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  • Demirguc-Kunt, Asli  (2)
  • Chang, Roberto  (1)
  • Washington, D.C : The World Bank  (3)
  • Cham : Springer International Publishing AG
  • Bankruptcy and Resolution of Financial Distress  (3)
  • 1
    Online Resource
    Online Resource
    Banking Research in the Time of COVID-19 (2021)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource (84 pages)
    Parallel Title: Erscheint auch als Print Version: Berger, Allen N Banking Research in the Time of COVID-19
    Keywords: Bailouts ; Banking Sector ; Bankruptcy and Resolution of Financial Distress ; Business Cycles and Stabilization Policies ; Capital Markets and Capital Flows ; Coronavirus ; COVID-19 ; Disease Control and Prevention ; Finance and Financial Sector Development ; Financial Crises ; Financial Regulation and Supervision ; Global Financial Crisis ; Health, Nutrition and Population ; Macroeconomics and Economic Growth ; Tarp
    Abstract: Despite the devastating worldwide human and economic tolls of the COVID-19 crisis, it has created some positive economic and financial surprises and opportunities for research. This paper highlights two such favorable surprises -the shortest U.S. recession on record and the avoidance of any banking crisis-and a number of research opportunities. The paper ties the "economic surprise" of the short recession to the speed and size of U.S. stimulus programs during COVID-19-faster and larger than for the Global Financial Crisis (GFC). It connects the "financial surprise" of the resilient banking sector to prudential policies put in place during and after the GFC that fortified U.S. banks prior to COVID-19. These twin "surprises" are also mutually reinforcing-if either the economy or banking system had failed, so would the other. The paper also reviews extant COVID-19 banking research and suggests paths for future research. It recommends that particular attention be paid to research outside of the U.S.-where fewer favorable "surprises" may be present-as the best way to advance knowledge in this area
    DOI: 10.1596/1813-9450-9782
    URL: Deutschlandweit zugänglich
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    Online Resource
    MPI Ethno. Forsch.
  • 2
    Online Resource
    Online Resource
    Formal Versus Informal Finance : Evidence From China (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (77 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Ayyagari, Meghana Formal Versus Informal Finance
    Keywords: Access to Finance ; Alternative Financing ; Banking System ; Bankruptcy and Resolution of Financial Distress ; Banks and Banking Reform ; Corruption ; Debt Markets ; Finance and Financial Sector Development ; Financial Development ; Financial System ; Financial Systems ; Formal Bank ; Formal Financial Institutions ; Informal Finance ; International Bank ; Access to Finance ; Alternative Financing ; Banking System ; Bankruptcy and Resolution of Financial Distress ; Banks and Banking Reform ; Corruption ; Debt Markets ; Finance and Financial Sector Development ; Financial Development ; Financial System ; Financial Systems ; Formal Bank ; Formal Financial Institutions ; Informal Finance ; International Bank ; Access to Finance ; Alternative Financing ; Banking System ; Bankruptcy and Resolution of Financial Distress ; Banks and Banking Reform ; Corruption ; Debt Markets ; Finance and Financial Sector Development ; Financial Development ; Financial System ; Financial Systems ; Formal Bank ; Formal Financial Institutions ; Informal Finance ; International Bank
    Abstract: China is often mentioned as a counterexample to the findings in the finance and growth literature since, despite the weaknesses in its banking system, it is one of the fastest growing economies in the world. The fast growth of Chinese private sector firms is taken as evidence that it is alternative financing and governance mechanisms that support China's growth. This paper takes a closer look at firm financing patterns and growth using a database of 2,400 Chinese firms. The authors find that a relatively small percentage of firms in the sample utilize formal bank finance with a much greater reliance on informal sources. However, the results suggest that despite its weaknesses, financing from the formal financial system is associated with faster firm growth, whereas fund raising from alternative channels is not. Using a selection model, the authors find no evidence that these results arise because of the selection of firms that have access to the formal financial system. Although firms report bank corruption, there is no evidence that it significantly affects the allocation of credit or the performance of firms that receive the credit. The findings suggest that the role of reputation and relationship based financing and governance mechanisms in financing the fastest growing firms in China is likely to be overestimated
    URL: Volltext  (Deutschlandweit zugänglich)
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    Online Resource
    MPI Ethno. Forsch.
  • 3
    Online Resource
    Online Resource
    International Contagion : Implications for Policy (1999)
    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: Majnoni, Giovanni International Contagion
    Keywords: Bankruptcy and Resolution of Financial Distress ; Currencies and Exchange Rates ; Currency ; Currency Crises ; Debt Markets ; Deposit Insurance ; Emerging Markets ; Exchange ; Exchange Rate ; External Debts ; Finance and Financial Sector Development ; Financial Contagion ; Financial Crises ; Financial Fragility ; Foreign Interest ; Guarantees ; Interest Rates ; International Financial Contagion ; International Investors ; Liability ; Liquidity ; Market ; Maturity ; Options ; Policy Responses ; Private Sector Development ; Short-Term Debt ; Bankruptcy and Resolution of Financial Distress ; Currencies and Exchange Rates ; Currency ; Currency Crises ; Debt Markets ; Deposit Insurance ; Emerging Markets ; Exchange ; Exchange Rate ; External Debts ; Finance and Financial Sector Development ; Financial Contagion ; Financial Crises ; Financial Fragility ; Foreign Interest ; Guarantees ; Interest Rates ; International Financial Contagion ; International Investors ; Liability ; Liquidity ; Market ; Maturity ; Options ; Policy Responses ; Private Sector Development ; Short-Term Debt
    Abstract: March 2000 - What can the international community do to prevent financial contagion? Chang and Majnoni try to identify and evaluate the public policy implications of financial contagion on the basis of a very simple model of financial crises. In this model, financial contagion can be driven by a combination of fundamentals and by self-fulfilling market expectations. The model allows the authors to identify different notions of contagion, especially the distinction between monsoonal effects, spillovers, and switchers between equilibria. They discuss both domestic and international policy options. Domestic policies, they say, should be aimed at reducing financial fragility - that is, reducing unnecessary short-term debt commitments. With explicit commitments, the maturity of external debts should be lengthened. With implicit commitments, such as private liability guarantees, they emphasize limiting or eliminating such guarantees, to improve an economy's international liquidity and reduce its exposure to contagion. Internationally, they stress the need for improving financial standards, which makes it easier to assess when a country is subject to different kinds of contagion. The effectiveness of international rescue packages depends on the kind of contagion to which a country is exposed. Implications: The international community should help those countries that are already helping themselves. This paper - a product of the Financial Sector Strategy and Policy Group - is part of a larger effort in the group to study the determinants and policy implications of international financial contagion. The author Giovanni Majnoni may be contacted at gmajnoniworldbank.org
    URL: Volltext  (Deutschlandweit zugänglich)
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    Online Resource
    MPI Ethno. Forsch.
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