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  • 2010-2014  (20)
  • 1980-1984
  • Demirguc-Kunt, Asli  (20)
  • Washington, D.C : The World Bank  (20)
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  • Washington, D.C : The World Bank  (20)
  • 1
    Online-Ressource
    Online-Ressource
    Bank Capital and Systemic Stability (2014)
    Washington, D.C : The World Bank
    Details
    Sprache: Englisch
    Seiten: Online-Ressource (42 p)
    Ausgabe: 2014 World Bank eLibrary
    Paralleltitel: Anginer, Deniz Bank Capital and Systemic Stability
    Kurzfassung: This paper distinguishes among various types of capital and examines their effect on system-wide fragility. The analysis finds that higher quality forms of capital reduce the systemic risk contribution of banks, whereas lower quality forms can have a destabilizing impact, particularly during crisis periods. The impact of capital on systemic risk is less pronounced for smaller banks, for banks located in countries with more generous safety nets, and in countries with institutions that allow for better public and private monitoring of financial institutions. The results show that regulatory capital is effective in reducing systemic risk and that regulatory risk weights are correlated with higher future asset volatility, but this relationship is significantly weaker for larger banks. The paper also finds that increased regulatory risk-weights not correlated with future asset volatility increase systemic fragility. Overall, the results are consistent with the theoretical literature that emphasizes capital as a potential buffer in absorbing liquidity, information, and economic shocks reducing contagious defaults
    DOI: 10.1596/1813-9450-6948
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 2
    Online-Ressource
    Online-Ressource
    Does Local Financial Development Matter for Firm Lifecycle in India? (2014)
    Washington, D.C : The World Bank
    Details
    Sprache: Englisch
    Seiten: Online-Ressource (64 p)
    Ausgabe: 2014 World Bank eLibrary
    Paralleltitel: Ayyagari, Meghana Does Local Financial Development Matter for Firm Lifecycle in India?
    Kurzfassung: The differences in financial development across Indian states, while seeming substantial, have a minor effect on firm lifecycle and growth. These results hold controlling for differences in labor regulations across states, capital intensity, and for firms born before and after the major reforms. There is no evidence that firms in financially dependent industries have different lifecycle profiles or grow faster in financially developed states than underdeveloped states. Overall, firms in the formal manufacturing sector grow as they age whereas in the informal sector, firms have a declining lifecycle, but in both cases little evidence is found that financial institutions matter for firm lifecycle. The findings of this paper suggest that size and depth differences in financial development across Indian states are likely dwarfed by overall inefficiencies that characterize state-dominated financial systems, with important implications for the reforms of the Indian financial system going forward
    DOI: 10.1596/1813-9450-7008
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 3
    Online-Ressource
    Online-Ressource
    Corporate Governance and Bank Insolvency Risk : International Evidence (2014)
    Washington, D.C : The World Bank
    Details
    Sprache: Englisch
    Seiten: Online-Ressource (53 p)
    Ausgabe: 2014 World Bank eLibrary
    Paralleltitel: Anginer, Deniz Corporate Governance and Bank Insolvency Risk
    Kurzfassung: This paper finds that shareholder-friendly corporate governance is positively associated with bank insolvency risk, as proxied by the Z-score and the Merton's distance to default measure, for an international sample of banks over the 2004-08 period. Banks are special in that "good" corporate governance increases bank insolvency risk relatively more for banks that are large and located in countries with sound public finances, as banks aim to exploit the financial safety net. Good corporate governance is specifically associated with higher asset volatility, more nonperforming loans, and a lower tangible capital ratio. Furthermore, good corporate governance is associated with more bank risk-taking at times of rapid economic expansion. Consistent with increased risk-taking, good corporate governance is associated with a higher valuation of the implicit insurance provided by the financial safety net, especially in the case of large banks. These results underline the importance of the financial safety net and too-big-to-fail policies in encouraging excessive risk-taking by banks
