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  • 1
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    Banking Policy and Macroeconomic Stability : An Exploration (2002)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (44 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Caprio, Gerard Banking Policy and Macroeconomic Stability
    Keywords: Bank ; Banking ; Banking Crises ; Banking Sector ; Banking System ; Banking Systems ; Banks ; Banks and Banking Reform ; Capital ; Credit Emerging Markets ; Debt Markets ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Crises ; Financial Deepening ; Financial Intermediation ; Financial Literacy ; Private Sector Development ; Bank ; Banking ; Banking Crises ; Banking Sector ; Banking System ; Banking Systems ; Banks ; Banks and Banking Reform ; Capital ; Credit Emerging Markets ; Debt Markets ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Crises ; Financial Deepening ; Financial Intermediation ; Financial Literacy ; Private Sector Development ; Bank ; Banking ; Banking Crises ; Banking Sector ; Banking System ; Banking Systems ; Banks ; Banks and Banking Reform ; Capital ; Credit Emerging Markets ; Debt Markets ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Crises ; Financial Deepening ; Financial Intermediation ; Financial Literacy ; Private Sector Development
    Abstract: Whether and when does banking serve to stabilize the economy? Caprio and Honohan view the banking system as a filter through which foreign and domestic shocks feed through to the domestic economy. The filter can dampen or amplify the shocks through various credit market channels, including credit growth, import of foreign capital, and possibly interest rates. The question is whether the prudential quality of banking, as proxied by measures of regulatory quality and openness to foreign banking, amplify or dampen these shocks. The authors find that many of the regulatory characteristics that have been found to deepen a financial system and make it more robust to crises—notably those which empower the private sector—also appear to reduce the sector's ability to provide short-term insulation to the macroeconomy. It is as if prudent bankers are reluctant to absorb short-term risks that, if neglected, might cause solvency and growth problems in the longer run. Forbearance might dampen short-term volatility, but at the expense of the longer run health of the banking sector and the economy. One way to avoid this apparent tradeoff is evident: banking systems which have a higher share of foreign-owned banks, a feature already associated with financial deepening and lowered risk of crisis, also seem to score well in terms of short-term macroeconomic insulation. This paper—a joint product of Finance, Development Research Group, and the Financial Sector Strategy and Policy Department—is part of a larger effort in the Bank to analyze bank regulation and supervision. The authors may be contacted at gcaprioworldbank. org or phonohan@worldbank.org
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  • 2
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    Financial Crises, Financial Dependence, and Industry Growth (2002)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (32 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Klingebiel, Daniela Financial Crises, Financial Dependence, and Industry Growth
    Keywords: Adverse Consequences ; Adverse Effects ; Adverse Selection ; Bank Lending ; Banks and Banking Reform ; Cred Development ; Debt Markets ; Economic Growth ; Economic Research ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Crises ; Financial Crisis ; Financial Literacy ; Financial Sector ; Inequality ; Investment and Investment Climate ; Labor Policies ; Macroeconomics and Economic Growth ; Poverty Reduction ; Private Sector Development ; Pro-Poor Growth ; Social Protections and Labor ; Adverse Consequences ; Adverse Effects ; Adverse Selection ; Bank Lending ; Banks and Banking Reform ; Cred Development ; Debt Markets ; Economic Growth ; Economic Research ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Crises ; Financial Crisis ; Financial Literacy ; Financial Sector ; Inequality ; Investment and Investment Climate ; Labor Policies ; Macroeconomics and Economic Growth ; Poverty Reduction ; Private Sector Development ; Pro-Poor Growth ; Social Protections and Labor ; Adverse Consequences ; Adverse Effects ; Adverse Selection ; Bank Lending ; Banks and Banking Reform ; Cred Development ; Debt Markets ; Economic Growth ; Economic Research ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Crises ; Financial Crisis ; Financial Literacy ; Financial Sector ; Inequality ; Investment and Investment Climate ; Labor Policies ; Macroeconomics and Economic Growth ; Poverty Reduction ; Private Sector Development ; Pro-Poor Growth ; Social Protections and Labor
    Abstract: Laeven, Klingebiel, and Kroszner investigate the link between financial crises and industry growth. They analyze data from 19 industrial and developing countries that have experienced financial crises during the past 30 years to investigate how financial crises affect sectors dependent on external sources of finance. Specifically, the authors examine whether the impact of a financial crisis on externally dependent sectors varies with the depth of the financial system. They find that sectors highly dependent on external finance tend to experience a greater contraction of value added during a crisis in deeper financial systems than in countries with shallower financial systems. They hypothesize that the deepening of the financial system allows sectors dependent on external finance to obtain relatively more external funding in normal periods, so a crisis in such countries would have a disproportionately negative effect on externally dependent sectors. In contrast, since externally dependent firms tend to obtain relatively less external financing in shallower financial systems (and hence have relatively lower growth rates in such countries during normal times), a crisis in such countries has less of a disproportionately negative effect on the growth of externally dependent sectors. This paper—a product of the Financial Sector Strategy and Policy Department—is part of a larger effort in the department to study the link between financial development and economic growth. The authors may be contacted at llaevenworldbank.org, dklingebiel@worldbank.org, or randy.kroszner@gsb.uchicago.edu
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  • 3
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    Determinants of Commercial Bank Performance in Transition : An Application of Data Envelopment Analysis (2002)
    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: Grigorian, A. David Determinants of Commercial Bank Performance in Transition
    Keywords: Bank ; Banking ; Banking System ; Banks ; Banks and Banking Reform ; Consolidation ; Credit Enterprises ; Debt Markets ; Emerging Markets ; Finance and Financial Sector Development ; Financial Institutions ; Financial Literacy ; Financial Services ; Macroeconomic Stabilization ; Private Sector Development ; Privatization ; Profitability ; Bank ; Banking ; Banking System ; Banks ; Banks and Banking Reform ; Consolidation ; Credit Enterprises ; Debt Markets ; Emerging Markets ; Finance and Financial Sector Development ; Financial Institutions ; Financial Literacy ; Financial Services ; Macroeconomic Stabilization ; Private Sector Development ; Privatization ; Profitability ; Bank ; Banking ; Banking System ; Banks ; Banks and Banking Reform ; Consolidation ; Credit Enterprises ; Debt Markets ; Emerging Markets ; Finance and Financial Sector Development ; Financial Institutions ; Financial Literacy ; Financial Services ; Macroeconomic Stabilization ; Private Sector Development ; Privatization ; Profitability
    Abstract: Banking sectors in transition economies have experienced major transformations throughout the 1990s. While some countries have been successful in eliminating underlying distortions and restructuring their financial sectors, in some cases financial sectors remain underdeveloped and the rates of financial intermediation continue to be quite low. Grigorian and Manole estimate indicators of commercial bank efficiency by applying a version of Data Envelopment Analysis (DEA) to bank-level data from a wide range of transition countries. They further extend the analysis by explaining the differences in efficiency between financial institutions and countries by a variety of macroeconomic, prudential, and institutional variables. In addition to stressing the importance of some bank-specific variables, the censored Tobit analysis suggests that: - Foreign ownership with controlling power and enterprise restructuring enhance commercial bank efficiency. - The effects of prudential tightening on the efficiency of banks vary across different prudential norms. - Consolidation is likely to improve efficiency of banking operations. Overall, the results confirm the usefulness of DEA for transition-related applications and may shed light on the optimal architecture of a banking system. This paper--a product of the Private and Financial Sector Development Unit, Europe and Central Asia Region--is part of a larger effort in the region to disseminate the results of research on transition issues. The authors may be contacted at dgrigorianimf.org or manole@wueconc.wustl.edu
