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  • Demirguc-Kunt, Asli  (7)
  • Cull, Robert  (6)
  • Washington, D.C : The World Bank  (12)
  • Private Sector Development  (12)
  • 1
    Online-Ressource
    Online-Ressource
    Washington, D.C : The World Bank
    Sprache: Englisch
    Seiten: 1 Online-Ressource (31 pages)
    Paralleltitel: Erscheint auch als Cull, Robert Trade Credit: Theory and Evidence for Emerging Economies and Developing Countries
    Schlagwort(e): Access To Finance ; Banking Institutions ; Capital Markets and Capital Flows ; Finance and Financial Sector Development ; Financial Development and Growth ; International Trade ; Medium-Sized Firms ; Private Sector Development ; Trade Credit
    Kurzfassung: Trade credit remains an important source of finance for firms in developing countries and many firms in developed countries, especially those that are young, small, or informationally opaque for other reasons. This paper summarizes the literature and explains the pervasiveness of trade credit, detailing its potential advantages over formal credit in terms of the information that buyers and sellers have about each other and their ability to monitor one another. Because it requires less formal contract enforcement, trade credit can be especially relevant where the rule of law and the legal system are weak. At the same time, reliance on information from social networks and informal institutional arrangements limits the scale of trade credit, and thus moderate improvements to formal enforcement can expand trade credit beyond social networks and enable customers to switch suppliers, which improves their credit terms. The patterns suggest a sweet spot or "Goldilocks" region where mid-size firms and those in countries at middling levels of development tend to rely relatively more heavily on trade credit than others. Going forward, detailed data on the relationship between suppliers and customers are crucial to enable more direct tests of theoretical predictions regarding trade credit
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  • 2
    Online-Ressource
    Online-Ressource
    Washington, D.C : The World Bank
    Sprache: Englisch
    Seiten: 1 Online-Ressource (31 pages)
    Paralleltitel: Erscheint auch als Bruhn, Miriam Government Support and Firm Performance during COVID-19
    Schlagwort(e): Covid-19 ; Disease Control and Prevention ; Employment ; Government ; Health, Nutrition and Population ; Pandemic ; Private Sector Development ; Private Sector Economics ; Social Protections and Labor
    Kurzfassung: This paper assesses the medium-run effects of government support to firms during the COVID-19 crisis and whether the effectiveness of this support varied with its timing. Using data from three rounds of the World Bank's Enterprise Surveys COVID-19 Follow-up Surveys carried out between May 2020 and April 2022, it relates government support in Round 1 (received in the first half of 2020) and Round 2 (received during the second half of 2020 or early 2021) with firm performance in Round 3 (generally mid-2021). Controlling for a host of background characteristics, firms that received support in Round 1 performed better in terms of Round 3 sales, but only if they did not have continued support. Firms that also received support in Round 2 had similar Round 3 sales as those that received no support and were more likely to decrease employment. Firms that received government support only in Round 2 experienced no boost in Round 3 performance. The findings suggest that government support should be provided promptly, but it should also be phased out quickly
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  • 3
    Online-Ressource
    Online-Ressource
    Washington, D.C : The World Bank
    Sprache: Englisch
    Seiten: 1 Online-Ressource (42 pages)
    Paralleltitel: Erscheint auch als Print Version: Bruhn, Miriam Competition and Firm Recovery Post-COVID-19
    Schlagwort(e): Business Cycles and Stabilization Policies ; Competitiveness and Competition Policy ; Coronavirus ; COVID-19 ; Creative Destruction ; Disease Control and Prevention ; Economic Recovery ; Enterprise Survey ; Firm Competition ; Government Support ; Health, Nutrition and Population ; Macroeconomics and Economic Growth ; Pandemic Response ; Private Sector Development ; Private Sector Economics ; Productivity
    Kurzfassung: This paper examines the impact of the COVID-19 crisis on the reallocation of economic activity across firms, and whether this reallocation depends on the competition environment. The paper uses the World Bank's Enterprise Surveys COVID-19 Follow-up Surveys for about 8,000 firms in 23 emerging and developing countries in Europe and Central Asia, matched with 2019 Enterprise Surveys data. It finds that during the COVID-19 crisis, economic activity was reallocated toward firms with higher pre-crisis labor productivity. Countries with a strong competition environment experienced more reallocation from less productive to more productive firms than countries with a weak competition environment. The evidence also suggests that reallocation from low- to high-productivity firms during the COVID-19 crisis was stronger compared with pre-crisis times. Finally, the analysis shows that government support measures implemented in response to the crisis may have adverse effects on competition and productivity growth since support went to less productive and larger firms, regardless of their pre-crisis innovation
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  • 4
    Online-Ressource
    Online-Ressource
    Washington, D.C : The World Bank
    Sprache: Englisch
    Seiten: Online-Ressource (1 online resource (40 p.))
