Read Books Online and Download eBooks, EPub, PDF, Mobi, Kindle, Text Full Free.
Financial Safety Nets And Incentive Structures In Latin America
Download Financial Safety Nets And Incentive Structures In Latin America full books in PDF, epub, and Kindle. Read online Financial Safety Nets And Incentive Structures In Latin America ebook anywhere anytime directly on your device. Fast Download speed and no annoying ads. We cannot guarantee that every ebooks is available!
Book Synopsis Financial Safety Nets and Incentive Structures in Latin America by : Philip Lawton Brock
Download or read book Financial Safety Nets and Incentive Structures in Latin America written by Philip Lawton Brock and published by World Bank Publications. This book was released on 1998 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: October 1998 Three principles that should govern the safety net for a country's financial system, altering bank behavior and deepening financial intermediation by shifting some risk to the government. Well-designed bank safety nets should alter bank behavior and deepen financial intermediation by shifting some risk to the government. It is often said that the best safety net for a financial system is one that makes market participants behave as if the safety net did not exist. Brock examines issues associated with safety nets for financial systems in small open economies such as those in Latin America. He stresses three principles that should guide the design and operations of a financial system safety net: * Safety nets should strengthen rather than supplant private capital, monitoring, and closure mechanisms. The presence of asymmetric information gives borrowers, bankers, and depositors incentives to voluntarily impose capital requirements, monitoring arrangements, and contractual provisions for the closure or recapitalization of firms and banks. Government regulations or safety net provisions should be designed to work in harmony with the incentives private agents already face. * Safety nets must take into account both aggregate risk and idiosyncratic risk. In particular, good safety nets must be designed to take into account large but infrequent macroeconomic shocks as well as to encourage prudential bank behavior during normal times. * Safety net design should be grounded in the historical and institutional framework of any given country. Safety nets evolve over time and must allow for problems that have existed for a long time-but must also take into account current political pressures and today's generally higher expectations about the government's ability to insure the financial system against aggregate shocks. This paper-a product of Finance, Development Research Group-is part of a larger effort in the group to study the role of incentives in finance. The author may be contacted at [email protected].
Book Synopsis Safe and Sound Financial Systems by : Liliana Rojas-Suarez
Download or read book Safe and Sound Financial Systems written by Liliana Rojas-Suarez and published by . This book was released on 2015 with total page 245 pages. Available in PDF, EPUB and Kindle. Book excerpt: Should Latin American countries adopt the same regulatory and supervisory procedures and market structures as industrial countries? Or should they consider alternative financial frameworks better suited to their very different economies? Policymakers, academics, and market practicioners exchange views on the current economic situation, appropriate financial regulatory and supervisory standards, financial market institution designs, and efficient safety nets for banks and other financial institutions. The Spanish version of this book is entitled "Sistemas financieros sólidos y seguros."
Book Synopsis Financial Stability, Economic Growth, and the Role of Law by : Douglas W. Arner
Download or read book Financial Stability, Economic Growth, and the Role of Law written by Douglas W. Arner and published by Cambridge University Press. This book was released on 2007-06-04 with total page 331 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial crises have become an all too common occurrence over the past twenty years, largely as a result of changes in finance brought about by increasing internationalization and integration. As domestic financial systems and economies have become more interlinked, weaknesses can significantly impact not only individual economies but also markets, financial intermediaries, and economies around the world. This volume addresses the twin objectives of financial development in the context of financial stability and the role of law in supporting both. Financial stability (frequently seen as the avoidance of financial crisis) has become an objective of both the international financial architecture and individual economies and central banks. At the same time, financial development is now seen to play an important role in economic growth. In both financial stability and financial development, law and related institutions have a central role.
Book Synopsis Macroprudential Supervision in Insurance by : J. Monkiewicz
Download or read book Macroprudential Supervision in Insurance written by J. Monkiewicz and published by Springer. This book was released on 2014-11-04 with total page 302 pages. Available in PDF, EPUB and Kindle. Book excerpt: Macroprudential policies, tools and supervision have become important since the last financial crisis. This book addresses general and methodological issues and provides a framework for the analysis of macroprudential policies and supervision in insurance. It focuses on policy related issues and global level aspects of macroprudential in insurance.
Book Synopsis Market Discipline and Financial Safety Net Design by : Aslı Demirgüç-Kunt
Download or read book Market Discipline and Financial Safety Net Design written by Aslı Demirgüç-Kunt and published by World Bank Publications. This book was released on 1999 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is difficult to design and implement an effective safety net for banks, because overgenerous protection of banks may introduce a risk-enhancing moral hazard and destabilize the very system it is meant to protect. The safety net that policymakers design must provide the right mix of market and regulatory discipline, enough to protect depositors without unduly undermining market discipline on banks.
