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  • MPI Ethno. Forsch.  (10)
  • 2000-2004  (10)
  • Ravallion, Martin  (7)
  • Klingebiel, Daniela  (3)
  • Washington, D.C : The World Bank  (10)
  • Birmingham, UK : Packt Publishing
Datasource
  • MPI Ethno. Forsch.  (10)
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Year
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  • 1
    Online Resource
    Online Resource
    How Have the World's Poorest Fared Since the Early 1980s? (2004)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (42 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Chen, Shaohua How Have the World's Poorest Fared Since the Early 1980s?
    Keywords: Extreme Poverty ; Food Consumption ; Global Poverty ; Health, Nutrition and Population ; Household Size ; Household Survey ; Household Surveys ; Income ; Inequality ; International Poverty Line ; Per Capita Consumption ; Population Policies ; Poverty Reduction ; Rural Development ; Rural Poverty Reduction ; Extreme Poverty ; Food Consumption ; Global Poverty ; Health, Nutrition and Population ; Household Size ; Household Survey ; Household Surveys ; Income ; Inequality ; International Poverty Line ; Per Capita Consumption ; Population Policies ; Poverty Reduction ; Rural Development ; Rural Poverty Reduction ; Extreme Poverty ; Food Consumption ; Global Poverty ; Health, Nutrition and Population ; Household Size ; Household Survey ; Household Surveys ; Income ; Inequality ; International Poverty Line ; Per Capita Consumption ; Population Policies ; Poverty Reduction ; Rural Development ; Rural Poverty Reduction
    Abstract: Chen and Ravallion present new estimates of the extent of the developing world's progress against poverty. By the frugal
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  • 2
    Online Resource
    Online Resource
    China's (Uneven) Progress Against Poverty (2004)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (57 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Chen, Shaohua China's (Uneven) Progress Against Poverty
    Keywords: Economic Policies ; Extreme Poverty ; Farmers ; Health, Nutrition and Population ; High Inequality ; Household Survey ; Impact On Poverty ; Income Growth ; Inequality ; Measures ; National Poverty ; Poor ; Poor People ; Population Policies ; Poverty Reduction ; Pro-Poor Growth ; Rural Development ; Rural Poverty Reduction ; Economic Policies ; Extreme Poverty ; Farmers ; Health, Nutrition and Population ; High Inequality ; Household Survey ; Impact On Poverty ; Income Growth ; Inequality ; Measures ; National Poverty ; Poor ; Poor People ; Population Policies ; Poverty Reduction ; Pro-Poor Growth ; Rural Development ; Rural Poverty Reduction ; Economic Policies ; Extreme Poverty ; Farmers ; Health, Nutrition and Population ; High Inequality ; Household Survey ; Impact On Poverty ; Income Growth ; Inequality ; Measures ; National Poverty ; Poor ; Poor People ; Population Policies ; Poverty Reduction ; Pro-Poor Growth ; Rural Development ; Rural Poverty Reduction
    Abstract: While the incidence of extreme poverty in China fell dramatically over 1980–2001, progress was uneven over time and across provinces. Rural areas accounted for the bulk of the gains to the poor, though migration to urban areas helped. The pattern of growth mattered. Rural economic growth was far more important to national poverty reduction than urban economic growth. Agriculture played a far more important role than the secondary or tertiary sources of GDP. Rising inequality within the rural sector greatly slowed poverty reduction. Provinces starting with relatively high inequality saw slower progress against poverty, due both to lower growth and a lower growth elasticity of poverty reduction. Taxation of farmers and inflation hurt the poor. External trade had little short-term impact. This paper—a product of the Poverty Team, Development Research Group—is part of a larger effort in the group to understand the causes of country success in poverty reduction
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  • 3
    Online Resource
    Online Resource
    Household Welfare Impacts of China's Accession to the World Trade Organization (2003)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (48 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Ravallion, Martin Household Welfare Impacts of China's Accession to the World Trade Organization
    Keywords: Consumption Behavior ; Distributional Effects ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Food Commodities ; Food Items ; Food Staples ; Health, Nutrition and Population ; Household Survey ; Household Surveys ; Household Welfare ; Income ; Income Shares ; Inequality ; Inequality ; Labor Policies ; Macroeconomics and Economic Growth ; Population Policies ; Poverty Lines ; Poverty Reduction ; Private Sector Developmen ; Pro-Poor Growth ; Rural Development ; Rural Poverty Reduction ; Social Protections and Labor ; Trade Policy ; Consumption Behavior ; Distributional Effects ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Food Commodities ; Food Items ; Food Staples ; Health, Nutrition and Population ; Household Survey ; Household Surveys ; Household Welfare ; Income ; Income Shares ; Inequality ; Inequality ; Labor Policies ; Macroeconomics and Economic Growth ; Population Policies ; Poverty Lines ; Poverty Reduction ; Private Sector Developmen ; Pro-Poor Growth ; Rural Development ; Rural Poverty Reduction ; Social Protections and Labor ; Trade Policy ; Consumption Behavior ; Distributional Effects ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Food Commodities ; Food Items ; Food Staples ; Health, Nutrition and Population ; Household Survey ; Household Surveys ; Household Welfare ; Income ; Income Shares ; Inequality ; Inequality ; Labor Policies ; Macroeconomics and Economic Growth ; Population Policies ; Poverty Lines ; Poverty Reduction ; Private Sector Developmen ; Pro-Poor Growth ; Rural Development ; Rural Poverty Reduction ; Social Protections and Labor ; Trade Policy
    Abstract: Chen and Ravallion use China's national household surveys for rural and urban areas to measure and explain the welfare impacts of the changes in goods and factor prices attributed to WTO accession. Price changes are estimated separately using a general equilibrium model to capture both direct and indirect effects of the initial tariff changes. The welfare impacts are first-order approximations based on a household model incorporating own-production activities and are calibrated to the household-level data imposing minimum aggregation. The authors find negligible impacts on inequality and poverty in the aggregate. However, diverse impacts emerge across household types and regions associated with heterogeneity in consumption behavior and income sources, with possible implications for compensatory policy responses. This paper—a product of the Poverty Team, Development Research Group—is part of a larger effort in the group to assess the household welfare impacts of economywide policy changes
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  • 4
    Online Resource
    Online Resource
    Land Allocation in Vietnam's Agrarian Transition (2003)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (32 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Ravallion, Martin Land Allocation in Vietnam's Agrarian Transition
    Keywords: Allocation ; Climate Change ; Communities & Human Settlements ; Consumption ; Contract ; Cost ; Economics ; Efficiency ; Environment ; Forestry ; Historical Context ; Labor ; Land ; Land Use and Policies ; Macroeconomics and Economic Growth ; Market ; Market Economy ; Municipal Housing ; Political Economy ; Political Economy ; Poverty Reduction ; Price Variation ; Private Sector Development ; Rural Development ; Rural Development Knowledge and Information Systems ; Rural Land Policies for Poverty Reduction ; Urban Development ; Urban Housing ; Allocation ; Climate Change ; Communities & Human Settlements ; Consumption ; Contract ; Cost ; Economics ; Efficiency ; Environment ; Forestry ; Historical Context ; Labor ; Land ; Land Use and Policies ; Macroeconomics and Economic Growth ; Market ; Market Economy ; Municipal Housing ; Political Economy ; Political Economy ; Poverty Reduction ; Price Variation ; Private Sector Development ; Rural Development ; Rural Development Knowledge and Information Systems ; Rural Land Policies for Poverty Reduction ; Urban Development ; Urban Housing ; Allocation ; Climate Change ; Communities & Human Settlements ; Consumption ; Contract ; Cost ; Economics ; Efficiency ; Environment ; Forestry ; Historical Context ; Labor ; Land ; Land Use and Policies ; Macroeconomics and Economic Growth ; Market ; Market Economy ; Municipal Housing ; Political Economy ; Political Economy ; Poverty Reduction ; Price Variation ; Private Sector Development ; Rural Development ; Rural Development Knowledge and Information Systems ; Rural Land Policies for Poverty Reduction ; Urban Development ; Urban Housing
    Abstract: While liberalizing key factor markets is a crucial step in the transition from a socialist control-economy to a market economy, the process can be stalled by imperfect information, high transaction costs, and covert resistance from entrenched interests. Ravallion and van de Walle study land-market adjustment in the wake of Vietnam's reforms aiming to establish a free market in land-use rights following de-collectivization. Inefficiencies in the initial administrative allocation are measured against an explicit counterfactual market solution. The authors' tests using a farm-household panel data set spanning the reforms suggest that land allocation responded positively but slowly to the inefficiencies of the administrative allocation. They find no sign that the transition favored the land rich or that it was thwarted by the continuing power over land held by local officials. This paper—a joint product of the Poverty Team and the Public Services Team, Development Research Group—is part of a larger effort in the group to understand the welfare impacts of major policy reforms
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  • 5
    Online Resource
    Online Resource
    Is India's Economic Growth Leaving the Poor Behind? (2002)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (36 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Ravallion, Martin Is India's Economic Growth Leaving the Poor Behind?
