1,721,248 research outputs found
Replication Data for: The gender promotion gap: Evidence from central banking
No full textHospido, Laura, Laeven, Luc, and Lamo, Ana, (2022) “The Gender Promotion Gap: Evidence from Central Banking.” Review of Economics and Statistics 104:5, 981–996
Managing the Real and Fiscal Effects of Banking Crises
No full textThe study provides two recent analyses,
spurred by the recent East Asian crisis, of government
responses to financial distress, and, also presents a
comprehensive database on systemic, and borderline banking
crises. In the first chapter, the authors review the
tradeoffs involved in public policies for systemic,
financial, and corporate sector restructuring. They find
that consistent policies are crucial for success, though
such consistency is often missing. This consistency covers
many dimensions, and entails among other things, ensuring
that there are sufficient resources for absorbing losses,
and, that private agents face appropriate incentives for
restructuring. The authors also find that sustainable
restructuring, requires deep structural reforms, facing
upfront, political economy factors. In the second chapter,
the authors use cross-country evidence to determine whether
specific crisis containment, and resolution policies,
systematically influence the fiscal costs of resolving a
crisis. They find that accommodating policies - such as
blanket deposit guarantees, debtor bailouts, and regulatory
forbearance, etc. - significantly increase fiscal costs. The
third chapter, is a comprehensive database on systemic
banking crises that have occurred since the late 1970s. The
database also includes information on borderline
(non-systemic) banking crises during the same period
A Reader in International Corporate Finance, Volume One
No full textThe Reader in International Corporate
Finance offers an overview of current thinking on six
topics: law and finance, corporate governance, banking,
capital markets, capital structure and financing
constraints, and the political economy of finance. This
collection of 23 of the most influential articles published
in the period 2000-2006 reflects two new trends: 1)
interest in international aspects of corporate finance,
particularly specific to emerging markets, and 2) awareness
of the importance of institutions in explaining global
differences in corporate finance
Resolution of failed banks by deposit insurers : cross-country evidence
Full text linkThere is a wide cross-country variation in the institutional structure of bank failure resolution, including the role of the deposit insurer. The authors use quantitative analysis for 57 countries and discuss specific country cases to illustrate this variation. Using data for over 1,700 banks across 57 countries, they show that banks in countries where the deposit insurer has the responsibility of intervening failed banks and the power to revoke membership in the deposit insurance scheme are more stable and less likely to become insolvent. Involvement of the deposit insurer in bank failure resolution thus dampens the negative effect that deposit insurance has on banks'risk taking.Banks&Banking Reform,Financial Crisis Management&Restructuring,Financial Intermediation,Corporate Law,Insurance&Risk Mitigation
Deposit insurance design and implementation : policy lessons from research and practice
Full text linkThis paper illustrates the trends in deposit insurance adoption. It discusses the cross-country differences in design, and synthesizes the policy messages from cross-country empirical work as well as individual country experiences. The paper develops practical lessons from this work and distills the evidence into a set of principles of good design. Cross-country empirical research and individual-country experience confirm that, for at least the time being, officials in many countries would do well to delay the installation of a deposit insurance system.Banks&Banking Reform,Financial Intermediation,Financial Crisis Management&Restructuring,Insurance&Risk Mitigation,Non Bank Financial Institutions
Institution building and growth in transition economies
Full text linkDrawing on the recent literature on economic institutions and the origins of economic development, the authors offer a political economy explanation of why institution building has varied so much across transition economies. They identify dependence on natural resources and the historical experience of these countries during socialism as major determinants of institution building during transition by influencing the political structure and process during the initial years. Their empirical analysis shows that countries that are more reliant on natural resources and spent a longer time under socialist governments are more likely to see former communists remain in power and to start the transition process with less open political systems, with negative repercussions for the development of market-compatible institutions. Using natural resource reliance and the years under socialism to extract the exogenous component of institution building, the authors also show the importance of institutions in explaining the variation in economic development and growth across transition economies during the first decade of transition.
Risk and efficiency in East Asian banks
Full text linkThe author uses a linear programming technique (data envelopment analysis) to estimate the inefficiencies of banks in Indonesia, the Republic of Korea, Malaysia, the Philippines, and, Thailand. He applies this technique to the pre-crisis period 1992-96. Assessing a Bank's overall performance requires assessing both efficiency and risk factors, so the author also introduces a measure of risk taking. This risk measure helps predict which banks were restructured after the crisis of 1997. The author finds that foreign-owned banks took little risk relative to other banks in East Asia, and that family-owned and company-owned banks were among the highest-risk takers. Banks restructured after the 1997 crisis had excessive credit growth, were mostly family-owned or company-owned, and were almost never foreign-owned.Banks&Banking Reform,Financial Intermediation,Environmental Economics&Policies,Payment Systems&Infrastructure,Financial Crisis Management&Restructuring,Banks&Banking Reform,Financial Crisis Management&Restructuring,Financial Intermediation,Environmental Economics&Policies,Banking Law
Resolving systemic financial crisis : policies and institutions
Full text linkThe authors analyze the role of institutions in resolving systemic banking crises for a broad sample of countries. Banking crises are fiscally costly, especially when policies like substantial liquidity support, explicit government guarantees on financial institutions’ liabilities, and forbearance from prudential regulations are used. Higher fiscal outlays do not, however, accelerate the recovery from a crisis. Better institutions—less corruption, improved law and order, legal system, and bureaucracy—do. The authors find these results to be relatively robust to estimation techniques, including controlling for the effects of a poor institutional environment on the likelihood of financial crisis and the size of fiscal costs. Their results suggest that countries should use strict policies to resolve a crisis and use the crisis as an opportunity to implement medium-term structural reforms, which will also help avoid future systemic crises.Payment Systems&Infrastructure,Labor Policies,Fiscal&Monetary Policy,Financial Crisis Management&Restructuring,Banks&Banking Reform,Financial Crisis Management&Restructuring,Governance Indicators,National Governance,Banks&Banking Reform,Economic Conditions and Volatility
The political economy of deposit insurance
Full text linkThe author uses a political economy framework to analyze cross-country differences in deposit insurance coverage. He finds supporting evidence of the significance of private interest theories in explaining coverage of deposit insurance. Deposit insurance coverage is significantly higher in countries where poorly capitalized banks dominate the market and in countries where depositors are poorly educated. The author does not find that coverage is significantly related to political-institutional variables, such as the degree of democracy or restraints on the executive, or to proxies for the general level of institutional development, such as per capita income or property rights. These results provide evidence in support of the private interest view, according to which risky banks lobby for extensive coverage.Financial Crisis Management&Restructuring,Financial Intermediation,Banks&Banking Reform,Insurance&Risk Mitigation,InsuranceLaw,Banks&Banking Reform,Insurance&Risk Mitigation,Insurance Law,Financial Crisis Management&Restructuring,Financial Intermediation
International evidence on the value of product and geographic diversity
Full text linkThe author examines the effect of product and geographic diversification on firm value for a sample of 1,914 corporations in 18 countries. His results indicate that both product and geographic diversification destroy value at high levels of diversification, suggesting that agency and influence costs arising from the increased complexity outweigh the benefits of diversification at high levels. Geographic diversification is valuable at low levels, however. The author finds that insider ownership is associated with less diversification, across both product and geographic segments, suggesting that insiders view corporate diversification as value destroying.Small Scale Enterprise,Fiscal&Monetary Policy,Small and Medium Size Enterprises,Microfinance,Economic Theory&Research,Microfinance,Private Participation in Infrastructure,International Terrorism&Counterterrorism,Economic Theory&Research,Small Scale Enterprise
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