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Related Lending and Banking Development

Cull, Robert; Haber, Stephen; Imai, Masami
Fonte: Banco Mundial Publicador: Banco Mundial
Relevância na Pesquisa
37.15%
Does related lending have positive or negative effects on the development of banking systems? This paper analyzes a unique cross-country data set covering 74 countries from 1990 to 2007, and finds that related lending, on average, does not have any effect on the growth of credit. The authors do find, however, that there are conditional relationships: related lending tends to retard the growth of banking systems when rule of law is weak, while it tends to promote the growth of banking systems when rule of law is strong. They also find that related lending appears to be associated with looting when banks are owned by non-financial firms, but that it does not when non-financial firms are owned by banks. The results indicate that whether related lending is positive or pernicious depends critically on the institutional context in which it takes place; there is no single "best policy" regarding related lending. These findings are robust to alternative specifications, including instrumental variable regressions.

Mortgage Lending in Korea : An Example of a Countercyclical Macroprudential Approach

Chang, Soon-taek
Fonte: Banco Mundial Publicador: Banco Mundial
Relevância na Pesquisa
37.19%
Regulatory regimes are actively discussing macroprudential policy. Korea pursued a countercyclical macroprudential approach to prevent the overheating of mortgage lending and to minimize the risk of loan default. The Korean financial supervisory authority made adjustments in response to both the condition of the housing market and trends in mortgage loans. The lessons learned from the Korean experience are applicable to other situations. First, regulations regarding loan-to-value and debt-to-income ratios and other restrictions on mortgage lending can be employed as an important part of a countercyclical framework. Next, measures need to be applied in a timely manner and according to the specific conditions of each country. Finally, authorities should preemptively prepare macroprudential instruments before banks enter a period of rapid mortgage lending to avoid reckless mortgage lending operations and weaken any speculative motive in the housing market.

Bank Financing for SMEs around the World : Drivers, Obstacles, Business Models, and Lending Practices

Beck, Thorsten; Demirgüç-Kunt, Asli; Martínez Pería, María Soledad
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
Relevância na Pesquisa
37.17%
Using data from a survey of 91 banks in 45 countries, the authors characterize bank financing to small and medium enterprises (SMEs) around the world. They find that banks perceive the SME segment to be highly profitable, but perceive macroeconomic instability in developing countries and competition in developed countries as the main obstacles. To serve SMEs banks have set up dedicated departments and decentralized the sale of products to the branches. However, loan approval, risk management, and loan recovery functions remain centralized. Compared with large firms, banks are less exposed to small enterprises, charge them higher interest rates and fees, and experience more non-performing loans from lending to them. Although there are some differences in SMEs financing across government, private, and foreign-owned banks - with the latter being more likely to engage in arms-length lending - the most significant differences are found between banks in developed and developing countries. Banks in developing countries tend to be less exposed to SMEs...

Bank Involvement with SMEs : Beyond Relationship Lending

de la Torre, Augusto; Martínez Pería, María Soledad; Schmukler, Sergio L.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Relevância na Pesquisa
37.11%
The "conventional wisdom" in academic and policy circles argues that, while large and foreign banks are generally not interested in serving SMEs, small and niche banks have an advantage in doing so because they can overcome SME opaqueness through relationship lending. This paper shows that there is a gap between this view and what banks actually do. Banks perceive SMEs as a core and strategic business and seem well positioned to expand their links with SMEs. The recent intensification of bank involvement with SMEs in various emerging markets documented in this paper is neither led by small or niche banks nor highly dependent on relationship lending. Rather, all types of banks are catering to SMEs and larger, multiple-service banks have in fact a comparative advantage in offering a wide range of products and services on a large scale, through the use of new technologies, business models, and risk management systems.

Does IDA Engage in Defensive Lending?

