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Bank performance and economic growth : evidence from Granger panel causality estimations

Ferreira, Cândida
Fonte: ISEG. Departamento de Economia Publicador: ISEG. Departamento de Economia
Tipo: Outros
Publicado em //2013 ENG
Relevância na Pesquisa
66.26%
This paper provides empirical evidence on the causality relations between bank performance and economic growth in a panel including 27 European Union member-states from 1996 through to the onset of the 2008 financial crisis. Bank performance is represented not only by the Return on Assets (ROA) and Return on Equity (ROE) ratios but also by bank cost efficiency, measured through Data Envelopment Analysis (DEA). For economic growth, we consider not only the GDP per capita but also the gross fixed capital formation growth. Deploying a panel Granger causality approach, we confirm positive causality running from bank performance to economic growth. However, as regards the opposite causality, running from growth to bank performance, we conclude that economic growth positively contributes to the bank ROA and ROE ratios but not so certainly in the case of the DEA bank cost efficiency.

Corporate Governance and Bank Performance : A Joint Analysis of the Static, Selection, and Dynamic Effects of Domestic, Foreign, and State Ownership

Berger, Allen N.; Clarke, George R. G.; Cull, Robert; Klapper, Leora; Udell, Gregory F.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Relevância na Pesquisa
76.28%
The authors jointly analyze the static, selection, and dynamic effects of domestic, foreign, and state ownership on bank performance. They argue that it is important to include indicators of all the relevant governance effects in the same model. "Nonrobustness" checks (which purposely exclude some indicators) support this argument. Using data from Argentina in the 1990s, their strongest and most robust results concern state ownership. State-owned banks have poor long-term performance (static effect), those undergoing privatization had particularly poor performance beforehand (selection effect), and these banks dramatically improved following privatization (dynamic effect. However, much of the measured improvement is likely due to placing nonperforming loans into residual entities, leaving "good" privatized banks.

Are Bank Interest Rate Spreads Too High? A Simple Model for Decomposing Spreads

Montes-Negret, Fernando; Papi, Luca
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Relevância na Pesquisa
66.13%
In the first seven months of 1995, average bank spreads in Ukraine ranged from 46 percentage points to 84 percentage points. The size of these spreads might suggest that banks enjoyed a wide profit margin. But inflation was high in Ukraine, and its banking system had large stocks of nonperforming loans. Using a simplified model to make a "quick and dirty" estimate of the spread banks need to achieve a positive real return on equity, this Note shows that nominal spreads in Ukraine were, on average, below breakeven. It approaches the question from a methodological perspective, using a highly simplified model and applying international parameters for bank performance as a benchmark. The model is a static one based on quite restrictive assumptions, and it manipulates simple accounting identities without any consideration of the strategic behavior of market participants. But what the model can do is alert policymakers to possibly unsustainable situations and provide estimates of the effects of changes in the policy parameters of the size of the spreads. It can be a handy guide to assess bank spreads for a given bank or banking system anywhere.

Determinants of Commercial Bank Performance in Transition : An Application of Data Envelopment Analysis

Grigorian, David A.; Manole, Vlad
Fonte: World Bank, Washington, D.C. Publicador: World Bank, Washington, D.C.
EN_US
Relevância na Pesquisa
66.15%
Banking sectors in transition economies have experienced major transformations throughout the 1990s. While some countries have been successful in eliminating underlying distortions and restructuring their financial sectors, in some cases financial sectors remain underdeveloped and the rates of financial intermediation continue to be quite low. The authors estimate indicators of commercial bank efficiency by applying a version of Data Envelopment Analysis (DEA) to bank-level data from a wide range of transition countries. They further extend the analysis by explaining the differences in efficiency between financial institutions and countries by a variety of macroeconomic, prudential, and institutional variables. In addition to stressing the importance of some bank-specific variables, the censored Tobit analysis suggests that: 1) Foreign ownership with controlling power and enterprise restructuring enhance commercial bank efficiency. 2) The effects of prudential tightening on the efficiency of banks vary across different prudential norms. 3) Consolidation is likely to improve efficiency of banking operations. Overall...

