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  • Online Resource  (4)
  • English  (4)
  • Japanese
  • 1995-1999  (4)
  • Beck, Thorsten  (4)
  • Washington, D.C : The World Bank  (4)
  • 1
    Language: English
    Pages: Online-Ressource (1 online resource (52 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Clarke, George New Tools and New Tests in Comparative Political Economy
    Keywords: Cabinet ; Candidates ; Constituents ; Decision Makers ; Decision Making ; Democracy ; E-Business ; E-Government ; Economic Theory and Research ; Election ; Election Data ; Elections ; Governance ; Government ; Industry ; Information Security and Privacy ; Legislation ; Legislative Powers ; Legislators ; Macroeconomics and Economic Growth ; Microfinance ; Parliament ; Parliamentary Government ; Parliamentary Governments ; Parliamentary Systems ; Policy Making ; Political System ; Political Systems ; Prime Minister ; Private Sector Development ; Public Sector Corruption and Anticorruption Measures ; Technology Industry ; Cabinet ; Candidates ; Constituents ; Decision Makers ; Decision Making ; Democracy ; E-Business ; E-Government ; Economic Theory and Research ; Election ; Election Data ; Elections ; Governance ; Government ; Industry ; Information Security and Privacy ; Legislation ; Legislative Powers ; Legislators ; Macroeconomics and Economic Growth ; Microfinance ; Parliament ; Parliamentary Government ; Parliamentary Governments ; Parliamentary Systems ; Policy Making ; Political System ; Political Systems ; Prime Minister ; Private Sector Development ; Public Sector Corruption and Anticorruption Measures ; Technology Industry
    Abstract: February 2000 - Some say that democracy is more likely to survive under parliamentary governments. That result is not robust to the use of different variables from the Database of Political Institutions, a large new cross-country database that may illuminate many other issues affecting and affected by political institutions. This paper introduces a large new cross-country database on political institutions: the Database on Political Institutions (DPI). Beck, Clarke, Groff, Keefer, and Walsh summarize key variables (many of them new), compare this data set with others, and explore the range of issues for which the data should prove invaluable. Among the novel variables they introduce: · Several measures of tenure, stability, and checks and balances. · Identification of parties with the government coalition or the opposition. · Fragmentation of opposition and government parties in legislatures. The authors illustrate the application of DPI variables to several problems in political economy. Stepan and Skach, for example, find that democracy is more likely to survive under parliamentary governments than presidential systems. But this result is not robust to the use of different variables from the DPI, which raises puzzles for future research. Similarly, Roubini and Sachs find that divided governments in the OECD run higher budget deficits after fiscal shocks. Replication of their work using DPI indicators of divided government indicates otherwise, again suggesting issues for future research. Among questions in political science and economics that this database may illuminate: the determinants of democratic consolidation, the political conditions for economic reform, the political and institutional roots of corruption, and the elements of appropriate and institutionally sensitive design of economic policy. This paper - a product of Regulation and Competition Policy, Development Research Group - is part of a larger effort in the group to understand the institutional bases of poverty alleviation and economic reform. The study was funded by the Bank's Research Support Budget under the research project Database on Institutions for Government Decisionmaking (RPO 682-79). The authors may be contacted at tbeckworldbank.org, gclarke@worldbank.org, pkeefer@worldbank.org, or pwalsh@worldbank.org
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 2
    Language: English
    Pages: Online-Ressource (1 online resource (50 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Levine, Ross New Firm Formation and Industry Growth
    Keywords: Banks and Banking Reform ; Debt Markets ; Economic Development ; Emerging Markets ; External Finance ; Finance and Financial Sector Development ; Financial Development ; Financial Literacy ; Financial Structure ; Financial System ; Financial Systems ; Individual Investors ; Legal Protection ; Liquid Market ; Market ; Market Development ; Market Liquidity ; Markets ; Outside Investors ; Private Sector Development ; Public Markets ; Shareholders ; Shares ; Stock ; Transaction ; Transaction Costs ; Banks and Banking Reform ; Debt Markets ; Economic Development ; Emerging Markets ; External Finance ; Finance and Financial Sector Development ; Financial Development ; Financial Literacy ; Financial Structure ; Financial System ; Financial Systems ; Individual Investors ; Legal Protection ; Liquid Market ; Market ; Market Development ; Market Liquidity ; Markets ; Outside Investors ; Private Sector Development ; Public Markets ; Shareholders ; Shares ; Stock ; Transaction ; Transaction Costs
    Abstract: June 2000 - Do industries that depend heavily on external finance grow faster in market-based or bank-based financial systems? Are new firms more likely to form in a bank-based or a market-based financial system? Beck and Levine find no evidence for the superiority of either market-based or bank-based financial systems for industries dependent on external financing. But they find overwhelming evidence that industries heavily dependent on external finance grow faster in economies with higher levels of financial development and with better legal protection for outside investors - including strong creditor and shareholder rights and strong contract enforcement mechanisms. Financial development also stimulates the establishment of new firms, which is consistent with the Schumpeterian view of creative destruction. Financial development matters. That the financial system is bank-based or market-based offers little additional information. This paper - a product of the Financial Sector Strategy and Policy Department - is part of a larger effort in the department to understand the link between financial development and economic growth. The authors may be contacted at tbeckworldbank.org or rlevine@csom.umn.edu
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 3
