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  • Demirguc-Kunt, Asli  (53)
  • Washington, D.C : The World Bank  (53)
  • 1
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    Government Support and Firm Performance during COVID-19 (2023)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource (31 pages)
    Parallel Title: Erscheint auch als Bruhn, Miriam Government Support and Firm Performance during COVID-19
    Keywords: Covid-19 ; Disease Control and Prevention ; Employment ; Government ; Health, Nutrition and Population ; Pandemic ; Private Sector Development ; Private Sector Economics ; Social Protections and Labor
    Abstract: 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
    DOI: 10.1596/1813-9450-10641
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  • 2
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    Protect Incomes or Protect Jobs? : The Role of Social Policies in Post-Pandemic Recovery (2022)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource (40 pages)
    Parallel Title: Erscheint auch als Demirguc-Kunt, Asli Protect Incomes or Protect Jobs? The Role of Social Policies in Post-Pandemic Recovery
    Keywords: Cash Transfers ; Economic Intervention Effectiveness ; Employment and Unemployment ; Job Protection Measures ; Job Retention ; Labor Market Policy ; Labor Markets ; Labor Policies ; Pandemic Stimulus Effectiveness ; Post-Pandemic Economic Recovery ; Social Protection ; Social Protections and Labor ; Unemployment Insurance
    Abstract: This paper examines the effectiveness of income protection and job protection policies for the post-pandemic economic recovery of the second half of 2020 through 2021. The paper is based on a new data set of the budgets of social protection programs implemented as a part of the pandemic stimulus package in 154 countries. The empirical analysis shows that, in the short run, higher expenditure on job protection measures is associated with more robust gross domestic product growth, increased employment, and decreased inactivity and poverty rates compared to the expansion of income protection programs. Both policies had a significant economic impact only in countries with weaker pre-pandemic social insurance systems. In countries with broader coverage of the social insurance system, the income and job protection programs appear to have had a limited impact on post-pandemic recovery. Because the structural economic changes induced by the pandemic are expected to materialize fully in several years, more research is needed to understand the longer-term effects of job protection and income protection policies on labor markets and economic recovery
    DOI: 10.1596/1813-9450-10166
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  • 3
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    The Global Findex Database 2021 : Financial inclusion, digital payments, and resilience in the age of covid-19 (2022)
    Washington, D.C : The World Bank
    Details
    ISBN: 9781464818974
    Language: English
    Pages: 1 Online-Ressource (202 pages)
    Parallel Title: Erscheint auch als
    Abstract: The fourth edition of Global Findex--the world's most comprehensive database on financial inclusion--offers a lens into how people accessed and used financial services during COVID-19, when mobility restrictions and health policies drove increased demand for digital services of all kinds. Published every three years since 2011, Findex is the only global demand-side data source allowing for global and regional cross-country analysis to provide a rigorous and multidimensional picture of how adults save, borrow, make payments, and manage financial risks. Findex 2021 data were collected from national representative surveys of about 130,000 adults in more than 120 economies. The latest edition includes new series measuring financial health and resilience and contains more granular data on digital payments adoption, including merchant and government payments. The Global Findex is an indispensable resource for financial service practitioners, policy makers, researchers, and development professionals--
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  • 4
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    Global Bank Lending under Climate Policy (2022)
    Washington, D.C : The World Bank
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    Language: English
    Pages: 1 Online-Ressource (35 pages)
    Parallel Title: Erscheint auch als Demirguc-Kunt, Asli Global Bank Lending under Climate Policy
    Keywords: Carbon Emmision Reduction Policy ; Climate Change ; Climate Change Economics ; Climate Change Mitigation and Green House Gases ; Climate Change Policy and Regulation ; Climate Policy Index ; Environment ; Environmental Performance ; Foreign Subsidiary Banks ; Global Banks Environmental Performance ; Green Capital Investment ; Macroeconomics and Economic Growth ; Public Sector Development