Foreign Bank Entry, Performance of Domestic Banks, and Sequence of Financial Liberalization

Bayraktar, Nihal; Wang, Yan
Fonte: World Bank, Washington, D.C. Publicador: World Bank, Washington, D.C.
EN_US
Relevância na Pesquisa
56.24%
The openness or internationalization of financial services is a complex issue because it is closely related to structural reforms in the domestic financial sector with some perceived implications for macroeconomic stability. The authors investigate the impact of foreign bank entry on the performance of domestic banks and how this relationship is affected by the sequence of financial liberalization. Their data set is constructed from the BANKSCOPE database, including 30 industrial and developing countries, and covering the period from 1995 to 2002. The authors apply panel data regressions by pooling all countries together, and by grouping countries according to the sequence of their financial liberalization. One observation based on descriptive analysis is that the degree of openness to foreign bank entry varies a great deal, which is not correlated with average income levels or with GDP growth. Second, the sequence of financial liberalization matters for the performance of the domestic banking sector: After controlling for macroeconomic variables and grouping countries by their sequence of liberalization...

Lending Concentration, Bank Performance and Systemic Risk : Exploring Cross-Country Variation

Beck, Thorsten; De Jonghe, Olivier
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
76.31%
Using both market-based and annual report-based approaches to measure lending specialization for a broad cross-section of banks and countries over the period 2002 to 2011, this paper is the first to empirically gauge the relationship between bank lending specialization and bank performance and stability in an international sample. Theory suggests that banks might benefit from specialization in the form of higher screening and monitoring efficiency, while a diversified loan portfolio might also enhance stability. This paper finds that sectoral specialization increases volatility and systemic risk exposures, while not leading to higher returns. The paper also documents important time, cross-bank, and cross-county variation in this relationship, which is stronger post 2007, for richer countries, countries without regulatory requirements on diversification, banks with lower market power, and banks with more traditional intermediation models.

The Dynamics of Foreign Bank Ownership : Evidence from Hungary

Majnoni, Giovanni; Shankar, Rashmi; Varhegyi, Eva
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
66.27%
The early start of the process of bank restructuring and privatization in Hungary provides a longer and richer amount of evidence than that available for any other transition economy. The authors analyze the dynamics of bank restructuring in Hungary with a focus on the role played by foreign ownership. They explore the performance over time of foreign-owned Hungarian banks and study the extent to which efficiency gains are affected by the chosen acquisition strategy-strategic acquisition in contrast with investment in a newly established bank (greenfield investment)-or by the management style adopted after the acquisition. The authors supplement previous results on the effects of foreign bank ownership in three ways. First, they explicitly consider the time span required for the change of ownership to affect bank performance. Second, the authors explore how important the chosen acquisition strategy is for the success of an acquisition. And third, they study how relevant the adopted management style is to this end, as proxied by the degree of reliance on foreign management.

The Regulation and Supervision of Banks around the World : A New Database

Barth, James R.; Caprio, Gerard; Levine, Ross
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
56.3%
International consultants on bank regulation, and supervision for developing countries, often base their advice on how their home country does things, for lack of information on practice in other countries. Recommendations for reform have tended to be shaped by bias rather than facts. To better inform advice about bank regulation, and supervision, and to lower the marginal cost of empirical research, the authors present, and discuss a new, and comprehensive database on the regulation, and supervision of banks in a hundred and seven countries. The data, based on surveys sent to national bank regulatory, supervisory authorities, are now available to researchers, and policymakers around the world. The data cover such aspects of banking as entry requirements, ownership restrictions, capital requirements, activity restrictions, external auditing requirements, characteristics of deposit insurance schemes, loan classification and provisioning requirements, accounting and disclosure requirements, troubled bank resolution actions...