    Ausgabe: Online-Ausg. World Bank E-Library Archive
    Paralleltitel: Cull, Robert Microfinance Meets The Market
    Schlagwort(e): Access to Finance ; Access to financial services ; Asymmetric information ; Banking services ; Banks & Banking Reform ; Debt Markets ; Emerging Markets ; Finance and Financial Sector Development ; Financial markets ; International bank ; Loan ; Loan repayment ; Microfinance ; Microfinance institutions ; Private Sector Development ; Transactio ; Access to Finance ; Access to financial services ; Asymmetric information ; Banking services ; Banks & Banking Reform ; Debt Markets ; Emerging Markets ; Finance and Financial Sector Development ; Financial markets ; International bank ; Loan ; Loan repayment ; Microfinance ; Microfinance institutions ; Private Sector Development ; Transactio ; Access to Finance ; Access to financial services ; Asymmetric information ; Banking services ; Banks & Banking Reform ; Debt Markets ; Emerging Markets ; Finance and Financial Sector Development ; Financial markets ; International bank ; Loan ; Loan repayment ; Microfinance ; Microfinance institutions ; Private Sector Development ; Transactio
    Kurzfassung: Microfinance institutions have proved the possibility of providing reliable banking services to poor customers. Their second aim is to do so in a commercially-viable way. This paper analyzes the tensions and opportunities of microfinance as it embraces the market, drawing on a data set that includes 346 of the world's leading microfinance institutions and covers nearly 18 million active borrowers. The data show remarkable successes in maintaining high rates of loan repayment, but the data also suggest that profit-maximizing investors would have limited interest in most of the institutions that are focusing on the poorest customers and women. Those institutions, as a group, charge their customers the highest fees in the sample but also face particularly high transaction costs, in part due to small transaction sizes. Innovations to overcome the well-known problems of asymmetric information in financial markets were a triumph, but further innovation is needed to overcome the challenges of high costs
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  • 5
    Online-Ressource
    Online-Ressource
    Washington, D.C : The World Bank
    Sprache: Englisch
    Seiten: Online-Ressource (1 online resource (82 p.))
    Ausgabe: Online-Ausg. World Bank E-Library Archive
    Paralleltitel: Demirguc-Kunt, Asli Finance, Financial Sector Policies, And Long-Run Growth
    Schlagwort(e): Access to Finance ; Banks and Banking Reform ; Debt Markets ; Economic Development ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Development ; Financial Instruments ; Financial Markets ; Financial System ; Financial Systems ; International Bank ; Investment Decisions ; Macroeconomics and Economic Growth ; Private Sector Development ; Transaction ; Transaction Costs ; Access to Finance ; Banks and Banking Reform ; Debt Markets ; Economic Development ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Development ; Financial Instruments ; Financial Markets ; Financial System ; Financial Systems ; International Bank ; Investment Decisions ; Macroeconomics and Economic Growth ; Private Sector Development ; Transaction ; Transaction Costs ; Access to Finance ; Banks and Banking Reform ; Debt Markets ; Economic Development ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Development ; Financial Instruments ; Financial Markets ; Financial System ; Financial Systems ; International Bank ; Investment Decisions ; Macroeconomics and Economic Growth ; Private Sector Development ; Transaction ; Transaction Costs
    Kurzfassung: The first part of this paper reviews the literature on the relation between finance and growth. The second part of the paper reviews the literature on the historical and policy determinants of financial development. Governments play a central role in shaping the operation of financial systems and the degree to which large segments of the financial system have access to financial services. The paper discusses the relationship between financial sector policies and economic development
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 6
    Online-Ressource
    Online-Ressource
    Washington, D.C : The World Bank
    Sprache: Englisch
    Seiten: Online-Ressource (1 online resource (34 p.))