    Abstract: What is the response of bank foreign subsidiaries to climate policy in their host countries This paper finds that global banks with high environmental performance increase their presence in countries after local authorities strengthen their climate-related actions. Through their foreign subsidiaries, these banks expand their credit by 4.6 percent following an increase of one-standard deviation in the host country's climate policy index. Importantly, the paper does not find evidence that banks with low environmental scores exit in response to climate initiatives. The findings show that strengthening climate policy might be a win-win strategy for policymakers in addition to addressing carbon emission reduction, climate-related initiatives also appear to attract foreign capital from lenders with strong preferences for green assets
    DOI: 10.1596/1813-9450-10266
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  • 5
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    Competition and Firm Recovery Post-COVID-19 (2021)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource (42 pages)
    Parallel Title: Erscheint auch als Print Version: Bruhn, Miriam Competition and Firm Recovery Post-COVID-19
    Keywords: 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
    Abstract: 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
    DOI: 10.1596/1813-9450-9851
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  • 6
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    Effects of Public Sector Wages on Corruption : Wage Inequality Matters (2021)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource (41 pages)
    Parallel Title: Erscheint auch als Print Version: Demirguc-Kunt, Asli Effects of Public Sector Wages on Corruption: Wage Inequality Matters
    Abstract: The paper uses a new country-level, panel data set to study the effect of public sector wages on corruption. The results show that wage inequality in the public sector is an important determinant of the effectiveness of anti-corruption policies. Increasing the wages of public officials could help reduce corruption in countries with low public sector wage inequality. In countries where public sector wages are highly unequal, however, raising the wages of government employees could increase corruption. These results are robust to a wide range of empirical model specifications, estimation methods, and distributional assumptions. The relation persists when controlling for latent omitted variables, using the share of contracts in the private sector as an instrument for the public-private wage differential. Combining increases in public sector wages with policies affecting the wage distribution could help policy makers design cost-effective programs to reduce corruption in their countries
    DOI: 10.1596/1813-9450-9643
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  • 7
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    Banking Research in the Time of COVID-19 (2021)
    Washington, D.C : The World Bank
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    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
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  • 8
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    The Global Findex Database 2017 : Measuring Financial Inclusion and the Fintech Revolution (2018)
    Washington, D.C : The World Bank
    Details
    ISBN: 9781464812682
    Language: English
    Pages: 1 Online-Ressource (148 pages)
    Series Statement: World Bank E-Library Archive
    Parallel Title: Erscheint auch als
    Abstract: In 2011 the World Bank-with funding from the Bill and Melinda Gates Foundation-launched the Global Findex database, the world's most comprehensive data set on how adults save, borrow, make payments, and manage risk. Drawing on survey data collected in collaboration with Gallup, Incorporated, the Global Findex database covers more than 140 economies around the world. The initial survey round was followed by a second one in 2014 and by a third in 2017. Compiled using nationally representative surveys of more than 150,000 adults age 15 and above in over 140 economies, The Global Findex Database 2017: Measuring Financial Inclusion and the Fintech Revolution includes updated indicators on access to and use of formal and informal financial services. It has additional data on the use of financial technology (or fintech), including the use of mobile phones and the Internet to conduct financial transactions. The data reveal opportunities to expand access to financial services among people who do not have an account-the unbanked-as well as to promote greater use of digital financial services among those who do have an account. The Global Findex database has become a mainstay of global efforts to promote financial inclusion. In addition to being widely cited by scholars and development practitioners, Global Findex data are used to track progress toward the World Bank goal of Universal Financial Access by 2020 and the United Nations Sustainable Development Goals.The database, the full text of the report, and the underlying country-level data for all figures-along with the questionnaire, the survey methodology, and other relevant materials-are available at www.worldbank.org/globalfindex
    DOI: 10.1596/978-1-4648-1259-0
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  • 9
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    Making It Easier to Apply for a Bank Account : A Study of the Indian Market (2017)
