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Deposit Insurance Design and Implementation : Policy Lessons from Research and Practice

Demirgüç-Kunt, Asli; Kane, Edward J.; Laeven, Luc
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Relevância na Pesquisa
37%
This paper illustrates the trends in deposit insurance adoption. It discusses the cross-country differences in design, and synthesizes the policy messages from cross-country empirical work as well as individual country experiences. The paper develops practical lessons from this work and distills the evidence into a set of principles of good design. Cross-country empirical research and individual-country experience confirm that, for at least the time being, officials in many countries would do well to delay the installation of a deposit insurance system.

How Does Deposit Insurance Affect Bank Risk? Evidence from the Recent Crisis

Anginer, Deniz; Demirguc-Kunt, Asli; Zhu, Min
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
37.2%
Deposit insurance is widely offered in a number of countries as part of a financial system safety net to promote stability. An unintended consequence of deposit insurance is the reduction in the incentive of depositors to monitor banks, which leads to excessive risk-taking. This paper examines the relation between deposit insurance and bank risk and systemic fragility in the years leading to and during the recent financial crisis. It finds that generous financial safety nets increase bank risk and systemic fragility in the years leading up to the global financial crisis. However, during the crisis, bank risk is lower and systemic stability is greater in countries with deposit insurance coverage. The findings suggest that the "moral hazard effect" of deposit insurance dominates in good times while the "stabilization effect" of deposit insurance dominates in turbulent times. Nevertheless, the overall effect of deposit insurance over the full sample remains negative since the destabilizing effect during normal times is greater in magnitude compared with the stabilizing effect during global turbulence. In addition...

The Political Economy of Deposit Insurance

Laeven, Luc
Fonte: World Bank, Washington, D.C. Publicador: World Bank, Washington, D.C.
EN_US
Relevância na Pesquisa
37.02%
The author uses a political economy framework to analyze cross-country differences in deposit insurance coverage. He finds supporting evidence of the significance of private interest theories in explaining coverage of deposit insurance. Deposit insurance coverage is significantly higher in countries where poorly capitalized banks dominate the market and in countries where depositors are poorly educated. The author does not find that coverage is significantly related to political-institutional variables, such as the degree of democracy or restraints on the executive, or to proxies for the general level of institutional development, such as per capita income or property rights. These results provide evidence in support of the private interest view, according to which risky banks lobby for extensive coverage.

How Does Deposit Insurance Affect Bank Risk? Evidence from the Recent Crisis

Anginer, Deniz; Demirguc-Kunt, Asli; Zhu, Min
Fonte: Elsevier Publicador: Elsevier
Tipo: Artigo de Revista Científica
EN_US
Relevância na Pesquisa
37.02%
Deposit insurance is widely offered in a number of countries as part of a financial system safety net to promote stability. An unintended consequence of deposit insurance is the reduction in the incentive of depositors to monitor banks which lead to excessive risk-taking. We examine the relation between deposit insurance and bank risk and systemic fragility in the years leading up to and during the recent financial crisis. We find that generous financial safety nets increase bank risk and systemic fragility in the years leading up to the global financial crisis. However, during the crisis, bank risk is lower and systemic stability is greater in countries with deposit insurance coverage. Our findings suggest that the “moral hazard effect” of deposit insurance dominates in good times while the “stabilization effect” of deposit insurance dominates in turbulent times. The overall effect of deposit insurance over the full sample we study remains negative since the destabilizing effect during normal times is greater in magnitude compared to the stabilizing effect during global turbulence. In addition, we find that good bank supervision can alleviate the unintended consequences of deposit insurance on bank systemic risk during good times...

Deposit Insurance around the World

Demirgüç-Kunt, Asli; Sobaci, Tolga
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Artigo de Revista Científica
EN_US
Relevância na Pesquisa
37.16%
In the past two decades, in a series of banking crises around the world, banks have become systematically insolvent. These crises have occurred in developed and developing economies alike. To make such financial system breakdowns less likely and to limit their costs if they occur, policymakers feel the need for financial safety nets. These include such policies as implicit or explicit deposit insurance, a lender of last resort function of the central bank, bank insolvency resolution procedures, and bank regulation and supervision. Of these policies, explicit deposit insurance has been gaining popularity in recent years. Since the 1980s the number of countries with explicit deposit insurance schemes almost tripled, with most OECD countries and an increasing number of developing economies adopting some form of explicit depositor protection. In 1994 deposit insurance became the standard for the newly created single banking market of the European Union. Establishing an explicit deposit insurance scheme became part of the generally accepted best practice advice given to developing economies.

