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  • Honohan, Patrick  (3)
  • David, Antonio C.  (2)
  • Washington, D.C : The World Bank  (5)
  • Currencies and Exchange Rates  (5)
  • 1
    Online Resource
    Online Resource
    Are Price-Based Capital Account Regulations Effective In Developing Countries ? (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (27 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: David, Antonio C Are Price-Based Capital Account Regulations Effective In Developing Countries ?
    Keywords: Asset Price ; Balance Sheets ; Bank Policy ; Banks and Banking Reform ; Boom-Bust Cycle ; Capital Account ; Capital Flows ; Capital Flows ; Capital Inflows ; Currencies and Exchange Rates ; Debt Markets ; Developing Countries ; Economic Theory and Research ; Emerging Economies ; Emerging Markets ; Exchange ; Finance and Financial Sector Development ; Financial Liberal ; International Economics & Trade ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Private Sector Development ; Asset Price ; Balance Sheets ; Bank Policy ; Banks and Banking Reform ; Boom-Bust Cycle ; Capital Account ; Capital Flows ; Capital Flows ; Capital Inflows ; Currencies and Exchange Rates ; Debt Markets ; Developing Countries ; Economic Theory and Research ; Emerging Economies ; Emerging Markets ; Exchange ; Finance and Financial Sector Development ; Financial Liberal ; International Economics & Trade ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Private Sector Development ; Asset Price ; Balance Sheets ; Bank Policy ; Banks and Banking Reform ; Boom-Bust Cycle ; Capital Account ; Capital Flows ; Capital Flows ; Capital Inflows ; Currencies and Exchange Rates ; Debt Markets ; Developing Countries ; Economic Theory and Research ; Emerging Economies ; Emerging Markets ; Exchange ; Finance and Financial Sector Development ; Financial Liberal ; International Economics & Trade ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Private Sector Development
    Abstract: The author evaluates the effectiveness of policy measures adopted by Chile and Colombia, aiming to mitigate the deleterious effects of pro-cyclical capital flows. In the case of Chile, according to his Generalized Method of Moments (GMM) analysis, capital controls succeeded in reducing net short-term capital flows but did not affect long-term flows. As far as Colombia is concerned, the regulations were capable of affecting total flows and also long-term ones. In addition, the co-integration models indicate that the regulations did not have a direct effect on the real exchange rate in the Chilean case. Nonetheless, the model used for Colombia did detect a direct impact of the capital controls on the real exchange rate. Therefore, the results do not seem to support the idea that those regulations were easily evaded
    URL: Volltext  (Deutschlandweit zugänglich)
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    MPI Ethno. Forsch.
  • 2
    Online Resource
    Online Resource
    Controls On Capital Inflows And External Shocks (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (26 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: David, Antonio C Controls On Capital Inflows And External Shocks
    Keywords: Bank Policy ; Capital Account ; Capital Flows ; Capital Inflows ; Credit Expansion ; Currencies and Exchange Rates ; Debt Markets ; Developing Countries ; Domestic Interest Rates ; Economic Stabilization ; Economic Theory and Research ; Emerging Markets ; Exchange ; Finance and Financial Sector Development ; Financial Literacy ; Financial Shocks ; Interest ; International Rates ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Private Sector Development ; Bank Policy ; Capital Account ; Capital Flows ; Capital Inflows ; Credit Expansion ; Currencies and Exchange Rates ; Debt Markets ; Developing Countries ; Domestic Interest Rates ; Economic Stabilization ; Economic Theory and Research ; Emerging Markets ; Exchange ; Finance and Financial Sector Development ; Financial Literacy ; Financial Shocks ; Interest ; International Rates ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Private Sector Development ; Bank Policy ; Capital Account ; Capital Flows ; Capital Inflows ; Credit Expansion ; Currencies and Exchange Rates ; Debt Markets ; Developing Countries ; Domestic Interest Rates ; Economic Stabilization ; Economic Theory and Research ; Emerging Markets ; Exchange ; Finance and Financial Sector Development ; Financial Literacy ; Financial Shocks ; Interest ; International Rates ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Private Sector Development
