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Are Deposits a Stable Source of Funding for Microfinance Institutions?

Abakaeva, Julia; Glisovic-Mezieres, Jasmina
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Relevância na Pesquisa
36.68%
Poor people save. The conventional view is that low-income depositors transact more frequently than holders of larger accounts and are more prone to income disruptions from natural disasters, health issues, crime, and other factors. This perception makes financial institutions stepping into the under-served low-income space worry about whether they can use small deposits to fund their lending operations. But new research finds that under normal circumstances, aggregate balances for low-income accounts move gradually, and they are not prone to abrupt month-by month swings. This should make liquidity management easier because it gives the institutions enough time to adjust to changes in deposit supply over several months.

Realizing the Potential of Islamic Finance

Mohieldin, Mahmoud
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Relevância na Pesquisa
26.27%
Islamic finance has been growing rapidly in recent years. Motivated by a heightened interest in financial instruments that emphasize risk sharing, it has been attracting greater attention in the wake of the recent financial crisis. This class of instruments appears to have avoided many of the most severe consequences of the crisis. Several features underpin the expansion and performance of Islamic finance. Addressing key regulatory and governance issues will be essential for Islamic finance to achieve its full potential. Several multilateral development institutions, including the World Bank, have longstanding programs to support the development of the industry and have used Islamic instruments, to varying extents, to tap capital markets. In the coming years, Islamic finance could account for a substantial share of financial services in several countries, meeting the preferences of significant numbers of people, enhancing financial inclusion and intermediation, and contributing more broadly to financial stability and development.

Slovakia - Technical Note on Consumer Protection in Financial Services : Volume 2 Sectoral Analyses and Good Practice Reviews

World Bank
Fonte: Washington, DC Publicador: Washington, DC
EN_US
Relevância na Pesquisa
26.54%
As financial markets develop and deepen, one of the key issues for the fair, open and efficient operation of the markets is the protection of consumers rights in financial services. Be they bank depositors or borrowers or investors in insurance policies, securities or investment or pension funds, financial consumers need the ability to accurately understand the terms and conditions of their contracts and take action if the terms of contracts have been violated. The Note is the second report in a pilot program to analyze consumer protection in financialservices.The objectives of the Note are three-fold, to: (1) present a set of draft good practices for assessing consumer protection in financial services; (2) conduct a review of the existing rules and practices in Slovakia compared to the draft practices; and (3) provide recommendations on ways to improve consumer protection in financial services in Slovakia. The Technical Note wasprepared at the request of the Slovak Ministry of Finance, with the valuable support of the National Bank of Slovakia and other government agencies...

Nepal Contingency Planning Project

World Bank
Fonte: Washington, DC Publicador: Washington, DC
EN_US
Relevância na Pesquisa
26.43%
The Nepalese authorities have made important progress in strengthening the financial stability framework. This framework consists of provisions for liquidity support to banks, supervisory practices, and problem bank resolution mechanisms. Some liquidity facilities have been put in place, supervisory actions strengthened, and amendments to bank resolution laws have been passed that improved the ability of the Nepalese Government to manage the growing financial sector. Notwithstanding this progress, some additional refinements are warranted. The banking sector is growing rapidly, with new entrants increasing the risk profile of the system. At the same time, the economic conditions of the country are less beneficial than in the past. Accordingly, some strengthening of the existing framework is advisable. Areas for strengthening include: preconditions for effective crisis management; development of a crisis management framework; and preparation of a step-by-step plan for meeting the crisis. This report focuses on two aspects of contingency planning. First...