    Ausgabe: Online-Ausg. World Bank E-Library Archive
    Paralleltitel: Demirguc-Kunt, Asli Finance And Economic Opportunity
    Schlagwort(e): Access to Finance ; Banks and Banking Reform ; Debt Markets ; Economic Opportunities ; Economic Opportunity ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Markets ; Financial Services ; Financial System ; Financial Systems ; Formal Financial Sector ; Households ; Inequality ; Macroeconomics and Economic Growth ; Private Sector Development ; Small Enterprises ; Access to Finance ; Banks and Banking Reform ; Debt Markets ; Economic Opportunities ; Economic Opportunity ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Markets ; Financial Services ; Financial System ; Financial Systems ; Formal Financial Sector ; Households ; Inequality ; Macroeconomics and Economic Growth ; Private Sector Development ; Small Enterprises ; Access to Finance ; Banks and Banking Reform ; Debt Markets ; Economic Opportunities ; Economic Opportunity ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Markets ; Financial Services ; Financial System ; Financial Systems ; Formal Financial Sector ; Households ; Inequality ; Macroeconomics and Economic Growth ; Private Sector Development ; Small Enterprises
    Kurzfassung: An influential body of theoretical research and an emerging line of empirical work suggest that the operation of the formal financial system affects the degree to which economic opportunities are defined by talent and initiative rather than by parental wealth and social connections. This paper discusses the theory of how financial markets influence economic opportunity and reviews recent empirical work on the relation between formal financial systems and poverty, income inequality, and economic opportunity. The authors consider recent efforts to measure the ability of households and small enterprises to access financial services, the impact of this access, and the mechanisms through which finance affects poverty and inequality. The authors argue that considerably more research is needed to identify which formal financial sector policies enhance the operation of the financial system in ways that expand the economic horizons of the economically disenfranchised
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 7
    Online-Ressource
    Online-Ressource
    Washington, D.C : The World Bank
    Sprache: Englisch
    Seiten: Online-Ressource (1 online resource (36 p.))
    Ausgabe: Online-Ausg. World Bank E-Library Archive
    Paralleltitel: Zhu, Tian Formal Finance And Trade Credit During China's Transition
    Schlagwort(e): Access To Cred Bank ; Banks and Banking Reform ; Business School ; Buyers ; Cred Customers ; Debt Markets ; Economic Activity ; Economic Theory and Research ; Finance ; Finance and Financial Sector Development ; Financial Crisis Management and Restructuring ; Financial Institutions ; Financial Intermediaries ; Financial Intermediation ; Financial Literacy ; Financial Support ; Information ; Investment and Investment Climate ; Loans ; Macroeconomics and Economic Growth ; Private Sector Development ; Access To Cred Bank ; Banks and Banking Reform ; Business School ; Buyers ; Cred Customers ; Debt Markets ; Economic Activity ; Economic Theory and Research ; Finance ; Finance and Financial Sector Development ; Financial Crisis Management and Restructuring ; Financial Institutions ; Financial Intermediaries ; Financial Intermediation ; Financial Literacy ; Financial Support ; Information ; Investment and Investment Climate ; Loans ; Macroeconomics and Economic Growth ; Private Sector Development ; Access To Cred Bank ; Banks and Banking Reform ; Business School ; Buyers ; Cred Customers ; Debt Markets ; Economic Activity ; Economic Theory and Research ; Finance ; Finance and Financial Sector Development ; Financial Crisis Management and Restructuring ; Financial Institutions ; Financial Intermediaries ; Financial Intermediation ; Financial Literacy ; Financial Support ; Information ; Investment and Investment Climate ; Loans ; Macroeconomics and Economic Growth ; Private Sector Development
    Kurzfassung: Using a large panel dataset of Chinese industrial firms, the authors examine the determinants of access to loans from formal financial intermediaries and extension of trade credit. Poorly performing state-owned enterprises were more likely to redistribute credit to firms with less privileged access to loans through trade credit, a pattern consistent with some of the extension of trade credit being involuntary. By contrast, profitable private domestic firms were more likely to extend trade credit than unprofitable ones. Trade credit likely provided a substitute for loans for these private firms' customers that were shut out of formal credit markets. As biases in lending became less severe, the amount of trade credit extended by private firms declined
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 8
    Sprache: Englisch
    Seiten: Online-Ressource (1 online resource (46 p.))