    Abstract: The author attempts to analyze whether price-based controls on capital inflows are successful in insulating economies against external shocks. He presents results from vector auto regressive (VAR) models that indicate that Chile and Colombia, countries that adopted controls on capital inflows, seem to have been relatively well insulated against external disturbances. Subsequently, he uses the auto regressive distributed lag (ARDL) approach to co-integration to isolate the effects of the capital controls on the pass-through of external disturbances to domestic interest rates in those economies. The author concludes that there is evidence that the capital controls allowed for greater policy autonomy
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 3
    Online Resource
    Online Resource
    Dollarization And Exchange Rate Fluctuations (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (24 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Honohan, Patrick Dollarization And Exchange Rate Fluctuations
    Keywords: Bank Deposits ; Bank Policy ; Central Bank ; Central Banks ; Currencies and Exchange Rates ; Currency ; Debt Markets ; Depositors ; Emerging Markets ; Exchange ; Exchange Rate ; Exchange Rate Movements ; Exchange Rates ; Finance and Financial Sector Development ; Holding ; Inflation ; Private Sector Development ; Bank Deposits ; Bank Policy ; Central Bank ; Central Banks ; Currencies and Exchange Rates ; Currency ; Debt Markets ; Depositors ; Emerging Markets ; Exchange ; Exchange Rate ; Exchange Rate Movements ; Exchange Rates ; Finance and Financial Sector Development ; Holding ; Inflation ; Private Sector Development ; Bank Deposits ; Bank Policy ; Central Bank ; Central Banks ; Currencies and Exchange Rates ; Currency ; Debt Markets ; Depositors ; Emerging Markets ; Exchange ; Exchange Rate ; Exchange Rate Movements ; Exchange Rates ; Finance and Financial Sector Development ; Holding ; Inflation ; Private Sector Development
    Abstract: Although the worldwide growth in dollarization of bank deposits has recently slowed, it has already reached very high levels in dozens of countries. Building on earlier findings that allowed the main cross-country variations in the share of dollars to be explained in terms of national policies and institutions, this paper turns to analysis of short-run variations, particularly the response of dollarization to exchange rate changes, which is shown to be too small to warrant "fear of floating" by dollarized economies. But high dollarization is shown to increase the risk of depreciation and even suspension, as indicated by interest rate spreads. While specific policy is needed to deal with the risks associated with dollarization, the underlying causes of unwanted dollarization should also be tackled
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 4
    Online Resource
    Online Resource
    Controlling the Fiscal Costs of Banking Crises (2000)
    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: Honohan, Patrick Controlling the Fiscal Costs of Banking Crises
    Keywords: Bank ; Banking ; Banking Crises ; Banking System ; Banking Systems ; Banks ; Banks and Banking Reform ; Central Banks ; Currencies and Exchange Rates ; Debt Markets ; Deposit Guarantees ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Crisis Management and Restructuring ; Financial Institutions ; Financial Literacy ; Financial Systems ; Gambling ; Governments ; Inflation ; Liquidation ; Loans ; Macroeconomics and Economic Growth ; Private Sector Development ; Public Sector Corruption and Anticorruption Measures ; Real Sector ; Regulatory Forbearance ; Strategies ; Systemic Banking Crises ; Taxation ; Bank ; Banking ; Banking Crises ; Banking System ; Banking Systems ; Banks ; Banks and Banking Reform ; Central Banks ; Currencies and Exchange Rates ; Debt Markets ; Deposit Guarantees ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Crisis Management and Restructuring ; Financial Institutions ; Financial Literacy ; Financial Systems ; Gambling ; Governments ; Inflation ; Liquidation ; Loans ; Macroeconomics and Economic Growth ; Private Sector Development ; Public Sector Corruption and Anticorruption Measures ; Real Sector ; Regulatory Forbearance ; Strategies ; Systemic Banking Crises ; Taxation ; Bank ; Banking ; Banking Crises ; Banking System ; Banking Systems ; Banks ; Banks and Banking Reform ; Central Banks ; Currencies and Exchange Rates ; Debt Markets ; Deposit Guarantees ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Crisis Management and Restructuring ; Financial Institutions ; Financial Literacy ; Financial Systems ; Gambling ; Governments ; Inflation ; Liquidation ; Loans ; Macroeconomics and Economic Growth ; Private Sector Development ; Public Sector Corruption and Anticorruption Measures ; Real Sector ; Regulatory Forbearance ; Strategies ; Systemic Banking Crises ; Taxation