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  • 4
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    The State of Corporate Governance : Experience from Country Assessments (2002)
    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: Fremond, Olivier The State of Corporate Governance
    Keywords: Access To Capital ; Bank Policy ; Banks and Banking Reform ; Capacity Building ; Capital Allocation ; Corporate Governance ; Corporate Law ; Debt Markets ; Emerging Markets ; Equity ; Exchange ; Finance ; Finance and Financial Sector Development ; Financial Literacy ; Good ; Governance ; Governance Indicators ; International Financial Institutions ; Law and Development ; Lending ; Microfinance ; National Governance ; Private Sector Development ; Access To Capital ; Bank Policy ; Banks and Banking Reform ; Capacity Building ; Capital Allocation ; Corporate Governance ; Corporate Law ; Debt Markets ; Emerging Markets ; Equity ; Exchange ; Finance ; Finance and Financial Sector Development ; Financial Literacy ; Good ; Governance ; Governance Indicators ; International Financial Institutions ; Law and Development ; Lending ; Microfinance ; National Governance ; Private Sector Development ; Access To Capital ; Bank Policy ; Banks and Banking Reform ; Capacity Building ; Capital Allocation ; Corporate Governance ; Corporate Law ; Debt Markets ; Emerging Markets ; Equity ; Exchange ; Finance ; Finance and Financial Sector Development ; Financial Literacy ; Good ; Governance ; Governance Indicators ; International Financial Institutions ; Law and Development ; Lending ; Microfinance ; National Governance ; Private Sector Development
    Abstract: Corporate governance deals with the ways in which the rights of outside suppliers of equity finance to corporations are protected and receive a fair return. Good practices reduce the risk of expropriation of outsiders by insiders and thus the cost of capital for issuers. Capaul and Fremond review the experience of the preparation of 15 corporate governance country assessments across five continents. The assessments have been prepared under the umbrella of the joint World Bank/IMF initiative of the "Reports on the Observance of Standards and Codes" (ROSCs). The assessments focus on the rights of shareholders, the equitable treatment of shareholders, the role of stakeholders, disclosure and transparency, and the duties of the board of listed companies, and use the OECD Principles of Corporate Governance as benchmark. The authors give an overview of the actual and potential contribution of the assessments to policy dialogue, diagnostic and strategic work, lending and nonlending operations, and technical assistance and capacity, and presents the unfinished agenda. This paper—a product of the Corporate Governance Unit, Private Sector Advisory Services Department—is part of a larger effort in the department to disseminate lessons learned in the assessment of the compliance of countries to global standards. The authors may be contacted at ofremondworldbank.org or mcapaul@worldbank.org
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  • 5
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    2001 Annual Review of Development Effectiveness : Making Choices (2002)
    Washington, D.C : The World Bank
    Details
    ISBN: 0821351397 , 9780821351390
    Language: English
    Pages: Online-Ressource (1 online resource (108 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Series Statement: Independent Evaluation Group Studies
    Keywords: Banks and Banking Reform ; Country Strategy and Performance ; Debt Markets ; Economic Adjustment and Lending ; Economic Theory and Research ; Finance and Financial Sector Development ; Macroeconomics and Economic Growth ; Banks and Banking Reform ; Country Strategy and Performance ; Debt Markets ; Economic Adjustment and Lending ; Economic Theory and Research ; Finance and Financial Sector Development ; Macroeconomics and Economic Growth ; Banks and Banking Reform ; Country Strategy and Performance ; Debt Markets ; Economic Adjustment and Lending ; Economic Theory and Research ; Finance and Financial Sector Development ; Macroeconomics and Economic Growth
    Abstract: This is the fifth Annual Review of Development Effectiveness (ARDE). This year's Review highlights the choice of lending and non-lending instruments and activities to achieve development objectives. It complements the Annual Report on Portfolio Performance, the Quality Assurance Group's assessment of the active lending portfolio and of recent analytical and advisory services. As in prior years, the Review concentrates on long-term development effectiveness trends. It finds that selecting the right combination and sequence of activities for a particular set of objectives can make the difference between success and failure. The findings of the 2001 ARDE demonstrate sustained progress in portfolio performance and suggest several directions for future Bank operations. First, the ongoing updating of the policy framework for investment and adjustment lending offer a good opportunity to offer operational guidance and improve instrument choice. Second in poor performing low-income countries simple operations, pilot projects, and non-financial activities have particular potential to deliver results. Third, for adjustment operations--a growing share of Bank lending-success is more likely when the domestic consensus for reform is strong and other Bank instruments are brought to bear both upstream and downstream of the adjustment process
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  • 6
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    A Decade of Fiscal Transition (2002)
    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: Alam, Asad A Decade of Fiscal Transition
    Keywords: Banks and Banking Reform ; Debt Markets ; Economic Recovery ; Expenditures ; Finance and Financial Sector Development ; Financial Literacy ; Fiscal Adjustment ; Fiscal Imbalances ; Fiscal Management ; Fiscal Policies ; Fiscal Policy ; Fiscal Risks ; Fiscal Stabilization ; Fiscal Transition ; Public Sector Economics and Finance ; Public Sector Expenditure Analysis and Management ; Banks and Banking Reform ; Debt Markets ; Economic Recovery ; Expenditures ; Finance and Financial Sector Development ; Financial Literacy ; Fiscal Adjustment ; Fiscal Imbalances ; Fiscal Management ; Fiscal Policies ; Fiscal Policy ; Fiscal Risks ; Fiscal Stabilization ; Fiscal Transition ; Public Sector Economics and Finance ; Public Sector Expenditure Analysis and Management ; Banks and Banking Reform ; Debt Markets ; Economic Recovery ; Expenditures ; Finance and Financial Sector Development ; Financial Literacy ; Fiscal Adjustment ; Fiscal Imbalances ; Fiscal Management ; Fiscal Policies ; Fiscal Policy ; Fiscal Risks ; Fiscal Stabilization ; Fiscal Transition ; Public Sector Economics and Finance ; Public Sector Expenditure Analysis and Management
    Abstract: Transition literature has emphasized stabilization and enterprise restructuring. Both cross-country analyses and country-specific studies have tended to focus on fiscal stabilization and its indicators, highlighting the importance of quantitative fiscal adjustment to stabilization outcomes. Less attention has been paid to the qualitative dimensions of fiscal adjustment in transition. Alam and Sundberg take stock of the extent to which fiscal adjustment has occurred during the first decade of transition in both qualitative and quantitative dimensions. They define quality as the extent to which: (1) pro-growth expenditure essential for creating future economic and social assets are maintained; (2) pro-poor expenditure, such as poverty-targeted transfers, necessary to ensure income for the poor and vulnerable are adequately provided; and (3) fiscal risks, impinging on both expenditure and revenue, are managed through transition. The authors conclude that while the quantitative magnitude of the fiscal adjustment was dramatic, the quality of this adjustment has compromised the social and economic objectives of transition, particularly in the Commonwealth of Independent States (CIS). They draw four main conclusions: • Investments in public services fell in both absolute and relative terms. • Reduced spending on government transfers contributed to a sharp increase in income inequality in the CIS. • Fiscal risks increased during the transition. • Initial conditions allowed Central European and Baltic countries to maintain higher expenditures, which may have contributed to their faster economic recovery and political support for the reforms. The authors argue that the challenge today for fiscal policy in these countries is to facilitate the transition—particularly in reallocating resources from large state-owned enterprises to new small and medium-size firms, and providing priority public services and targeted transfers to assist those adversely affected by transition and reverse the deterioration in social outcomes. The interplay between fiscal policies and institutional arrangements is increasingly important as transition economies embark on their second decade of reforms. In particular, incentives embedded in the institutional arrangements for fiscal management needs to be strengthened so that policies, resources, and outcomes can be better aligned, and the fiscal adjustment is consistent with qualitative considerations. This paper—a product of the Poverty Reduction and Economic Management Sector Unit, Europe and Central Asia Region—is part of a larger effort in the region to understand economic transition in former centrally planned economies. The authors may be contacted at aalamworldbank.org or msundberg@worldbank.org
