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Market economies --- Market economies --- Economic policies --- Economic policies --- supply balance --- supply balance --- Price elasticities --- Price elasticities --- economic competition --- economic competition --- state intervention --- state intervention --- enterprises --- enterprises --- Labour. --- Labour --- labour market --- labour market --- Savings --- Savings --- production factors --- production factors --- Monopolies --- Monopolies

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The recent turmoil in financial markets worldwide has emphasized the need for adequate consumer protection and financial literacy for long-term stability of the financial sector. This Working Paper aims to summarize key lessons from reviews of consumer protection and financial literacy in nine middle-income countries of Europe and Central Asia (Azerbaijan, Bulgaria, Croatia, the Czech Republic, Latvia, Lithuania, Romania, the Russian Federation and Slovakia). All the country assessments used a systematic common approach, based on a set of Good Practices for Consumer Protection and Financial Literacy developed by the World Bank's Europe and Central Asia Region. The objective of the Working Paper is to contribute to the international dialog on strengthening financial consumer protection and financial literacy in emerging markets.A financial consumer protection regime should meet three objectives. First, consumers should receive accurate, simple, comparable information of a financial service or product, before and after buying it. Second, consumers should have access to expedient, inexpensive and efficient mechanisms for dispute resolution with financial institutions. Third, consumers should be able to receive financial education when and how they want it. A common challenge among the nine countries is the need of an adequate institutional structure for financial consumer protection. However independent of the specific institutional structures, financial consumers should have one single agency where to submit complaints and inquiries. Financial institutions should be required to apply fair, non-coercive and reasonable practices when selling and advertising financial products and services to consumers. Personal data should also be carefully protected.

Access to Finance --- Bankruptcy and Resolution of Financial Distress --- Consumer --- Consumer Protection --- Consumers --- Contributions --- Debt Markets --- Emerging Markets --- Finance and Financial Sector Development --- Financial consumer --- Financial consumers --- Financial crisis --- Financial education --- Financial institutions --- Financial Literacy --- Financial markets --- Financial products --- Financial sector --- Financial sector development --- Financial service --- Financial services --- Financial system --- Income --- Informed decisions --- Market economies --- Private Sector Development

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The recent turmoil in financial markets worldwide has emphasized the need for adequate consumer protection and financial literacy for long-term stability of the financial sector. This Working Paper aims to summarize key lessons from reviews of consumer protection and financial literacy in nine middle-income countries of Europe and Central Asia (Azerbaijan, Bulgaria, Croatia, the Czech Republic, Latvia, Lithuania, Romania, the Russian Federation and Slovakia). All the country assessments used a systematic common approach, based on a set of Good Practices for Consumer Protection and Financial Literacy developed by the World Bank's Europe and Central Asia Region. The objective of the Working Paper is to contribute to the international dialog on strengthening financial consumer protection and financial literacy in emerging markets.A financial consumer protection regime should meet three objectives. First, consumers should receive accurate, simple, comparable information of a financial service or product, before and after buying it. Second, consumers should have access to expedient, inexpensive and efficient mechanisms for dispute resolution with financial institutions. Third, consumers should be able to receive financial education when and how they want it. A common challenge among the nine countries is the need of an adequate institutional structure for financial consumer protection. However independent of the specific institutional structures, financial consumers should have one single agency where to submit complaints and inquiries. Financial institutions should be required to apply fair, non-coercive and reasonable practices when selling and advertising financial products and services to consumers. Personal data should also be carefully protected.

Access to Finance --- Bankruptcy and Resolution of Financial Distress --- Consumer --- Consumer Protection --- Consumers --- Contributions --- Debt Markets --- Emerging Markets --- Finance and Financial Sector Development --- Financial consumer --- Financial consumers --- Financial crisis --- Financial education --- Financial institutions --- Financial Literacy --- Financial markets --- Financial products --- Financial sector --- Financial sector development --- Financial service --- Financial services --- Financial system --- Income --- Informed decisions --- Market economies --- Private Sector Development

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Despite the scale of the global financial crisis, to date it has not resulted in a sovereign debt crisis among emerging market countries. Two significant factors in this outcome are the improved macroeconomic management and public debt management in these countries over the past decade. This paper reviews the improvements in macroeconomic fundamentals and the composition of public debt portfolios in emerging market countries prior to the crisis and concludes that the policies and strategies pursued by governments provided them with a buffer when the crisis hit. Nevertheless, with the international capital markets effectively closed for over three months and domestic borrowing in many cases impacted by extreme risk aversion, government debt managers were required to adapt their strategies to rapidly changing circumstances. The paper reviews the impact of the crisis and the responses of debt managers to the drying up of international capital, decreased liquidity in markets, and sharply increased term premia. Three categories of response are identified: (i) funding from other sources to reduce pressure on market borrowing; (ii) adapting funding programs to changes in demand in the different types of securities; and (iii) implementing liability management operations to support the market. Most governments were willing to accept temporarily greater risk in their portfolios, often reversing long established strategies, at a time when financial markets were under stress. These actions contributed to the measures taken by governments to stabilize markets and prevent economies from stalling. Looking to the future, government debt managers will need to consider how they can increase the resilience of public debt portfolios for the uncertain times that lie ahead.

Banks & Banking Reform --- Capital markets development --- Currencies and Exchange Rates --- Debt crisis --- Debt Markets --- Domestic borrowing --- Emerging market --- Emerging market countries --- Emerging market economies --- Emerging Markets --- External Debt --- Finance and Financial Sector Development --- Financial crisis --- Global capital --- Global capital markets --- Government debt --- International capital --- International capital markets --- International Economics and Trade --- Liquidity --- Macroeconomic management --- Market borrowing --- Portfolios --- Private Sector Development --- Public debt --- Public debt management --- Risk aversion --- Sovereign debt