    Washington, D.C : The World Bank
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    Language: English
    Pages: 1 Online-Ressource (32 p)
    Series Statement: World Bank E-Library Archive
    Parallel Title: Erscheint auch als Demirguc-Kunt, Asli Making It Easier to Apply for a Bank Account: A Study of the Indian Market
    Abstract: This paper draws on new individual-level survey data from India to study the costs of opening an account and the efficiency of the account application process. The data show a recent increase in account ownership, especially by women and poor adults. The data also suggest that India's flagship financial inclusion program, the Jan Dhan Yojana scheme, has made it easier to get an account, through lower costs and greater ease of applying. Yet despite the scheme's initial successes, people who wish to apply for an account continue to incur a range of costs. The survey results suggest several recommendations that could improve the account application process and increase ownership and usage of accounts
    DOI: 10.1596/1813-9450-8205
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  • 10
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    Measuring the Effectiveness of Service Delivery : Delivery of Government Provided Goods and Services in India (2017)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource (55 p)
    Series Statement: World Bank E-Library Archive
    Parallel Title: Erscheint auch als Demirguc-Kunt, Asli Measuring the Effectiveness of Service Delivery: Delivery of Government Provided Goods and Services in India
    Abstract: This paper uses new survey data to measure the government's capacity to deliver goods and services in a manner that includes: high coverage of the population; equal access; and high quality of service delivery. The paper finds variation in these indicators across and within Indian states. Overall: (i) access to government provided goods and services is low-about 60 percent of the surveyed population are unable to apply for goods and services they self-report needing; (ii) inequality in access is high-women and poor adults are more likely to report an inability to apply for goods and services they need; and (iii) less than a third of the respondents who did manage to apply for a government delivered good or service found the application process to be easy. Access can be improved by reducing application costs and processing times, simplifying the application process, and providing alternative channels to receive applications
    DOI: 10.1596/1813-9450-8207
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  • 11
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    SME Finance (2017)
    Washington, D.C : The World Bank
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    Language: English
    Pages: 1 Online-Ressource (61 p)
    Series Statement: World Bank E-Library Archive
    Parallel Title: Erscheint auch als Ayyagari, Meghana SME Finance
    Abstract: This paper takes stock of the empirical evidence on the financing challenges faced by small and medium enterprises, especially in developing countries. The paper first discusses the institutional constraints that impede access to finance, including the lack of reliable credit information, lack of suitable collateral, and weak legal institutions. It next highlights firm heterogeneity among small and medium enterprises in accessing finance. The focus is on various policies and reforms that have been shown to be effective in improving access to credit for small and medium enterprises. The paper concludes by highlighting areas where new research could be effective
    DOI: 10.1596/1813-9450-8241
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  • 12
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    Financial Inclusion and Inclusive Growth: A Review of Recent Empirical Evidence (2017)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource (27 p)
    Series Statement: World Bank E-Library Archive
    Parallel Title: Erscheint auch als Demirguc-Kunt, Asli Financial Inclusion and Inclusive Growth: A Review of Recent Empirical Evidence
    Abstract: There is growing evidence that appropriate financial services have substantial benefits for consumers, especially women and poor adults. This paper provides an overview of financial inclusion around the world and reviews the recent empirical evidence on how the use of financial products-such as payments services, savings accounts, loans, and insurance-can contribute to inclusive growth and economic development. This paper also discusses some of the challenges to achieving greater financial inclusion and directions for future research
    DOI: 10.1596/1813-9450-8040
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  • 13
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    How Does Long-Term Finance Affect Economic Volatility? (2016)
    Washington, D.C : The World Bank
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    Language: English
    Pages: 1 Online-Ressource (50 p)
    Series Statement: World Bank E-Library Archive
    Parallel Title: Erscheint auch als Demirguc-Kunt, Asli How Does Long-Term Finance Affect Economic Volatility?