Macroeconomic Context and Fiscal Policy Design : Europe and Central Asia during 2000–2012

Islam, Roumeen
Fonte: World Bank, Washington, D.C. Publicador: World Bank, Washington, D.C.
EN_US
Relevância na Pesquisa
26.74%
This paper examines the interaction between fiscal policy and the broader macroeconomic context in open economies. It asks two questions. First, what was the relationship between fiscal policy and current account balances in countries in Europe and Central Asia during the past dozen years? Second, how might changes in (a) output composition and (b) financial sector profitability affect revenues and thus, the assessment of the underlying structural fiscal balance? The study finds that, for flexible exchange rate countries, expansionary fiscal policy has been associated with wider current account deficits. Moreover, changes in net exports and in financial sector profitability may have significant impacts on fiscal balances because of changes in revenues from the value-added tax and the corporate profits tax as a share of gross domestic product. These findings suggest that the countries of Europe and Central Asia have reason to be prudent in terms of fiscal policy choices, even as gross domestic product rises.

Nepal Development Update, April 2014

World Bank
Fonte: Washington, DC Publicador: Washington, DC
EN_US
Relevância na Pesquisa
26.27%
The enabling environment for the development of Nepal has improved, but opportunities need to be effectively leveraged through focused policy action. Nepal has significant resources in the form of remittances from abroad, but the economy cannot use these resources in a productive manner to enhance the overall welfare of all citizens. Specific priorities for development include: (1) creating a growth promotion vision and agenda; (2) resolution of Nepal s fiscal paradox ; (3) boosting investments; and (4) tackling enduring financial sector risks and managing excess. After a difficult year in FY13, the economy is poised to recover, albeit modestly. In FY13, Nepal achieved only modest growth of 3.6 percent. This was due largely to poor performance of the agricultural sector as well as very modest levels of industrial activity. Nepal s internal and external balances are sound but not for the right reasons. Low expenditure and robust revenue growth accounted for a large budget surplus and declining debt. Nepal s external position is comfortable because of large remittance inflows. On the external side...

Global Survey on Consumer Protection and Financial Literacy : Oversight Frameworks and Practices in 114 Economies

World Bank
Fonte: Washington, DC Publicador: Washington, DC
EN_US
Relevância na Pesquisa
26.37%
Financial consumer protection and financial education policies, in conjunction with the regulation of financial institutions and markets, need to ensure safe access to financial services and support financial stability and financial inclusion objectives. Consumer protection and financial literacy can contribute to improved efficiency, transparency, competition, and access to retail financial markets by reducing information asymmetries and power imbalances among providers and users of financial services. Rapid progress toward widespread financial inclusion must be appropriately complemented with checks and balances that ensure a responsible provision of financial services and products. A number of international efforts are in place to improve dialogue and identify best practices in financial consumer protection. To contribute to the international dialogue on financial consumer protection the World Bank in conjunction with Fin-CoNet, an international cooperation platform for supervisory agencies in the area of financial consumer protection...

Financial Sector Assessment Program - Albania : Public Debt Management

World Bank; International Monetary Fund
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
26.48%
Government debt continues to expand, reaching over all 872 billion, approximately 62 percent of gross domestic product (GDP), as of end-September 2013. Domestic debt grew sharply in the first half of 2013, emanating largely from poor tax revenue performance, together with the accumulation of a large stock of unpaid bills and arrears. External debt creditors comprise multilaterals, bilateral creditors, and private creditors. The concentrated nature of the investor base and the high domestic debt stock limit the choices available to debt management, particularly with regards to extending the maturity of the domestic debt. Public debt management in Albania follows an organized process but will benefit from a number of technical changes. The domestic borrowing plan has been revised frequently due to unexpected flows in the treasury account. In an environment of volatile treasury balances, cash flows safety nets or minimum cash buffers should be implemented. A number of initiatives are recommended to improve the transmission of price signals in the primary market - overall this will provide incentives for secondary market development. To support the development of the secondary market the General Directorate of public debt management should modify its issuance program and focus on key maturities on the yield curve. It is suggested that the issuance program takes a small step in this direction by limiting the number of tenors and focusing on for example...