    Keywords: 1958-2000 ; Wirtschaftswachstum ; Armut ; Teilstaat ; Armutsbekämpfung ; Indien ; Absolute Poverty ; Economic Growth ; Global Poverty ; Health, Nutrition and Population ; Household Consumption ; Human Capital ; Impact On Poverty ; Incidence of Poverty ; Income ; Inequality ; International Poverty Line ; Population Policies ; Poverty Reduction ; Pro-Poor Growth ; Rural Development ; Rural Poverty Reduction ; Absolute Poverty ; Economic Growth ; Global Poverty ; Health, Nutrition and Population ; Household Consumption ; Human Capital ; Impact On Poverty ; Incidence of Poverty ; Income ; Inequality ; International Poverty Line ; Population Policies ; Poverty Reduction ; Pro-Poor Growth ; Rural Development ; Rural Poverty Reduction ; Absolute Poverty ; Economic Growth ; Global Poverty ; Health, Nutrition and Population ; Household Consumption ; Human Capital ; Impact On Poverty ; Incidence of Poverty ; Income ; Inequality ; International Poverty Line ; Population Policies ; Poverty Reduction ; Pro-Poor Growth ; Rural Development ; Rural Poverty Reduction
    Abstract: There has been much debate about how much India's poor have shared in the economic growth unleashed by economic reforms in the 1990s. Datt and Ravallion argue that India has probably maintained its 1980s rate of poverty reduction in the 1990s. However, there is considerable diversity in performance across states. This holds some important clues for understanding why economic growth has not done more for India's poor. India's economic growth in the 1990s has not been occurring in the states where it would have the most impact on poverty nationally. If not for the sectoral and geographic imbalance of growth, the national rate of growth would have generated a rate of poverty reduction that was double India's historical trend rate. States with relatively low levels of initial rural development and human capital development were not well-suited to reduce poverty in response to economic growth. The study's results are consistent with the view that achieving higher aggregate economic growth is only one element of an effective strategy for poverty reduction in India. The sectoral and geographic composition of growth is also important, as is the need to redress existing inequalities in human resource development and between rural and urban areas. This paper—a product of the Poverty Team, Development Research Group—is part of a larger effort in the department to better understand the relationship between economic growth and poverty. The authors may be contacted at gdattworldbank.org or mravallion@worldbank.org
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  • 6
    Online Resource
    Online Resource
    Financial Crises, Financial Dependence, and Industry Growth (2002)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (32 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Klingebiel, Daniela Financial Crises, Financial Dependence, and Industry Growth
    Keywords: Adverse Consequences ; Adverse Effects ; Adverse Selection ; Bank Lending ; Banks and Banking Reform ; Cred Development ; Debt Markets ; Economic Growth ; Economic Research ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Crises ; Financial Crisis ; Financial Literacy ; Financial Sector ; Inequality ; Investment and Investment Climate ; Labor Policies ; Macroeconomics and Economic Growth ; Poverty Reduction ; Private Sector Development ; Pro-Poor Growth ; Social Protections and Labor ; Adverse Consequences ; Adverse Effects ; Adverse Selection ; Bank Lending ; Banks and Banking Reform ; Cred Development ; Debt Markets ; Economic Growth ; Economic Research ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Crises ; Financial Crisis ; Financial Literacy ; Financial Sector ; Inequality ; Investment and Investment Climate ; Labor Policies ; Macroeconomics and Economic Growth ; Poverty Reduction ; Private Sector Development ; Pro-Poor Growth ; Social Protections and Labor ; Adverse Consequences ; Adverse Effects ; Adverse Selection ; Bank Lending ; Banks and Banking Reform ; Cred Development ; Debt Markets ; Economic Growth ; Economic Research ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Crises ; Financial Crisis ; Financial Literacy ; Financial Sector ; Inequality ; Investment and Investment Climate ; Labor Policies ; Macroeconomics and Economic Growth ; Poverty Reduction ; Private Sector Development ; Pro-Poor Growth ; Social Protections and Labor