    Abstract: This paper examines how the ability to access long-term debt affects firm-level growth volatility. The analysis finds that firms in industries with stronger preference to use long-term finance relative to short-term finance experience lower growth volatility in countries with better-developed financial systems, as these firms may benefit from reduced refinancing risk. Institutions that facilitate the availability of credit information and contract enforcement mitigate the refinancing risk and therefore growth volatility associated with short-term financing. Increased availability of long-term finance reduces growth volatility in crisis as well as non-crisis periods
    DOI: 10.1596/1813-9450-7535
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  • 14
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    Saving for Old Age (2016)
    Washington, D.C : The World Bank
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    Language: English
    Pages: 1 Online-Ressource (43 p)
    Series Statement: World Bank E-Library Archive
    Parallel Title: Erscheint auch als Demirguc-Kunt, Asli Saving for Old Age
    Abstract: Countries around the world face a retirement crisis brought on by aging populations, declining birthrates, and fiscal shortfalls. As a result, policy makers increasingly seek to understand retirement savings patterns, a crucial component of the safety net for the elderly. Drawing on the 2014 Global Findex database, which provides individual-level data on the use of financial products in more than 140 countries, this paper examines how adults save for old age. It finds that about 25 percent of adults worldwide save for old age, with rates exceeding 35 percent in high-income Organisation for Economic Co-operation and Development economies and the East Asia and Pacific region. On average, men are slightly more likely than women to save for this purpose, but the gender gap is deeper in developing countries. Worldwide, saving for old age is more common among older adults, more educated adults, and adults who own accounts. Adults in countries with English legal origin, and with high savings rates, are also more likely to save for old age. The paper also finds that measures to increase trust in the financial system, such as the safety net/moral hazard index based on deposit insurance, lead to higher rates of saving for old age. Finally, the paper finds little evidence of substitution between pension system provisions and contribution rates with saving for old age
    DOI: 10.1596/1813-9450-7693
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  • 15
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    The Microfinance Business Model : Enduring Subsidy and Modest Profit (2016)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource (63 p)
    Series Statement: World Bank E-Library Archive
    Parallel Title: Erscheint auch als Cull, Robert The Microfinance Business Model: Enduring Subsidy and Modest Profit
    Abstract: Recent evidence suggests only modest social and economic impacts of microfinance. Favorable cost-benefit ratios then depend on low costs. This paper uses proprietary data on 1,335 microfinance institutions between 2005 and 2009, jointly serving 80.1 million borrowers, to calculate the costs of microfinance and other elements of the microfinance business model. It calculates that on average, subsidies amounted to
    DOI: 10.1596/1813-9450-7786
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  • 16
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    Are Large Firms Born or Made? Evidence from Developing Countries (2015)
    Washington, D.C : The World Bank
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    Language: English
    Pages: 1 Online-Ressource (54 p)
    Series Statement: World Bank E-Library Archive
    Parallel Title: Erscheint auch als Ayyagari, Meghana Are Large Firms Born or Made? Evidence from Developing Countries
    Abstract: This paper uses survey data from 120 developing countries to compare the role of institutions with firm characteristics at the time of creation of the firm in explaining the size, growth, and productivity of firms over their lifecycle. The study finds that firm-level characteristics have comparable, and sometimes even larger, power than institutional factors in predicting size and growth, but not productivity. In particular, size at birth plays a key role in predicting variation in firm size and growth since birth over the firm lifecycle, whereas country factors dominate in predicting variation in labor productivity over the firm lifecycle. The study also finds that older firms are larger, partly because of the selection of more efficient firms. The findings point to the importance of initial founding conditions in explaining variations in size and growth over the firm lifecycle across countries
    DOI: 10.1596/1813-9450-7406
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  • 17
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    The Global Findex Database 2014 : Measuring Financial Inclusion around the World (2015)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource (97 p)
    Series Statement: World Bank E-Library Archive
    Parallel Title: Erscheint auch als Demirguc-Kunt, Asli The Global Findex Database 2014
    Abstract: The Global Financial Inclusion (Global Findex) database, launched by the World Bank in 2011, provides comparable indicators showing how people around the world save, borrow, make payments, and manage risk. The 2014 edition of the database reveals that 62 percent of adults worldwide have an account at a bank or another type of financial institution or with a mobile money provider. Between 2011 and 2014, 700 million adults became account holders while the number of those without an account-the unbanked-dropped by 20 percent to 2 billion. What drove this increase in account ownership? A growth in account penetration of 13 percentage points in developing economies and innovations in technology-particularly mobile money, which is helping to rapidly expand access to financial services in Sub-Saharan Africa. Along with these gains, the data also show that big opportunities remain to increase financial inclusion, especially among women and poor people. Governments and the private sector can play a pivotal role by shifting the payment of wages and government transfers from cash into accounts. There are also large opportunities to spur greater use of accounts, allowing those who already have one to benefit more fully from financial inclusion. In developing economies 1.3 billion adults with an account pay utility bills in cash, and more than half a billion pay school fees in cash. Digitizing payments like these would enable account holders to make the payments in a way that is easier, more affordable, and more secure
    DOI: 10.1596/1813-9450-7255
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  • 18
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    What Determines Entrepreneurial Outcomes in Emerging Markets? : The Role of Initial Conditions (2015)
    Washington, D.C : The World Bank
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    Language: English
    Pages: 1 Online-Ressource (83 p)
    Series Statement: World Bank E-Library Archive
    Parallel Title: Erscheint auch als Ayyagari, Meghana What Determines Entrepreneurial Outcomes in Emerging Markets?