Bank Risk and Deposit Insurance

Laeven, Luc
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Artigo de Revista Científica
EN_US
Relevância na Pesquisa
37.18%
Arguing that a relatively high cost of deposit insurance indicates that a bank takes excessive risks, this article estimates the cost of deposit insurance for a large sample of banks in 14 economies to assess the relationship between the risk-taking behavior of banks and their corporate governance structure. The results suggest that banks with concentrated ownership tend to take the greatest risks, and those with dispersed ownership engage in a relatively low level of risk taking. Moreover, as a proxy for bank risk, the cost of deposit insurance has some power in predicting bank distress

Pricing of Deposit Insurance

Laeven, Luc
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
37.12%
The author aims to provide guidelines for the pricing of deposit insurance in different countries. He presents several methodologies that can be used to set benchmarks for the pricing level of deposit insurance in a country, and quantifies how specific design features affect the cost of deposit insurance. The author makes several contributions to our understanding of what drives the price of deposit insurance. For example, he shows how risk diversification and risk differentiation within a deposit insurance system can reduce the price of deposit insurance. The author also finds that deposit insurance is under-priced in many countries around the world, notably in several developing countries. More important, his estimates suggest that many countries cannot afford deposit insurance. Deposit insurance is unlikely to be a viable option in a country with weak banks and institutions. The author does not recommend a funded deposit insurance scheme, but rather he argues that for countries that have adopted or are adopting deposit insurance and have decided to pre-fund it...

Deposit Insurance and Financial Development

Cull, Robert; Senbet, Lemma W.; Sorge, Marco
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
37.04%
The authors examine the effect of different design features of deposit insurance, on long-run financial development, defined to include the level of financial activity, the stability of the banking sector, and the quality of resource allocation. Their empirical analysis is guided by recent theories of banking regulation, that employ an agency framework. The authors examine the effect of deposit insurance on the size, and volatility of the financial sector, in a sample of fifty eight countries. They find that generous deposit insurance, leads to financial instability in lax regulatory environments. But in sound regulatory environments, deposit insurance does have the desired impact on financial development, and growth. Thus, countries introducing a deposit insurance scheme, need to ensure that it is accompanied by a sound regulatory framework. Otherwise, the scheme will likely lead to instability, and deter financial development. In weak regulatory environments, policymakers should at least limit deposit insurance coverage.

Deposit Insurance Around the Globe : Where Does It Work?

Demirguc-Kunt, Asli; Kane, Edward J.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
37.08%
Explicit deposit insurance has been spreading rapidly in recent years, even to countries not advanced in financial and institutional development. Economic theory indicates that deposit insurance design features interact--for good or ill--with country-specific elements of the financial and governmental contracting environment. The authors document the extent of cross-country differences in deposit insurance design and review empirical evidence on how design features affect private market discipline, banking stability, financial development, and the effectiveness of crisis resolution. This evidence challenges the wisdom of encouraging countries to adopt explicit deposit insurance without first addresing weaknesses in their informational and supervisory environments.

The Basil Cu-Co deposit, Huckitta project area, Harts Range, N.T., Australia: a possible metamorphosed volcanogenic massive sulphide deposit

Sharrad, K. A.
Fonte: Universidade de Adelaide Publicador: Universidade de Adelaide
Tipo: Tese de Doutorado
Publicado em //2012 EN
Relevância na Pesquisa
37%
Contemporary exploration models that link the common characteristics of a certain ore type depend upon an understanding of the mechanisms of ore formation and how these relate to the geological environment in which they occur. The Basil Cu-Co deposit is located in the Harts Range, Central Australia. The deposit is hosted by a sequence that has been metamorphosed to amphibolite and granulite facies conditions twice (480-460 Ma and 450-300 Ma). As a result, many of the primary mineralisation textures and other characterising features have been destroyed, thus making it difficult to place the deposit within traditional genetic categories. Mineralogical, petrographic and geochemical studies of host rocks and sulphides in the zone of mineralisation, focussing on preserved textures and mineral relationships, allow some constraints to be placed on the genetic history of the deposit. Results permit several genetic models to be ruled out. Firstly, whole rock geochemistry and garnet compositions suggest that the deposit is not a hydrothermal skarn system. Secondly, the lack of any significant Ni-signature, and presence of abundant zircons in amphibolite (indicating that not all host rocks are mafic in character), makes a magmatic-hosted Ni-Cu-(PGE) system unlikely. Tentatively...

Moldova Financial Sector Assessment Program; Core Principles for Effective Deposit Insurance Systems

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Report; Economic & Sector Work :: Financial Sector Assessment Program; Economic & Sector Work
ENGLISH; EN_US
Relevância na Pesquisa
37.2%
During February 17 to March 5, 2014 an assessment under the international monetary fund (IMF) and World Bank financial sector assessment program (FSAP) was conducted for the Republic of Moldova. As part of the FSAP, the deposit insurance system was assessed against the Basel committee on banking supervision (BCBS) - International Association of Deposit Insurers (IADI) core principles for effective deposit insurance systems. The team found the deposit guarantee fund (DGF) is compliant or largely compliant with 12 out of 17 applicable core principles, materially non-compliant with 4 core principles and non-compliant with one. This report presents review of the background and structure of the DGF, a review of preconditions for effective deposit insurance systems, a summary of key findings and recommendations, and a section providing the detailed assessment of the core principles.