    DOI: 10.1596/1813-9450-7017
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 4
    Online-Ressource
    Online-Ressource
    Size and Age of Establishments : Evidence from Developing Countries (2013)
    Washington, D.C : The World Bank
    Details
    Sprache: Englisch
    Seiten: Online-Ressource (77 p)
    Ausgabe: 2013 World Bank eLibrary
    Paralleltitel: Ayyagari, Meghana Size and Age of Establishments
    Kurzfassung: Survey data from 120 developing countries are used to examine the relation between establishment size and age in the formal sector. Existing research suggests that manufacturing establishments in developing countries do not grow over time, most likely because of market imperfections and regulations. To the contrary, this paper finds that the average plant in developing countries that is more than 40 years old employs almost five times as many workers as the average plant that is five years old or younger. The analysis finds consistent evidence when it looks within a large country, India, based on detailed manufacturing census data over 23 years. It also finds that differences in financial development across Indian states, while substantial, have a minor effect on firm growth, consistent with inefficiency of state-owned financial systems. These results hold controlling for differences in labor regulations across states, capital intensity, labor regulations, and firms born before and after the major reforms
    DOI: 10.1596/1813-9450-6718
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 5
    Online-Ressource
    Online-Ressource
    How Does Corporate Governance Affect Bank Capitalization Strategies? (2013)
    Washington, D.C : The World Bank
    Details
    Sprache: Englisch
    Seiten: Online-Ressource (49 p)
    Ausgabe: 2013 World Bank eLibrary
    Paralleltitel: Anginer, Deniz How Does Corporate Governance Affect Bank Capitalization Strategies?
    Kurzfassung: This paper examines how corporate governance and executive compensation affected bank capitalization strategies for an international sample of banks in 2003-2011. "Good" corporate governance, which favors shareholder interests, is found to give rise to lower bank capitalization. Boards of intermediate size, separation of the chief executive officer and chairman roles, and an absence of anti-takeover provisions, in particular, lead to low bank capitalization. However, executive options and stock wealth invested in the bank are associated with better capitalization except just before the crisis in 2006. In that year, stock options wealth was associated with lower capitalization, which suggests that potential gains from taking on more bank risk outweighed the prospect of additional loss. Banks' tendencies to continue payouts to shareholders after experiencing negative income shocks are shown to reflect executive risk-taking incentives
    DOI: 10.1596/1813-9450-6636
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 6
    Online-Ressource
    Online-Ressource
    Islamic Finance and Financial Inclusion : Measuring Use of and Demand for Formal Financial Services among Muslim Adults (2013)
    Washington, D.C : The World Bank
    Details
    Sprache: Englisch
    Seiten: Online-Ressource (45 p)
    Ausgabe: 2013 World Bank eLibrary
    Paralleltitel: Demirguc-Kunt, Asli Islamic Finance and Financial Inclusion
    Kurzfassung: In recent years, the Islamic finance industry has attracted the attention of policy makers and international donors as a possible channel through which to expand financial inclusion, particularly among Muslim adults. Yet cross-country, demand-side data on actual usage and preference gaps in financial services between Muslims and non-Muslims have been scarce. This paper uses novel data to explore the use of and demand for formal financial services among self-identified Muslim adults. In a sample of more than 65,000 adults from 64 economies (excluding countries where less than 1 percent or more than 99 percent of the sample self-identified as Muslim), the analysis finds that Muslims are significantly less likely than non-Muslims to own a formal account or save at a formal financial institution after controlling for other individual- and country-level characteristics. But the analysis finds no evidence that Muslims are less likely than non-Muslims to report formal or informal borrowing. Finally, in an extended survey of adults in five North African and Middle Eastern countries with relatively nascent Islamic finance industries, the study finds little use of Sharia-compliant banking products, although it does find evidence of a hypothetical preference for Sharia-compliant products among a plurality of respondents despite higher costs