Geginat, Carolin; Kraay, Aart
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Relevância na Pesquisa
37.15%
Multilateral development banks are frequently accused of "defensive lending," the practice of extending new loans purely in order to ensure that existing loans are repaid. This paper empirically examine this hypothesis using data on lending by and repayments to the International Development Association (IDA), which is the largest provider of concessional development loans to low-income countries. The authors argue that key institutional features of IDA both (i) potentially create incentives for defensive lending, and (ii) enable particularly sharp tests of the defensive lending hypothesis. The authors find that there is a surprisingly robust partial correlation between disbursements on new IDA loans and repayments on existing loans. However, a closer look at the evidence suggests that defensive lending is unlikely to be a major explanation for this partial correlation.

Bank Lending to Small and Medium Enterprises : The Republic of Serbia

World Bank
Fonte: Washington, DC Publicador: Washington, DC
EN_US
Relevância na Pesquisa
37.08%
This report presents findings of a study of Bank lending to small and medium enterprises (SME) in Serbia. The study uses methodology developed by the Bank and already used in a number of studies in South America. The study is based on answers to standard questionnaires and detailed on-site interviews with eight banks. The interviewed banks are the most active in SME lending in Serbia and account for about 70 percent of the total market. Banks are currently offering a fairly broad range of both tailored and standardized products and are increasingly flexible with product pricing. This includes checking, savings and time deposit accounts; export and import loans; overdrafts for working capital and investment loans; business credit cards; various types of payment services; Internet and phone banking. The report is organized as follows: section two describes the banking sector and markets in Serbia, reviews definition of SMEs and provides key characteristics of the SME finance market in Serbia. Section three discusses details of SME access to finance. It describes the drivers and obstacles...

Bank Lending to Small Businesses in Latin America : Does Bank Origin Matter?

Clarke, George R.G.; Cull, Robert; Martinez Peria, Maria Soledad; Sanchez, Susana M.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
37.17%
In recent years foreign bank participation has increased tremendously in Latin America. Some observers argue that foreign bank entry will benefit Latin American banking systems by reducing the volatility of loans and deposits and increasing efficiency. Others are concerned that foreign banks might choose to extend credit only to certain customers, leaving some sectors-such as small businesses-unserved. The authors examine this issue. Using bank-level data for Argentina, Chile, Colombia, and Peru during the mid-1990s, they empirically investigate whether bank origin affects the share and growth rate of bank lending to small businesses. They find that although foreign banks generally lent less to small businesses (as share of total lending) than private domestic banks, the difference is due primarily to the behavior of small foreign banks. The difference was considerably smaller for large and medium-sized banks. And in Chile and Colombia, large foreign banks might actually lend slightly more (as share of total lending) than large domestic banks.

Should Policy-Based Lending Still Involve Conditionality?

Koeberle, Stefan G.
Fonte: World Bank Publicador: World Bank
EN_US
Relevância na Pesquisa
37.08%
Traditional conditionality in policy-based lending is often criticized as being ineffective, intrusive, and corrosive. Disillusionment has led to replace ex ante conditionality with ex post conditionality and to focus on ownership, selectivity, and partnership. This article reviews experiences with conditionality in the World Bank policy-based lending and explores the benefits and drawbacks of various approaches. It argues that conditionality should play a central role in policy-based lending-but cannot substitute for country ownership and good policies. Moreover an exclusive focus on conditionality based on ex ante commitments or ex post results may not be practical or useful for the Bank policy-based lending. Thus a key recommendation in to use conditionality selectively, tailred to country circumstances. Indeed, an eclectic mix of traditional and new approaches is already being used with programmatic policy-based lending offering a particularly promising way to reconcile the debate between the traditional ex ante approach and the aspirations of a results-based approach to conditionality.

What Factors Appear to Drive Private Capital Flows to Developing Countries? And How Does Official Lending Respond?