Implementation of Treasury Single Account and Strengthening of Cash Management in Vietnam

World Bank
Fonte: Washington, DC Publicador: Washington, DC
EN_US
Relevância na Pesquisa
26.59%
Vietnam has made progress to improve oversight and control over cash balances for the state budget. The current arrangement however falls short of a treasury single account (TSA), which has led to inefficiencies in the management of cash balances and higher than necessary borrowing costs. In response to this, the Government of Vietnam has embarked on reforms to adopt a TSA and strengthen overall cash management. This policy note provides a review of progress in implementing a TSA system in Vietnam, the remaining challenges and obstacles, and how to overcome these for further TSA and cash management reforms. It is the product of ongoing discussions between the World Bank and the Ministry of Finance. Part A gives background and motivation; part B provides an overview of the state treasury system in Vietnam; part C reviews the progress in establishing a TSA, including against benchmarks of international good practice, and makes recommendations for priority next steps; and part D concludes with a review of cash management functions.

Jamaica

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Relatório
EN_US
Relevância na Pesquisa
26.37%
Jamaica has experienced 30 years of low economic growth and high fiscal deficits, with a significant impact on the development of the financial sector. As part of the overall growth and competitiveness reform agenda, the authorities have embarked on ambitious financial sector legislation reforms to address weaknesses. Lack of access to credit and equity constrain Micro, Small and Medium Sized Enterprise (MSME) operations and growth, and ultimately their contribution to the economy. High interest rates and low penetration of credit to households and MSMEs can be explained by high credit risk as a result of high information asymmetries in the market, as well as limited competition in the banking sector. The authorities should complete the establishment of a regulatory and supervisory framework for deposit-taking institutions proportionate to the risks and the activities they undertake. The impact of public policies has been limited and programs on housing, MSME finance, and agriculture finance would be welcomed to address market gaps...

Corporate Governance in Microfinance Institutions

Di Benedetta, Pasquale; Lieberman, Ira W.; Ard, Laura
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Relatório
EN_US
Relevância na Pesquisa
26.37%
This paper is organized as follows: this introduction is followed by a primer on the industry and on the evolution of the microfinance sector. The authors then examine the structure of the microfinance industry, (a) NGOs, cooperatives and credit unions, and commercialized vehicles; how they differ and why corporate governance differs according to the nature of the MFI; and (b) large networks, investment and bank-holding groups, and social services/faith-based groups. The authors then consider how corporate governance evolves and develops in MFIs as their structure and ownership changes. This is followed by an examination of the recurring issues and growing risks in the microfinance industry. The authors conclude with a look at the responses of governments, investors, and the industry itself to these issues and risks and propose some next steps.

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
46.66%
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.

Moldova Financial Sector Assessment Program; Bank Crisis Resolution

International Monetary Fund
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Report; Economic & Sector Work :: Financial Sector Assessment Program; Economic & Sector Work
ENGLISH; EN_US
Relevância na Pesquisa
26.5%
The FSAP mission to Moldova included an assessment of the financial crisis resolution framework, focusing on bank resolution arrangements. The FSAP did not include an assessment of crisis resolution arrangements in respect of insurance, Financial Market Infrastructure (FMI) or other types of financial institutions. However, many of the findings and recommendations made in this report in relation to bank crisis resolution are also likely to be pertinent to other parts of the financial sector. Accordingly, the authorities are encouraged to draw on this Technical Note to assist them in reviewing the crisis resolution framework applicable to insurance, FMI and other categories of financial institution. The assessment was undertaken having regard to the principles set out in the Financial Stability Board’s (FSB’s) key attributes of effective resolution regimes for financial institutions (key attributes). In undertaking this assessment, the mission reviewed relevant legislation applicable to bank crisis resolution...

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
36.64%
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 Development in Africa : Opportunities and Challenges

Beck, Thorsten; Maimbo, Samuel Munzele
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
Tipo: Publications & Research :: Publication; Publications & Research :: Publication
ENGLISH; EN_US
Relevância na Pesquisa
26.71%
Africa's financial systems face challenges across many dimensions, as discussed in the report financing Africa: through the crisis and beyond. The analysis in that report was based partly on several detailed background papers that are included in this volume. The next six chapters are written by experts in their respective areas and provide an in-depth analysis of these challenges and present possible solutions. In this introduction, the authors provide an overview of the different chapters and how they are related to each other and the main volume. The three chapters in first part focus on key challenges concerned with access to financial services, including financial and operational deficiencies in the microfinance market, reaping the benefits from the technological revolution of retail banking, and deepening and broadening agricultural finance across Africa. The three chapters thus each cover different aspects with a different focus, ranging from an institutional approach to a focus on innovation as a driver of financial broadening to an important element of financial infrastructure to a specific sector. The second part includes the fourth chapter...