    Abstract: Is it the institutions or firm characteristics at birth that shape startups and their early growth in developing countries? Using comprehensive data from the Indian Annual Survey of Industries this paper addresses this question by studying the early lifecycle of firms across diverse institutional environments of regions in India. It finds that the size and characteristics of a start-up at entry are persistent over the first eight years of a firm's life. However, given these initial conditions at entry, institutions do not have much explanatory power in determining growth. The comparative growth rates of large and small start-ups are not significantly different across states with different local institutions or industries with differing reliance on external finance or need for fixed capital. But institutions, particularly the availability of credit, do have an impact on the initial entry process. Access to external finance is associated with greater overall entry, and also smaller sized entry. The results do not appear to be driven by endogeneity of access to credit or sample selection. The results show that the channel through which institutions affect the relative outcomes of young firms is through the initial distribution of firm characteristics at entry rather than their effect on the performance of the firms post entry
    DOI: 10.1596/1813-9450-7207
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  • 19
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    The Impact of the Global Financial Crisis on Firms Capital Structure (2015)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource (60 p)
    Series Statement: World Bank E-Library Archive
    Parallel Title: Erscheint auch als Demirguc-Kunt, Asli The Impact of the Global Financial Crisis on Firms Capital Structure
    Abstract: Using a data set covering about 277,000 firms across 79 countries over the period 2004-11, this paper examines the evolution of firms capital structure during the global financial crisis and its aftermath in 2010-11. The study finds that firm leverage and debt maturity declined in advanced economies and developing countries, even in countries that did not experience a crisis. The deleveraging and maturity reduction were particularly significant for privately held firms, including small and medium enterprises. For small and medium-size enterprises, these effects were larger in countries with less efficient legal systems, weaker information-sharing mechanisms, shallower banking systems, and more restrictions on bank entry. In contrast, there is weaker evidence of a significant decline of leverage and debt maturity among firms listed on a stock exchange, which are typically much larger than other firms and likely benefit from the "spare tire" of easier access to capital market financing
    DOI: 10.1596/1813-9450-7522
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  • 20
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    Corporate Governance and Bank Insolvency Risk : International Evidence (2014)
    Washington, D.C : The World Bank
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    Language: English
    Pages: Online-Ressource (53 p)
    Edition: 2014 World Bank eLibrary
    Parallel Title: Anginer, Deniz Corporate Governance and Bank Insolvency Risk
    Abstract: 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
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  • 21
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    Does Local Financial Development Matter for Firm Lifecycle in India? (2014)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (64 p)
    Edition: 2014 World Bank eLibrary
    Parallel Title: Ayyagari, Meghana Does Local Financial Development Matter for Firm Lifecycle in India?
    Abstract: 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
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  • 22
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    Bank Capital and Systemic Stability (2014)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (42 p)
    Edition: 2014 World Bank eLibrary
    Parallel Title: Anginer, Deniz Bank Capital and Systemic Stability
    Abstract: 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
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  • 23
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    How Does Corporate Governance Affect Bank Capitalization Strategies? (2013)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (49 p)
    Edition: 2013 World Bank eLibrary
    Parallel Title: Anginer, Deniz How Does Corporate Governance Affect Bank Capitalization Strategies?
    Abstract: 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
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  • 24
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    Financial Inclusion and Legal Discrimination against Women : Evidence from Developing Countries (2013)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (47 p)
    Edition: 2013 World Bank eLibrary
    Parallel Title: Demirguc-Kunt, Asli Financial Inclusion and Legal Discrimination against Women
    Abstract: 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
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  • 25
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    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
    Language: English
    Pages: Online-Ressource (45 p)
    Edition: 2013 World Bank eLibrary
    Parallel Title: Demirguc-Kunt, Asli Islamic Finance and Financial Inclusion
    Abstract: 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
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  • 26
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    Size and Age of Establishments : Evidence from Developing Countries (2013)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (77 p)
    Edition: 2013 World Bank eLibrary
    Parallel Title: Ayyagari, Meghana Size and Age of Establishments
    Abstract: 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
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  • 27
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    How Does Deposit Insurance Affect Bank Risk? : Evidence from the Recent Crisis (2012)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (29 p)
    Edition: 2012 World Bank eLibrary
    Parallel Title: Anginer, Deniz How Does Deposit Insurance Affect Bank Risk?
