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  • MPI Ethno. Forsch.  (2)
  • 2000-2004  (2)
  • Claessens, Stijn  (2)
  • Washington, D.C : The World Bank  (2)
  • Banks and Banking Reform  (2)
  • 1
    Online-Ressource
    Online-Ressource
    The Political Economy of Distress in East Asian Financial Institutions (2000)
    Washington, D.C : The World Bank
    Details
    Sprache: Englisch
    Seiten: Online-Ressource (1 online resource (28 p.))
    Ausgabe: Online-Ausg. World Bank E-Library Archive
    Paralleltitel: Ferri, Giovanni The Political Economy of Distress in East Asian Financial Institutions
    Schlagwort(e): Balance Sheet ; Banking System ; Banks and Banking Reform ; Currencies and Exchange Rates ; Debt Markets ; E-Business ; Economic Policy, Institutions and Governance ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Crisis ; Financial Distress ; Financial Institutions ; Financial Intermediation ; Financial Literacy ; Financial Risks ; Good ; Interest ; Interest Income ; Investors ; Loan ; Loans ; Loss Of Confidence ; Macroeconomics and Economic Growth ; Non Bank Financial Institutions ; Political Economy ; Portfolio ; Private Sector Development ; Prudential Regulations ; Public Institution Analysis and Assessment ; Public Sector Development ; Reserves ; Return ; Return On Assets ; Balance Sheet ; Banking System ; Banks and Banking Reform ; Currencies and Exchange Rates ; Debt Markets ; E-Business ; Economic Policy, Institutions and Governance ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Crisis ; Financial Distress ; Financial Institutions ; Financial Intermediation ; Financial Literacy ; Financial Risks ; Good ; Interest ; Interest Income ; Investors ; Loan ; Loans ; Loss Of Confidence ; Macroeconomics and Economic Growth ; Non Bank Financial Institutions ; Political Economy ; Portfolio ; Private Sector Development ; Prudential Regulations ; Public Institution Analysis and Assessment ; Public Sector Development ; Reserves ; Return ; Return On Assets ; Balance Sheet ; Banking System ; Banks and Banking Reform ; Currencies and Exchange Rates ; Debt Markets ; E-Business ; Economic Policy, Institutions and Governance ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Crisis ; Financial Distress ; Financial Institutions ; Financial Intermediation ; Financial Literacy ; Financial Risks ; Good ; Interest ; Interest Income ; Investors ; Loan ; Loans ; Loss Of Confidence ; Macroeconomics and Economic Growth ; Non Bank Financial Institutions ; Political Economy ; Portfolio ; Private Sector Development ; Prudential Regulations ; Public Institution Analysis and Assessment ; Public Sector Development ; Reserves ; Return ; Return On Assets
    Kurzfassung: In the East Asian crisis, connections - with industrial groups or influential families - increased the probability of distress for financial institutions. Connections also made closure more, not less, likely, suggesting that the closure processes themselves were transparent. But larger institutions, although more likely to be distressed, were less likely to be closed, suggesting a too big to fail policy. - Politics and regulatory capture can play an important role in financial institutions' distress. East Asia's financial crisis featured many distressed and closed financial intermediaries in an environment with many links between government, politicians, supervisors, and financial institutions. This makes the East Asian financial crisis a good event for studying how such connections affect the resolution of financial institutions' distress. Bongini, Claessens, and Ferri investigate distress and closure decisions for 186 banks and 97 nonbank financial institutions in Indonesia, the Republic of Korea, Malaysia, the Philippines, and Thailand. They find that after July 1997, 42 percent of the institutions experienced distress (were closed, merged, or recapitalized, or had their operations temporarily suspended). By July 1999, 13 percent of all institutions in existence in July 1997 had been closed. Using financial data for 1996, the authors find that: · Traditional CAMEL-type variables - returns on assets, loan growth, and the ratio of loan loss reserves to capital, of net interest income to total income, and of loans to borrowings - help predict subsequent distress and closure. · None of the foreign-controlled institutions was closed, and foreign portfolio ownership lowered an institution's probability of distress. · Connections - with industrial groups or influential families - increased the probability of distress, suggesting that supervisors had granted forbearance from regulations. Connections also made closure more, not less, likely - suggesting that the closure processes themselves were transparent. · But larger institutions, although more likely to be distressed, were less likely to be closed, while (smaller) nonbank financial institutions were more likely to be closed. This suggests a too big to fail policy. · These policies, together with the fact that resolution processes were late and not necessarily comprehensive, may have added to the overall uncertainty and loss of confidence in the East Asian countries, aggravating the financial crisis. This paper - a product of the Financial Sector Strategy and Policy Group, Financial Sector Vice Presidency - is part of a larger effort in the group to study the causes and resolution of financial distress. The authors may be contacted at pbonginimi.unicatt.it, cclaessens@worldbank.org, or gferri@worldbank.org
    URL: Volltext  (Deutschlandweit zugänglich)
    Bibliothek Standort Signatur Band/Heft/Jahr Verfügbarkeit
    BibTip Andere fanden auch interessant ...
