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11.437 Financing Economic Development, Fall 2003; Financing Economic Development

Seidman, Karl F.
Fonte: MIT - Massachusetts Institute of Technology Publicador: MIT - Massachusetts Institute of Technology
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EN-US
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46.35%
Focuses on financing tools and program models to support local economic development. Includes an overview of private capital markets and financing sources to understand capital market imperfections that constrain economic development; business accounting; financial statement analysis; federal economic development programs; and public finance tools. Program models covered include revolving loan funds, guarantee programs, venture capital funds, bank holding companies, community development loan funds and credit unions, micro enterprise funds, and the use of the Community Reinvestment Act to leverage bank financing.

Bank Competition and Financial Stability : Friends or Foes?

Beck, Thorsten
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Relevância na Pesquisa
46.33%
Theory makes ambiguous predictions about the relationship between market structure and competitiveness of the banking system and banking sector stability. Empirical studies focusing on individual countries provide similarly ambiguous results, while cross-country studies point mostly to a positive relationship between competition and stability in the banking system. Where liberalization and unfettered competition have resulted in fragility, this has been mostly the consequence of regulatory and supervisory failures. The advantages of competition for an efficient and inclusive financial system are strong, and regulatory and supervisory policies should focus on an incentive-compatible environment for banking rather than try to fine-tune market structure or the degree of competition.

Bank Competition and Financial Stability

Berger, Allen N.; Klapper, Leora F.; Turk-Ariss, Rima
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Relevância na Pesquisa
46.33%
Under the traditional "competition-fragility" view, more bank competition erodes market power, decreases profit margins, and results in reduced franchise value that encourages bank risk taking. Under the alternative "competition-stability" view, more market power in the loan market may result in greater bank risk as the higher interest rates charged to loan customers make it more difficult to repay loans and exacerbate moral hazard and adverse selection problems. But even if market power in the loan market results in riskier loan portfolios, the overall risks of banks need not increase if banks protect their franchise values by increasing their equity capital or engaging in other risk-mitigating techniques. The authors test these theories by regressing measures of loan risk, bank risk, and bank equity capital on several measures of market power, as well as indicators of the business environment, using data for 8,235 banks in 23 developed nations. The results suggest that - consistent with the traditional "competition-fragility" view - banks with a greater degree of market power also have less overall risk exposure. The data also provide some support for one element of the "competition-stability" view - that market power increases loan portfolio risk. The authors show that this risk may be offset in part by higher equity capital ratios.

Bank Privatization in Sub-Saharan Africa : The Case of Uganda Commercial Bank

Clarke, George R.G.; Cull, Robert; Fuchs, Michael
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
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46.33%
Previous empirical analyses have found that bank privatizations are more successful when the government fully relinquishes control, when the bank is privatized to a strategic investor, and when foreign-owned banks are allowed to participate in the bidding. The privatization of Uganda Commercial Bank (UCB) to the South African bank Stanbic met all these criteria, suggesting that it is a likely candidate for success. But other features suggest reasons for caution: UCB dominated the Ugandan banking sector prior to privatization and the institutional environment in Uganda was less favorable than in many of the middle-income countries looked at in earlier empirical studies. Despite these concerns, the privatization appears to have been relatively successful. The portfolio of the privatized bank, which was cleaned prior to sale, remains relatively strong and profitability and credit growth are now on par with other Ugandan banks. Though market segmentation remains a concern since Stanbic faces little or no direct competition in many remote areas...

Bank Deleveraging : Causes, Channels, and Consequences for Emerging Market and Developing Countries

Feyen, Erik; Kibuuka, Katie; Ötker-Robe, İnci
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Relevância na Pesquisa
46.33%
Just before the 2008-09 global financial crisis, policymakers were concerned about the rapid growth of bank credit, particularly in Europe; now worry centers on a potential global credit crunch led by European banking institutions. Overall, credit conditions across Europe deteriorated markedly in late 2011. Spillover effects are being felt around the globe and imply significant channels through which deleveraging could have disruptive consequences for credit conditions in emerging markets, particularly in emerging Europe. Significant liquidity support provided by the European Central Bank was a "game changer," at least in the short term, as it helped revive markets and limited the risk of disorderly deleveraging. However, the extent, speed, and impact of European bank deleveraging remain highly dependent on the evolution of economic growth and market conditions, which in turn are guided by the ultimate impact of European Central Bank liquidity support, resolution of the sovereign debt crisis within the Euro Area, and the ability of the European rescue fund to provide an effective firewall against contagion.

