Lithuania: An Opportunity for Economic Success : Main Report by World Bank

By World Bank

Quickly after its announcement of independence, Lithuania introduced a software of market-based fiscal reforms that completed amazing effects. even though, a banking concern erupted in January 1996, pushed through a mix of useless financial institution supervision, bad financial institution practices, and deep-rooted sectoral imbalances. With monetary help from the realm financial institution, Lithuanian professionals launched into a large fiscal reform software with quick targets: the solution of the banking system's operational and undercapitalization difficulties, and a discount within the so much serious imbalances within the financial system. 'Volume I' distills findings and conclusions and builds a coverage motion plan for quick strong progress. 'Volume II' encompasses a selection of twelve coverage notes that offer the technical research in the back of that plan.

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Extra resources for Lithuania: An Opportunity for Economic Success : Main Report (World Bank Country Study)

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The new legislation, however, while a modest improvement, stills falls short of providing a means for rapid privatization. The central problem is that the law fails to set up the right incentive structure for the many players involved in the sale process. As those incentives stand today, privatization is unlikely to happen, except for unsystematic, ad hoc efforts by the highest levels of government (such as the ongoing privatization of telecommunications). There are three main reasons for this.

Page 13 In other words, the marjket is still relatively small, illiquid, narrow, and most new investments come from abroad; intermediation is highly concentrated; and nonbrokerage intermediation is very limited. While the authorities have made tremendous progress in setting up the right framework for the securities market to develop, several constraints still need to be removed, especially if that market is to provide efficient support to the acceleration of the privatization process and the reform of the pension system.

Excluding sugar, which has an import tariff of 87 percent. Page 8 There are clearly important synergies among privatization (and, more generally, improvement in the private business environment), pension reform, and securities market development that policymakers can exploit to raise overall allocative efficiency, put the economy on a much higher growth path, and, as mentioned earlier, place Lithuania in a stronger position to enter and compete in the EU. The analysis summarized below (and the policy recommendations presented later) seek to capture these synergies.

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