Dasgupta, Dipak; Ratha, Dilip
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
37.08%
The authors study what drives private capital flows to developing countries, as well as the apparent response of official lending for the years 1978-97. Econometric results reveal that non-foreign direct investment portfolio flows to a country tended to rise in response to: 1) An increase in the current account deficit. 2) A rise in foreign direct investment flows. 3) Higher per capita income. 4) Growth performance. Once those variables were accounted for, private flows did not seem to be influenced by location, and regional factors. In addition, private capital flows (whether foreign direct investment or not) seem to respond positively (with a one-year lag) to World Bank lending commitments. By far the most important determinant of official lending to a developing country, seems to be the external current account balance, or a change in international reserves in the country. Official flows - including World Bank lending - appear to have played a stabilizing (or counter-cyclical) role in response to the volatility of private capital flows...

Responsible Lending : Overview of Regulatory Tools

Prouza, Tomáš
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Economic & Sector Work :: Other Financial Sector Study; Economic & Sector Work
ENGLISH; EN_US
Relevância na Pesquisa
37.25%
This paper provides an overview of key regulatory actions a government may implement to support responsible lending. It covers a range of possible interventions, including the provision of information, developing consumers' ability to use that information, formal requirements for responsible behavior of the lenders, and regulatory limits for loans. Because the research on the effectiveness of the responsible lending policies is limited, the paper focuses on literature overview and empirical evidence when available and uses case studies to describe key policies. A regulator seeking to develop a responsible lending framework must cover all areas of the responsible lending regulatory and educational mix. No single solution may be applied universally. The regulators must ensure they understand the retail credit markets. The paper identifies main policy options and areas for further research. Better data on lending markets before and after the rules are introduced and more detailed understanding of consumer behavior helps in identifying effective regulatory rules and supervisory actions that help ensure more responsible lending while not limiting financial inclusion and the growth of the credit market. Access to credit is sometimes considered by national authorities a crucial measure of financial inclusion. Low-income countries where microfinance is a key contributor financial inclusion may use similar measures.

Mortgage Lending in the Palestinian Territories : Fundamentals for Judges and Lawyers

Palestinian Judicial Training Institute; World Bank; USAID
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Economic & Sector Work :: Other Financial Sector Study; Economic & Sector Work
ENGLISH; EN_US
Relevância na Pesquisa
37.21%
This document describes the training course for lawyers and judges in the Palestinian Territories, which was designed as an introduction to residential mortgage lending, and the use of mortgage collateral. These materials begin with a technical description of mortgage lending and mortgage collateral, the purposes and content of mortgage law, and the general conditions for development and expansion of residential mortgage lending activity. This is followed by a discussion of mortgage lending from the perspective of the financial institutions that originate most loans, including the process of making the loan and the economics of mortgage lending. The sections on economics of mortgage lending include the costs to the creditor, the risks faced by residential mortgage creditors, how creditors determine interest rates and other loan terms, and the effect of loan terms on the ability of citizens to borrow. The discussion of the economics of mortgage lending also focuses on recent research showing how laws affecting creditors' rights and court enforcement of creditors' rights may affect the amount and terms of mortgage lending in a country. The document includes a review and discussion of the current mortgage law in the West Bank and Gaza...

Grameen Bank Lending : Does Group Liability Matter?

Khandker, Shahidur R.
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
37.11%
Competing theories increasingly support the positive role of social capital in small loan default costs of group lending; at the same time, potential group collusion may increase loan delinquencies. Findings from the available literature are mixed on the role of the various attributes of group lending. But past studies suffer from estimation bias due to the unobserved sorting behavior of group members and their other attributes. This paper attempts to resolve that estimation bias by utilizing longitudinal data from 297 Grameen Bank groups since their inceptions. A dynamic lagged dependent model with correction for time-varying heterogeneity of group and individual behavior is applied to estimate the effect of group liability in the Grameen Bank. The results suggest that group liability matters in both loan disbursement and repayment, with women less of a credit risk than men and women's groups more homogeneous than men's. Finally, the benefits of social capital outweigh the costs of group collusion, especially for women's groups...