    DOI: 10.1596/1813-9450-6642
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 7
    Online-Ressource
    Online-Ressource
    Financial Inclusion and Legal Discrimination against Women : Evidence from Developing Countries (2013)
    Washington, D.C : The World Bank
    Details
    Sprache: Englisch
    Seiten: Online-Ressource (47 p)
    Ausgabe: 2013 World Bank eLibrary
    Paralleltitel: Demirguc-Kunt, Asli Financial Inclusion and Legal Discrimination against Women
    Kurzfassung: This paper documents and analyzes gender differences in the use of financial services using individual-level data from 98 developing countries. The data, drawn from the Global Financial Inclusion (Global Findex) database, highlight the existence of significant gender gaps in ownership of accounts and usage of savings and credit products. Even after controlling for a host of individual characteristics including income, education, employment status, rural residency and age, gender remains significantly related to usage of financial services. This study also finds that legal discrimination against women and gender norms may explain some of the cross-country variation in access to finance for women. The analysis finds that in countries where women face legal restrictions in their ability to work, head a household, choose where to live, and receive inheritance, women are less likely to own an account, relative to men, as well as to save and borrow. The results also confirm that manifestations of gender norms, such as the level of violence against women and the incidence of early marriage for women, contribute to explaining the variation in the use of financial services between men and women, after controlling for other individual and country characteristics
    DOI: 10.1596/1813-9450-6416
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 8
    Online-Ressource
    Online-Ressource
    How Does Deposit Insurance Affect Bank Risk? : Evidence from the Recent Crisis (2012)
    Washington, D.C : The World Bank
    Details
    Sprache: Englisch
    Seiten: Online-Ressource (29 p)
    Ausgabe: 2012 World Bank eLibrary
    Paralleltitel: Anginer, Deniz How Does Deposit Insurance Affect Bank Risk?
    Kurzfassung: Deposit insurance is widely offered in a number of countries as part of a financial system safety net to promote stability. An unintended consequence of deposit insurance is the reduction in the incentive of depositors to monitor banks, which leads to excessive risk-taking. This paper examines the relation between deposit insurance and bank risk and systemic fragility in the years leading to and during the recent financial crisis. It finds that generous financial safety nets increase bank risk and systemic fragility in the years leading up to the global financial crisis. However, during the crisis, bank risk is lower and systemic stability is greater in countries with deposit insurance coverage. The findings suggest that the "moral hazard effect" of deposit insurance dominates in good times while the "stabilization effect" of deposit insurance dominates in turbulent times. Nevertheless, the overall effect of deposit insurance over the full sample remains negative since the destabilizing effect during normal times is greater in magnitude compared with the stabilizing effect during global turbulence. In addition, the analysis finds that good bank supervision can alleviate the unintended consequences of deposit insurance on bank systemic risk during good times, suggesting that fostering the appropriate incentive framework is very important for ensuring systemic stability
    DOI: 10.1596/1813-9450-6289
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 9
    Online-Ressource
    Online-Ressource
    How Does Bank Competition Affect Systemic Stability? (2012)
    Washington, D.C : The World Bank
    Details
    Sprache: Englisch
    Seiten: Online-Ressource (53 p)
    Ausgabe: 2012 World Bank eLibrary
    Paralleltitel: Anginer, Deniz How Does Bank Competition Affect Systemic Stability?