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: Online-Ressource (1 online resource (67 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Levine, Ross A New Database on Financial Development and Structure
    Keywords: Bank ; Banks and Banking Reform ; Bond ; Bond Markets ; Commercial Banks ; Corporate Law ; Debt Markets ; Emerging Markets ; Equity ; Equity Markets ; Finance ; Finance and Financial Sector Development ; Financial Crises ; Financial Institutions ; Financial Intermediaries ; Financial Literacy ; Financial Sector ; Financial Systems ; Insurance ; Insurance Companies ; Law and Development ; Money ; Non Bank Financial Institutions ; Ownership ; Pension ; Pension Funds ; Private Sector Development ; Stock ; Stock Market ; Bank ; Banks and Banking Reform ; Bond ; Bond Markets ; Commercial Banks ; Corporate Law ; Debt Markets ; Emerging Markets ; Equity ; Equity Markets ; Finance ; Finance and Financial Sector Development ; Financial Crises ; Financial Institutions ; Financial Intermediaries ; Financial Literacy ; Financial Sector ; Financial Systems ; Insurance ; Insurance Companies ; Law and Development ; Money ; Non Bank Financial Institutions ; Ownership ; Pension ; Pension Funds ; Private Sector Development ; Stock ; Stock Market
    Abstract: July 1999 - This new database of indicators of financial development and structure across countries and over time unites a range of indicators that measure the size, activity, and efficiency of financial intermediaries and markets. Beck, Demirgüç-Kunt, and Levine introduce a new database of indicators of financial development and structure across countries and over time. This database is unique in that it unites a variety of indicators that measure the size, activity, and efficiency of financial intermediaries and markets. It improves on previous efforts by presenting data on the public share of commercial banks, by introducing indicators of the size and activity of nonbank financial institutions, and by presenting measures of the size of bond and primary equity markets. The compiled data permit the construction of financial structure indicators to measure whether, for example, a country's banks are larger, more active, and more efficient than its stock markets. These indicators can then be used to investigate the empirical link between the legal, regulatory, and policy environment and indicators of financial structure. They can also be used to analyze the implications of financial structure for economic growth. Beck, Demirgüç-Kunt, and Levine describe the sources and construction of, and the intuition behind, different indicators and present descriptive statistics. This paper - a product of Finance, Development Research Group - is part of a broader effort in the group to understand the determinants of financial structure and its importance to economic development. The authors may be contacted at tbeckworldbank.org, ademirguckunt@worldbank.org, or rlevine@csom.umn.edu
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 4
    Language: English
    Pages: Online-Ressource (1 online resource (20 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Beck, Thorsten Impediments to the Development and Efficiency of Financial Intermediation in Brazil
    Keywords: Accounting ; Accounting Standards ; Banks and Banking Reform ; Bond Markets ; Borrowers ; Contract ; Contract Enforcement ; Credit Information ; Credit Information Systems ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Enforceability ; Enforceability Of Contracts ; Enforcement Of Contracts ; Finance and Financial Sector Development ; Financial Development ; Financial Institutions ; Financial Literacy ; Interest ; Liabilities ; Macroeconomics and Economic Growth ; Private Bond ; Private Sector Development ; Regulatory Framework ; Stock ; Stock Markets ; Unsecured Creditors ; Accounting ; Accounting Standards ; Banks and Banking Reform ; Bond Markets ; Borrowers ; Contract ; Contract Enforcement ; Credit Information ; Credit Information Systems ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Enforceability ; Enforceability Of Contracts ; Enforcement Of Contracts ; Finance and Financial Sector Development ; Financial Development ; Financial Institutions ; Financial Literacy ; Interest ; Liabilities ; Macroeconomics and Economic Growth ; Private Bond ; Private Sector Development ; Regulatory Framework ; Stock ; Stock Markets ; Unsecured Creditors
    Abstract: June 2000 - To improve on the low level and low efficiency of Brazil's financial intermediation (and hence economic growth), Brazil needs reforms leading to a more efficient judicial sector, better enforcement of contracts, stronger rights for creditors, stronger accounting standards and practices, and a legal and regulatory framework that facilitates the exchange of information about borrowers. Reforms to improve both the level and the efficiency of financial intermediation in Brazil should be high on Brazilian policymakers' agendas, because of the financial sector's importance to economic growth. This means that Brazil must also improve the legal and regulatory environment in which its financial institutions operate. Brazil is weak in important components of such an environment: the rights of secured and unsecured creditors, the enforcement of contracts, and the sharing of credit information among intermediaries. Recent reforms, such as the extension of alienação fiduciaria to housing, the introduction of cédula de crédito bancario, the legal separation of principal and interest, and improvements in credit information systems, are useful steps in strengthening the framework. But more is needed. Reforms that will significantly increase the level and efficiency of financial intermediation and have a positive impact on economic growth include: · A more efficient judicial sector and better enforcement of contracts. · Stronger rights for secured and unsecured creditors. · Stronger accounting standards and practices, to improve the quality of information available about borrowers. · The development of a legal and regulatory framework that facilitates the exchange among financial institutions of both negative and positive information about borrowers. This paper - a product of the Financial Sector Strategy and Policy Department - is part of a larger effort in the department to better understand the link between financial development and economic growth, with application to Brazil. The author may be contacted at tbeckworldbank.org
    URL: Volltext  (Deutschlandweit zugänglich)
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