Indonesia Economic Quarterly FY14 : Compilation of the July 2013, October 2013, December 2013 and March 2014 Indonesia Economic Quarterly Reports

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work; Economic & Sector Work :: Economic Updates and Modeling
ENGLISH; EN_US
Relevância na Pesquisa
26.58%
The Indonesia Economic Quarterly (IEQ) has two main aims. First, it reports on the key developments over the past three months in Indonesia's economy, and places these in a longer term and global context. Based on these developments and on policy changes over the period, the IEQ regularly updates the outlook for Indonesia's economy and social welfare. Second, the IEQ provides a more in-depth examination of selected economic and policy issues, and analysis of Indonesia's medium-term development challenges. It is intended for a wide audience, including policymakers, business leaders, financial market participants, and the community of analysts and professionals engaged in Indonesia's evolving economy. Indonesia's fiscal and monetary policy settings will continue to play a key role in facilitating the adjustments now taking place and in minimizing associated risks. There are, however, trade-offs between the objectives of restraining inflation, supporting growth and adjusting the current account deficit to the tighter financing environment. Monetary policy faces the challenge of calibrating interest and exchange rates so as to guard against rising inflationary pressures as cost pressures rise (such as from the pass-through of the weaker currency or wage increases) while facilitating improvements in the external balances...

Indonesia Economic Quarterly, December 2013 : Slower Growth, High Risks

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Economic Updates and Modeling
ENGLISH; EN_US
Relevância na Pesquisa
26.4%
The Indonesia Economic Quarterly (IEQ) has two main aims. First, it reports on the key developments over the past three months in Indonesia's economy, and places these in a longer-term and global context. Based on these developments, and on policy changes over the period, the IEQ regularly updates the outlook for Indonesia's economy and social welfare. Second, the IEQ provides a more in-depth examination of selected economic and policy issues, and analysis of Indonesia's medium-term development challenges. This document summarizes the findings of the IEQ for the last quarter of 2013. The final quarter has seen the continuing adjustment of the Indonesian economy to more subdued commodity prices and tighter external financing conditions, and to the related pressures on external balances. Policies have responded, particularly through tighter monetary conditions, the currency has depreciated substantially in real terms, and investment spending and output growth have weakened. These developments are broadly supportive of continued macroeconomic stability...

Blanket Guarantees

Feyen, Erik; Vittas, Dimitri
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Brief; Publications & Research
ENGLISH
Relevância na Pesquisa
26.65%
The expansion of deposit insurance and introduction of debt guarantees have played a crucial role in containing the financial crisis while giving governments time to develop suitable policy responses. But these measures do not address the root causes of the crisis, and they lead to competitive distortions, moral hazard, and large fiscal contingent liabilities. Rolling them back is likely to require an internationally coordinated effort and an answer to the important question, 'exit to what?'

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
46.67%
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.

Increasing Revenues for India Post through Expanding Channeling of Financial Services

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
26.37%
This report analyzes possibilities for increasing revenues for India Post through expanding channeling of financial services. The Indian postal network is among the largest networks in the world in terms of area covered and population served, and constitutes an important mechanism of achieving transportation and communication. Within India Post, the Post Office Savings Bank (POSB) is one of the oldest and largest financial institutions (with largest deposit base) in the country. The key objective of POSB is to provide people living in rural, semi-urban, remote and inaccessible areas of the country with an easy and reliable means of making investments, making remittances and operating savings accounts. It is of strategic importance for POSB to increase market-based revenues so as to gain better control of its market orientation and revenue structure. In addition, though POSB still retains competitive advantages over commercial banks, it will not be long before the competition replicates these advantages. Hence...