The Status of Bank Lending to SMEs in the Middle East and North Africa Region : Results of a Joint Survey of the Union of Arab Bank and the World Bank

Rocha, Roberto; Farazi, Subika; Khouri, Rania; Pearce, Douglas
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Publications & Research :: Policy Research Working Paper
ENGLISH
Relevância na Pesquisa
37.19%
Among the principal constraints for SME lending is the lack of SME transparency, poor credit information from credit registries and bureaus, and weak creditor rights. If constraints can be addressed, lending can potentially reach bank targets of 21 percent. State banks still play an important role in financing SMEs in the MENA region, but they use less sophisticated risk management systems than private banks. On another hand, credit guarantee schemes are a popular form of support to SME finance in the region, and are associated with higher levels of SME lending. The paper concludes that MENA policy makers should prioritize improvements in financial infrastructure, including greater coverage and depth of credit bureaus, improvements in the collateral regime (especially for movable assets), and increased competition between banks and also non-banks. Weaknesses in insolvency regimes and credit reporting systems should also be alleviated. Direct policy interventions through public banks, guarantee schemes, lower reserve requirements and subsidized lending and other measures have played a role in compensating for MENA's weak financial infrastructure...

An Analysis of Pharmaceutical Lending by the World Bank

Rodríguez-Monguió, Rosa; Rovira, Juan
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Working Paper; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
37.17%
The World Bank (WB) began to lend for health, nutrition, and population (HNP) in the late 1970s. Today, the Bank has become the single largest external source of HNP financing in low- and middle-income countries. The Bank's activities in the HNP sector are based on the rationale that investments in health, nutrition, and population constitute an investment in human capital that is necessary for enhanced welfare, reduced poverty and sustainable growth. During fiscal years (FY) 1999 to 2002, the World Bank approved 683 lending projects in all sectors, with a total lending amount of US$ 38,306 million (2001 prices). During the same period of time, the World Bank approved 65 HNP lending projects, with a total cumulative value of US$ 3,298 million (2001 prices). The Bank has been financing pharmaceutical activities within the HNP portfolio since 1983. In total, the Bank has provided financing for pharmaceuticals in over 100 HNP projects in all six regions. According to the results of the present research, contracts for the procurement of pharmaceuticals and medical products (PMP) under Bank financed projects from FY 1999 to FY 2002 accounted for almost 36 percent of the procurement of goods in HNP...

Home High Above and Home Deep Down Below : Lending in Hungary

Banai, Adam; Kiraly, Julia; Nagy, Marton
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Publications & Research :: Policy Research Working Paper
ENGLISH
Relevância na Pesquisa
37.08%
In Hungary in the pre-crisis period, the bank sector-initiated private credit boom significantly contributed to the accumulation of economic imbalances. Nevertheless, before the 2008 crisis no special regulatory measure was taken to mitigate the foreign exchange lending to unhedged borrowers, which was a main moving force of the credit boom. Depreciation of forint-denominated subsidized housing loans and the increased risk premium significantly deteriorated customers' positions and resulted in rocketing nonperforming loans. A recession, deteriorating portfolios, and lack of efficient workout. The introduction of strict regulation froze banking activity and the danger of recovery without lending emerged. This paper compares the pre- and post-crisis lending activity and analyzes the lack of regulation in the pre-crisis period and the inefficient regulation in the post-crisis period.

Recent Trends in Lending for Civil Service Reform

Manning, Nick; Mukherjee, Ranjana
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Brief; Publications & Research
ENGLISH
Relevância na Pesquisa
37.15%
The note assesses how the volume, distribution, structure, and objectives of Bank lending for civil service reform have changed in recent years. Bank operations in civil service reform usually refers to interventions that affect the organization, performance, and working conditions of employees paid by government budgets, but excludes reforms that affect police, the armed forces, public health care workers, public school teachers, and employees of state enterprises. Assessments of such reform are relevant in that they can also help countries improve governance, thus fostering good policy making, effective service delivery, and accountable resource use. Findings based on an Operations Evaluation Department's review of such lending, indicates a growing number of standalone civil service reform projects between 1980 and 1997. However, between fiscal 1999 and 2001, only 4 of 62 civil service reform interventions were standalone, being the rest components of major lending operations. The note further reviews the distribution of new lending...

