'Development of Non-Bank Financial Institutions and Capital Markets in European Union Accession Countries' is part of the World Bank Working Paper series. These papers are published to communicate the results of the Bank's ongoing research and to stimulate public discussion. This study assesses the role of non-bank financial institutions and capital markets in the financial sectors of the eight first wave EU accession countries (Poland, Hungary, the Czech Republic, Slovakia, Estonia, Latvia, Lithuania, and Slovenia), the current state of development and prospects for future growth, and the...