    Ausgabe: Online-Ausg. World Bank E-Library Archive
    Paralleltitel: Clarke, George R.G Bank Privatization In Sub-Saharan Africa
    Schlagwort(e): Access to Finance ; Bank Privatization ; Banking Sector ; Bankruptcy and Resolution of Financial Distress ; Banks ; Banks and Banking Reform ; Debt Markets ; Emerging Markets ; Finance and Financial Sector Development ; Financial Crises ; Financial Services ; Financial Systems ; Income Statements ; Private Banks ; Private Sector Development ; Productivity ; Profitability ; Access to Finance ; Bank Privatization ; Banking Sector ; Bankruptcy and Resolution of Financial Distress ; Banks ; Banks and Banking Reform ; Debt Markets ; Emerging Markets ; Finance and Financial Sector Development ; Financial Crises ; Financial Services ; Financial Systems ; Income Statements ; Private Banks ; Private Sector Development ; Productivity ; Profitability ; Access to Finance ; Bank Privatization ; Banking Sector ; Bankruptcy and Resolution of Financial Distress ; Banks ; Banks and Banking Reform ; Debt Markets ; Emerging Markets ; Finance and Financial Sector Development ; Financial Crises ; Financial Services ; Financial Systems ; Income Statements ; Private Banks ; Private Sector Development ; Productivity ; Profitability
    Kurzfassung: Previous empirical analyses have found that bank privatizations are more successful when the government fully relinquishes control, when the bank is privatized to a strategic investor, and when foreign-owned banks are allowed to participate in the bidding. The privatization of Uganda Commercial Bank (UCB) to the South African bank Stanbic met all these criteria, suggesting that it is a likely candidate for success. But other features suggest reasons for caution: UCB dominated the Ugandan banking sector prior to privatization and the institutional environment in Uganda was less favorable than in many of the middle-income countries looked at in earlier empirical studies. Despite these concerns, the privatization appears to have been relatively successful. The portfolio of the privatized bank, which was cleaned prior to sale, remains relatively strong and profitability and credit growth are now on par with other Ugandan banks. Though market segmentation remains a concern since Stanbic faces little or no direct competition in many remote areas, some early results suggest that access to credit has improved for some hard-to-serve groups
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 9
    Sprache: Englisch
    Seiten: Online-Ressource (1 online resource (56 p.))
    Ausgabe: Online-Ausg. World Bank E-Library Archive
    Paralleltitel: Ayyagari, Meghana Firm Innovation In Emerging Markets
    Schlagwort(e): Competitor ; Competitors ; Cooperatives ; Corporations ; Debt Markets ; E-Business ; Economy ; Education ; Emerging Markets ; Enterprises ; Entrepreneurs ; Entrepreneurship ; Finance and Financial Sector Development ; Financial Institution ; Financial Literacy ; Firm ; Firm Size ; Firms ; Foreign Partners ; Investment and Investment Climate ; Knowledge for Development ; Labor Policies ; Macroeconomics and Economic Growth ; Microfinance ; Private Sector Development ; Small Scale Enterprises ; Social Protections and Labor ; Competitor ; Competitors ; Cooperatives ; Corporations ; Debt Markets ; E-Business ; Economy ; Education ; Emerging Markets ; Enterprises ; Entrepreneurs ; Entrepreneurship ; Finance and Financial Sector Development ; Financial Institution ; Financial Literacy ; Firm ; Firm Size ; Firms ; Foreign Partners ; Investment and Investment Climate ; Knowledge for Development ; Labor Policies ; Macroeconomics and Economic Growth ; Microfinance ; Private Sector Development ; Small Scale Enterprises ; Social Protections and Labor ; Competitor ; Competitors ; Cooperatives ; Corporations ; Debt Markets ; E-Business ; Economy ; Education ; Emerging Markets ; Enterprises ; Entrepreneurs ; Entrepreneurship ; Finance and Financial Sector Development ; Financial Institution ; Financial Literacy ; Firm ; Firm Size ; Firms ; Foreign Partners ; Investment and Investment Climate ; Knowledge for Development ; Labor Policies ; Macroeconomics and Economic Growth ; Microfinance ; Private Sector Development ; Small Scale Enterprises ; Social Protections and Labor