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  • 7
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    A Little Engine that Could … Domestic Private Companies and Vietnam's Pressing Need for Wage Employment (2002)
    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: Steer, Liesbet A Little Engine that Could … Domestic Private Companies and Vietnam's Pressing Need for Wage Employment
    Keywords: Banks and Banking Reform ; Corporate Law ; Employees ; Employment Generation ; Export-Oriented Industries ; Human Resource ; Informal Sector ; Job ; Job Creation ; Jobs ; Labor ; Labor Markets ; Law and Development ; Management ; Microfinance ; Preliminary Evidence ; Private Creation ; Private Sector Development ; Privatization ; Small Scale Enterprises ; Social Protections and Labor ; State Owned Enterprise Reform ; Banks and Banking Reform ; Corporate Law ; Employees ; Employment Generation ; Export-Oriented Industries ; Human Resource ; Informal Sector ; Job ; Job Creation ; Jobs ; Labor ; Labor Markets ; Law and Development ; Management ; Microfinance ; Preliminary Evidence ; Private Creation ; Private Sector Development ; Privatization ; Small Scale Enterprises ; Social Protections and Labor ; State Owned Enterprise Reform ; Banks and Banking Reform ; Corporate Law ; Employees ; Employment Generation ; Export-Oriented Industries ; Human Resource ; Informal Sector ; Job ; Job Creation ; Jobs ; Labor ; Labor Markets ; Law and Development ; Management ; Microfinance ; Preliminary Evidence ; Private Creation ; Private Sector Development ; Privatization ; Small Scale Enterprises ; Social Protections and Labor ; State Owned Enterprise Reform
    Abstract: Vietnam's young private sector is growing fast, due mainly to a policy environment that recognizes the importance of private entrepreneurship—particularly to help increase significantly job creation, which the country needs urgently. To extend the benefits of private sector growth from the urban centers where it has so far been concentrated to the rural areas where most Vietnamese live—and where underemployment is heaviest—more information on what is working and what is not will be needed. Steer and Taussig present an objective picture of Vietnam's emerging private sector two years after the implementation of its much praised Enterprise Law. Private companies are significantly better off than they were a couple years earlier, when regional economic recession and stagnating domestic policy reforms had nearly halted development of the formal private sector. At the same time, the sector's small base means that its impressive rates of job creation still fall far short of matching the booming growth of the overall work force. Data for this paper were collected from Vietnam's General Office of Statistics, individual company case studies, and a national firm-level survey designed and implemented by the authors. The research reveals significant gaps in available private sector data and flaws in current data-gathering methodologies, calling into question the ability of policymakers and advisors to understand rapid, ongoing economic developments and make appropriate policy decisions. The paper also seeks to provide a starting point and an impetus for more targeted research aimed at identifying and addressing specific obstacles to sustainable and broad-based job and wealth creation. This paper—a product of the Poverty Reduction and Economic Management Sector Unit, East Asia and Pacific Region—is part of a larger effort in the region to understand the linkages between privat sector development, employment generation, and poverty reduction
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  • 8
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    Stabilizing Intergovernmental Transfers in Latin America : A Complement to National/Subnational Fiscal Rules? (2002)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (36 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Gonzalez, Y. Christian Stabilizing Intergovernmental Transfers in Latin America
    Keywords: Access To Capital ; Bank Policy ; Banks and Banking Reform ; Business Cycle ; Capital Accounts ; Capital Flows ; Capital Markets ; Consumption Smoothing ; Contingent Liability ; Debt Markets ; Developing Countries ; Developing Country ; Finance and Financial Sector Development ; Financial Literacy ; Intergovernmental Fiscal ; Municipal Financial Management ; Public Sector Economics and Finance ; Public and Municipal Finance ; Urban Development ; Urban Economics ; Access To Capital ; Bank Policy ; Banks and Banking Reform ; Business Cycle ; Capital Accounts ; Capital Flows ; Capital Markets ; Consumption Smoothing ; Contingent Liability ; Debt Markets ; Developing Countries ; Developing Country ; Finance and Financial Sector Development ; Financial Literacy ; Intergovernmental Fiscal ; Municipal Financial Management ; Public Sector Economics and Finance ; Public and Municipal Finance ; Urban Development ; Urban Economics ; Access To Capital ; Bank Policy ; Banks and Banking Reform ; Business Cycle ; Capital Accounts ; Capital Flows ; Capital Markets ; Consumption Smoothing ; Contingent Liability ; Debt Markets ; Developing Countries ; Developing Country ; Finance and Financial Sector Development ; Financial Literacy ; Intergovernmental Fiscal ; Municipal Financial Management ; Public Sector Economics and Finance ; Public and Municipal Finance ; Urban Development ; Urban Economics
    Abstract: The traditional theory of fiscal federalism assigns the role of macroeconomic stabilization to the federal government. In addition to this long-standing theoretical result, there is empirical observation that federal governments in developing countries typically have cheaper and more stable access to capital markets, relative to subnational governments. Drawing on the recent experience of four large federal countries in Latin America—Argentina, Brazil, Colombia, and Mexico—Gonzalez, Rosenblatt, and Webb examine how intergovernmental transfers affect the division of the burden of stabilization across the levels of government, when the nation as a whole faces economic fluctuations. Imposing stabilizing rules on federal transfers that protect subnational governments from fluctuations in the business cycle can serve two purposes. During boom periods, stabilizing rules prevent subnational governments' tendency to increase inflexible expenditures. And during downturns, stabilizing rules place the burden of borrowing at the federal level—the level most appropriate for macroeconomic stabilization and often the level with superior access to credit. Despite the logic of these rules, recent experience of the four countries reveals that these rules can be risky, particularly in the face of high GDP volatility. Protection against falling revenues in the downturn constitutes a contingent liability for the central government. Argentina's stabilizing rule contributed to fiscal and political tensions during its ongoing crisis. Colombia is beginning to implement similar rules. Meanwhile, Brazilian and Mexican transfers do not implement such rules and fiscal and economic results do not appear to have fared any worse for this absence. The authors draw on the country experience to establish that certain conditions should be in place before establishing a stabilization rule to federal-to-subnational fiscal transfers—in particular the elimination of long-term structural fiscal imbalances, either within levels of government or across levels of government. This paper—a joint product of the Office of the Senior Vice President and Chief Economist, Development Economics, and the Mexico, Colombia, and Venezuela Country Department, Latin America and the Caribbean Region—is part of a larger effort in the Bank to draw on lessons from cross-country experience on fiscal federalism. The authors may be contacted at cgonzalezworldbank.org, drosenblatt@worldbank.org, or swebb@worldbank.org