Dissecting Foreign Bank Lending Behavior During the 2008-2009 Crisis

Choi, Moon Jung; Gutierrez, Eva; Martinez Peria, Maria 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
37.11%
This paper analyzes the lending behavior of foreign-owned banks during the recent global crisis. Using bank-level panel data for countries in Central and Eastern Europe, East Asia, and Latin America, the paper explores the role of affiliate and parent financial characteristics, host location, as well as the impact of parent geographic origin and reach on foreign banks' credit growth. Overall, the analysis finds robust evidence that foreign banks curtailed the growth of credit relative to other banks, independent of the host region. Banks from the United States reduced loan growth less than other parent banks. Neither the global nor regional reach of parent banks influenced the lending growth of foreign affiliates. However, the funding structure of foreign bank affiliates and the capitalization of parent banks do help explain the lending behavior of foreign banks during the global crisis. Although not the focus of the paper, it also finds that government-owned banks played a countercyclical role in all regions.

World Bank Lending and the Quality of Economic Policy

Smets, Lodewijk; Knack, Stephen
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
37.17%
This study investigates the impact of World Bank development policy lending on the quality of economic policy. It finds that the quality of policy increases, but at a diminishing rate, with the cumulative number of policy loans. Similar results hold for the cumulative number of conditions attached to policy loans, although quadratic specifications indicate that additional conditions may even reduce the quality of policy beyond some point. The paper measures the quality of economic policy using the World Bank's Country Policy and Institutional Assessments of macro, debt, fiscal and structural policies, and considers only policy loans targeted at improvements in those areas. Previous studies finding weaker effects of policy lending on macro stability have failed to distinguish loans primarily intended to improve economic policy from other loans targeted at improvements in sector policies or in public management. The paper also shows that investing in economic policy does not "crowd out" policy improvements in other areas such as public sector governance or human development. The results are robust to using alternative indicators of policy quality...

Demand for World Bank Lending

Ratha, Dilip
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
37.24%
Bridging the external financing gap has been an important factor in borrowing cgovernment's demand for World Bank loans. The demand for IBRD and IDA lending is positively related to an increase in debt service payments and inversely related to a borrowing country's level of reserves. These two variables explain a large part of the variation in IBRD and IDA lending commitments, not only since the Asian crisis but also during tranquil times over the past two decades. Borrowing to service debt during a crisis is consistent with the Bank's role as a lender of last resort as well as with its core development objectives, but such borrowing during tranquil times may conflict with the Bank's long-term objective of reducing poverty. That investment lending commitments are related to debt service payments implies that aid may be more fungible than previously believed. If Bank lending is fungible and there is no guarantee that a particular Bank loan is financing an identified investment project or program, a case could be made for greater use of programmatic lending (with well-defined conditionality) As developing countries become larger and more integrated with volatile international capaital markets...

Incentivizing Responsible Small-Dollar Lending in Low-Income Communities

Bansal, Megha
Fonte: Universidade Duke Publicador: Universidade Duke
Tipo: Masters' project
Publicado em 20/04/2012 EN_US
Relevância na Pesquisa
37.11%
POLICY QUESTION: “Based on results of pilot programs and policies implemented in other parts of the country, how can New York City/State best support and incentivize responsible small-dollar lending in low-income communities?” RECOMMENDATION: Design a borrower’s card system to collect information about consumers’ borrowing and repayment behaviors, to encourage lenders to extend loans to low-income individuals in need, and to incentivize consumers to take ownership of their own financial behavior. PROBLEM STATEMENT: In many states, the payday lending market has operated to meet the strong consumer demand for short-term small-dollar loans. In the realm of small-dollar lending, the payday lending market provides access for low-income individuals who might be classified as higher risk consumers, likely due to blemished credit histories. Lenders compensate for this higher risk by charging a higher interest rate, which would allow for the possibility that the borrower does not repay the loan. However, though the payday lending market is competitive, significant information asymmetries exist for both the lender and the borrower, which leave lenders unable to discern between high-risk and low-risk consumers, and leave borrowers with an unclear understanding of the terms of the loans and often...