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  • 1
    Online Resource
    Online Resource
    Managing Financial Integration and Capital Mobility : Policy Lessons from the Past Two Decades (2011)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (39 p)
    Edition: 2011 World Bank eLibrary
    Parallel Title: Aizenman, Joshua Managing Financial Integration and Capital Mobility
    Keywords: 1997-2009 ; Internationales Finanzsystem ; Internationales Währungssystem ; Finanzmarktregulierung ; Finanzkrise ; Schwellenländer ; OECD-Staaten
    Abstract: The accumulated experience of emerging markets over the past two decades has laid bare the tenuous links between external financial integration and faster growth, on the one hand, and the proclivity of such integration to fuel costly crises on the other. These crises have not gone without learning. During the 1990s and 2000s, emerging markets converged to the middle ground of the policy space defined by the macroeconomic trilemma, with growing financial integration, controlled exchange rate flexibility, and proactive monetary policy. The OECD countries moved much faster toward financial integration, embracing financial liberalization, opting for a common currency in Europe, and for flexible exchange rates in other OECD countries. Following their crises of 1997-2001, emerging markets added financial stability as a goal, self-insured by building up international reserves, and adopted a public finance approach to financial integration. The global crisis of 2008-2009, which originated in the financial sector of advanced economies, meant that the OECD "overshot" the optimal degree of financial deregulation while the remarkable resilience of the emerging markets validated their public finance approach to financial integration. The story is not over: with capital flowing in droves to emerging markets once again, history could repeat itself without dynamic measures to manage capital mobility as part of a comprehensive prudential regulation effort
    DOI: 10.1596/1813-9450-5786
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 2
    Online Resource
    Online Resource
    Financial sector ups and downs and the real sector : big hindrance, little help (2011)
    Cambridge, MA : National Bureau of Economic Research
    Details
    Language: English
    Pages: Online-Ressource
    Edition: 2011 World Bank eLibrary Also available in print
    Series Statement: NBER working paper series working paper 17530
    Parallel Title: Aizenman, Joshua Financial sector ups and downs and the real sector
    Abstract: "We examine how financial expansion and contraction cycles affect the broader economy through their impact on 8 real economic sectors in a panel of 28 countries over 1960-2005, paying particular attention to large, or sharp, contractions and magnifying and mitigating factors. Overall, the construction sector is the most responsive to financial sector growth, with a number of others such as government, public utilities, and transportation also exhibiting significant sensitivity to lagged financial sector growth. Sharp fluctuations in the financial sector have asymmetric effects, with the majority of real sectors adversely affected by contractions but not helped by expansions. The adverse effects of financial contractions are transmitted almost exclusively by the financial openness channel with foreign reserves mitigating these effects with a sizeable (10 to 15 times greater) impact during sharp financial contractions. Both effects are magnified during particularly large financial contractions (with coefficients on interaction terms 2 to 3 times greater than when all contractions are considered). Consequent upon a financial contraction, the most severe real sector contractions occur in countries with high financial openness, relative predominance of construction, manufacturing, and wholesale and retail sectors, and low international reserves. Finally, we find that abrupt financial contractions are more likely to follow periods of accelerated growth, indicative of "up by the stairs, down by the elevator dynamics.""--National Bureau of Economic Research web site
    Note: Includes bibliographical references , Title from PDF file as viewed on 1/5/2012 , Also available in print. , Mode of access: World Wide Web. , System requirements: Adobe Acrobat Reader.
    DOI: 10.1596/1813-9450-5860
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 3
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    Online Resource
    The Credit Crunch in East Asia : What Can Bank Excess Liquid Assets Tell Us? (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (38 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Agénor, Pierre-Richard The Credit Crunch in East Asia
    Keywords: Bank Cred Bank Lending ; Bank Loans ; Banks and Banking Reform ; Central Bank ; Commercial Banks ; Credit Rationing ; Currencies and Exchange Rates ; Debt Markets ; Demand For Cred Domestic Cred Finance ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Intermediation ; Financial Literacy ; Fiscal Policies ; Future ; Interest ; Interest Rates ; Law and Development ; Liquid Assets ; Liquidity ; Macroeconomics and Economic Growth ; Monetary Fund ; Private Sector Development ; Profits ; Reserves ; Risk Of Default ; Settlement of Investment Disputes ; Working Capital ; Bank Cred Bank Lending ; Bank Loans ; Banks and Banking Reform ; Central Bank ; Commercial Banks ; Credit Rationing ; Currencies and Exchange Rates ; Debt Markets ; Demand For Cred Domestic Cred Finance ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Intermediation ; Financial Literacy ; Fiscal Policies ; Future ; Interest ; Interest Rates ; Law and Development ; Liquid Assets ; Liquidity ; Macroeconomics and Economic Growth ; Monetary Fund ; Private Sector Development ; Profits ; Reserves ; Risk Of Default ; Settlement of Investment Disputes ; Working Capital
    Abstract: November 2000 - A two-step approach is used to assess the extent to which the credit crunch in East Asia was supply- or demand-driven. The results for Thailand suggest that the contraction in bank lending that accompanied the crisis was the result of supply factors. Agénor, Aizenman, and Hoffmaister propose a two-step approach for assessing the extent to which the fall in credit in crisis-stricken East Asian countries was a supply- or demand-induced phenomenon. The first step involves estimating a demand function for excess liquid assets held by commercial banks. The second step involves establishing dynamic projections for the periods after the crisis and assessing whether or not residuals are large enough to be viewed as indicators of an “involuntary” accumulation of excess reserves. The results for Thailand suggest that the contraction in bank lending that accompanied the crisis was the result of supply factors. Thai firms (presumably small and medium-size ones) faced binding constraints in getting access to credit markets after the crisis. This paper—a product of the Economic Policy and Poverty Reduction Division, World Bank Institute—is part of a larger effort in the institute to understand the macroeconomic effects of credit market imperfections. Pierre-Richard Agénor may be contacted at pagenorworldbank.org
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 4
    Online Resource
    Online Resource
    Financial sector inefficiencies and coordination failures : implications for crisis management (1999)
    Washington, DC : World Bank, World Bank Institute, Economic Policy and Poverty Reduction
    Details
    Language: English
    Pages: Online-Ressource (20, [3] p) , ill , 28 cm
    Edition: Online-Ausg. World Bank E-Library Archive Also available in print
    Series Statement: Policy research working paper 2185
    Parallel Title: Agénor, Pierre-Richard Financial sector inefficiencies and coordination failures
    Keywords: Debt relief ; Intermediation (Finance) ; Debt relief ; Intermediation (Finance) ; Debt ; Debt
    Abstract: In a country where financial intermediation is highly inefficient (with the enforcement costs of loan contracts very high, for example), or in one experiencing great volatility and large adverse shocks in output, the likelihood of an inefficient equilibrium is great. In East Asia it may be in the interests of both debtors and creditors to collectively reduce the face value of debt, to reduce inefficiencies in the financial sector
    Note: "September 1999 , Cover title , Includes bibliographical references (p. 19-20) , Also available in print.
