Late Banking Transitions : Comparing Uzbekistan to Earlier Reformers
Uzbekistan is one of the late transition economies. This paper compares the early experience and challenges that Uzbekistan confronts in transitioning its banking system to market principles against the earlier experience with banking transitions f...
| Main Authors: | , , |
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| Language: | English |
| Published: |
World Bank, Washington, DC
2022
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/099918403232210392/IDU00d5418c80f89e0407c0a74c087e39a506442 http://hdl.handle.net/10986/37221 |
| Summary: | Uzbekistan is one of the late
transition economies. This paper compares the early
experience and challenges that Uzbekistan confronts in
transitioning its banking system to market principles
against the earlier experience with banking transitions from
Poland, Russia, and Vietnam, and other relevant evidence
from the literature. To that effect, the paper uses new data
on Uzbekistan’s banking sector, the data on past transition
economies, and qualitative and quantitative evidence from
the literature. Uzbekistan’s latest experience with banking
transition generates important lessons for countries that
have yet to transition. Namely, how much can a new
transitioning country reasonably expect to accomplish within
the medium term Which banking reforms are the most essential
and how should they best be sequenced How can expectations
about efficient capital reallocation be managed, access to
finance made more equitable, and transition risks of
financial instability be mitigated What are the
complementary reforms in the real sector, especially of
state-owned enterprises and the competition framework, that
need to happen in tandem for the new banking market to
function properly |
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