    Kurzfassung: The authors investigate the determinants of firm innovation in over 19,000 firms across 47 developing economies. They define the innovation process broadly, to include not only core innovation such as the introduction of new products and new technologies, but also other types of activities that promote knowledge transfers and adapt production processes. The authors find that more innovative firms are large exporting firms characterized by private ownership, highly educated managers with mid-level managerial experience, and access to external finance. In contrast, firms that do not innovate much are typically state-owned firms without foreign competitors. The identity of the controlling shareholder seems to be particularly important for core innovation, with those private firms whose controlling shareholder is a financial institution being the least innovative. While the use of external finance is associated with greater innovation by all private firms, it does not make state-owned firms more innovative. Financing from foreign banks is associated with higher levels of innovation compared with financing from domestic banks
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 10
    Online-Ressource
    Online-Ressource
    Washington, D.C : The World Bank
    Sprache: Englisch
    Seiten: Online-Ressource (1 online resource (43 p.))
    Ausgabe: Online-Ausg. World Bank E-Library Archive
    Paralleltitel: Cull, Robert Foreign Bank Participation And Crises In Developing Countries
    Schlagwort(e): Bank ; Bank Acquisitions ; Bank For International Settlements ; Bank Mergers ; Bank of Greece ; Banking ; Banking Crises ; Banking Sector ; Banks and Banking Reform ; Cred Distressed Banks ; Debt Markets ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Interest ; Financial Literacy ; Foreign Direct Investment ; International Economics & Trade ; Private Sector Development ; Bank ; Bank Acquisitions ; Bank For International Settlements ; Bank Mergers ; Bank of Greece ; Banking ; Banking Crises ; Banking Sector ; Banks and Banking Reform ; Cred Distressed Banks ; Debt Markets ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Interest ; Financial Literacy ; Foreign Direct Investment ; International Economics & Trade ; Private Sector Development ; Bank ; Bank Acquisitions ; Bank For International Settlements ; Bank Mergers ; Bank of Greece ; Banking ; Banking Crises ; Banking Sector ; Banks and Banking Reform ; Cred Distressed Banks ; Debt Markets ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Interest ; Financial Literacy ; Foreign Direct Investment ; International Economics & Trade ; Private Sector Development
    Kurzfassung: This paper describes the recent trends in foreign bank ownership in developing countries, summarizes the existing evidence on the causes and implications of foreign bank presence, and reexamines the link between banking crises and foreign bank participation. Using data on the share of banking sector assets held by foreign banks in over 100 developing countries during 1995-2002, the results show that countries that experienced a banking crisis tended to have higher levels of foreign bank participation than those that did not. Furthermore, panel regressions indicate that foreign participation increased as a result of crises rather than prior to them. However, post-crisis increases in foreign participation did not coincide with increased credit to the private sector, perhaps because in many cases foreign banks acquired distressed banks
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  • 11
    Sprache: Englisch
    Seiten: Online-Ressource (1 online resource (60 p.))
    Ausgabe: Online-Ausg. World Bank E-Library Archive
    Paralleltitel: Beck, Thorsten Banking Services For Everyone ?
