Financial sector reforms in Mongolia
Hongjoo Hahm | Yener, Demir
This working paper reports the current state of the Mongolian financial system on its way to become a completely market-based economy. A thorough discussion of the structure and the financial position of the banking system, the government reforms in the banking sector, a restructuring strategy, banking supervision, the cost of bank restructuring, and the future of the banking system in Mongolia follows a brief background of the economic conditions. The paper also looks into the non-bank financial sector such as the securities markets, insurance, pension funds, insurance companies, and factoring and leasing as an alternate sources of capital for economic activities, with the consideration that this sector, given proper regulatory and legal framework, will develop in parallel to the ailing banking sector. The paper is concluded by providing an agenda for the future and recommendations for policies for faster economic growth.
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