Origin of the secondary REE-minerals at the Paratoo copper deposit near Yunta, South Australia

Brugger, J.; Ogierman, J.; Pring, A.; Waldron, H.; Kolitsch, U.
Fonte: Mineralogical Society Publicador: Mineralogical Society
Tipo: Artigo de Revista Científica
Publicado em //2006 EN
Relevância na Pesquisa
36.97%
The Paratoo copper deposit, located in the Neoproterozoic to Cambrian Adelaide Geosyncline, South Australia, produced around 360 tons of Cu between 1888 and 1967 from oxidized ores. The deposit is located in the core of a breached, doubly plunging anticline, near a zone of disruption containing brecciated Adelaidean sedimentary rocks and dolerite ('Paratoo Diapir'), and hosted in dolomitic shales of the Neoproterozoic Burra Formation. Near the surface, the mineralization resides mainly in deeply weathered quartz-magnetite-sulphide (pyrite, chalcopyrite) veins (≥ 10 cm wide). At depth, drill cores reveal disseminated magnetite, pyrite, chalcopyrite, copper sulphide and native copper associated with extensive potassic alteration. K-Na-rich fluids also affected the dolerite in the 'Paratoo diapir', resulting in the precipitation of K-feldspar, dravite and K-bearing chabazite-Na. The most likely scenario for the genesis of the Paratoo deposit involves circulation of basinal fluids, focusing into the 'Paratoo Diapir', and ore precipitation through neutralization by fluid-rock interaction with the dolomitic shales hosting the mineralization. The Paratoo deposit is deeply weathered, with malachite and chrysocolla (± tenorite and cuprite) containing the bulk of the copper recovered from the shallow workings. A diverse assemblage of secondary REE-bearing carbonate minerals...

Geochemistry and geochronology of the igneous suite associated with the Kelian epithermal gold deposit, Indonesia

Setiabudi, Bambang Tjahjono
Fonte: Universidade Nacional da Austrália Publicador: Universidade Nacional da Austrália
Tipo: Thesis (PhD)
Relevância na Pesquisa
37%
The Kelian gold deposit, located 250 km west of the provincial capital of Samarinda, East Kalimantan, is Indonesia's principal gold producer. The deposit is an intrusive-related low sulphidation system, situated within the Central Kalimantan Continental Arc, which consists of andesitic to rhyolitic volcanics and intrusives of Miocene age. Hydrothermal activity produced extensive brecciation, porphyry- to epithermal-style alteration and gold and base metals mineralisation. The nature of genetic relations is the main aspect of this study and is approached through the geochemical evolution of the calc-alkaline suites in relation to the metallic mineralisation. Geochemical evolution in the Miocence calc-alkaline suites from the Kalimantan volcanic arc exhibit two distinctive trends of magmatic differentiation The first trend is defined by a series of "productive" igneous suites such as Kelian, Muyup and Ritan, and is a "typical" calc-alkaline series characterised by low Mg, moderate K, relatively high Ti and Al and depletion in Cr and Sc. The second trend is defined by the chemical variations of the Magerang-Imang and Nakan suites which have remarkably high concentrations of MgO. Major and trace element geochemistry of the high Mg andesites from MagerangImang and Nakan is comparable with that of low-Ca type-2 boninites. The Kelian Igneous Complex is characterised by positive Zr and Hf anomalies in the trace element patterns which is uncommon for calc-alkaline subduction zone magmas. The chemical diversity in the Magerang-Imang and Nakan suite might have been generated by a combined wallrock assimilation and fractional crystallisation process involving a parental basaltic magma and a Zr-rich cumulate. It is suggested that the Magerang-lmang and Nakan high Mg andesites were fed by magma chambers that formed deep in the crust...

Poland : BCBS-IADI Core Principles for Effective Deposit Insurance Systems

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Financial Sector Assessment Program (FSAP); Economic & Sector Work
ENGLISH; EN_US
Relevância na Pesquisa
37.16%
During February 19-March 4, 2013 an assessment under the International Monetary Fund (IMF)/World Bank Financial Sector Assessment Program (FSAP) was conducted for the Republic of Poland. Poland's financial system has been expanding rapidly and remains dominated by banks. The total assets of the financial system grew from 86 percent of Gross Domestic Product (GDP) in 2005 to 124 percent of GDP in 2012. The banking system is dominated by a handful of foreign-owned banks. They control about 65 percent of the sector's assets-a sizeable proportion, but lower than in the Czech Republic, Hungary, and Slovakia. The Polish banking system is well capitalized and liquid. In aggregate, capital adequacy reached 14.7 percent, 90 percent of which is tier capital. Banks' profits in 2011 and 2012 were historically high, and regulations restricting dividend payouts aided capital building. Regulatory and supervisory efforts have helped improve the resilience of the banking system, but the economic slowdown will pose some challenges for banks. Poland's regulatory...