    Abstract: 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
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  • 28
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    How Does Bank Competition Affect Systemic Stability? (2012)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (53 p)
    Edition: 2012 World Bank eLibrary
    Parallel Title: Anginer, Deniz How Does Bank Competition Affect Systemic Stability?
    Abstract: 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
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  • 29
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    Measuring Financial Inclusion : The Global Findex Database (2012)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (61 p)
    Edition: 2012 World Bank eLibrary
    Parallel Title: Asli Demirguc-Kunt Measuring Financial Inclusion
    Abstract: 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
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  • 30
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    The Foundations of Financial Inclusion : Understanding Ownership and Use of Formal Accounts (2012)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (61 p)
    Edition: 2012 World Bank eLibrary
    Parallel Title: Allen, Franklin The Foundations of Financial Inclusion
    Abstract: 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
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  • 31
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    Financing of Firms in Developing Countries : Lessons from Research (2012)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (99 p)
    Edition: 2012 World Bank eLibrary
    Parallel Title: Meghana Ayyagari Financing of Firms in Developing Countries
    Abstract: 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
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  • 32
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    Small vs. Young Firms across the World : Contribution to Employment, Job Creation, and Growth (2011)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (59 p)
    Edition: 2011 World Bank eLibrary
    Parallel Title: Ayyagari, Meghana Small vs. Young Firms across the World
    Abstract: 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
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  • 33
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    Has the Global Banking System Become More Fragile over Time? (2011)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (38 p)
    Edition: 2011 World Bank eLibrary
    Parallel Title: Anginer, Deniz Has the Global Banking System Become More Fragile over Time?
    Abstract: 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
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  • 34
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    The Evolving Importance of Banks and Securities Markets (2011)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (33 p)
    Edition: 2011 World Bank eLibrary
    Parallel Title: Demirguc-Kunt, Asli The Evolving Importance of Banks and Securities Markets
    Abstract: 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
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  • 35
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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
    Language: English
    Pages: Online-Ressource (46 p)
    Edition: 2010 World Bank eLibrary
    Parallel Title: Demirguc-Kunt, Asli Are Banks Too Big To Fail Or Too Big To Save ?
    Abstract: 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
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  • 36
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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
    Language: English
    Pages: Online-Ressource (57 p)
    Edition: 2010 World Bank eLibrary
    Parallel Title: Demirguc-Kunt, Asli Are Innovating Firms Victims Or Perpetrators?
    Abstract: 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
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  • 37
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    Islamic vs. conventional banking : business model, efficiency and stability (2010)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (44 p)
    Edition: 2010 World Bank eLibrary
    Parallel Title: Demirguc-Kunt, Asli Islamic vs. conventional banking
    Abstract: 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
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  • 38
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    Bank capital : lessons from the financial crisis (2010)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (34 p)
    Edition: 2010 World Bank eLibrary
    Parallel Title: Demirguc-Kunt, Asli Bank capital
    Abstract: 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
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  • 39
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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
    Language: English
    Pages: Online-Ressource (26 p)
    Edition: 2010 World Bank eLibrary
    Parallel Title: Demirguc-Kunt, Asli A framework for analyzing competition in the banking sector
    Abstract: 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
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  • 40
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    Banks and Microbanks (2009)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (48 p)
    Edition: 2009 World Bank eLibrary
    Parallel Title: Cull, Robert Banks and Microbanks
    Keywords: Bank ; Mikrofinanzierung
    Abstract: Using two new datasets, the authors examine whether the presence of banks affects the profitability and outreach of microfinance institutions. They find evidence that competition matters. Greater bank penetration in the overall economy is associated with microbanks pushing toward poorer markets, as reflected in smaller average loans sizes and greater outreach to women. The evidence is particularly strong for microbanks relying on commercial funding and using traditional bilateral lending contracts (rather than the group lending methods favored by microfinance nongovernmental organizations). The analysis considers plausible alternative explanations for the correlations, including relationships that run through the nature of the regulatory environment and the structure of the banking environment; but it fails to find strong support for these alternative hypotheses
    DOI: 10.1596/1813-9450-5078