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  • 9
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    2000 Annual Review of Development Effectiveness : From Strategy to Results (2001)
    Washington, D.C : The World Bank
    Details
    ISBN: 0821349295 , 9780821349298
    Language: English
    Pages: Online-Ressource (1 online resource (92 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Series Statement: Independent Evaluation Group Studies
    Keywords: Banks and Banking Reform ; Corruption and Anitcorruption Law ; Country Strategy and Performance ; Debt Markets ; Finance and Financial Sector Development ; Financial Literacy ; Law and Development ; Macroeconomics and Economic Growth ; Banks and Banking Reform ; Corruption and Anitcorruption Law ; Country Strategy and Performance ; Debt Markets ; Finance and Financial Sector Development ; Financial Literacy ; Law and Development ; Macroeconomics and Economic Growth ; Banks and Banking Reform ; Corruption and Anitcorruption Law ; Country Strategy and Performance ; Debt Markets ; Finance and Financial Sector Development ; Financial Literacy ; Law and Development ; Macroeconomics and Economic Growth
    Abstract: This Annual Review of Development Effectiveness (ARDE) builds on previous reviews, i.e., the 1998 review, released in a hostile environment of financial crisis, concluded that improvements in project performance cannot be enough, that improvements at a higher plane of program, and country performance should also be present; and, the 1999 review, inscribed within the Comprehensive Development Framework dilemmas, and challenges, identified practices for dealing with those challenges, namely to be based on country commitments to poverty reduction, and sustainable growth. The ARDE 2000 finds that progress was solid on a broad front, but that further progress is likely. Portfolio performance is likely to exceed the Strategic Compact target of seventy five percent satisfactory outcomes; and, sustainability, and institutional development ratings reflect improvements. Though progress is commendable, this review examines four tensions the Bank faces: learning to reconcile client, and corporate priorities; adapting global prescriptions to local conditions; balancing country performance and poverty incidence in allocating its resources; and, achieving efficiency/selectivity, seeking to implement a holistic vision of development. Bank strategies should acknowledge client needs, judicious adaptation to institutional, social, and political fronts should be pursued, and, an approach to poor-performing countries should be addressed
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  • 10
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    Annual World Bank Conference on Development Economics 2000 (2001)
    Washington, D.C : The World Bank
    Details
    ISBN: 0821349813 , 9780821349816
    Language: English
    Pages: Online-Ressource (1 online resource (450 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Series Statement: Annual World Bank Conference on Development Economics
    Keywords: Banks and Banking Reform ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Labor Policies ; Macroeconomics and Economic Growth ; Private Sector Development ; Social Protections and Labor ; Banks and Banking Reform ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Labor Policies ; Macroeconomics and Economic Growth ; Private Sector Development ; Social Protections and Labor ; Banks and Banking Reform ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Labor Policies ; Macroeconomics and Economic Growth ; Private Sector Development ; Social Protections and Labor
    Abstract: These are the proceedings of the Annual World Bank Conference on Development Economics, which gathers the global perspective of scholars, and practitioners of development policy from academic life, government, and the private sector. The selected topics seek to include new areas of concern, and current research, as well as areas believed to benefit from exposure to recent knowledge, and experience. This year's conference focused on new development thinking, crises and recovery, corporate governance and restructuring, and, social security, public and private savings. The opening address outlines challenges for development, that include the intransigence of poverty in Africa, and ways to establish public-private partnerships at the country, and global levels, while the keynote address identifies equilibrium, and change as the focus of development economics: long-term sustainable growth requires development of a consensus behind the reform policies. Discussions varied from crises and recovery, through perspectives on the recent history of transition economies, to arguments on the possibilities of poverty reduction on a grand scale. Other topics include the exploration of development strategies, revision of the role of aid in providing finance, changing policies, and knowledge transfer, and, how to coordinate development problems
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  • 11
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    Evaluating the Case for Export Subsidies (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: Panagariya, Arvind Evaluating the Case for Export Subsidies
    Keywords: Adverse Selection ; Banks and Banking Reform ; Competitiveness ; Cred Export ; Currencies and Exchange Rates ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Export Performance ; Export Subsidies ; Export Subsidy ; Exports ; Externalities ; Finance and Financial Sector Development ; Financial Literacy ; Foreign Trade ; Free Trade ; Interest ; Interests ; International Economics & Trade ; Investment ; Law and Development ; Macroeconomics and Economic Growth ; Moral Hazard ; Perfect Competition ; Private Sector Development ; Public Sector Development ; Rent ; Tariff ; Tariffs ; Tax ; Tax Law ; Taxation and Subsidies ; Taxes ; Trade Policy ; Adverse Selection ; Banks and Banking Reform ; Competitiveness ; Cred Export ; Currencies and Exchange Rates ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Export Performance ; Export Subsidies ; Export Subsidy ; Exports ; Externalities ; Finance and Financial Sector Development ; Financial Literacy ; Foreign Trade ; Free Trade ; Interest ; Interests ; International Economics & Trade ; Investment ; Law and Development ; Macroeconomics and Economic Growth ; Moral Hazard ; Perfect Competition ; Private Sector Development ; Public Sector Development ; Rent ; Tariff ; Tariffs ; Tax ; Tax Law ; Taxation and Subsidies ; Taxes ; Trade Policy ; Adverse Selection ; Banks and Banking Reform ; Competitiveness ; Cred Export ; Currencies and Exchange Rates ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Export Performance ; Export Subsidies ; Export Subsidy ; Exports ; Externalities ; Finance and Financial Sector Development ; Financial Literacy ; Foreign Trade ; Free Trade ; Interest ; Interests ; International Economics & Trade ; Investment ; Law and Development ; Macroeconomics and Economic Growth ; Moral Hazard ; Perfect Competition ; Private Sector Development ; Public Sector Development ; Rent ; Tariff ; Tariffs ; Tax ; Tax Law ; Taxation and Subsidies ; Taxes ; Trade Policy
    Abstract: January 2000 - With import-substitution policies discredited, many have argued for interventions on behalf of export interests. But aren't arguments for export subsidies as flawed as arguments for import substitution? Now that import-substitution policies have failed and been discredited, there has been a shift in favor of interventions on behalf of export interests. Panagariya argues that close scrutiny reveals these arguments to be as flawed as the old arguments for import substitution. Among other things, Panagariya concludes that: · Under perfect competition, a country trying to retaliate against a trading partner's export subsidies by instituting its own export subsidies will only hurt itself. · The argument that export subsidies may be useful for neutralizing import tariffs is spurious. In most practical situations, this is not possible. Removal of tariffs is a far superior policy. · In principle a case can be made for protecting infant export industries in the presence of externalities. But the empirical relevance of externalities remains as illusory for export industries as it was for import-substituting industries. · Adverse selection and moral hazard can lead to the thinning of the market for credit insurance but that is not a case for government intervention. · India's experience shows export subsidies to have little impact on exports. Brazil and Mexico's experience shows export subsidies to be a costly instrument of export diversification. · Those who argue that pro-export interventions were important in East Asia have not provided convincing evidence of a causal relationship between the interventions and growth. This paper - a product of Trade, Development Research Group - is part of a larger effort in the group to explore conceptual and practical issues in the export policies of developing countries. The author may be contacted at panagariecon.umd.edu
