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Extensive evidence confirms that creating the conditions for a deep and efficient financial system can contribute robustly to sustained economic growth and lower poverty (e.g., see Beck, Levine, and Loayza 2000, Honohan 2004a, and World Bank 2001a). Moreover, in all levels of development, continued efficient and effective provision of financial services requires that financial policies and financial system structures be adjusted as needed in response to financial innovations and shifts in the broader macroeconomic and institu- tional environment | 4 Chapter 4 Assessing Financial Structure and Financial Development 4.1 Overview 4.1.1 Motivation for Assessing Financial Structure and Financial Development Extensive evidence confirms that creating the conditions for a deep and efficient financial system can contribute robustly to sustained economic growth and lower poverty e.g. see Beck Levine and Loayza 2000 Honohan 2004a and World Bank 2001a . Moreover in all levels of development continued efficient and effective provision of financial services requires that financial policies and financial system structures be adjusted as needed in response to financial innovations and shifts in the broader macroeconomic and institutional environment. 4.1.2 Scope of Analysis The goals of financial structure analysis and development assessment for a country are to a assess the current provision of financial services b analyze the factors behind missing or underdeveloped services and markets and c identify the obstacles to the efficient and effective provision of a broad range of financial services. The dimensions along which service provision must be assessed include the range scale depth and reach breadth or penetration and the cost and quality of financial services provided to the economy. At a high level of abstraction those services are usually classified as including the following Making payments Mobilizing savings 69 Financial Sector Assessment A Handbook 4 Allocating capital funds Monitoring users of funds Transforming risk Thus the ideal financial system will provide for example reliable and inexpensive money transfer within the country reaching remote areas and poor households. There will be remunerative deposit facilities and other investment opportunities offering liquidity and a reasonable risk-return tradeoff. Entrepreneurs will have access to a range of sources for funds for their working- and fixed-capital formation affordable mortgage and consumer finance will be available to households. The credit renewal .