    Kurzfassung: Using bank level measures of competition and co-dependence, the authors show a robust positive relationship between bank competition and systemic stability. Whereas much of the extant literature has focused on the relationship between competition and the absolute level of risk of individual banks, they examine the correlation in the risk taking behavior of banks, hence systemic risk. They find that greater competition encourages banks to take on more diversified risks, making the banking system less fragile to shocks. Examining the impact of the institutional and regulatory environment on systemic stability shows that banking systems are more fragile in countries with weak supervision and private monitoring, with generous deposit insurance and greater government ownership of banks, and public policies that restrict competition. Furthermore, lack of competition has a greater adverse effect on systemic stability in countries with low levels of foreign ownership, weak investor protections, generous safety nets, and where the authorities provide limited guidance for bank asset diversification
    DOI: 10.1596/1813-9450-5981
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 10
    Online-Ressource
    Online-Ressource
    Measuring Financial Inclusion : The Global Findex Database (2012)
    Washington, D.C : The World Bank
    Details
    Sprache: Englisch
    Seiten: Online-Ressource (61 p)
    Ausgabe: 2012 World Bank eLibrary
    Paralleltitel: Asli Demirguc-Kunt Measuring Financial Inclusion
    Kurzfassung: This paper provides the first analysis of the Global Financial Inclusion (Global Findex) Database, a new set of indicators that measure how adults in 148 economies save, borrow, make payments, and manage risk. The data show that 50 percent of adults worldwide have an account at a formal financial institution, though account penetration varies widely across regions, income groups and individual characteristics. In addition, 22 percent of adults report having saved at a formal financial institution in the past 12 months, and 9 percent report having taken out a new loan from a bank, credit union or microfinance institution in the past year. Although half of adults around the world remain unbanked, at least 35 percent of them report barriers to account use that might be addressed by public policy. Among the most commonly reported barriers are high cost, physical distance, and lack of proper documentation, though there are significant differences across regions and individual characteristics
    DOI: 10.1596/1813-9450-6025
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 11
    Online-Ressource
    Online-Ressource
    Financing of Firms in Developing Countries : Lessons from Research (2012)
    Washington, D.C : The World Bank
    Details
    Sprache: Englisch
    Seiten: Online-Ressource (99 p)
    Ausgabe: 2012 World Bank eLibrary
    Paralleltitel: Meghana Ayyagari Financing of Firms in Developing Countries
    Kurzfassung: This paper reviews and synthesizes theoretical and empirical research on the role of finance in developing countries. First, the paper presents the stylized facts about firms in developing nations as well as the legal, financial and broader institutional framework in which these firms operate. Next, the paper focuses on the financing choices available to small and medium firms in developing countries and highlights areas needing additional research
    DOI: 10.1596/1813-9450-6036
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 12
    Online-Ressource
    Online-Ressource
    The Foundations of Financial Inclusion : Understanding Ownership and Use of Formal Accounts (2012)
    Washington, D.C : The World Bank
    Details
    Sprache: Englisch
    Seiten: Online-Ressource (61 p)
    Ausgabe: 2012 World Bank eLibrary
    Paralleltitel: Allen, Franklin The Foundations of Financial Inclusion
    Kurzfassung: Financial inclusion-defined here as the use of formal accounts-can bring many welfare benefits to individuals. Yet we know very little about the factors underpinning financial inclusion across individuals and countries. Using data for 123 countries and over 124,000 individuals, this paper tries to understand the individual and country characteristics associated with the use of formal accounts and what policies are effective among those most likely to be excluded: the poor and rural residents. The authors find that greater ownership and use of accounts is associated with a better enabling environment for accessing financial services, such as lower account costs and greater proximity to financial intermediaries. Policies targeted to promote inclusion-such as requiring banks to offer basic or low-fee accounts, exempting some depositors from onerous documentation requirements, allowing correspondent banking, and using bank accounts to make government payments-are especially effective among those most likely to be excluded. Finally, the authors study the factors associated with perceived barriers to account ownership among those who are financially excluded and find that these individuals report lower barriers in countries with lower costs of accounts and greater penetration of financial service providers. Overall, the results suggest that policies to reduce barriers to financial inclusion may expand the pool of eligible account users and encourage existing account holders to use their accounts to save and with greater frequency
    DOI: 10.1596/1813-9450-6290
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 13
    Online-Ressource
    Online-Ressource
    Has the Global Banking System Become More Fragile over Time? (2011)
    Washington, D.C : The World Bank
    Details
    Sprache: Englisch
    Seiten: Online-Ressource (38 p)
    Ausgabe: 2011 World Bank eLibrary
    Paralleltitel: Anginer, Deniz Has the Global Banking System Become More Fragile over Time?
