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，为新的细分市场服务。农村(私营农场)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还没有得到充分的了解。与此同时，客户分散、高风险和抵押品不足以及再融资受限等特点要求新的机构方法和银行战略。因此，该项目的目标是分析1990至2006年期间金融体制改革的两个方面，即金融深化和农村地区金融中介机构的效率。以国家(地区)宏观金融数据和主要农村金融中介机构贷款活动数据为基础，对农村金融市场深度进行量化评估。这有助于更好地了解保加利亚农村金融市场发展的过去和现在状况。该项目的第二栏是金融中介中不同组织形式的生产率和效率分析。在方法上雄心勃勃的影子价格方法将被用于估计最佳做法的边界。连续进行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。将与保加利亚国家银行合作，在国家一级收集经验数据，并通过对案例国保加利亚三个选定区域的农村金融中介机构进行调查，在微观一级收集这些数据。所获得的见解预计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情况。

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.