文档介绍：Rural Development and Financial
Markets in Romania
FRANZ HEIDHUES AND GERTRUD SCHRIEDER*
In the transition from a centrally planned to a market-oriented economy, such as in
Romania, the domestic financial market plays two important roles. First, the financial market
itself must be fundamentally restructured. Second, its efficient functioning is a crucial
precondition for economic transformation. In transition economies, however, financial market
institutions tend to concentrate their services on urban or larger rural enterprises. So far, small
rural enterprises, even those with profitable investment plans, often do not have access to the
financial market. This paper briefly characterizes the key issues of agricultural production units
and their institutional environment and analyzes the depth and the efficiency of rural fnance
and its effect on Romania's rural economic transformation. It concludes with policy and
institutional mendations to strengthen rural finance. (JEL E40)
Introduction
In the transition from a centrally planned to a market-oriented economy, financial
market transformation faces two important challenges. First, the financial market itself
must undergo fundamental restructuring. Second, its efficient functioning is also a crucial
precondition for the required economic transformation. During Romania's central
planning era, the financial system channeled government funds to enterprises for
financing investments and operations as determined in the plan. In a market-oriented
economy, the function of the financial market changes to profit-oriented petitive
financial intermediation. Financial intermediaries need to mobilize savings and lend their
funds to efficient investors. This includes selecting and monitoring investment projects
and investors in all sectors. In transition economies, however, the f'mancial market
presently concentrates its services on urban and primarily larger rural en