Book Synopsis Alternative Frameworks for Providing Financial Services by : Stijn Claessens
Download or read book Alternative Frameworks for Providing Financial Services written by Stijn Claessens and published by World Bank Publications. This book was released on 1999 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: The behavior of actors in financial systems depends crucially on the incentives that motivate them. The right regulation, supervision, and incentives (including the scope of permissible activities, degree of contestability, and extent of safety net) for financial services can make the sector more resilient in the face of adverse shocks.
Book Synopsis Financial Services for the Urban Poor by : Jo Ann Paulson
Download or read book Financial Services for the Urban Poor written by Jo Ann Paulson and published by World Bank Publications. This book was released on 1998 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: November 1998 Standard Bank of South Africa's innovative E Bank program demonstrates how a commercial bank can use market information to bundle services needed by the urban poor-and valued by the poorer clients to justify a fee high enough to cover costs. Much of the research on financial services in low-income countries has focused on microcredit programs. Much less attention has been paid to the design of depository services, although many more low-income people use depository services than get access to credit. Having access to depository services is important for household well-being: to safeguard funds, to save for large purchases, and as insurance against unexpected expenditures. Economic reform programs in recent years have encouraged banks to push up nominal interest rates to keep deposit rates positive in real terms and to motivate savings in financial assets. But once deposit rates are positive in real terms, banks typically increase minimum deposit size or find other ways to discourage small depositors because of the high costs of maintaining and servicing low-balance accounts. Traditional passbook savings accounts, the main product used by low-income households, are being phased out because of high costs. After South Africa's move to democracy in 1994, it was politically imperative that the country's major financial institutions help redress the historically weak system of services for low-income people. Paulson and McAndrews describe one of the more interesting experiments. In 1993 Standard Bank of South Africa created an affiliate, called E Bank, to deliver basic banking services to the urban poor. E Bank provides a package of financial services designed specifically for low-income clients, offering greater convenience for the user while keeping under control the costs to the bank of providing services. E Bank combines the innovative technology of modified ATM services with staff available to help all clients. By rethinking the needs of the basic banking customer, E Bank was able to bundle services valued by poorer clients to justify a fee high enough to cover costs. This paper-a product of the Financial Sector Development Department-is part of a larger effort in the department to explore ways to expand financial services in low-income countries. The authors may be contacted at [email protected] or Jamie. Mcandrews@NY. Frb.Org.
Book Synopsis The Real Impact of Financial Shocks by : Ilker Domaç
Download or read book The Real Impact of Financial Shocks written by Ilker Domaç and published by World Bank Publications. This book was released on 1998 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: November 1998 To what extent did tightening monetary policy magnify the East Asian crisis through its adverse effects on credit supply? In the Republic of Korea, interest rate spreads, which capture credit channel effects, influence economic activity, and these effects are disproportionately larger for small and medium-size enterprises. So policymakers who neglect credit channel effects might be overkilling the economy and altogether overlooking the disproportionate effects of monetary and financial shocks on some sectors. The debates surrounding the recent East Asian crisis have focused not only on causes but also on policy actions in the wake of the initial shock. This has raised questions about the relationship between monetary policy and market confidence. Specifically, would rising interest rates bolster or depress market confidence? To answer this question requires assessing whether, and to what extent, monetary and financial shocks are magnified through the economy via the credit channel. Domaç and Ferri focus on the Republic of Korea-a particularly good case for testing credit channel effects-with two objectives: * To ascertain whether and to what extent interest rate spreads could help predict subsequent fluctuations in real economic activity. * To test whether small and medium-size enterprises suffer more than other businesses do from the adverse effects of the credit channel. The authors'empirical findings support the hypothesis that spreads that capture credit channel effects do indeed influence economic activity. Specifically, spreads contain significant information for predicting the future course of industrial production. The effect is, as one might have assumed, disproportionately larger for small and medium-size enterprises. Thus policymakers, in Korea and elsewhere, who neglect credit channel effects might be overkilling the economy and altogether overlooking the disproportionate effects of monetary and financial shocks on various segments of the economy. This paper-a product of the Poverty Reduction and Economic Management Sector Unit and the Financial Sector Development Sector Unit, East Asia and Pacific Region-is part of a larger effort in the region to analyze the patterns and consequences of the East Asian crisis, with particular reference to the link between the real and financial sectors. The authors may be contacted at [email protected] or [email protected].