    Schlagwort(e): Bank ; Bank Accounts ; Banking Services ; Banks ; Banks and Banking Reform ; Checking Account ; Customers ; Debt Markets ; Demand ; Depos Deposits ; Emerging Markets ; Finance and Financial Sector Development ; Financial Institutions ; Financial Literacy ; Financial Services ; Financial Transaction ; Housing ; Private Sector Development ; Bank ; Bank Accounts ; Banking Services ; Banks ; Banks and Banking Reform ; Checking Account ; Customers ; Debt Markets ; Demand ; Depos Deposits ; Emerging Markets ; Finance and Financial Sector Development ; Financial Institutions ; Financial Literacy ; Financial Services ; Financial Transaction ; Housing ; Private Sector Development ; Bank ; Bank Accounts ; Banking Services ; Banks ; Banks and Banking Reform ; Checking Account ; Customers ; Debt Markets ; Demand ; Depos Deposits ; Emerging Markets ; Finance and Financial Sector Development ; Financial Institutions ; Financial Literacy ; Financial Services ; Financial Transaction ; Housing ; Private Sector Development
    Kurzfassung: Using information from 193 banks in 58 countries, the authors develop and analyze indicators of physical access, affordability, and eligibility barriers to deposit, loan, and payment services. They find substantial cross-country variation in barriers to banking and show that in many countries these barriers can potentially exclude a significant share of the population from using banking services. Correlations with bank- and country-level variables show that bank size and the availability of physical infrastructure are the most robust predictors of barriers. Further, the authors find evidence that in more competitive, open, and transparent economies, and in countries with better contractual and informational frameworks, banks impose lower barriers. Finally, though foreign banks seem to charge higher fees than other banks, in foreign dominated banking systems fees are lower and it is easier to open bank accounts and to apply for loans. On the other hand, in systems that are predominantly government-owned, customers pay lower fees but also face greater restrictions in terms of where to apply for loans and how long it takes to have applications processed. These findings have important implications for policy reforms to broaden access
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 12
    Online-Ressource
    Online-Ressource
    Washington, D.C : The World Bank
    Sprache: Englisch
    Seiten: Online-Ressource (1 online resource (37 p.))
    Ausgabe: Online-Ausg. World Bank E-Library Archive
    Paralleltitel: Cull, Robert World Bank Lending and Financial Sector Development
    Schlagwort(e): Adjustment ; Adjustment Loan ; Adjustment Loans ; Banks and Banking Reform ; Borrower ; Borrowers ; Borrowing ; Borrowing Countries ; Conditionality ; Country Strategy and Performance ; Debt Markets ; Development Economics ; Economic Adjustment and Lending ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Institutions ; Financial Literacy ; Funds ; Grants ; Lending Programs ; Lending Rate ; Lending Services ; Macroeconomics and Economic Growth ; Poverty Reduction ; Private Sector Development ; Pro-Poor Growth ; Structural Adjustment Loans ; Technical Assistance Loans ; World Bank ; World Bank Lending ; World Bank Loans ; Adjustment ; Adjustment Loan ; Adjustment Loans ; Banks and Banking Reform ; Borrower ; Borrowers ; Borrowing ; Borrowing Countries ; Conditionality ; Country Strategy and Performance ; Debt Markets ; Development Economics ; Economic Adjustment and Lending ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Institutions ; Financial Literacy ; Funds ; Grants ; Lending Programs ; Lending Rate ; Lending Services ; Macroeconomics and Economic Growth ; Poverty Reduction ; Private Sector Development ; Pro-Poor Growth ; Structural Adjustment Loans ; Technical Assistance Loans ; World Bank ; World Bank Lending ; World Bank Loans ; Adjustment ; Adjustment Loan ; Adjustment Loans ; Banks and Banking Reform ; Borrower ; Borrowers ; Borrowing ; Borrowing Countries ; Conditionality ; Country Strategy and Performance ; Debt Markets ; Development Economics ; Economic Adjustment and Lending ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Institutions ; Financial Literacy ; Funds ; Grants ; Lending Programs ; Lending Rate ; Lending Services ; Macroeconomics and Economic Growth ; Poverty Reduction ; Private Sector Development ; Pro-Poor Growth ; Structural Adjustment Loans ; Technical Assistance Loans ; World Bank ; World Bank Lending ; World Bank Loans
    Kurzfassung: Using a new database of World Bank loans to support financial sector development, the authors investigate whether countries that received such loans experienced more rapid growth on standard indicators of financial development than countries that did not. They account for self-selection with treatment effects regressions, and also use propensity score matching techniques. The authors ' results indicate that borrowing countries had significantly more rapid growth in M2/GDP than non-borrowers, and swifter reductions in interest rate spreads and cash holdings (as a share of M2). Borrowers also had higher private credit growth rates than non-borrowers in treatment effects regressions, but not in standard panel regressions with fixed country effects. On the whole, however, the results indicate significant advantages for borrowers over non-borrowers in terms of financial development
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