Results and Performance of the World Bank Group 2013 : An Independent Evaluation, Volume 2. Appendixes

Independent Evaluation Group
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
56.28%
The global extreme poverty rate has fallen by half since 1990, but progress within the developing world has been uneven. Extreme poverty remains widespread in most low-income countries while many middle-income countries also continue to have substantial levels with many people there who have escaped extreme poverty remaining poor and vulnerable. Nor has there been robust progress in sharing prosperity: in many developing countries rapid growth has been accompanied by rising inequality, often with a geographic and ethnic dimension as progress in isolated areas has lagged behind. This appendix describes select elements of the evaluation systems in the World Bank, the International Finance Corporation (IFC), and the Multilateral Investment Guarantee Agency (MIGA) that are the basis for this report. They illustrate commonalities as well as differences in evaluation practices across the institutions. The World Bank, IFC, and MIGA differ in the instruments and approaches they use to achieve development results. Each institution has an evaluation system tailored to its needs. In each organization...

Indonesia : Repeat Public Expenditure and Financial Accountability Report and Performance Indicators

World Bank
Fonte: World Bank, Jakarta Publicador: World Bank, Jakarta
EN_US
Relevância na Pesquisa
56.21%
This public expenditure and financial accountability (PEFA) assessment for Indonesia was undertaken by a team of World Bank staff and development partners with close involvement of counterparts from the Government of Indonesia, including the ministry of finance, state ministry of development planning (Bappenas), and some line ministries. The objective of the assessment is to update the integrated, standardized, indicator-led assessment of public financial management (PFM) systems, processes, and institutions as a whole against good international practices. This PEFA assessment has been funded by the Bank and a multi-donor trust fund, supported by contributions from the European Commission, the Governments of the Netherlands and the Swiss Confederation, and United States Agency for International Development (USAID). This report focuses mainly on the changes in the performance of the PFM system from 2007 to 2011. This report focuses largely on the major changes since 2007, and also on the ongoing reforms that should impact an assessment in the future organizations. It provides an integrated...

IEG Annual Report 2011 : Results and Performance of the World Bank Group

Independent Evaluation Group
Fonte: Washington, DC: World Bank Group Publicador: Washington, DC: World Bank Group
EN_US
Relevância na Pesquisa
56.21%
The work of the World Bank Group (WBG) in helping reduce poverty supports four core goals at both global and country levels: expanding economic opportunities, enhancing human development, mitigating socioeconomic and environmental risks, and improving governance and public sector effectiveness. In the first half of the 2000s, developing countries made advances in these areas, leading to a significant reduction in poverty. Historically high economic growth rates as well as improvements in key aspects of human development made the difference. A series of global economic crises as well as natural disasters contributed to setbacks, while global climate change continued to threaten progress. These global shifters need to be confronted by development strategies. Improving governance and public sector effectiveness is key to reducing poverty further. The quality of public sector management also affects the WBGapos;s development effectiveness in countries. WBG-supported country program and project outcomes are lower in countries with poorer quality public sector management...

Bank Privatization and Performance : Empirical Evidence from Nigeria

Beck, Thorsten; Cull, Robert; Jerome, Afeikhena
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH
Relevância na Pesquisa
56.26%
The authors assess the effect of privatization on performance in a panel of Nigerian banks for the period 1990-2001. They find evidence of performance improvement in nine banks that were privatized, which is remarkable given the inhospitable environment for true financial intermediation. Their results also suggest negative effects of the continuing minority government ownership on the performance of many Nigerian banks. The authors' results complement aggregate indications of decreasing financial intermediation over the 1990s. Banks that focused on investment in government bonds and non-lending activities enjoyed a relatively higher performance.