Book Synopsis Thailand's Corporate Financing and Governance Structures by : Pedro Alba
Download or read book Thailand's Corporate Financing and Governance Structures written by Pedro Alba and published by World Bank Publications. This book was released on 1998 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: November 1998 Weaknesses in corporate governance and the fragile financial structure of many corporations contributed to, and deepened Thailand's recent financial crisis. Large corporations need to reduce their vulnerability to economic shocks and improve corporate governance; smaller firms should achieve a more stable funding structure. Alba, Claessens, and Djankov assess Thailand's policy options for reducing large corporations' vulnerability to economic shocks and improving their corporate governance - and for providing smaller firms a more stable funding structure. Using data for firms listed on Thailand's stock exchange, they empirically assess the relative importance of various factors determining the cost of capital, the availability of financing, and policies and distortions that affect corporate governance in nonfinancial firms. The empirical findings highlight weaknesses in corporate governance and the inherent risks in Thailand's corporate financing structures. They conclude that the most important ask in improving the structure of corporate financing and the framework for corporate governance is to change incentives. This will involve: * Accelerating legal reform, including reform of bankruptcy and foreclosure laws. * Improving bank monitoring of enterprise management and encouraging banks to develop more arm's-length relationships with firms. This will require greater transparency and disclosure of ownership relationships and stricter enforcement of insider and related lending limits, violation of which contributed poor intermediation and the recent crisis. * Improving disclosure and accounting practices. Self-regulatory agencies may need to play more of a role, possibly with more legal power to discipline violators. * Better enforcement of corporate governance rules. The formal structure for corporate governance is standard but enforcement is weak. * Facilitation of equity infusions. Investors - especially minority shareholders - may need to play a more direct role in monitoring and disciplining managers. To attract new infusions of equity, new equity owners may need more-than-proportional representation on the board of directors until other investor protection mechanisms are strengthened. * Improving the framework for corporate governance. A broad public discussion of corporate governance, similar to recent discussions in the United Kingdom and elsewhere, may be needed to clarify the distribution of control in the economy's real sector. * Strengthening institutions responsible for gathering and analyzing data on firms of all sizes and for monitoring firm performance and behavior. This paper-a product of the Economic Policy Unit, Finance, Private Sector, and Infrastructure Network-is part of a larger effort in the network to study the performance and financing structures of East Asian corporations.
Book Synopsis Poverty and the Economic Transition by : Peter Lanjouw
Download or read book Poverty and the Economic Transition written by Peter Lanjouw and published by World Bank Publications. This book was released on 1998 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: November 1998 Has the economic transition in Eastern Europe and the countries of the former Soviet Union been harder on pensioner households or on households containing children? Do per capita measures of welfare give a misleading picture? Much attention has been paid to the relative vulnerability of two well-defined household groups during the transition. Some observers argue that old-age pensioner households have been relatively protected because of a less steep decline in real pensions compared with wages in most transition economies. By contrast, households with young children are believed to have experienced a substantial decline in living standards under reform and show strikingly higher rates of measured poverty than pensioner households. But others argue that the elderly have suffered more than the young during the transition. Can these conflicting viewpoints about the relative poverty of old and young households be arbitrated? Lanjouw, Milanovic, and Paternostro show that strong (though implicit) assumptions underpin certain poverty comparisons. Notably, using a per capita measure of individual welfare assumes that there are no economies of scale in household consumption, in the sense that the per capita cost of reaching a specific level of welfare does not fall as household size increases. Relaxing that assumption could affect comparisons, showing higher poverty rates among the elderly because their households tend to be smaller than the households containing children. Even the nature of the transition has implications for economies of scale. The relative cost of housing and other goods and services with at least some public-good characteristics has risen rapidly. These relative price shifts hit small households particularly hard, because a greater share of their expenditures goes to public and quasi-public goods. But transition economies have also experienced big increases in the relative prices of goods and services consumed largely by children, such as kindergarten and other education services. These increases affect younger households more. Since there is no accepted way to establish the true extent of economies of scale in a given country, the question can't be answered exactly. But clearly a small departure from a per capita measure may be enough in some cases to overturn the conventional relative ranking of poverty headcounts: poverty among the elderly may then turn out to be worse than among children. This paper-a product of Poverty and Human Resources, Development Research Group-is part of a larger effort in the group to study changes in welfare and inequality during the transition. The authors may be contacted at [email protected] or [email protected].
Book Synopsis Fintech and Financial Inclusion in Latin America and the Caribbean by : Mr. Dmitry Gershenson
Download or read book Fintech and Financial Inclusion in Latin America and the Caribbean written by Mr. Dmitry Gershenson and published by International Monetary Fund. This book was released on 2021-08-20 with total page 77 pages. Available in PDF, EPUB and Kindle. Book excerpt: Despite some improvement since 2011, Latin America and the Caribbean continue to lag behind other regions in terms of financial inclusion. There is no clear evidence that fintech developments have supported greater financial inclusion in LAC, contrary to what has been observed elsewhere in the world. Case studies by national policy experts suggest that barriers to entry in the financial sector, along with a constraining regulatory environment, may have hindered a faster adoption of fintech. However, fintech development seems to have accelerated in the wake of the COVID-19 pandemic and with the support of recent policy initiatives.
