Financial Deeping and Efficiency of Rural Financial Intermediation

转型期国家的金融体系正在进行改革。不同类型的机构进入金融市场，服务于新的细分市场。农村（私人农场）人口是一个重要但有风险且经常被忽视的细分市场。特别是在农村地区，不同类型的金融中介对农村金融市场深度和效率的影响尚未完全了解。与此同时，客户分散、高风险加上抵押品不足和再融资受限等特点需要新的制度方法和银行策略。因此，该项目的目标是分析1990年至2006年期间金融体制改革的两列，即金融深化和农村金融中介机构的效率。根据国家（和区域）宏观金融数据和主要农村金融中介机构贷款活动数据，对农村金融市场深度进行定量评估。这样可以更好地了解保加利亚农村金融市场发展的过去和现在的状况。该项目的第二栏是对金融中介中不同组织形式的生产力和效率分析。方法上雄心勃勃的影子价格方法将用于估计最佳实践前沿。通过配置效率和技术效率的比较，确定农村金融服务的潜在供给。经验数据将在国家一级与保加利亚国家银行合作收集，并在微观一级通过调查个案国家保加利亚三个选定区域的农村金融中介机构收集。预期所获得的见解也将有助于了解其他转型国家类似结构的金融系统的发展。

Financial systems in transition countries are under ongoing reforms. Different kinds of institutions enter financial markets to serve new market segments. An important but risky and thus often neglected market segment is the rural (private farm) population. Especially in rural areas, the effect of different types of financial intermediation on the depth and efficiency of rural financial markets is not yet fully understood. At the same time, such peculiarities like dispersed clientele, high risk in combination with inadequate collateral and restricted refinance require new institutional approaches and banking strategies. Thus, the objective of the project is to analyse the two columns of financial system reform for the period 1990 to 2006, i.e. financial deepening and efficiency of financial intermediaries in rural areas. On the basis of macro-financial data at the national (and regional) level and data from lending activities of major rural financial intermediaries, the rural financial market depth will be quantitatively assessed. This allows for a better understanding of the past and present status of Bulgaria's rural financial market development. The second column of the project is the productivity and efficiency analysis of different organisational forms in financial intermediation. The methodologically ambitious shadow price approach will be applied to estimate best practice frontiers. Consecutively, comparison of allocative and technical efficiency will be conducted to determine potential supply of rural financial services. The empirical data will be collected at the national level in cooperation with the Bulgarian National Bank as well as at the micro level through surveying rural financial intermediaries in three selected regions in the case-country Bulgaria. The gained insights are expected to also help in understanding the developments in similarly structured financial systems of other transition countries.