    Online-Ressource
    MPI Ethno. Forsch.
  • 2
    Online-Ressource
    Online-Ressource
    Corporate Risk around the World (2000)
    Washington, D.C : The World Bank
    Details
    Sprache: Englisch
    Seiten: Online-Ressource (1 online resource (60 p.))
    Ausgabe: Online-Ausg. World Bank E-Library Archive
    Paralleltitel: Nenova, Tatiana Corporate Risk around the World
    Schlagwort(e): Accounting ; Asymmetric Information ; Bankruptcy ; Banks and Banking Reform ; Common Law ; Debt ; Debt Markets ; Debt Maturity ; Economic Theory and Research ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Instability ; Financial Literacy ; Financial Markets ; Financial Risk ; Financial Risks ; Financial Sector Development ; Financial Structure ; Financial Systems ; Firm Performance ; Labor Policies ; Macroeconomics and Economic Growth ; Private Sector Development ; Property ; Property Rights ; Social Protections and Labor ; Tax ; Taxes ; Valuation ; Accounting ; Asymmetric Information ; Bankruptcy ; Banks and Banking Reform ; Common Law ; Debt ; Debt Markets ; Debt Maturity ; Economic Theory and Research ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Instability ; Financial Literacy ; Financial Markets ; Financial Risk ; Financial Risks ; Financial Sector Development ; Financial Structure ; Financial Systems ; Firm Performance ; Labor Policies ; Macroeconomics and Economic Growth ; Private Sector Development ; Property ; Property Rights ; Social Protections and Labor ; Tax ; Taxes ; Valuation ; Accounting ; Asymmetric Information ; Bankruptcy ; Banks and Banking Reform ; Common Law ; Debt ; Debt Markets ; Debt Maturity ; Economic Theory and Research ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Instability ; Financial Literacy ; Financial Markets ; Financial Risk ; Financial Risks ; Financial Sector Development ; Financial Structure ; Financial Systems ; Firm Performance ; Labor Policies ; Macroeconomics and Economic Growth ; Private Sector Development ; Property ; Property Rights ; Social Protections and Labor ; Tax ; Taxes ; Valuation
    Kurzfassung: January 2000 - Corporate financing patterns around the world reflect countries' institutional environments. Weaknesses in the corporate sector have increasingly been cited as important factors in financial crises in both emerging markets and industrial countries. Analysts have pointed to weak corporate performance and risky financing patterns as major causes of the East Asian financial crisis. And some have argued that company balance sheet problems may also have played a role, independent of macroeconomic or other weaknesses, including poor corporate sector performance. But little is known about the empirical importance of firm financing choices in predicting and explaining financial instability. Firm financing patterns have long been studied by the corporate finance literature. Financing patterns have traditionally been analyzed in the Modigliani-Miller framework, expanded to incorporate taxes and bankruptcy costs. More recently, asymmetric information issues have drawn attention to agency costs and their impact on firm financing choices. There is also an important literature relating financing patterns to firm performance and governance. Several recent studies have focused on identifying systematic cross-country differences in firm financing patterns - and the effects of these differences on financial sector development and economic growth. They have also examined the causes of different financing patterns, particularly countries' legal and institutional environments. The literature has devoted little attention to corporate sector risk characteristics, however, aside from leverage and debt maturity considerations. Even these measures have been the subject of few empirical investigations, mainly because of a paucity of data on corporate sectors around the world. Building on data that have recently become available, Claessens, Djankov, and Nenova try to fill this gap in the literature and shed light on the risk characteristics of corporate sectors around the world. They investigate how corporate sectors' financial and operating structures relate to the institutional environment in which they operate, using data for more than 11,000 firms in 46 countries. They show that: · The origins of a country's laws, the strength of its equity and creditor rights, and the nature of its financial system can account for the degree of corporate risk-taking. · In particular, corporations in common law countries and market-based financial systems have less risky financing patterns. · Stronger protection of equity and creditor rights is also associated with less financial risk. This paper - a product of the Financial Sector Strategy and Policy Group, Financial Sector Vice Presidency - is part of a larger effort in the Bank to study the determinants of the riskiness of countries' corporate and financial systems
    URL: Volltext  (Deutschlandweit zugänglich)
    Bibliothek Standort Signatur Band/Heft/Jahr Verfügbarkeit
    BibTip Andere fanden auch interessant ...
    Online-Ressource
    MPI Ethno. Forsch.
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