Challenges to Enterprise Performance in the Face of the Financial Crisis : Eastern Europe and Central Asia

World Bank
Fonte: World Bank Publicador: World Bank
Tipo: Publications & Research :: Publication; Publications & Research :: Publication
ENGLISH
Relevância na Pesquisa
56.24%
This report takes stock of enterprise sector performance in the Europe and Central Asia (ECA) region and its key drivers: access to finance, infrastructure, and labor. It is the second of two complementary reports that examine selected trends emerging from the Business Environment and Enterprise Performance Survey (BEEPS) data that are of immediate policy relevance to ECA countries. Both reports draw primarily on information from data collected prior to the crisis. This report also uses data on employment and access to finance collected during the crisis in a subset of ECA countries. The global financial crisis has had enormous consequences for firms' access to finance, the availability of qualified workers, and the ability of governments to provide (and of private sector to obtain) reliable infrastructure services. The extent and impact of these constraints is yet to be determined but their presence at a time of economic growth suggests they may re-emerge during the post-crisis economic recovery. The BEEPS captures information on a number of aspects of the business environment. This report highlights the elements of firm finance...

Corporate Governance and Bank Insolvency Risk : International Evidence

Anginer, Deniz; Demirguc-Kunt, Asli; Huizinga, Harry; Ma, Kebin
Fonte: World Bank Group, Washington, DC Publicador: World Bank Group, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
56.2%
This paper finds that shareholder-friendly corporate governance is positively associated with bank insolvency risk, as proxied by the Z-score and the Merton's distance to default measure, for an international sample of banks over the 2004-08 period. Banks are special in that "good" corporate governance increases bank insolvency risk relatively more for banks that are large and located in countries with sound public finances, as banks aim to exploit the financial safety net. Good corporate governance is specifically associated with higher asset volatility, more nonperforming loans, and a lower tangible capital ratio. Furthermore, good corporate governance is associated with more bank risk-taking at times of rapid economic expansion. Consistent with increased risk-taking, good corporate governance is associated with a higher valuation of the implicit insurance provided by the financial safety net, especially in the case of large banks. These results underline the importance of the financial safety net and too-big-to-fail policies in encouraging excessive risk-taking by banks.

Banking Systems Around the Globe : Do Regulation and Ownership Affect the Performance and Stability?

Barth, James R.; Caprio, Gerard, Jr.; Levine, Ross
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
56.24%
The authors report cross-country data on commercial bank regulation and ownership in more than 60 countries. They evaluate the links between different regulatory/ownership practices in those countries and both financial sector performance and banking system stability. They document substantial variation in response to these questions: Should it be public policy to limit the powers of commercial banks to engage in securities, insurance, and real estate activities? Should the mixing of banking and commerce be restricted by regulating commercial bank's ownership of non-financial firms and non-financial firms' ownership of commercial banks? Should states own commercial banks, or should those banks be privatized? They find: 1) There is no reliable statistical relationship between restrictions on commercial banks' ability to engage in securities, insurance, and real estate transactions and how well-developed the banking sector, how well-developed securities markets and non-bank financial intermediaries are, or the degree of industrial competition. Based on the evidence...

Financial Structure and Bank Profitability

Demirgüç-Kunt, Aslı; Huizinga, Harry
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research; Publications & Research :: Policy Research Working Paper
EN_US
Relevância na Pesquisa
66.24%
Countries differ in the extent to which their financial systems are bank-based or market-based. The financial systems of Germany and Japan, for example, are considered bank-based because banks play a leading role in mobilizing savings, allocating capital, overseeing investment decisions of corporate managers, and providing risk management vehicles. The systems of the United States, and the United Kingdom are considered more market-based. Using bank-level data for a large number of industrial and developing countries, the authors present evidence about the impact of financial development, and structure on bank performance. They measure the relative importance of bank or market finance by the relative size of stock aggregates, by relative trading or transaction volumes, and by indicators of relative efficiency. They show that in developing countries, both banks and stock markets are less developed, but financial systems tend to be more bank-based. The richer the country, the more active are all financial intermediaries. The greater the development of a country's banks, the tougher is the competition, the greater is the efficiency, and the lower are the bank margins, and profits. The more under-developed the stock market, the greater are the bank profits. But financial structure per se does not have a significant...