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 5
    Online Resource
    Online Resource
    Savings and the Terms of Trade under Borrowing Constraints (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (44 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Agénor, Pierre-Richard Savings and the Terms of Trade under Borrowing Constraints
    Keywords: Arbitrage ; Capital Markets ; Consumers ; Consumption ; Economic Theory and Research ; Emerging Markets ; Exports ; Finance and Financial Sector Development ; Financial Literacy ; Income ; Liquidity ; Macroeconomic Shocks ; Macroeconomics ; Macroeconomics and Economic Growth ; Marginal Utility ; Open Economy ; Permanent Income ; Political Economy ; Prices ; Private Sector Development ; Real GDP ; Real Interest Rate ; Savings ; Trade ; Utility ; Variables ; Welfare ; Arbitrage ; Capital Markets ; Consumers ; Consumption ; Economic Theory and Research ; Emerging Markets ; Exports ; Finance and Financial Sector Development ; Financial Literacy ; Income ; Liquidity ; Macroeconomic Shocks ; Macroeconomics ; Macroeconomics and Economic Growth ; Marginal Utility ; Open Economy ; Permanent Income ; Political Economy ; Prices ; Private Sector Development ; Real GDP ; Real Interest Rate ; Savings ; Trade ; Utility ; Variables ; Welfare
    Abstract: June 2000 - When households face the possibility of borrowing constraints in bad times, favorable movements in the permanent component of the terms of trade may lead to higher rates of private savings. Agénor and Aizenman examine the extent to which permanent terms-of-trade shocks have an asymmetric effect on private savings. Using a simple three-period model, they show that if households expect to face binding constraints on borrowing in bad states of nature (when the economy is in a long trough rather than a sharp peak), savings rates will respond asymmetrically to favorable movements in the permanent component of the terms of trade-in contrast with the predictions of conventional consumption-smoothing models. They test for asymmetric effects of terms-of-trade disturbances using an econometric model that controls for various standard determinants of private savings. The results-based on panel data for nonoil commodity exporters of Sub-Saharan Africa for 1980-96 (a group of countries for which movements in the terms of trade have traditionally represented a key source of macroeconomic shocks)-indicate that increases in the permanent component of the terms of trade (measured using three alternative filtering techniques) indeed tend to be associated with higher rates of private savings. This paper is a product of Economic Policy and Poverty Reduction, World Bank Institute. Pierre-Richard Agénor may be contacted at pagenorworldbank.org
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 6
    Online Resource
    Online Resource
    Contagion, bank lending spreads, and output fluctuations (1999)
    Washington, DC : World Bank, World Bank Institute, Economic Policy and Poverty Reduction
    Details
    Language: English
    Pages: Online-Ressource (25 p) , ill , 28 cm
    Edition: Online-Ausg. World Bank E-Library Archive Also available in print
    Series Statement: Policy research working paper 2186
    Parallel Title: Agénor, Pierre-Richard Contagion, bank lending spreads, and output fluctuations
    Keywords: Bank loans Econometric models ; Financial crises Econometric models ; Bank loans Econometric models ; Financial crises Econometric models ; Interest rates Econometric models ; Interest rates Econometric models
    Abstract: A positive historical shock to external spreads can lead to an increase in domestic spreads and a reduction in the cyclical component of output. Shocks to external spreads immediately after the Mexican peso crisis had a sizable effect on movements in output and domestic interest rate spreads in Argentina
    Note: "September 1999 , Cover title , Includes bibliographical references (p. 24-25) , Also available in print.
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 7
    Online Resource
    Online Resource
    Financial sector inefficiencies and the debt Laffer curve (2002)
    Washington, D.C : World Bank, World Bank Institute, Economic Policy and Poverty Reduction Division
    Details
    Language: English
    Pages: Online-Ressource
    Edition: Online-Ausg. World Bank E-Library Archive Also available in print
    Series Statement: Policy research working paper 2842
    Parallel Title: Agénor, Pierre-Richard Financial sector inefficiencies and the debt Laffer curve
    Keywords: Bank loans Econometric models ; Business enterprises Econometric models Finance ; Debt relief Econometric models ; Laffer curve ; Bank loans Econometric models ; Business enterprises Econometric models Finance ; Debt relief Econometric models ; Laffer curve
    Note: "May 2002 , Includes bibliographical references (p. 21-22) , Title from title screen as viewed on Aug. 20, 2002 , Also available in print.
    URL: Volltext  (Deutschlandweit zugänglich)
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