World Bank2013-10-032013-10-032013-06https://hdl.handle.net/10986/16084The Government of Moldova is seeking to change the country's development paradigm and build an export-oriented economy characterized by investment, innovation, and competitiveness, following a decade of 'jobless growth'. This report focuses on improvements that will be needed to move Moldova to the next stage of development as envisioned in the Moldova 2020 strategy; however, reforms over the past decade also deserve acknowledgment. Improving the business environment is an especially important task, given Moldova's low levels of natural resources and small internal market. This study aims to identify the most pressing problems in the business environment that are adversely affecting Moldovan companies' productivity and competitiveness, and to present recommendations that would help remove these obstacles. The analysis is based on a review of existing reports; interviews with government officials, private sector associations, a sample of businesses, and some subject matter experts; as well as original research on access to finance. This study has identified that the following aspects of doing business are the most problematic: customs administration; tax administration; business regulation, consisting of licenses, authorizations, permits, and inspections; the competition framework; and access to finance. This report presents short-term (2013-2014) and longer-term (2015-2017) recommendations in each of the five priority areas.en-USCC BY 3.0 IGOACCESS TO CREDITACCESS TO FINANCEACCESS TO FINANCIAL SERVICESACCESS TO FINANCINGACCESS TO LOANSACCOUNTS RECEIVABLESADMINISTRATIVE BURDENADVANCED ECONOMYAFFORDABILITYAGRICULTURAL SECTORASYMMETRIC INFORMATIONBALANCE SHEETBANK BORROWERSBANK BRANCHESBANK CREDITBANK DEPOSITSBANK FAILURESBANK LENDINGBANK LOANBANK LOANSBANKING SECTORBANKING SYSTEMBANKING SYSTEMSBANKSBARRIERS IN ACCESSBORROWERBORROWINGBUSINESS ACTIVITYBUSINESS LOANSBUSINESS OPPORTUNITIESBUSINESS PLANNINGBUSINESS PLANSBUSINESS STRATEGIESBUSINESS STRATEGYCAPACITY BUILDINGCAPITAL ADEQUACYCAPITAL FORMATIONCAPITAL INVESTMENTSCAPITAL MARKETCAPITAL MARKETSCASH FLOWCOLLATERALCOLLATERAL REQUIREMENTSCOMMERCIAL BANKCOMMERCIAL BANKINGCOMMERCIAL BANKSCOMMERCIAL LOANCOMMERCIAL LOANSCONSUMER LENDINGCONSUMER PROTECTIONCONTRACTUAL OBLIGATIONSCOOPERATIVESCORRUPTIONCOST OF LOANSCREDIT ASSOCIATIONCREDIT ASSOCIATIONSCREDIT BUREAUCREDIT DECISIONSCREDIT HISTORYCREDIT INSTITUTIONSCREDIT LINECREDIT LINESCREDIT PORTFOLIOCREDIT REPORTINGCREDIT RISKCREDITORCREDITSCREDITWORTHY BORROWERSDEBTDEBT SECURITIESDEMAND FOR CREDITDEPOSITDEPOSIT ACCOUNTSDEPOSIT INSURANCEDEPOSITORSDEPOSITSDEVELOPMENT BANKDIRECT LOANSDOCUMENTATION REQUIREMENTSDONOR FUNDSEARNINGSECONOMIC CRISISECONOMIC DEVELOPMENTSECONOMIC GROWTHEMPLOYEEEMPOWERMENTENFORCEMENT MECHANISMENTERPRISE ACCESSENTERPRISE DEVELOPMENTENTERPRISE FINANCINGENTREPRENEURSEQUITY FINANCINGEQUITY FUNDEQUITY FUNDSEQUITY INVESTMENTSEXCLUSIONEXPENDITURESEXTERNAL FINANCINGEXTERNAL FUNDSFAMILY BUSINESSFARMERFARMERSFINANCIAL ACCESSFINANCIAL ACCOUNTSFINANCIAL DEPTHFINANCIAL EDUCATIONFINANCIAL INFRASTRUCTUREFINANCIAL INSTITUTIONFINANCIAL INSTITUTIONSFINANCIAL INTERMEDIARIESFINANCIAL INTERMEDIATIONFINANCIAL LIABILITIESFINANCIAL LITERACYFINANCIAL MARKETFINANCIAL MARKETSFINANCIAL PLAYERSFINANCIAL PRODUCTSFINANCIAL SECTOR DEVELOPMENTFINANCIAL SECTOR POLICYFINANCIAL SERVICEFINANCIAL SERVICESFINANCIAL SYSTEMFINANCIAL SYSTEMSFIXED CAPITALFOREIGN CURRENCYFOREIGN DIRECT INVESTMENTFOREIGN INVESTMENTFORMAL FINANCIAL INSTITUTIONSFORMAL SAVINGSFUNDING SOURCEFUNDING SOURCESGEOGRAPHIC ACCESSGOVERNMENT SECURITIESGROSS DOMESTIC PRODUCTINDEBTEDNESSINDICATORS OF ACCESSINFORMAL ECONOMYINFORMATION ASYMMETRIESINSTITUTIONAL INVESTORINSTITUTIONAL INVESTORSINTEREST RATEINTEREST RATESINTERNATIONAL BANKINTERNATIONAL BANKSINVESTMENT CAPITALINVESTMENT DECISIONSINVESTMENT PLANSJOB CREATIONLARGE BORROWERSLENDERSLENDING DECISIONSLENDING TECHNIQUESLINE OF CREDITLINES OF CREDITLOANLOAN AMOUNTLOAN APPLICATIONSLOAN DEMANDLOAN OFFICERSLOAN PORTFOLIOLOAN SIZELOAN SIZESLOAN-TO-DEPOSIT RATIOSLOCLONG-TERM FUNDINGLONG-TERM LENDINGMARKET INFORMATIONMFIMFISMICRO-ENTERPRISEMICRO-ENTERPRISESMICROFINANCEMICROFINANCE INSTITUTIONSMINIMUM BALANCESNEW MARKETNOMINAL INTEREST RATESOUTREACHPENSION FUNDSPRIVATE CREDITPRIVATE EQUITYPROFIT MARGINSPROFITABILITYRATES OF RETURNSREAL ESTATEREAL ESTATE AS COLLATERALREGULATORY FRAMEWORKRELIANCE ON COLLATERALREMITTANCEREMITTANCESREPAYMENTREPAYMENT CAPACITYREPAYMENTSRISK MANAGEMENTRISK PERCEPTIONRURAL FINANCESAVINGSSAVINGS ACCOUNTSSHADOW ECONOMYSMALL BORROWERSMALL ENTERPRISESMALL ENTERPRISESSMALL FARMERSSMALL LOANSSMALLHOLDERSSOURCE OF INCOMESTART-UPSTART-UP CAPITALSTART-UPSSTOCK EXCHANGESTOCK MARKETTAX BURDENTERM CREDITTRADE FINANCINGTRANSACTION COSTSUNIVERSAL BANKURBAN AREASVALUE OF COLLATERALVENTURE CAPITALWAREHOUSEWAREHOUSE RECEIPTSWORKING CAPITALWorld Bank10.1596/16084