    Abstract: Laeven, Klingebiel, and Kroszner investigate the link between financial crises and industry growth. They analyze data from 19 industrial and developing countries that have experienced financial crises during the past 30 years to investigate how financial crises affect sectors dependent on external sources of finance. Specifically, the authors examine whether the impact of a financial crisis on externally dependent sectors varies with the depth of the financial system. They find that sectors highly dependent on external finance tend to experience a greater contraction of value added during a crisis in deeper financial systems than in countries with shallower financial systems. They hypothesize that the deepening of the financial system allows sectors dependent on external finance to obtain relatively more external funding in normal periods, so a crisis in such countries would have a disproportionately negative effect on externally dependent sectors. In contrast, since externally dependent firms tend to obtain relatively less external financing in shallower financial systems (and hence have relatively lower growth rates in such countries during normal times), a crisis in such countries has less of a disproportionately negative effect on the growth of externally dependent sectors. This paper—a product of the Financial Sector Strategy and Policy Department—is part of a larger effort in the department to study the link between financial development and economic growth. The authors may be contacted at llaevenworldbank.org, dklingebiel@worldbank.org, or randy.kroszner@gsb.uchicago.edu
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  • 7
    Online Resource
    Online Resource
    Rich and Powerful? : Subjective Power and Welfare (2002)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (52 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Ravallion, Martin Rich and Powerful?
    Keywords: Anthropology ; Bank ; Contingency ; Culture & Development ; Demand ; Disposable Income ; Earnings ; Economic Theory and Research ; Education ; Energy ; Finance and Financial Sector Development ; Financial Crisis ; Financial Literacy ; Gender ; Gender and Social Development ; Household Income ; Household Incomes ; Income ; Income Increases ; Inequality ; Infrastructure Economics ; Infrastructure Economics and Finance ; Inter ; Interest ; Macroeconomics and Economic Growth ; Poverty Diagnostics ; Poverty Reduction ; Rural Development ; Rural Poverty Reduction ; Windpower ; Anthropology ; Bank ; Contingency ; Culture & Development ; Demand ; Disposable Income ; Earnings ; Economic Theory and Research ; Education ; Energy ; Finance and Financial Sector Development ; Financial Crisis ; Financial Literacy ; Gender ; Gender and Social Development ; Household Income ; Household Incomes ; Income ; Income Increases ; Inequality ; Infrastructure Economics ; Infrastructure Economics and Finance ; Inter ; Interest ; Macroeconomics and Economic Growth ; Poverty Diagnostics ; Poverty Reduction ; Rural Development ; Rural Poverty Reduction ; Windpower ; Anthropology ; Bank ; Contingency ; Culture & Development ; Demand ; Disposable Income ; Earnings ; Economic Theory and Research ; Education ; Energy ; Finance and Financial Sector Development ; Financial Crisis ; Financial Literacy ; Gender ; Gender and Social Development ; Household Income ; Household Incomes ; Income ; Income Increases ; Inequality ; Infrastructure Economics ; Infrastructure Economics and Finance ; Inter ; Interest ; Macroeconomics and Economic Growth ; Poverty Diagnostics ; Poverty Reduction ; Rural Development ; Rural Poverty Reduction ; Windpower
    Abstract: Does "empowerment" come hand-in-hand with higher economic welfare? In theory, higher income is likely to raise both power and welfare, but heterogeneity in other characteristics and household formation can either strengthen or weaken the relationship. Survey data on Russian adults indicate that higher individual and household incomes raise both self-rated power and welfare. The individual income effect is primarily direct, rather than through higher household income. There are diminishing returns to income, though income inequality emerges as only a minor factor reducing either aggregate power or welfare. At given income, the identified covariates have strikingly similar effects on power and welfare. There are some notable differences between men and women in perceived power. This paper—a product of the Poverty Team, Development Research Group—is part of a larger effort in the group to explore broader measures of well-being. The authors may be contacted at mlokshinworldbank.org or mravallion@worldbank.org
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  • 8
    Online Resource
    Online Resource
    Growth, inequality and poverty : looking beyond averages (2001)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource
    Edition: Online-Ausg. World Bank E-Library Archive Also available in print
    Series Statement: Policy research working paper 2558
    Parallel Title: Ravallion, Martin Growth, inequality and poverty
    Note: Includes bibliographical references , Title from title screen as viewed on Sept. 17, 2002 , Also available in print.