Contingent Liability Risks from State-Owned Enterprises

World Bank
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
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46.35%
Countries across all continents face the challenge of managing contingent liabilities arising from multiple sources, including state-owned enterprises (SOEs), parastatals, off-budget financing arrangements, civil servant entitlement schemes etc. The current financial crisis has made countries even more vulnerable to the severe impact of contingent liabilities on government finances, creating an urgent need to institutionalize systems to control and mitigate fiscal risks arising from these contingent liabilities. This note captures the technical advice provided by the Public Sector Performance (PSP) Global Expert Team (GET) in response to a just-in-time request by Bank staff working with government officials in a Middle-Eastern country to manage contingent liability risks arising from SOEs.

Financial Sector Assessment Program : Malaysia - Assessment of Observance of the CPSS-IOSCO Principles for Financial Market Infrastructures

International Monetary Fund; World Bank
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
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46.43%
The present document is the assessment of systemically important financial market infrastructures in Malaysia based on the Committee for Payment and Settlement Systems (CPSS) and International Organization of Securities Commission (IOSCO) Principles for Financial Market Infrastructures (PFMIs). The assessment was conducted in the context of field missions of the Financial Sector Assessment Program (FSAP) to Malaysia in July 2012. The information used in the assessment included all relevant laws, rules and procedures governing the systems, material available on these FMIs in the public domain and from the central bank and the securities commission. The Capital Market and Services Act 2007 (CMSA) provides the overall framework for operation of various entities in the security markets like stock exchange, clearing houses and trade repositories. The Securities Industry (Central Depositories) Act 1991 (SICDA) provides the overall regulatory framework for depositories and immobilization of securities in approved depositories. The CMSA requires the licensed exchanges and clearing houses to prioritize public interest...

Mexico : IAIS Insurance Core Principles - Detailed Assessment of Observance

International Monetary Fund; World Bank
Fonte: World Bank, Washington, Dc Publicador: World Bank, Washington, Dc
EN_US
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46.31%
This is a full assessment of the insurance regulatory and supervisory system in Mexico, to ascertain its compliance with the IAIS core principles, as a part of the Financial Sector Assessment Program (FSAP) in September 2011. This assessment was produced in the course of a joint International Monetary Fund (IMF), World Bank mission in Mexico to conduct an update of the IAIS principles under the FSAP. The recommendations after conclusion of the assessment include developing and implementing a comprehensive plan to increase insurance penetration; ensuring the operational independence and continuity of the Insurance and Surety National Commission (CNSF); confirming that the supervisory authority has full discretion on resource allocation, in accordance to its mandate, objectives, and the perceived risks; establishing an implementation plan on the solvency regime; and revisiting the arbitration mechanism. This document presents a detailed assessment with regard to the twenty-eight IAIS principles, examining the system in context of each principle.

Corporate Governance of State-Owned Enterprises in Latin America : Current Trends and Country Cases

World Bank
Fonte: World Bank Group, Washington, DC Publicador: World Bank Group, Washington, DC
EN_US
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46.41%
The main objective of this report is to provide a descriptive analysis of the current practices and trends of corporate governance of State-owned Enterprises (SOEs) in several Latin-American countries. It provides practitioners of SOE corporate governance with a stocktaking of current practices and trends in several Latin American countries, as well as international experiences and good practices elsewhere. This report intend to contribute to the discussion and growing interest on SOE corporate governance and to provide an impulse for further analytical work in this area. In most Latin American and Caribbean countries, the SOE sector contributes significantly to GDP and represents an important part of consolidated public expenditures. In several cases, the SOEs are also key and strategic actors in the country s economy providing essential goods and services and frequently hold a dominant market position in critical sectors, such as petroleum, electricity, and transportation. They also operate in competitive markets such as financial services...

The Banking and Financial Sector of Lao PDR : Financial Sector Note

Asian Development Bank; World Bank
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
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46.3%
During the second half of the 1980s, Lao PDR embarked on an ambitious program of economic reforms, called the New Economic Mechanism, whose main purpose was to gradually transform its centrally-planned economy into a market-oriented economy. The initial reform momentum lasted about one decade. The far-reaching reform program encompassed many critical components including: (a) promotion of private production through improved incentives; (b) institutional infrastructure to improve market economy operations; (c) the strengthening of Lao comparative advantages through trade liberalization and further specialization; and (d) the establishment of price stability through macroeconomic policy measures. The systemic changes introduced in Lao PDR have contributed to a significant transformation of the country s economic system, away from a rigorously centrally-planned economy and towards a form of market economy based on private ownership. The percentage of poor declined based on the national poverty line from 45 to 39 percent between 1992-93 and 1997-982. But the percentage of very poor did not decline and remained at slightly above 30 percent evidencing the need for even broader and faster growth. Moreover...

