The Evolution of Commercial Banking in Georgia, 1991-2001

David Amaghlobeli, John Farrell and James Nielsen

Post-Communist Economies, 2003, vol. 15, issue 1, 47-73

Abstract: This paper investigates the Georgian experiment in transition banking since the country's break from the former Soviet Union in 1991. By analysing the policies pursued by the National Bank of Georgia (NBG) between 1991 and 2001 and the outcomes of those policies, the paper attempts to compare and contrast the general performance of the Georgian banks with banks in other transition economies. On the basis of this investigation, we conclude that even though substantial progress has been made, the Republic still lags behind leading transition and developed market economies in terms of financial development. Much of the success of restructuring can be attributed to the NBG, the government, and the multi laterals (IMF and donor nations). Nevertheless, a full-flowering of financial institutions and performance will not come without further economic development and reform of public institutions and the attendant increase in public confidence in the financial system as a whole.

Date: 2003
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DOI: 10.1080/1463137032000058386

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