2.1 From implementation to evaluation Many of the reforms have ventured into uncharted territory. Assessing the effects of financial sector reforms in a structured way is thus crucial. Evaluation of reforms needs to take into account how the macroeconomic environment has changed, what the short- and the long-term effects of reforms are, and how reform effects differ across countries.
However, funding opportunities for smaller depository institutions have expanded significantly over the past few decades as a result of deposit deregulation and the general development of financial markets, calling into question the continued need for the seasonal program.