEMENTS
dc.subject	INTERNATIONAL TRADE
dc.subject	INVESTMENT BANKS
dc.subject	INVESTMENT STRATEGIES
dc.subject	INVESTMENT VEHICLES
dc.subject	INVESTOR BASE
dc.subject	INVESTOR PROTECTION
dc.subject	LABOR MARKETS
dc.subject	LAWS
dc.subject	LEGAL AUTHORITY
dc.subject	LEGAL PROVISIONS
dc.subject	LEGISLATION
dc.subject	LEGISLATIVE FRAMEWORK
dc.subject	LENDER
dc.subject	LENDER OF LAST RESORT
dc.subject	LEVEL PLAYING FIELD
dc.subject	LEVIES
dc.subject	LEVY
dc.subject	LIQUIDATION
dc.subject	LIQUIDITY
dc.subject	LIQUIDITY CRISIS
dc.subject	LIQUIDITY RISKS
dc.subject	LONG-TERM CAPITAL
dc.subject	MACROECONOMIC POLICIES
dc.subject	MANDATES
dc.subject	MARKET COUNTRIES
dc.subject	MARKET DISCIPLINE
dc.subject	MARKET INFRASTRUCTURES
dc.subject	MARKET INTEGRATION
dc.subject	MARKET MAKERS
dc.subject	MARKET SURVEILLANCE
dc.subject	MARKET TRANSPARENCY
dc.subject	MATURITY
dc.subject	MONETARY POLICY
dc.subject	MONEY MARKET
dc.subject	MONEY MARKETS
dc.subject	MORAL SUASION
dc.subject	MORTGAGE
dc.subject	MUTUAL FUNDS
dc.subject	NATIONAL BANKS
dc.subject	NATIONAL GUARANTEES
dc.subject	NATIONAL SECURITIES
dc.subject	NONBANK FINANCIAL INSTITUTIONS
dc.subject	OFFBALANCE SHEET
dc.subject	PEER PRESSURE
dc.subject	PENSION
dc.subject	PENSION FUNDS
dc.subject	PENSIONS
dc.subject	POLICY RESPONSES
dc.subject	POOR LIQUIDITY
dc.subject	PORTFOLIOS
dc.subject	PRUDENTIAL SUPERVISION
dc.subject	PUBLIC DEBT
dc.subject	PUBLIC POLICY
dc.subject	RECAPITALIZATION
dc.subject	REGULATORY AUTHORITIES
dc.subject	REGULATORY AUTHORITY
dc.subject	REGULATORY FRAMEWORK
dc.subject	REGULATORY PRACTICES
dc.subject	REGULATORY STANDARDS
dc.subject	REGULATORY STRUCTURES
dc.subject	REGULATORY SYSTEM
dc.subject	REPO
dc.subject	REPO MARKET
dc.subject	REPO MARKETS
dc.subject	RISK CAPITAL
dc.subject	RISK DIVERSIFICATION
dc.subject	RISK EXPOSURES
dc.subject	RISK MANAGEMENT
dc.subject	RISK MANAGEMENT SYSTEMS
dc.subject	RISK TAKING
dc.subject	RULE OF LAW
dc.subject	SAFETY NET
dc.subject	SAVINGS
dc.subject	SECURITIES
dc.subject	SECURITIES ISSUANCE
dc.subject	SECURITIES MARKETS
dc.subject	SECURITIES REGULATION
dc.subject	SECURITIES REGULATIONS
dc.subject	SETTLEMENT
dc.subject	SETTLEMENT PROCEDURE
dc.subject	SOLVENCY
dc.subject	SOVEREIGN DEBT
dc.subject	SOVEREIGN DEBT PROBLEMS
dc.subject	SOVEREIGN DEFAULT
dc.subject	SUBSIDIARY
dc.subject	SUPERVISORY AUTHORITIES
dc.subject	SUPERVISORY AUTHORITY
dc.subject	SUPERVISORY FRAMEWORK
dc.subject	SUPERVISORY POWERS
dc.subject	SURCHARGES
dc.subject	SWAPS
dc.subject	SYSTEMIC RISK
dc.subject	SYSTEMIC RISKS
dc.subject	TAX
dc.subject	TAXATION
dc.subject	TRADING
dc.subject	TRANSITION COUNTRIES
dc.subject	TREASURIES
dc.subject	TREASURY
dc.subject	TREATIES
dc.subject	TREATY
dc.subject	TURNOVER
dc.subject	VAR MODELS
dc.title	Financial-Stability Challenges in European Emerging-Market Countries
dc.type	Publications & Research :: Policy Research Working Paper
dc.coverage	Europe and Central Asia
dc.coverage	Europe and Central Asia