    Kurzfassung: This paper examines time-series and cross-country variations in default risk co-dependence in the global banking system. The authors construct a default risk measure for all publicly traded banks using the Merton contingent claim model, and examine the evolution of the correlation structure of default risk for more than 1,800 banks in more than 60 countries. They find that there has been a significant increase in default risk co-dependence over the three-year period leading to the financial crisis. They also find that countries that are more integrated, and that have liberalized financial systems and weak banking supervision, have higher co-dependence in their banking sector. The results support an increase in scope for intra-national supervisory co-operation, as well as capital charges for "too-connected-to-fail" institutions that can impose significant externalities
    DOI: 10.1596/1813-9450-5849
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 14
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    Online-Ressource
    The Evolving Importance of Banks and Securities Markets (2011)
    Washington, D.C : The World Bank
    Details
    Sprache: Englisch
    Seiten: Online-Ressource (33 p)
    Ausgabe: 2011 World Bank eLibrary
    Paralleltitel: Demirguc-Kunt, Asli The Evolving Importance of Banks and Securities Markets
    Kurzfassung: This paper examines the evolving importance of banks and securities markets during the process of economic development. As economies develop, they increase their demand for the services provided by securities markets relative to those provided by banks, such that securities markets become increasingly important for future economic development. Some exploratory evidence further suggests that deviations of a country's actual financial structure-the mixture of banks and markets operating in an economy-from the estimated optimal structure are associated with lower levels of economic activity
    DOI: 10.1596/1813-9450-5805
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 15
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    Online-Ressource
    Small vs. Young Firms across the World : Contribution to Employment, Job Creation, and Growth (2011)
    Washington, D.C : The World Bank
    Details
    Sprache: Englisch
    Seiten: Online-Ressource (59 p)
    Ausgabe: 2011 World Bank eLibrary
    Paralleltitel: Ayyagari, Meghana Small vs. Young Firms across the World
    Kurzfassung: This paper describes a unique cross-country database that presents consistent and comparable information on the contribution of the small and medium enterprises sector to total employment, job creation, and growth in 99 countries. The authors compare and contrast the importance of small and medium enterprises to that of young firms across different economies. They find that small firms (in particular, firms with less than 100 employees) and mature firms (in particular, firms older than 10 years) have the largest shares of total employment and job creation. Small firms and young firms have higher job creation rates than large and mature firms. However, large firms and young firms have higher productivity growth. This suggests that while small firms employ a large share of workers and create most jobs in developing economies their contribution to productivity growth is not as high as that of large firms
    DOI: 10.1596/1813-9450-5631
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 16
    Online-Ressource
    Online-Ressource
    Bank capital : lessons from the financial crisis (2010)
    Washington, D.C : The World Bank
    Details
    Sprache: Englisch
    Seiten: Online-Ressource (34 p)
    Ausgabe: 2010 World Bank eLibrary
    Paralleltitel: Demirguc-Kunt, Asli Bank capital
    Kurzfassung: Using a multi-country panel of banks, the authors study whether better capitalized banks fared better in terms of stock returns during the financial crisis. They differentiate among various types of capital ratios: the Basel risk-adjusted ratio; the leverage ratio; the Tier I and Tier II ratios; and the common equity ratio. They find several results: (i) before the crisis, differences in capital did not affect subsequent stock returns; (ii) during the crisis, higher capital resulted in better stock performance, most markedly for larger banks and less well-capitalized banks; (iii) the relationship between stock returns and capital is stronger when capital is measured by the leverage ratio rather than the risk-adjusted capital ratio; (iv) there is evidence that higher quality forms of capital, such as Tier 1 capital, were more relevant. They also examine the relationship between bank capitalization and credit default swap (CDS) spreads
    DOI: 10.1596/1813-9450-5473
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 17
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    A framework for analyzing competition in the banking sector : An application to the case of Jordan (2010)
    Washington, D.C : The World Bank
    Details
    Sprache: Englisch
    Seiten: Online-Ressource (26 p)
    Ausgabe: 2010 World Bank eLibrary
    Paralleltitel: Demirguc-Kunt, Asli A framework for analyzing competition in the banking sector
    Kurzfassung: This paper proposes a framework to analyze competition in the banking sector using Jordan as an example. In particular, the paper pursues a multi-pronged approach to analyze competition including (i) an examination of the extent to which the market is contestable (that is, has low barriers to bank entry and exit), (b) an evaluation of the behavior of bank spreads, and (iii) an assessment of nonstructural and direct measures of bank competition such as the H-statistic and the Lerner Index. This approach provides a more comprehensive framework to examine competition in the banking sector, compared with the commonly used alternative of looking only at bank concentration figures. In the case of Jordan, the analysis indicates that although concentration has declined, competition in the country is low and has decreased over time
    DOI: 10.1596/1813-9450-5499
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 18
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    Are Banks Too Big To Fail Or Too Big To Save ? : International Evidence From Equity Prices and CDS Spreads (2010)
    Washington, D.C : The World Bank
    Details
    Sprache: Englisch
    Seiten: Online-Ressource (46 p)
    Ausgabe: 2010 World Bank eLibrary
    Paralleltitel: Demirguc-Kunt, Asli Are Banks Too Big To Fail Or Too Big To Save ?