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  • 9
    Online Resource
    Online Resource
    The Use of Asset Management Companies in the Resolution of Banking Crises : Cross-Country Experience (2000)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (58 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Klingebiel, Daniela The Use of Asset Management Companies in the Resolution of Banking Crises
    Keywords: Asset Management ; Asset Management Companies ; Bad Debt ; Bank ; Bank Restructuring ; Banking ; Banking Crises ; Banking Distress ; Banking System ; Bankruptcy ; Banks ; Banks and Banking Reform ; Currencies and Exchange Rates ; Debt Markets ; Debt Restructuring ; Enterprises ; Finance and Financial Sector Development ; Financial Crisis Management and Restructuring ; Financial Institutions ; Financial Literacy ; Governments ; Impaired Assets ; Investment and Investment Climate ; Laws ; Liquidation ; Loans ; Macroeconomics and Economic Growth ; Public Sector Corruption and Anticorruption Measures ; Systemic Banking Crises ; Asset Management ; Asset Management Companies ; Bad Debt ; Bank ; Bank Restructuring ; Banking ; Banking Crises ; Banking Distress ; Banking System ; Bankruptcy ; Banks ; Banks and Banking Reform ; Currencies and Exchange Rates ; Debt Markets ; Debt Restructuring ; Enterprises ; Finance and Financial Sector Development ; Financial Crisis Management and Restructuring ; Financial Institutions ; Financial Literacy ; Governments ; Impaired Assets ; Investment and Investment Climate ; Laws ; Liquidation ; Loans ; Macroeconomics and Economic Growth ; Public Sector Corruption and Anticorruption Measures ; Systemic Banking Crises ; Asset Management ; Asset Management Companies ; Bad Debt ; Bank ; Bank Restructuring ; Banking ; Banking Crises ; Banking Distress ; Banking System ; Bankruptcy ; Banks ; Banks and Banking Reform ; Currencies and Exchange Rates ; Debt Markets ; Debt Restructuring ; Enterprises ; Finance and Financial Sector Development ; Financial Crisis Management and Restructuring ; Financial Institutions ; Financial Literacy ; Governments ; Impaired Assets ; Investment and Investment Climate ; Laws ; Liquidation ; Loans ; Macroeconomics and Economic Growth ; Public Sector Corruption and Anticorruption Measures ; Systemic Banking Crises
    Abstract: Asset management companies have been used to address the overhang of bad debt in a country's financial system - by expediting corporate restructuring or rapidly disposing of corporate assets. A study of seven cases suggests that such companies tend to be ineffective at corporate restructuring and are good at disposing of assets only when they're used to meet fairly narrow objectives in the presence of certain factors: an easily liquefiable asset (such as real estate), mostly professional management, political independence, adequate bankruptcy and foreclosure laws, skilled resources, appropriate funding, good information and management systems, and transparent operations and processes. - Asset management companies have been used to address the overhang of bad debt in the financial system. There are two main types of asset management company: those set up to expedite corporate restructuring and those established for rapid disposal of assets. A review of seven asset management companies reveals a mixed record. In two of three cases, asset management companies for corporate restructuring did not achieve their narrow goal of expediting bank or corporate restructuring, suggesting that they are not good vehicles for expediting corporate restructuring. Only a Swedish asset management company successfully managed its portfolio, acting sometimes as lead agent in restructuring - and helped by the fact that the assets acquired had mostly to do with real estate, not manufacturing, which is harder to restructure, and represented a small fraction of the banking system's assets, which made it easier for the company to remain independent of political pressures and to sell assets back to the private sector. Asset management companies used to dispose of assets rapidly fared somewhat better. Two of four agencies (in Spain and the United States) achieved their objectives, suggesting that asset management companies can be used effectively for narrowly defined purposes of resolving insolvent and inviable financial institutions and selling off their assets. Achieving these objectives required an easily liquefiable asset - real estate - mostly professional management, political independence, adequate bankruptcy and foreclosure laws, appropriate funding, skilled resources, good information and management systems, and transparent operations and processes. The other two agencies (in Mexico and the Philippines) were doomed from the start, as governments transferred to them politically motivated loans or fraudulent assets, which were difficult for a government agency susceptible to political pressure and lacking independence to resolve or sell off. This paper - a product of the Financial Sector Strategy and Policy Group - is part of a larger effort in the group to study the management of banking crises. The author may be contacted at dklingebielworldbank.org