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  • 41
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    Microfinance Tradeoffs : Regulation, Competition, and Financing (2009)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (21 p)
    Edition: 2009 World Bank eLibrary
    Parallel Title: Cull, Robert Microfinance Tradeoffs
    Abstract: This paper describes important trade-offs that microfinance practitioners, donors, and regulators navigate. Drawing evidence from large, global surveys of microfinance institutions, the authors find a basic tension between meeting social goals and maximizing financial performance. For example, non-profit microfinance institutions make far smaller loans on average and serve more women as a fraction of customers than do commercialized microfinance banks, but their costs per dollar lent are also much higher. Potential trade-offs therefore arise when selecting contracting mechanisms, level of commercialization, rigor of regulation, and the extent of competition. Meaningful interventions in microfinance will require making deliberate choices - and thus embracing and weighing tradeoffs carefully
    DOI: 10.1596/1813-9450-5086
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  • 42
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    Financial Institutions and Markets Across Countries and Over Time : Data and Analysis (2009)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (46 p)
    Edition: 2009 World Bank eLibrary
    Parallel Title: Beck, Thorsten Financial Institutions and Markets Across Countries and Over Time
    Abstract: This paper introduces the updated and expanded version of the Financial Development and Structure Database and presents recent trends in structure and development of financial institutions and markets across countries. The authors add indicators on banking structure and financial globalization. They find a deepening of both financial markets and institutions, a trend concentrated in high-income countries and more pronounced for markets than for banks. Similarly, the recent increase in cross-border lending and debt issues has been concentrated in high-income countries, while low and lower-middle income countries have experienced an increase in remittance flows. Low net interest margins, rising profitability and declining stability in high-income countries’ banking sectors characterize the recent financial sector boom in high income countries leading up to the global financial crisis of 2007
    DOI: 10.1596/1813-9450-4943
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  • 43
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    Finance and Inequality : Theory and Evidence (2009)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (52 p)
    Edition: 2009 World Bank eLibrary
    Parallel Title: Demirguc-Kunt, Asli Finance and Inequality
    Abstract: This paper critically reviews the literature on finance and inequality, highlighting substantive gaps in the literature. Finance plays a crucial role in most theories of persistent inequality. Unsurprisingly, therefore, economic theory provides a rich set of predictions concerning both the impact of finance on inequality and about the relevant mechanisms. Although subject to ample qualifications, the bulk of empirical research suggests that improvements in financial contracts, markets, and intermediaries expand economic opportunities and reduce inequality. Yet, there is a shortage of theoretical and empirical research on the potentially enormous impact of formal financial sector policies, such as bank regulations and securities law, on persistent inequality. Furthermore, there is no conceptual framework for considering the joint and endogenous evolution of finance, inequality, and economic growth
    DOI: 10.1596/1813-9450-4967
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  • 44
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    Does Regulatory Supervision Curtail Microfinance Profitability and Outreach? (2009)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (41 p)
    Edition: 2009 World Bank eLibrary
    Parallel Title: Cull, Robert Does Regulatory Supervision Curtail Microfinance Profitability and Outreach?
    Abstract: Regulation allows microfinance institutions to evolve more fully into banks, particularly for institutions aiming to take deposits. But there are potential trade-offs. Complying with regulation and supervision can be costly. The authors examine the implications for the institutions’ profitability and their outreach to small-scale borrowers and women. The tests draw on a new database that combines high-quality financial data on 245 of the world’s largest microfinance institutions with newly-constructed data on their prudential supervision. Ordinary least squares regressions show that supervision is negatively associated with profitability. Controlling for the non-random assignment of supervision via treatment effects and instrumental variables regressions, the analysis finds that supervision is associated with substantially larger average loan sizes and less lending to women than in ordinary least squares regressions, although it is not significantly associated with profitability. The pattern is consistent with the notion that profit-oriented microfinance institutions absorb the cost of supervision by curtailing outreach to market segments that tend to be more costly per dollar lent. By contrast, microfinance institutions that rely on non-commercial sources of funding (for example, donations), and thus are less profit-oriented, do not adjust loan sizes or lend less to women when supervised, but their profitability is significantly reduced
    DOI: 10.1596/1813-9450-4948
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  • 45
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    Remittances and Banking Sector Breadth and Depth : Evidence From Mexico (2009)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (34 p)
    Edition: 2009 World Bank eLibrary
    Parallel Title: Demirguc-Kunt, Asli Remittances and Banking Sector Breadth and Depth