Bank Ownership and Lending Patterns during the 2008-2009 Financial Crisis : Evidence from Latin America and Eastern Europe

Cull, Robert; Martínez Pería, María Soledad
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
46.35%
This paper examines the impact of bank ownership on credit growth in developing countries before and during the 2008-2009 crisis. Using bank-level data for countries in Eastern Europe and Latin America, it analyzes the growth of banks' total gross loans as well as the growth of corporate, consumer, and residential mortgage loans. Although domestic private banks in Eastern Europe and Latin America contracted their loan growth rates during the crisis, there are differences in foreign and government-owned bank credit growth across regions. In Eastern Europe, foreign bank total lending fell by more than domestic private bank credit. These results are primarily driven by reductions in corporate loans. Furthermore, government-owned banks in Eastern Europe did not act counter-cyclically. The opposite was true in Latin America, where the growth of government-owned banks' corporate and consumer loans during the crisis exceeded that of domestic and foreign banks. Contrary to the case of foreign banks in Eastern Europe...

Croatia : Railway Policy Note; Hrvatska - zeljeznicka politika biljeska

World Bank
Fonte: Zagreb: World Bank Publicador: Zagreb: World Bank
Tipo: Economic & Sector Work :: Policy Note; Economic & Sector Work
ENGLISH; EN_US
Relevância na Pesquisa
46.31%
The note first presents a brief overview of the Croatian railway sector, listing the main challenges that it is currently facing, and identifying the main areas of intervention for the development of a financially sustainable sector, which should guide any thorough sector reform program in the long-run. Sector governance challenges are presented, outlining the sector's high dependency on state support, its organizational weaknesses, and its market distortions. This is followed by more detailed historical analysis of Croatian Railways (HZ) holding's performance, corporate governance issues, and investment needs. The operational and financial performance of each major line of business of HZ holding is assessed, highlighting their competitiveness issues. Following the adoption of the restructuring plan, the Bank team used a global financial model to identify measures that might be necessary to make the system sustainable in the long-run. The team considered a range of optimistic and pessimistic scenarios...

China : Financial Sector Assessment

World Bank; International Monetary Fund
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Economic & Sector Work :: Financial Sector Assessment Program (FSAP); Economic & Sector Work
ENGLISH; EN_US
Relevância na Pesquisa
46.31%
This report summarizes the findings of the Financial Sector Assessment Program (FSAP) exercise for China undertaken in 2010 by a joint International Monetary Fund (IMF) and World Bank team. The first mission (June) assessed the observance of selected international standards and codes, and initiated discussions on a broad range of financial sector issues. The second mission (December) completed its review and presented a draft Aide-Memoire along with draft technical and background notes covering a range of topics relevant to China's financial sector. This report points out near-term risks, reform challenges and development opportunities China confronts as it continues to modernize its financial sector. China faces potential vulnerabilities, near-term risks and policy-induced distortions common to an evolving financial system. The challenges and opportunities are not unique, and can be addressed. The author proposes that the authorities could consider carefully sequencing the following reforms and development options: (i) further deepening the commercial orientation of the financial system; (ii) moving to more market-based means of controlling monetary and financial conditions; (iii) further strengthening regulation and supervision; (iv) upgrading the framework for financial stability and crisis management; (v) revising the strategy for financial inclusion to achieve improved access to financial services ; (vi) continuing steps to support a broad based capital market; and (vii) continue to strengthen and deepen the insurance and pension sectors; and (viii)continue enhancement of the financial market infrastructure.

Resolution of Failed Banks by Deposit Insurers : Cross-Country Evidence

Beck, Thorsten; Laeven, Luc
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH
Relevância na Pesquisa
46.31%
There is a wide cross-country variation in the institutional structure of bank failure resolution, including the role of the deposit insurer. The authors use quantitative analysis for 57 countries and discuss specific country cases to illustrate this variation. Using data for over 1,700 banks across 57 countries, they show that banks in countries where the deposit insurer has the responsibility of intervening failed banks and the power to revoke membership in the deposit insurance scheme are more stable and less likely to become insolvent. Involvement of the deposit insurer in bank failure resolution thus dampens the negative effect that deposit insurance has on banks' risk taking.

Turkey : Non-Bank Financial Institutions and Capital Markets Report

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Other Financial Sector Study; Economic & Sector Work
ENGLISH; EN_US
Relevância na Pesquisa
46.43%
Longstanding macroeconomic instability, and inflation in Turkey, have discouraged investment in financial assets, and a persistently high public sector borrowing requirement has crowded funding for the private sector. Notwithstanding, the Government's ongoing stabilization, and structural reforms, are improving the prospects for the development of financial services, though a series of policy issues should be addressed. This study identifies such issues, and formulates recommendations to better address them. Chapter I outlines the advantages of a broad based, diversified financial services industry, lays out the evidence of a clear correlation between financial system development, and per capita income, and, analyzes the outlook for such financial services industry over the next five years. Chapter II, in addressing the mobilization of savings, describes the extent to which macroeconomic uncertainty, chronically high inflation, and ill-suited tax policies have driven significant savings into real estate, gold...