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  • 12
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    Managing Fiscal Risk in Bulgaria (2000)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (50 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Brixi, Polackova Hana Managing Fiscal Risk in Bulgaria
    Keywords: Banks and Banking Reform ; Budget ; Budget Defic Budget Deficits ; Contingent Liabilities ; Currency ; Debt Markets ; Deficits ; Emerging Markets ; Finance and Financial Sector Development ; Good ; Government Debt ; Interest ; Interest Rate ; Interest Rate Risks ; Maturity ; Pensions ; Private Sector Development ; Public Investment ; Risk Management ; Risk Management System ; Security ; Sovereign Debt ; State Guarantees ; Stock ; Banks and Banking Reform ; Budget ; Budget Defic Budget Deficits ; Contingent Liabilities ; Currency ; Debt Markets ; Deficits ; Emerging Markets ; Finance and Financial Sector Development ; Good ; Government Debt ; Interest ; Interest Rate ; Interest Rate Risks ; Maturity ; Pensions ; Private Sector Development ; Public Investment ; Risk Management ; Risk Management System ; Security ; Sovereign Debt ; State Guarantees ; Stock ; Banks and Banking Reform ; Budget ; Budget Defic Budget Deficits ; Contingent Liabilities ; Currency ; Debt Markets ; Deficits ; Emerging Markets ; Finance and Financial Sector Development ; Good ; Government Debt ; Interest ; Interest Rate ; Interest Rate Risks ; Maturity ; Pensions ; Private Sector Development ; Public Investment ; Risk Management ; Risk Management System ; Security ; Sovereign Debt ; State Guarantees ; Stock
    Abstract: Governments need to manage their contingent liabilities and other off-budget sources of fiscal risk - through policy, the budgetary process, and an integrated asset and liability management strategy. - To understand the fiscal position of a country, contingent liabilities and other sources of fiscal risk need to be considered. Brixi, Shatalov, and Zlaoui develop a framework to assess and manage fiscal risk in Bulgaria. Bulgaria's Currency Board Arrangement has effectively imposed fiscal discipline, but leaves only limited room to accommodate potential fiscal shocks. Through risks embedded in the portfolio of government contingent and direct liabilities, significant fiscal pressures could arise in the future. Major sources of risk include environmental liabilities and investment requirements, collection capacities of the social protection institutions, and further engagement in off-budget programs, such as government guarantees. To limit the government's exposure to risks, yet accommodate investment needs crucial to growth and development, Bulgaria must find an optimal strategy for liability management, fiscal reserves, and risk mitigation. Priorities for dealing with existing risks and limiting further accumulation of risks include: · Mitigating currency and interest rate risks in the government liability structure. · Implementing proposed institutional and finance reform of the country's pension and health care systems. · Building adequate contingency reserves. · Introducing risk-sharing arrangements. · Prioritizing and placing strict limits on the amounts of new guaranteed obligations. · Developing government capacity to analyze and manage risks. · Fully integrating fiscal risk management with other policy considerations in fiscal management, as part of an integrated asset and liability management strategy. This paper - a product of the Poverty Reduction and Economic Management Sector Unit, Europe and Central Asia Region - is part of a larger effort in the Bank to study the quality of fiscal adjustment in its client countries. Copies of the paper are available free from the World Bank, 1818 H Street, NW, Washington, DC 20433. The authors may be contacted at lzlaouiworldbank.org, hpolackova@worldbank.org, or sshatalov@worldbank.org
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  • 13
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    Transparency, Liberalization, and 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: Mehrez, Gil Transparency, Liberalization, and Banking Crises
    Keywords: Bank Lending ; Banking Crises ; Banking Crisis ; Banks and Banking Reform ; Currencies and Exchange Rates ; Debt Markets ; Depos Equity ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Crisis Management and Restructuring ; Financial Economics ; Financial Institutions ; Financial Intermediation ; Financial Liberalization ; Financial Literacy ; Financial Markets ; Fiscal Policy ; Information On Borrowers ; International Investments ; Investment ; Investment and Investment Climate ; Lack Of Transparency ; Lenders ; Loans ; Macroeconomics and Economic Growth ; Oligopoly ; Private Sector Development ; Prof Stock ; Stock Market ; Transparency ; Bank Lending ; Banking Crises ; Banking Crisis ; Banks and Banking Reform ; Currencies and Exchange Rates ; Debt Markets ; Depos Equity ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Crisis Management and Restructuring ; Financial Economics ; Financial Institutions ; Financial Intermediation ; Financial Liberalization ; Financial Literacy ; Financial Markets ; Fiscal Policy ; Information On Borrowers ; International Investments ; Investment ; Investment and Investment Climate ; Lack Of Transparency ; Lenders ; Loans ; Macroeconomics and Economic Growth ; Oligopoly ; Private Sector Development ; Prof Stock ; Stock Market ; Transparency ; Bank Lending ; Banking Crises ; Banking Crisis ; Banks and Banking Reform ; Currencies and Exchange Rates ; Debt Markets ; Depos Equity ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Crisis Management and Restructuring ; Financial Economics ; Financial Institutions ; Financial Intermediation ; Financial Liberalization ; Financial Literacy ; Financial Markets ; Fiscal Policy ; Information On Borrowers ; International Investments ; Investment ; Investment and Investment Climate ; Lack Of Transparency ; Lenders ; Loans ; Macroeconomics and Economic Growth ; Oligopoly ; Private Sector Development ; Prof Stock ; Stock Market ; Transparency
    Abstract: Lack of transparency increases the probability of a banking crisis following financial liberalization. In a country where government policy is not transparent, banks may tend to increase credit above the optimal level. - Mehrez and Kaufmann investigate how transparency affects the probability of a financial crisis. They construct a model in which banks cannot distinguish between aggregate shocks and government policy, on the one hand, and firms' quality, on the other. Banks may therefore overestimate firms' returns and increase credit above the level that would be optimal given the firms' returns. Once banks discover their large exposure, they are likely to roll over loans rather than declare their losses. This delays the crisis but increases its magnitude. The empirical evidence, based on data for 56 countries in 1977-97, supports this theoretical model. The authors find that lack of transparency increases the probability of a crisis following financial liberalization. This implies that countries should focus on increasing transparency of economic activity and government policy, as well as increasing transparency in the financial sector, particularly during a period of transition such as financial liberalization. This paper - a product of Governance, Regulation, and Finance, World Bank Institute - is part of a larger effort in the institute to research governance and transparency and apply the findings in learning and operational programs. (For details, visit www.worldbank.org/wbi/gac.) The authors may be contacted at gmehrezworldbank.org or dkaufmann@worldbank.org
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  • 14
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    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
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  • 15
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    Resolving Bank Failures in Argentina : Recent Developments and Issues (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: Torre, ladeAugusto Resolving Bank Failures in Argentina