Financial Sector Assessment Program - Albania : Core Principles for Effective Deposit Insurance Systems

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
37.18%
This assessment of compliance with the core principles for effective deposit insurance systems (core principles) was conducted as a part of the Financial Sector Assessment Program (FSAP) performed by the International Monetary Fund and the World Bank at the request of the Albanian government. This assessment was conducted by Claire McGuire, Senior Financial Sector Specialist with the World Bank, during a mission to Albania from October 28th to November 11th, 2013. The assessment was based on a review of relevant laws, regulations and regulatory and supervisory practices related to the banking sector and the operations of ADIA. Multiple meetings were held with various employees of the Bank of Albania (BOA), Ministry of Finance (MOF), the Banker's Association, the two savings and credit associations, and ADIA. ADIA completed a self-assessment in preparation for the FSAP.

Financial Sector Assessment Program Update : Assessment of Philippines Deposit Insurance Corporation

International Monetary Fund; World Bank
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
37.2%
The global economic and financial sector crisis of 2008-09 became a stark reminder to countries around the world of the need for an effective process for maintaining the confidence of depositors and resolving troubled financial institutions with the least amount of adverse impact on the financial sector and the community served by the institutions. The role of deposit insurance was highlighted during this difficult time. Nations without a formal system found the need to reassure their citizens by announcing formal government guaranties. Nations with established systems were not immune from the public's concern and as a result many increased the allowable coverage. The Philippines, although somewhat immune from the global crisis, none the less felt the impact of the crisis and responded, as did other countries, by taking steps to address the possible impact of the crisis by bolstering depositor confidence. The Philippines stands out among its Asian neighbors at being in the forefront of deposit insurance. Long before deposit insurance became popular at the peak of the Asian financial crisis of the late 1990's...

Financial Sector Assessment Program : Malaysia - Core Principles for Effective Deposit Insurance Systems

International Monetary Fund; World Bank
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
37.18%
This assessment of compliance with the Core Principles for Effective Deposit Insurance Systems (Core Principles) was conducted as a part of the Financial Sector Assessment Program (FSAP) performed by the International Monetary Fund and the World Bank at the request of the Malaysian government. This assessment was conducted by Claire McGuire, Senior Financial Sector Specialist with the World Bank, during a mission to Malaysia from March 27 to April 13, 2012. The assessment was based on a review of relevant laws, regulations and regulatory and supervisory practices related to the conventional banking sector and the operations of PIDM. There has been no experience with bank failures in Malaysia since Perbadanan Insurans Deposit Malaysia (PIDM's) establishment in 2005. As a result the assessment looked at the relevant provisions of the legal framework without consideration of how the laws had been applied in practice or interpreted by the courts. Several weaknesses in the legal framework have been noted in this assessment.

Determinants of Deposit-Insurance Adoption and Design

Demirgüç-Kunt, Asli; Kane, Edward J.; 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
36.97%
The authors seek to identify factors that influence decisions about a country's financial safety net, using a new dataset on 170 countries covering the 1960-2003 period. Specifically, they focus on how outside influences, economic development, crisis pressures, and political institutions affect deposit insurance adoption and design. Controlling for the influence of economic characteristics and events such as macroeconomic shocks, occurrence and severity of crises, and institutional development, they find that pressure to emulate developed-country regulatory frameworks and power-sharing political institutions dispose a country toward adopting design features that inadequately control risk-shifting.

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
37.07%
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.

Deposit Insurance Database

Demirguc-Kunt, Asli; Kane, Edward; Laeven, Luc
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
37.22%
This paper provides a comprehensive, global database of deposit insurance arrangements as of 2013. The authors extend their earlier dataset by including recent adopters of deposit insurance and information on the use of government guarantees on banks' assets and liabilities, including during the recent global financial crisis. They also create a Safety Net Index capturing the generosity of the deposit insurance scheme and government guarantees on banks' balance sheets. The data show that deposit insurance has become more widespread and more extensive in coverage since the global financial crisis, which also triggered a temporary increase in the government protection of non-deposit liabilities and bank assets. In most cases, these guarantees have since been formally removed but coverage of deposit insurance remains above pre-crisis levels, raising concerns about implicit coverage and moral hazard going forward.