Bank Financing of SMEs in Five Sub-Saharan African Countries : The Role of Competition, Innovation, and the Government

Berg, Gunhild; Fuchs, Michael
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
46.31%
This paper provides an overview of the state of access to bank financing for SMEs in five Sub-Saharan African countries and analyzes the drivers behind banks' involvement with SMEs. The paper builds on data collected through five in-depth studies in Kenya, Nigeria, Rwanda, South Africa, and Tanzania between 2010 and 2012. The paper shows that the share of SME lending in the overall loan portfolios of banks varies between 5 and 20 percent. Reasons for this finding vary, but key contributing factors are the structure and size of the economy and the extent of Government borrowing, the degree of innovation mainly as introduced by foreign entrants to financial sectors, and the state of the financial sector infrastructure and enabling environment.

American Politics, the Presidency of the World Bank, and Development Policy

Lavelle, Kathryn C.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
46.3%
The World Bank's president has been an American by tradition. Yet little work has explored the consequences for this connection in influencing visions of development in the organization across time. This paper uses evidence from archives, congressional hearing records, and memoirs and histories of World Bank presidents to investigate United States-World Bank relations and development policy during four presidencies--Eugene Meyer, Eugene Black, Robert McNamara, and James Wolfensohn. The author argues that at times the political arrangements had the effect of pushing the Bank toward greater institutional independence from the United States, particularly when partisanship in American politics rose and new United States presidential administrations came into office with the World Bank president's term holding over from before. At other times, United States-World Bank connections pulled the Bank into foreign policy issues in the United States that the Bank might not otherwise have addressed when advocates pressed their case on Capitol Hill.

Myanmar Agricultural Development Bank : Initial Assessment and Restructuring Options

World Bank
Fonte: Bangkok Publicador: Bangkok
Tipo: Publications & Research :: Working Paper; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
46.31%
Myanmar is an agricultural country. It is estimated that the agriculture sector represents between 35 to 40 percent of gross domestic product (GDP) and that up to 70 percent of the labor force (of 32.5 million) is directly or indirectly engaged in agricultural activities or depend on agriculture for their income. Given agriculture's important contribution to the economy, the modernization of the agriculture sector is a top priority in the economic and social development agenda of the Government of Myanmar. Among the government institutions supporting the agriculture sector, the Myanmar Agriculture Development Bank (MADB) plays an important role. MADB was established in June 1953 by the Government of Myanmar to support the development of agriculture, livestock, and rural enterprises in Myanmar. MADB is currently the largest financial institution serving the rural areas and financing agriculture activities. At the end of 2012, MADB served 1.87 million customers, mostly farmers, and had a network of 206 branches (which accounted for 23 percent of all banks' branches in Myanmar). Since its creation...

The Ability of Banks to Lend to Informationally Opaque Small Businesses

Berger, Allen N.; Klapper, Leora; Udell, Gregory F.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
46.31%
Consolidation of the banking industry is shifting assets into larger institutions that often operate in many nations. Large international financial institutions are geared toward serving large wholesale customers. How does this affect the banking system's ability to lend to informationally opaque small businesses? The authors test hypotheses about the effects of bank size, foreign ownership, and distress on lending to informationally opaque small firms, using a rich new data set on Argentinean banks, firms, and loans. They also test hypotheses about borrowing from a single bank versus borrowing from several banks. Their results suggest that large and foreign-owned institutions may have difficulty extending relationship loans to opaque small firms, especially if small businesses are delinquent in repaying their loans. Bank distress resulting from lax prudential supervision and regulation appears to have no greater effect on small borrowers than on large borrowers, although even small firms may react to bank distress by borrowing from multiple banks...

Mongolia Economic Update, November 2015

World Bank Group
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Report; Economic & Sector Work :: Economic Updates and Modeling; Economic & Sector Work
ENGLISH; EN_US
Relevância na Pesquisa
46.33%
Mongolia’s growth sharply slowed to 3.0 percent in the first half of 2015. External demand is weakening due to a continued dampening of the commodity market and slower growth in China, translating into a drop in exports. Slowing domestic demand is largely caused by a plunge in investment due to falling foreign direct investment (FDI). Measures were taken to curb the budget deficit, debt, and off-budget expenditures. New deficit and debt ceilings were set for 2015-18 by amending the fiscal stability law (FSL) in January. The 2015 budget was amended in January to curb the structural deficit within 5 percent of gross domestic product (GDP). Growth is expected to slow in 2015-16, but a recovery in foreign investment will begin to support the growth of the non-mining sector in 2016. The Development Bank of Mongolia (DBM) is expected to provide about Mongolian Tughrik rates (MNT) 600 billion to its commercial portfolio in 2015, and to further reduce its commercial spending to MNT 300-400 billion in the next couple of years due to tight financing conditions. Under these assumptions...