    Keywords: Bank ; Bank Capitalization ; Bank Failure ; Bank Failure Resolution ; Bank Failures ; Banking ; Banking Associations ; Banks ; Banks and Banking Reform ; Bis ; Capital ; Criteria ; Debt Markets ; Deposit Insurance ; Deposits ; Finance and Financial Sector Development ; Financial Literacy ; Fiscal Year ; Going Concern Value ; Governance ; Legal Protection ; Liquidation ; Moral Hazard ; Value ; Bank ; Bank Capitalization ; Bank Failure ; Bank Failure Resolution ; Bank Failures ; Banking ; Banking Associations ; Banks ; Banks and Banking Reform ; Bis ; Capital ; Criteria ; Debt Markets ; Deposit Insurance ; Deposits ; Finance and Financial Sector Development ; Financial Literacy ; Fiscal Year ; Going Concern Value ; Governance ; Legal Protection ; Liquidation ; Moral Hazard ; Value ; Bank ; Bank Capitalization ; Bank Failure ; Bank Failure Resolution ; Bank Failures ; Banking ; Banking Associations ; Banks ; Banks and Banking Reform ; Bis ; Capital ; Criteria ; Debt Markets ; Deposit Insurance ; Deposits ; Finance and Financial Sector Development ; Financial Literacy ; Fiscal Year ; Going Concern Value ; Governance ; Legal Protection ; Liquidation ; Moral Hazard ; Value
    Abstract: When the international financial community finally develops core principles and minimum standards for resolving bank failures, Argentina's experience should serve as an important reference in identifying best practices. - Policies and procedures to resolve bank failures have evolved significantly in Argentina since the introduction of currency convertibility in 1991 and particularly in reaction to the 1995 tequila crisis, which exposed the inadequacy of the bank exit framework in place then. De la Torre reviews the institutional changes introduced in Argentina in 1995 to handle bank failures more effectively, particularly the creation of the deposit guarantee scheme and the procedural framework for resolving bank failures, embedded in Article 35 of the Financial Institutions Law. This framework enables the Central Bank to carve out the assets and privileged liabilities of the failing bank and transfer them to sound banks, thereby sending only a residual balance sheet to judicial liquidation. Subsequent refinements in the application of Article 35 procedures eventually led to current Argentine practice. The author examines this practice in detail by considering the handling of the recent failure of Banco Almafuerte. The author assesses a number of issues that arise from the Argentine model of bank failure resolution, taking into account both country-specific circumstances and more general concepts and concerns. He emphasizes the potential tradeoffs between reducing contagion risk, limiting moral hazard, and avoiding unnecessary destruction of asset value; the implications of priority-of-claims rules and least-cost criteria; the pros and cons of alternative organizational and institutional arrangements; and the need for legal security. Finally, he outlines two prototypical approaches to striking a balance between rules and discretion, an issue underlying much of the ongoing policy discussion on alternative bank exit frameworks. This paper - a product of the Finance Cluster, Latin America and the Caribbean Region - is part of a larger effort in the region to document best practices in bank exit frameworks. The author may be contacted at adelatorreworldbank.org
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  • 16
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    The Use of Asset Management Companies in the Resolution of Banking Crises : Cross-Country Experience (2000)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (58 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Klingebiel, Daniela The Use of Asset Management Companies in the Resolution of Banking Crises
    Keywords: Asset Management ; Asset Management Companies ; Bad Debt ; Bank ; Bank Restructuring ; Banking ; Banking Crises ; Banking Distress ; Banking System ; Bankruptcy ; Banks ; Banks and Banking Reform ; Currencies and Exchange Rates ; Debt Markets ; Debt Restructuring ; Enterprises ; Finance and Financial Sector Development ; Financial Crisis Management and Restructuring ; Financial Institutions ; Financial Literacy ; Governments ; Impaired Assets ; Investment and Investment Climate ; Laws ; Liquidation ; Loans ; Macroeconomics and Economic Growth ; Public Sector Corruption and Anticorruption Measures ; Systemic Banking Crises ; Asset Management ; Asset Management Companies ; Bad Debt ; Bank ; Bank Restructuring ; Banking ; Banking Crises ; Banking Distress ; Banking System ; Bankruptcy ; Banks ; Banks and Banking Reform ; Currencies and Exchange Rates ; Debt Markets ; Debt Restructuring ; Enterprises ; Finance and Financial Sector Development ; Financial Crisis Management and Restructuring ; Financial Institutions ; Financial Literacy ; Governments ; Impaired Assets ; Investment and Investment Climate ; Laws ; Liquidation ; Loans ; Macroeconomics and Economic Growth ; Public Sector Corruption and Anticorruption Measures ; Systemic Banking Crises ; Asset Management ; Asset Management Companies ; Bad Debt ; Bank ; Bank Restructuring ; Banking ; Banking Crises ; Banking Distress ; Banking System ; Bankruptcy ; Banks ; Banks and Banking Reform ; Currencies and Exchange Rates ; Debt Markets ; Debt Restructuring ; Enterprises ; Finance and Financial Sector Development ; Financial Crisis Management and Restructuring ; Financial Institutions ; Financial Literacy ; Governments ; Impaired Assets ; Investment and Investment Climate ; Laws ; Liquidation ; Loans ; Macroeconomics and Economic Growth ; Public Sector Corruption and Anticorruption Measures ; Systemic Banking Crises
    Abstract: Asset management companies have been used to address the overhang of bad debt in a country's financial system - by expediting corporate restructuring or rapidly disposing of corporate assets. A study of seven cases suggests that such companies tend to be ineffective at corporate restructuring and are good at disposing of assets only when they're used to meet fairly narrow objectives in the presence of certain factors: an easily liquefiable asset (such as real estate), mostly professional management, political independence, adequate bankruptcy and foreclosure laws, skilled resources, appropriate funding, good information and management systems, and transparent operations and processes. - Asset management companies have been used to address the overhang of bad debt in the financial system. There are two main types of asset management company: those set up to expedite corporate restructuring and those established for rapid disposal of assets. A review of seven asset management companies reveals a mixed record. In two of three cases, asset management companies for corporate restructuring did not achieve their narrow goal of expediting bank or corporate restructuring, suggesting that they are not good vehicles for expediting corporate restructuring. Only a Swedish asset management company successfully managed its portfolio, acting sometimes as lead agent in restructuring - and helped by the fact that the assets acquired had mostly to do with real estate, not manufacturing, which is harder to restructure, and represented a small fraction of the banking system's assets, which made it easier for the company to remain independent of political pressures and to sell assets back to the private sector. Asset management companies used to dispose of assets rapidly fared somewhat better. Two of four agencies (in Spain and the United States) achieved their objectives, suggesting that asset management companies can be used effectively for narrowly defined purposes of resolving insolvent and inviable financial institutions and selling off their assets. Achieving these objectives required an easily liquefiable asset - real estate - mostly professional management, political independence, adequate bankruptcy and foreclosure laws, appropriate funding, skilled resources, good information and management systems, and transparent operations and processes. The other two agencies (in Mexico and the Philippines) were doomed from the start, as governments transferred to them politically motivated loans or fraudulent assets, which were difficult for a government agency susceptible to political pressure and lacking independence to resolve or sell off. This paper - a product of the Financial Sector Strategy and Policy Group - is part of a larger effort in the group to study the management of banking crises. The author may be contacted at dklingebielworldbank.org
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  • 17
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    Fiscal Deficits, Monetary Reform, and Inflation Stabilization in Romania (2000)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (38 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Budina, Nina Fiscal Deficits, Monetary Reform, and Inflation Stabilization in Romania