    Abstract: September 2000 - Certain measures add greatly to the fiscal cost of banking crises: unlimited deposit guarantees, open-ended liquidity support, repeated recapitalization, debtor bail-outs, and regulatory forbearance. The findings in this paper tilt the balance in favor of a strict rather than an accommodating approach to crisis resolution. In recent decades, a majority of countries have experienced a systemic banking crisis requiring a major-and expensive-overhaul of their banking system. Not only do banking crises hit the budget with outlays that must be absorbed by higher taxes (or spending cuts), but they are costly in terms of forgone economic output. Many different policy recommendations have been made for limiting the cost of crises, but there has been little systematic effort to see which recommendations work in practice. Honohan and Klingebiel try to quantify the extent to which fiscal outlays incurred in resolving banking distress can be attributed to crisis management measures of a particular kind adopted by the government in the early years of the crisis. They find evidence that certain crisis management strategies appear to add greatly to fiscal costs: unlimited deposit guarantees, open-ended liquidity support, repeated recapitalization, debtor bail-outs, and regulatory forbearance. Their findings clearly tilt the balance in favor of a strict rather than an accommodating approach to crisis resolution. At the very least, regulatory authorities who choose an accommodating or gradualist approach to an emerging crisis must be sure they have some other way to control risk-taking. This paper-a product of Finance, Development Research Group, and Financial Sector Strategy and Policy Department-is part of a larger effort in the Bank to examine the effects of financial sector regulation. The authors may be contacted at phonohanworldbank.org or dklingebiel@worldbank.org
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 5
    Online Resource
    Online Resource
    How Interest Rates Changed under Financial Liberalization : A Cross-Country Review (1999)
    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: Honohan, Patrick How Interest Rates Changed under Financial Liberalization
    Keywords: Asset Prices ; Bank Interest Rates ; Bank Lending ; Bank Spreads ; Borrowers ; Currencies and Exchange Rates ; Debt Markets ; Depos Developing Countries ; Developing Country ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Liberalization ; Financial Literacy ; Insurance and Risk Mitigation ; Interest ; Interest Rate ; Interest Rates ; Lending ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Market Interest Rates ; Money Market ; Private Sector Development ; Real Interest ; Real Interest Rates ; Treasury ; Treasury Bill ; Treasury Bill Rates ; Asset Prices ; Bank Interest Rates ; Bank Lending ; Bank Spreads ; Borrowers ; Currencies and Exchange Rates ; Debt Markets ; Depos Developing Countries ; Developing Country ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Liberalization ; Financial Literacy ; Insurance and Risk Mitigation ; Interest ; Interest Rate ; Interest Rates ; Lending ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Market Interest Rates ; Money Market ; Private Sector Development ; Real Interest ; Real Interest Rates ; Treasury ; Treasury Bill ; Treasury Bill Rates
    Abstract: April 2000 - As financial liberalization progressed, the general level of real interest rates increased more in developing countries than it did in industrial countries. Volatility in wholesale interest rates also jumped, often markedly, in most liberalizing countries. Treasury bill rates and bank spreads showed the greatest increase in developing countries, shifting substantial rents from the public sector and from favored borrowers. Financial liberalization was expected to make interest rates and asset prices more volatile, with distributional consequences such as reduced or relocated rents and increased competition in financial services. Honohan examines available data on money market and bank interest rates for evidence of whether these things happened. He shows that as more and more countries liberalized, the level and dynamic behavior of developing-country interest rates converged to industrial-country norms. In the short term, volatility increased in both real and nominal money market interest rates. Treasury bill rates and bank spreads, evidently the most repressed, showed the greatest increase as liberalization progressed - shifting substantial rents from the public sector and from favored borrowers. Whereas quoted bank spreads in industrial countries contracted somewhat in the late 1990s, spreads in developing countries remained much higher, presumably reflecting both market power and the higher risks of lending in the developing world. There was no clear-cut change in mean rates of inflation, monetary depth, or GDP growth. If anything, there was a small average improvement in inflation, but a decline in monetary depth and economic growth, relative to trends in industrial countries. This paper - a product of Finance, Development Research Group - is part of a larger effort in the group to explore optimal policy under financial liberalization. The author may be contacted atphonohanworldbank.org
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