By World Bank
Quickly after its assertion of independence, Lithuania introduced a software of market-based financial reforms that accomplished notable effects. notwithstanding, a banking challenge erupted in January 1996, pushed by way of a mix of useless financial institution supervision, negative financial institution practices, and deep-rooted sectoral imbalances. With monetary help from the area financial institution, Lithuanian experts launched into a large monetary reform application with speedy pursuits: the answer of the banking system's operational and undercapitalization difficulties, and a discount within the such a lot serious imbalances within the financial system. 'Volume I' distills findings and conclusions and builds a coverage motion plan for speedy reliable development. 'Volume II' encompasses a choice of twelve coverage notes that supply the technical research at the back of that plan.
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Extra resources for Lithuania: An Opportunity for Economic Success : Main Report (World Bank Country Study)
Finally, energy conservation is the third major policy issue that will dominate the long-term adjustment of Lithuania's energy sector. The Soviet legacy of energy profligacy will take time to disappear. If only half of the estimated potential annual energy saving from conservation were realized, the country would have no need for its nuclear power plant (INPP). Fortunately, apart from the more cost-sensitive pricing mechanisms mentioned earlier, good energy-saving initiatives have been launched by the recently established Energy Conservation Program, especially in demand-side public awareness (for a good reasonin a recent survey, almost half of householders interviewed thought energy conservation was a waste of time or had no opinion).
This poses three broad policy questions: how can municipally owned DH companies be made viable, what role should the government play in power and gas, and how can energy conservation be fostered? There are good technical, commercial, and managerial reasons for decentralizing DH to the municipal level (and successful international examples of this policy). There is no doubt, however, that Lithuanian municipalities, which have serious financial problems of their own (see the next section), have inherited a problem-riddled asset.
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.
Lithuania: An Opportunity for Economic Success : Main Report (World Bank Country Study) by World Bank