    Keywords: Banks and Banking Reform ; Budget ; Budget Deficits ; Central Bank ; Currencies and Exchange Rates ; Debt ; Debt Markets ; Defic Exchange ; Economic Stabilization ; Economic Theory and Research ; Emerging Markets ; Exchange Rate ; Expenditure ; Finance and Financial Sector Development ; Fiscal Deficits ; Fiscal Policy ; Government Expenditures ; Inflation ; Macroeconomics and Economic Growth ; Monetary Policy ; Private Sector Development ; Public Debt ; Public Investment ; Public Sector Defic Revenues ; Tax ; Transition Economies ; Transition Economy ; Banks and Banking Reform ; Budget ; Budget Deficits ; Central Bank ; Currencies and Exchange Rates ; Debt ; Debt Markets ; Defic Exchange ; Economic Stabilization ; Economic Theory and Research ; Emerging Markets ; Exchange Rate ; Expenditure ; Finance and Financial Sector Development ; Fiscal Deficits ; Fiscal Policy ; Government Expenditures ; Inflation ; Macroeconomics and Economic Growth ; Monetary Policy ; Private Sector Development ; Public Debt ; Public Investment ; Public Sector Defic Revenues ; Tax ; Transition Economies ; Transition Economy ; Banks and Banking Reform ; Budget ; Budget Deficits ; Central Bank ; Currencies and Exchange Rates ; Debt ; Debt Markets ; Defic Exchange ; Economic Stabilization ; Economic Theory and Research ; Emerging Markets ; Exchange Rate ; Expenditure ; Finance and Financial Sector Development ; Fiscal Deficits ; Fiscal Policy ; Government Expenditures ; Inflation ; Macroeconomics and Economic Growth ; Monetary Policy ; Private Sector Development ; Public Debt ; Public Investment ; Public Sector Defic Revenues ; Tax ; Transition Economies ; Transition Economy
    Abstract: March 2000 - Fiscal problems are a key factor behind the inflation that has persisted in Eastern Europe since 1989. Deficits need to be cut back, but by how much for a given inflation target? A simple framework links debt, the deficit, and inflation to assess the fiscal stance of the Romanian economy. Unsustainable fiscal deficits were the chief reason for the inflation that has persisted in Eastern Europe since 1989. Deficits need to be cut back, but by how much for a given inflation target? Budina and van Wijnbergen develop a simple framework for debt, the deficit, and inflation to study the interactions between fiscal and monetary policy in Romania's economy. This framework can be used to 1) determine the financeable deficit and the required deficit reduction for a given rate of output growth, inflation rate, and target for debt-output ratios, and 2) to find the inflation rate for which no fiscal adjustment is needed. They use this framework to assess consistency between inflation, monetary reform, and fiscal policy in Romania. Many of the issues in Romania are similar to those in other countries. But Romania is an interesting case because of its history of unsuccessful stabilization attempts. The authors' results suggest that fiscal problems during 1992-94 were masked by shifting government expenses to the books of the National Bank of Romania so that the government deficit did not fully reflect public spending. In addition, the effects of delayed fiscal adjustment were mitigated by exchange rate overvaluation and favorable debt dynamics. In the late 1990s, however, debt dynamics worsened and the economy experienced significant real depreciation. That exacerbated the fiscal problems and increased the fiscal adjustment needed to restore consistency. This paper - a product of Macroeconomics and Growth, Development Research Group - is part of a larger effort in the group to study transition economies. The authors may be contacted at nbudinaworldbank.org or svw.heas@wxs.nl
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  • 18
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    The Political Economy of Distress in East Asian Financial Institutions (2000)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (28 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Ferri, Giovanni The Political Economy of Distress in East Asian Financial Institutions
    Keywords: Balance Sheet ; Banking System ; Banks and Banking Reform ; Currencies and Exchange Rates ; Debt Markets ; E-Business ; Economic Policy, Institutions and Governance ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Crisis ; Financial Distress ; Financial Institutions ; Financial Intermediation ; Financial Literacy ; Financial Risks ; Good ; Interest ; Interest Income ; Investors ; Loan ; Loans ; Loss Of Confidence ; Macroeconomics and Economic Growth ; Non Bank Financial Institutions ; Political Economy ; Portfolio ; Private Sector Development ; Prudential Regulations ; Public Institution Analysis and Assessment ; Public Sector Development ; Reserves ; Return ; Return On Assets ; Balance Sheet ; Banking System ; Banks and Banking Reform ; Currencies and Exchange Rates ; Debt Markets ; E-Business ; Economic Policy, Institutions and Governance ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Crisis ; Financial Distress ; Financial Institutions ; Financial Intermediation ; Financial Literacy ; Financial Risks ; Good ; Interest ; Interest Income ; Investors ; Loan ; Loans ; Loss Of Confidence ; Macroeconomics and Economic Growth ; Non Bank Financial Institutions ; Political Economy ; Portfolio ; Private Sector Development ; Prudential Regulations ; Public Institution Analysis and Assessment ; Public Sector Development ; Reserves ; Return ; Return On Assets ; Balance Sheet ; Banking System ; Banks and Banking Reform ; Currencies and Exchange Rates ; Debt Markets ; E-Business ; Economic Policy, Institutions and Governance ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Crisis ; Financial Distress ; Financial Institutions ; Financial Intermediation ; Financial Literacy ; Financial Risks ; Good ; Interest ; Interest Income ; Investors ; Loan ; Loans ; Loss Of Confidence ; Macroeconomics and Economic Growth ; Non Bank Financial Institutions ; Political Economy ; Portfolio ; Private Sector Development ; Prudential Regulations ; Public Institution Analysis and Assessment ; Public Sector Development ; Reserves ; Return ; Return On Assets
    Abstract: In the East Asian crisis, connections - with industrial groups or influential families - increased the probability of distress for financial institutions. Connections also made closure more, not less, likely, suggesting that the closure processes themselves were transparent. But larger institutions, although more likely to be distressed, were less likely to be closed, suggesting a too big to fail policy. - Politics and regulatory capture can play an important role in financial institutions' distress. East Asia's financial crisis featured many distressed and closed financial intermediaries in an environment with many links between government, politicians, supervisors, and financial institutions. This makes the East Asian financial crisis a good event for studying how such connections affect the resolution of financial institutions' distress. Bongini, Claessens, and Ferri investigate distress and closure decisions for 186 banks and 97 nonbank financial institutions in Indonesia, the Republic of Korea, Malaysia, the Philippines, and Thailand. They find that after July 1997, 42 percent of the institutions experienced distress (were closed, merged, or recapitalized, or had their operations temporarily suspended). By July 1999, 13 percent of all institutions in existence in July 1997 had been closed. Using financial data for 1996, the authors find that: · Traditional CAMEL-type variables - returns on assets, loan growth, and the ratio of loan loss reserves to capital, of net interest income to total income, and of loans to borrowings - help predict subsequent distress and closure. · None of the foreign-controlled institutions was closed, and foreign portfolio ownership lowered an institution's probability of distress. · Connections - with industrial groups or influential families - increased the probability of distress, suggesting that supervisors had granted forbearance from regulations. Connections also made closure more, not less, likely - suggesting that the closure processes themselves were transparent. · But larger institutions, although more likely to be distressed, were less likely to be closed, while (smaller) nonbank financial institutions were more likely to be closed. This suggests a too big to fail policy. · These policies, together with the fact that resolution processes were late and not necessarily comprehensive, may have added to the overall uncertainty and loss of confidence in the East Asian countries, aggravating the financial crisis. This paper - a product of the Financial Sector Strategy and Policy Group, Financial Sector Vice Presidency - is part of a larger effort in the group to study the causes and resolution of financial distress. The authors may be contacted at pbonginimi.unicatt.it, cclaessens@worldbank.org, or gferri@worldbank.org
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  • 19
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    Corporate Risk around the World (2000)
    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: Nenova, Tatiana Corporate Risk around the World