    Kurzfassung: Deteriorating public finances around the world raise doubts about countries' abilities to bail out their largest banks. For an international sample of banks, this paper investigates the impact of government indebtedness and deficits on bank stock prices and credit default swap spreads. Overall, bank stock prices reflect a negative capitalization of government debt and they respond negatively to deficits. The authors present evidence that in 2008 systemically large banks saw a reduction in their market valuation in countries running large fiscal deficits. Furthermore, the change in bank credit default swap spreads in 2008 relative to 2007 reflects countries' deterioration of public deficits. The results of the analysis suggest that some systemically important banks can increase their value by downsizing or splitting up, as they have become too big to save, potentially reversing the trend to ever larger banks. The paper also documents that a smaller proportion of banks are systemically important - relative to gross domestic product - in 2008 than in the two previous years, which could reflect private incentives to downsize
    DOI: 10.1596/1813-9450-5360
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 19
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    Are Innovating Firms Victims Or Perpetrators? : Tax Evasion, Bribe Payments, and the Role of External Finance in Developing Countries (2010)
    Washington, D.C : The World Bank
    Details
    Sprache: Englisch
    Seiten: Online-Ressource (57 p)
    Ausgabe: 2010 World Bank eLibrary
    Paralleltitel: Demirguc-Kunt, Asli Are Innovating Firms Victims Or Perpetrators?
    Kurzfassung: This paper investigates corruption and tax evasion and their firm-level determinants across 25,000 firms in 57 countries, a large fraction of which are small and medium enterprises in developing countries. Firms that pay more bribes also evade more taxes. Corruption acts as a tax on innovation, particularly that of small and young firms. Innovating firms pay a larger percentage of their revenues in bribes to government officials than non-innovating firms. They do not, however, pay more protection money to private parties than other firms. Comparing the magnitudes of bribes and taxes evaded, innovating firms and firms that use formal finance are more likely to be net victims. The findings point to the challenges facing innovators in developing countries and the role of banks in curbing corruption and tax evasion
    DOI: 10.1596/1813-9450-5389
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 20
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    Islamic vs. conventional banking : business model, efficiency and stability (2010)
    Washington, D.C : The World Bank
    Details
    Sprache: Englisch
    Seiten: Online-Ressource (44 p)
    Ausgabe: 2010 World Bank eLibrary
    Paralleltitel: Demirguc-Kunt, Asli Islamic vs. conventional banking
    Kurzfassung: This paper discusses Islamic banking products and interprets them in the context of financial intermediation theory. Anecdotal evidence shows that many of the conventional products can be redrafted as Sharia-compliant products, so that the differences are smaller than expected. Comparing conventional and Islamic banks and controlling for other bank and country characteristics, the authors find few significant differences in business orientation, efficiency, asset quality, or stability. While Islamic banks seem more cost-effective than conventional banks in a broad cross-country sample, this finding reverses in a sample of countries with both Islamic and conventional banks. However, conventional banks that operate in countries with a higher market share of Islamic banks are more cost-effective but less stable. There is also consistent evidence of higher capitalization of Islamic banks and this capital cushion plus higher liquidity reserves explains the relatively better performance of Islamic banks during the recent crisis
    DOI: 10.1596/1813-9450-5446
    URL: Volltext  (Deutschlandweit zugänglich)
    Bibliothek Standort Signatur Band/Heft/Jahr Verfügbarkeit
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