    Abstract: Despite the rising volume of remittances flowing to developing countries, their impact on banking sector breadth and depth in recipient countries has been largely unexplored. The authors examine this topic using municipio-level data on the fraction of households that receive remittances and on measures of banking breadth and depth for Mexico. They find that remittances are strongly associated with greater banking breadth and depth, increasing the number of branches and accounts per capita and the ratio of deposits to gross domestic product. These effects are significant both statistically and economically, even after conducting robustness tests and addressing the potential endogeneity of remittances
    DOI: 10.1596/1813-9450-4983
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  • 46
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    Basel Core Principles and Bank Soundness : Does Compliance Matter ? (2009)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (32 p)
    Edition: 2009 World Bank eLibrary
    Parallel Title: Demirguc-Kunt, Asli Basel Core Principles and Bank Soundness
    Abstract: This paper studies whether compliance with the Basel Core Principles for effective banking supervision is associated with bank soundness. Using data for more than 3,000 banks in 86 countries, the authors find that neither the overall index of compliance with the Basel Core Principles nor the individual components of the index are robustly associated with bank risk measured by Z-scores. The results of the analysis cast doubt on the usefulness of the Basel Core Principles in ensuring bank soundness
    DOI: 10.1596/1813-9450-5129
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  • 47
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    Finance, Financial Sector Policies, And Long-Run Growth (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (82 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Demirguc-Kunt, Asli Finance, Financial Sector Policies, And Long-Run Growth
    Keywords: 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
    Abstract: 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
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  • 48
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    Microfinance Meets The Market (2008)
    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: Cull, Robert Microfinance Meets The Market
    Keywords: 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
    Abstract: 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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  • 49
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    Bank Financing For SMEs Around The World : Drivers, Obstacles, Business Models, And Lending Practices (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (43 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Beck, Thorsten Bank Financing For SMEs Around The World
    Keywords: Access to Finance ; Banks ; Banks and Banking Reform ; Debt Markets ; Employment ; Factoring ; Finance and Financial Sector Development ; Financial Intermediation ; Financial institutions ; Interest rates ; Nonperforming loans ; Profitability ; Prudential regulations ; Risk management ; Small banks ; Access to Finance ; Banks ; Banks and Banking Reform ; Debt Markets ; Employment ; Factoring ; Finance and Financial Sector Development ; Financial Intermediation ; Financial institutions ; Interest rates ; Nonperforming loans ; Profitability ; Prudential regulations ; Risk management ; Small banks ; Access to Finance ; Banks ; Banks and Banking Reform ; Debt Markets ; Employment ; Factoring ; Finance and Financial Sector Development ; Financial Intermediation ; Financial institutions ; Interest rates ; Nonperforming loans ; Profitability ; Prudential regulations ; Risk management ; Small banks
    Abstract: Using data from a survey of 91 banks in 45 countries, the authors characterize bank financing to small and medium enterprises (SMEs) around the world. They find that banks perceive the SME segment to be highly profitable, but perceive macroeconomic instability in developing countries and competition in developed countries as the main obstacles. To serve SMEs banks have set up dedicated departments and decentralized the sale of products to the branches. However, loan approval, risk management, and loan recovery functions remain centralized. Compared with large firms, banks are less exposed to small enterprises, charge them higher interest rates and fees, and experience more non-performing loans from lending to them. Although there are some differences in SMEs financing across government, private, and foreign-owned banks - with the latter being more likely to engage in arms-length lending - the most significant differences are found between banks in developed and developing countries. Banks in developing countries tend to be less exposed to SMEs, provide a lower share of investment loans, and charge higher fees and interest rates. Overall, the evidence suggests that the lending environment is more important than firm size or bank ownership type in shaping bank financing to SMEs
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  • 50
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    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
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  • 51
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    Finance And Economic Opportunity (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (34 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Demirguc-Kunt, Asli Finance And Economic Opportunity
    Keywords: 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
    Abstract: 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
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  • 52
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    Firm Innovation In Emerging Markets : The Roles of Governance And Finance (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (56 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Ayyagari, Meghana Firm Innovation In Emerging Markets
    Keywords: 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
    Abstract: 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
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  • 53
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    Banking Services For Everyone ? : Barriers To Bank Access And Use Around The World (2006)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (60 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Beck, Thorsten Banking Services For Everyone ?
    Keywords: 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
    Abstract: 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
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