Download or read book Too Big to Fail written by Gary H. Stern and published by Rowman & Littlefield. This book was released on 2004-02-29 with total page 247 pages. Available in PDF, EPUB and Kindle. Book excerpt: The potential failure of a large bank presents vexing questions for policymakers. It poses significant risks to other financial institutions, to the financial system as a whole, and possibly to the economic and social order. Because of such fears, policymakers in many countries—developed and less developed, democratic and autocratic—respond by protecting bank creditors from all or some of the losses they otherwise would face. Failing banks are labeled "too big to fail" (or TBTF). This important new book examines the issues surrounding TBTF, explaining why it is a problem and discussing ways of dealing with it more effectively. Gary Stern and Ron Feldman, officers with the Federal Reserve, warn that not enough has been done to reduce creditors' expectations of TBTF protection. Many of the existing pledges and policies meant to convince creditors that they will bear market losses when large banks fail are not credible, resulting in significant net costs to the economy. The authors recommend that policymakers enact a series of reforms to reduce expectations of bailouts when large banks fail.
Book Synopsis Policy Research Working Paper, Issue 2012 by : Donald F. Larson
Download or read book Policy Research Working Paper, Issue 2012 written by Donald F. Larson and published by World Bank Publications. This book was released on 1998 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Regional Integration Arrangements by : Dean A. DeRosa
Download or read book Regional Integration Arrangements written by Dean A. DeRosa and published by World Bank Publications. This book was released on 1998 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Mechanics of Progress in Education by : Alain Mingat
Download or read book The Mechanics of Progress in Education written by Alain Mingat and published by World Bank Publications. This book was released on 1998 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: Explores the relation between national wealth and various aspects of educational development. Examines the underlying sources of differences in education among rich and poor countries, and considers directions for policy development in the sector, particularly in the context of lower income countries. Based on data from a database prepared by the Institut de Recherche sur l'Economie de l'Education (IREDU), Universite de Bourgogne , Dijon, France, compares education in rich and poor countries in 1975 and 1993.
Book Synopsis What Can be Expected from Afican Regional Trade Arrangements by :
Download or read book What Can be Expected from Afican Regional Trade Arrangements written by and published by World Bank Publications. This book was released on 2017 with total page 119 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Fiscal Federalism and Macroeconomic Governance by : Anwar Shah
Download or read book Fiscal Federalism and Macroeconomic Governance written by Anwar Shah and published by World Bank Publications. This book was released on 1998 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: November 1998 Shah concludes that, contrary to a common misconception, decentralized fiscal systems offer more potential for improved macroeconomic governance than do centralized fiscal systems, because they require greater clarity about the roles of various players and decisionmakers and-to ensure fair play-greater transparency in rules governing interactions. In analyzing the institutional environment for macroeconomic management, Shah discusses monetary policy, fiscal policy, and subnational borrowing. In analyzing the macroeconomic dimensions of securing an economic union, he discusses the regulatory environment, tax coordination, transfer payments and social insurance, intergovernmental fiscal transfers, and regional equity. Finally, he discusses the challenges of globalization and draws lessons from experience about fiscal reform in developing countries: Among them: * Monetary policy is best entrusted to an independent central bank with a mandate for price stability. * Fiscal rules accompanied by gatekeeper intergovernmental councils or committees provide a useful framework for fiscal discipline and coordination of fiscal policy. * The integrity and independence of the financial sector contribute to fiscal prudence in the public sector. * To ensure fiscal discipline, governments at all levels must be made to face the financial consequences of their decisions. * Societal norms and consensus about the roles of various levels of government and limits to their authority are vital to the success of decentralized decisionmaking. * Tax decentralization is a prerequisite for subnational access to credit markets. * Higher-level institutional assistance may be needed to finance local capital projects. * An internal common market is best preserved by constitutional guarantees. * Intergovernmental transfers in developing countries undermine fiscal discipline and accountability while building transfer dependencies that cause a slow economic strangulation of fiscally disadvantaged regions. * Periodic review of jurisdictional assignments is essential to realign responsibilities with changing economic and political realities. * Finally, and contrary to a common misconception, decentralized fiscal systems offer more potential for improved macroeconomic governance than do centralized fiscal systems. This paper-a product of the Country and Regional Relations Division, Operations Evaluation Department-is part of a larger effort in the department to learn lessons of experience in improving public sector performance in developing countries. The author may be contacted at [email protected].