Belarus - Industrial Performance before and During the Global Crisis : Belarus Economic Policy Notes - Note No. 1

World Bank
Fonte: World Bank Publicador: World Bank
Tipo: Economic & Sector Work :: Country Economic Memorandum
ENGLISH
Relevância na Pesquisa
56.21%
This note attempts to analyze and tentatively answer these questions by focusing on the drivers of growth and productivity, labor markets and enterprise restructuring, as well as the state system of enterprise support, which is key to understanding the interplay between the state and the economy in Belarus. The period of analysis covers 2004-08 with appropriate references to the previous periods and comparisons with Russia and/or other Commonwealth of Independent States (CIS) countries. The final section explores the Belarus's industrial performance in the period of the global crisis (late 2008-09) and reviews the government's policies that have been largely responsible for a relatively mild effect of the crisis on economic dynamics in the country. The analysis is based on the official statistics provided to the team by the National Statistics Committee (Belstat), National Bank, and various ministries, as well as statistics from other national and international statistical sources. In addition, the analysis benefited from the data provided by various enterprise surveys undertaken by the Research Institute by the Ministry of Economy (RIME) and from two sector case studies (in machinery and dairy sub-sectors). Belarus has weathered the crisis so far better than most of its neighbors...

Belarus - Industrial Performance Before and During the Global Crisis : Belarus Economic Policy Notes : Note No. 2

World Bank
Fonte: World Bank Publicador: World Bank
Tipo: Economic & Sector Work :: Country Economic Memorandum
ENGLISH
Relevância na Pesquisa
56.22%
This note attempts to analyze and tentatively answer these questions by focusing on the drivers of growth and productivity, labor markets and enterprise restructuring, as well as the state system of enterprise support, which is key to understanding the interplay between the state and the economy in Belarus. The period of analysis covers 2004-08 with appropriate references to the previous periods and comparisons with Russia and/or other Commonwealth of Independent States (CIS) countries. The final section explores the Belarus's industrial performance in the period of the global crisis (late 2008-09) and reviews the government's policies that have been largely responsible for a relatively mild effect of the crisis on economic dynamics in the country. The analysis is based on the official statistics provided to the team by the National Statistics Committee (Belstat), National Bank, and various ministries, as well as statistics from other national and international statistical sources. In addition, the analysis benefited from the data provided by various enterprise surveys undertaken by the Research Institute by the Ministry of Economy (RIME) and from two sector case studies (in machinery and dairy sub-sectors). Belarus has weathered the crisis so far better than most of its neighbors...

State Bank Transformation in Brazil :­ Choices and Consequences

Beck, Thorsten; Crivelli, Juan Miguel; Summerhill, William
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH
Relevância na Pesquisa
66.18%
The authors analyze the different options-liquidation, federalization, privatization, and restructuring-that the Brazilian state government had for the transformation of state banks under the Programa de Incentivo á Redução do Setor Público Estadual na Atividade Bancária (PROES) in the late 1990s. Specifically, they explore the factors behind the states' choices and the effects of the transformation process on bank performance and efficiency. The authors find that states that were more dependent on federal transfers, whose banks were already under federal intervention and that established development agencies were more likely to relinquish control over their banks and transformation processes. They also find that privatized banks had improved performance, while restructured banks did not.

Bank Privatization in Argentina : A Model of Political Constraints and Differential Outcomes

Clarke, George R.G.; Cull, Robert
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
56.21%
Based on results from country case studies, many researchers have claimed that political constraints affect bank privatization transactions, which in turn affect the post-privatization performance of the banking sector. But no study has either econometrically tested how political constraints affect bank privatization transactions or theretically modeled the privatization transaction. The authors present a simple theoretical framework that models the inherent tradeoffs faced by governments and potential buyers in privatization transactions involving banks. The potential buyer is concerned about the probability that the bank will remain solvent, about the profits it will earn after privatization, and about the price paid for the assets and liabilities. The government is concerned about the price received for the assets, about layoffs, and about service coverage after privatization. The evidence from bank privatization transactions in Argentina in the 1990s supports several of their theoretical predictions. In particular...