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  • 10
    Online Resource
    Online Resource
    Controlling the Fiscal Costs of Banking Crises (2000)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (40 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Honohan, Patrick Controlling the Fiscal Costs of Banking Crises
    Keywords: Bank ; Banking ; Banking Crises ; Banking System ; Banking Systems ; Banks ; Banks and Banking Reform ; Central Banks ; Currencies and Exchange Rates ; Debt Markets ; Deposit Guarantees ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Crisis Management and Restructuring ; Financial Institutions ; Financial Literacy ; Financial Systems ; Gambling ; Governments ; Inflation ; Liquidation ; Loans ; Macroeconomics and Economic Growth ; Private Sector Development ; Public Sector Corruption and Anticorruption Measures ; Real Sector ; Regulatory Forbearance ; Strategies ; Systemic Banking Crises ; Taxation ; Bank ; Banking ; Banking Crises ; Banking System ; Banking Systems ; Banks ; Banks and Banking Reform ; Central Banks ; Currencies and Exchange Rates ; Debt Markets ; Deposit Guarantees ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Crisis Management and Restructuring ; Financial Institutions ; Financial Literacy ; Financial Systems ; Gambling ; Governments ; Inflation ; Liquidation ; Loans ; Macroeconomics and Economic Growth ; Private Sector Development ; Public Sector Corruption and Anticorruption Measures ; Real Sector ; Regulatory Forbearance ; Strategies ; Systemic Banking Crises ; Taxation ; Bank ; Banking ; Banking Crises ; Banking System ; Banking Systems ; Banks ; Banks and Banking Reform ; Central Banks ; Currencies and Exchange Rates ; Debt Markets ; Deposit Guarantees ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Crisis Management and Restructuring ; Financial Institutions ; Financial Literacy ; Financial Systems ; Gambling ; Governments ; Inflation ; Liquidation ; Loans ; Macroeconomics and Economic Growth ; Private Sector Development ; Public Sector Corruption and Anticorruption Measures ; Real Sector ; Regulatory Forbearance ; Strategies ; Systemic Banking Crises ; Taxation
    Abstract: September 2000 - Certain measures add greatly to the fiscal cost of banking crises: unlimited deposit guarantees, open-ended liquidity support, repeated recapitalization, debtor bail-outs, and regulatory forbearance. The findings in this paper tilt the balance in favor of a strict rather than an accommodating approach to crisis resolution. In recent decades, a majority of countries have experienced a systemic banking crisis requiring a major-and expensive-overhaul of their banking system. Not only do banking crises hit the budget with outlays that must be absorbed by higher taxes (or spending cuts), but they are costly in terms of forgone economic output. Many different policy recommendations have been made for limiting the cost of crises, but there has been little systematic effort to see which recommendations work in practice. Honohan and Klingebiel try to quantify the extent to which fiscal outlays incurred in resolving banking distress can be attributed to crisis management measures of a particular kind adopted by the government in the early years of the crisis. They find evidence that certain crisis management strategies appear to add greatly to fiscal costs: unlimited deposit guarantees, open-ended liquidity support, repeated recapitalization, debtor bail-outs, and regulatory forbearance. Their findings clearly tilt the balance in favor of a strict rather than an accommodating approach to crisis resolution. At the very least, regulatory authorities who choose an accommodating or gradualist approach to an emerging crisis must be sure they have some other way to control risk-taking. This paper-a product of Finance, Development Research Group, and Financial Sector Strategy and Policy Department-is part of a larger effort in the Bank to examine the effects of financial sector regulation. The authors may be contacted at phonohanworldbank.org or dklingebiel@worldbank.org
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