    Keywords: Accounting ; Asymmetric Information ; Bankruptcy ; Banks and Banking Reform ; Common Law ; Debt ; Debt Markets ; Debt Maturity ; Economic Theory and Research ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Instability ; Financial Literacy ; Financial Markets ; Financial Risk ; Financial Risks ; Financial Sector Development ; Financial Structure ; Financial Systems ; Firm Performance ; Labor Policies ; Macroeconomics and Economic Growth ; Private Sector Development ; Property ; Property Rights ; Social Protections and Labor ; Tax ; Taxes ; Valuation ; Accounting ; Asymmetric Information ; Bankruptcy ; Banks and Banking Reform ; Common Law ; Debt ; Debt Markets ; Debt Maturity ; Economic Theory and Research ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Instability ; Financial Literacy ; Financial Markets ; Financial Risk ; Financial Risks ; Financial Sector Development ; Financial Structure ; Financial Systems ; Firm Performance ; Labor Policies ; Macroeconomics and Economic Growth ; Private Sector Development ; Property ; Property Rights ; Social Protections and Labor ; Tax ; Taxes ; Valuation ; Accounting ; Asymmetric Information ; Bankruptcy ; Banks and Banking Reform ; Common Law ; Debt ; Debt Markets ; Debt Maturity ; Economic Theory and Research ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Instability ; Financial Literacy ; Financial Markets ; Financial Risk ; Financial Risks ; Financial Sector Development ; Financial Structure ; Financial Systems ; Firm Performance ; Labor Policies ; Macroeconomics and Economic Growth ; Private Sector Development ; Property ; Property Rights ; Social Protections and Labor ; Tax ; Taxes ; Valuation
    Abstract: January 2000 - Corporate financing patterns around the world reflect countries' institutional environments. Weaknesses in the corporate sector have increasingly been cited as important factors in financial crises in both emerging markets and industrial countries. Analysts have pointed to weak corporate performance and risky financing patterns as major causes of the East Asian financial crisis. And some have argued that company balance sheet problems may also have played a role, independent of macroeconomic or other weaknesses, including poor corporate sector performance. But little is known about the empirical importance of firm financing choices in predicting and explaining financial instability. Firm financing patterns have long been studied by the corporate finance literature. Financing patterns have traditionally been analyzed in the Modigliani-Miller framework, expanded to incorporate taxes and bankruptcy costs. More recently, asymmetric information issues have drawn attention to agency costs and their impact on firm financing choices. There is also an important literature relating financing patterns to firm performance and governance. Several recent studies have focused on identifying systematic cross-country differences in firm financing patterns - and the effects of these differences on financial sector development and economic growth. They have also examined the causes of different financing patterns, particularly countries' legal and institutional environments. The literature has devoted little attention to corporate sector risk characteristics, however, aside from leverage and debt maturity considerations. Even these measures have been the subject of few empirical investigations, mainly because of a paucity of data on corporate sectors around the world. Building on data that have recently become available, Claessens, Djankov, and Nenova try to fill this gap in the literature and shed light on the risk characteristics of corporate sectors around the world. They investigate how corporate sectors' financial and operating structures relate to the institutional environment in which they operate, using data for more than 11,000 firms in 46 countries. They show that: · The origins of a country's laws, the strength of its equity and creditor rights, and the nature of its financial system can account for the degree of corporate risk-taking. · In particular, corporations in common law countries and market-based financial systems have less risky financing patterns. · Stronger protection of equity and creditor rights is also associated with less financial risk. This paper - a product of the Financial Sector Strategy and Policy Group, Financial Sector Vice Presidency - is part of a larger effort in the Bank to study the determinants of the riskiness of countries' corporate and financial systems
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  • 20
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    The Vicious Circles of Control : Regional Governments and Insiders in Privatized Russian Enterprises (2000)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (28 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Desai, Raj The Vicious Circles of Control
    Keywords: Banks and Banking Reform ; Cash Flows ; Competitive Auctions ; Conversion ; Corporate Governance ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Equity ; Finance ; Finance and Financial Sector Development ; Financial Literacy ; Governance ; Illiquidity ; Investment ; Investment and Investment Climate ; Investors ; Macroeconomics and Economic Growth ; Market ; Microfinance ; Municipal Financial Management ; National Governance ; Outside Investors ; Private Sector Development ; Prof Property ; Property Rights ; Revenue ; Revenues ; Safety Nets ; Tax ; Tax Debt ; Urban Development ; Voucher Privatization ; Banks and Banking Reform ; Cash Flows ; Competitive Auctions ; Conversion ; Corporate Governance ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Equity ; Finance ; Finance and Financial Sector Development ; Financial Literacy ; Governance ; Illiquidity ; Investment ; Investment and Investment Climate ; Investors ; Macroeconomics and Economic Growth ; Market ; Microfinance ; Municipal Financial Management ; National Governance ; Outside Investors ; Private Sector Development ; Prof Property ; Property Rights ; Revenue ; Revenues ; Safety Nets ; Tax ; Tax Debt ; Urban Development ; Voucher Privatization ; Banks and Banking Reform ; Cash Flows ; Competitive Auctions ; Conversion ; Corporate Governance ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Equity ; Finance ; Finance and Financial Sector Development ; Financial Literacy ; Governance ; Illiquidity ; Investment ; Investment and Investment Climate ; Investors ; Macroeconomics and Economic Growth ; Market ; Microfinance ; Municipal Financial Management ; National Governance ; Outside Investors ; Private Sector Development ; Prof Property ; Property Rights ; Revenue ; Revenues ; Safety Nets ; Tax ; Tax Debt ; Urban Development ; Voucher Privatization
    Abstract: In Russia and other transition economies that have implemented voucher privatization programs, how can one account for the puzzling behavior of insider-managers who, in stripping assets from the very firms they own, appear to be stealing from one pocket to fill the other? - How can one account for the puzzling behavior of insider-managers who, in stripping assets from the very firms they own, appear to be stealing from one pocket to fill the other? Desai and Goldberg suggest that such asset-stripping and failure to restructure are the consequences of interactions between insiders (manager-owners) and regional governments in a particular property rights regime. In this regime, the ability to realize value is limited by uncertainty and illiquidity, so managers have little incentive to increase value. As the central institutions that rule Russia have ceded their powers to the regions, regional governments have imposed various distortions on enterprises to protect local employment. Prospective outsider-investors doubt they can acquire the control rights they need for restructuring firms and doubt they can avoid the distortions regional governments impose on the firms in which they might invest. The result: little restructuring and little new investment. And regional governments, knowing the firms' taxable cash flows will have been reduced through cash flow diversion, have responded by collecting revenues in kind. To disentangle these vicious circles of control, Desai and Goldberg propose a pilot for transforming ownership in insider-dominated firms through a system of simultaneous tax-debt-for-equity conversion and resale through competitive auctions. The objective: to show regional governments, by example, that a more sustainable way to protect employment is to give managers incentives to increase enterprises' value by transferring effective control to investors. The proposed mechanism would provide cash benefits to insiders who agree to sell control to outside investors. The increased cash revenue (rather than in-kind or money surrogates) would enable regional governments to finance safety nets for the unemployed and to promote other regional initiatives. This paper - a product of the Private and Financial Sectors Development Unit, Europe and Central Asia Region - is part of a larger effort in the region to address growth, governance, and poverty in the former Soviet Union. The authors may be contacted at desairgunet.georgetown.edu or igoldberg@worldbank.org
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