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Financial Sector Inefficiencies And Coordinate Failures
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Book Synopsis Financial Sector Inefficiencies and Coordination Failures by : Pierre-Richard Agénor
Download or read book Financial Sector Inefficiencies and Coordination Failures written by Pierre-Richard Agénor and published by . This book was released on 1999 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: In a country where financial intermediation is highly inefficient (with the enforcement costs of loan contracts very high, for example), or in one experiencing great volatility and large adverse shocks in output, the likelihood of an inefficient equilibrium is great. In East Asia it may be in the interests of both debtors and creditors to collectively reduce the face value of debt, to reduce inefficiencies in the financial sector.
Book Synopsis Financial Sector Inefficiencies and Coordination Failures by : Pierre-Richard Agenor
Download or read book Financial Sector Inefficiencies and Coordination Failures written by Pierre-Richard Agenor and published by . This book was released on 2016 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: In a country where financial intermediation is highly inefficient (with the enforcement costs of loan contracts very high, for example), or in one experiencing great volatility and large adverse shocks in output, the likelihood of an inefficient equilibrium is great. In East Asia it may be in the interests of both debtors and creditors to collectively reduce the face value of debt, to reduce inefficiencies in the financial sector.Agenor and Aizenman analyze the implications for crisis management of inefficient financial intermediation in a country (such as Indonesia or the Republic of Korea) where firms are highly indebted.They base their analysis on a model in which firms rely on bank credit to finance their working capital needs and loan contracts entail high state verification and enforcement costs for lenders.They find that higher volatility of output, lower productivity, or higher costs for contract enforcement and verification may shift the economy to the inefficient portion of the debt Laffer curve - with potentially sizable losses in employment and output.What implications does this have for the policy debate on crisis management in East Asia? Debt reduction, in addition to debt rescheduling, may be required to reduce employment and output losses in the presence of inefficiencies in the financial sector.In practice this may be difficult to coordinate among a large group of creditors because of the free-riding problem: Each creditor has an incentive to refrain from offering debt relief on its own claims and wait for others to do so, thereby raising the expected value of its own claims.This paper - a product of Economic Policy and Poverty Reduction, World Bank Institute - is part of a larger effort in the institute to explore the real effects of financial sector inefficiencies. The authors may be contacted at [email protected] or [email protected].
Book Synopsis Financial Sector Inefficiences and Coordination Failures by : Pierre-Richard Agénor
Download or read book Financial Sector Inefficiences and Coordination Failures written by Pierre-Richard Agénor and published by World Bank Publications. This book was released on 1999 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Financial Sector Inefficiencies and Coordinate Failures by : Pierre-Richard Agenor
Download or read book Financial Sector Inefficiencies and Coordinate Failures written by Pierre-Richard Agenor and published by . This book was released on 2001 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the implication of inefficient financial intermediation for crisis management in a country where firms are highly-indebted. The analysis is based on a model in which firms rely on bank credit to finance their working capital needs and lenders face high state verification and enforcement costs of loan contracts. The analysis shows that higher contract enforcement and verification costs, lower expected productivity, or higher volatility, may shift the economy to the wrong side of the debt Laffer curve, with potentially sizable employment and output losses. The main implication of this analysis for the current policy debate on crisis management is East Asia is that dept reduction, in addition to debt rescheduling, may be required as part of the process of reducing financial sector inefficiencies.
Book Synopsis Financial Sector Inefficiencies and Coordinate Failures Implications for Crisis Management by : Pierre-Richard Agénor
Download or read book Financial Sector Inefficiencies and Coordinate Failures Implications for Crisis Management written by Pierre-Richard Agénor and published by . This book was released on 1999 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the implication of inefficient financial intermediation for crisis management in a country where firms are highly-indebted. The analysis is based on a model in which firms rely on bank credit to finance their working capital needs and lenders face high state verification and enforcement costs of loan contracts. The analysis shows that higher contract enforcement and verification costs, lower expected productivity, or higher volatility, may shift the economy to the wrong side of the debt Laffer curve, with potentially sizable employment and output losses. The main implication of this analysis for the current policy debate on crisis management is East Asia is that dept reduction, in addition to debt rescheduling, may be required as part of the process of reducing financial sector inefficiencies
Book Synopsis Financial Sector Inefficiencies and Coordination Failures Implication for Crisis Management by : Pierre-Richard Agénor
Download or read book Financial Sector Inefficiencies and Coordination Failures Implication for Crisis Management written by Pierre-Richard Agénor and published by . This book was released on 1999 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This paper analyzes the implication of inefficient financial intermediation for crisis management in a country where firms are highly-indebted. The analysis is based on a model in which firms rely on bank credit to finance their working capital needs and lenders face high state verification and enforcement costs of loan contracts. The analysis shows that higher contract enforcement and verification costs, lower expected productivity, or higher volatility, may shift the economy to the wrong side of the debt Laffer curve, with potentially sizable employment and output losses. The main implication of this analysis for the current policy debate on crisis management is [i.e. in?] East Asia is that dept [i.e. debt] reduction, in addition to debt rescheduling, may be required as part of the process of reducing financial sector inefficiences" -- abstract
Book Synopsis Financial Markets and the Macroeconomy by : Carl Chiarella
Download or read book Financial Markets and the Macroeconomy written by Carl Chiarella and published by Routledge. This book was released on 2009-06-02 with total page 513 pages. Available in PDF, EPUB and Kindle. Book excerpt: This important new book from a group of Keynesian, but nonetheless technically-oriented economists explores one of the dominant paradigms in financial economics: the ‘intertemporal general equilibrium approach’.
Book Synopsis The Role of Trust in Financial Sector Development by : Biagio Bossone
Download or read book The Role of Trust in Financial Sector Development written by Biagio Bossone and published by World Bank Publications. This book was released on 1999 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: How does incomplete trust shape the transaction costs in trading assets? And how does it affect resource allocation and pricing decisions from rational, forward-looking agents?
Book Synopsis Issues in Monetary, Financial and Macroeconomic Adjustment Policies by : Stuart Sayer
Download or read book Issues in Monetary, Financial and Macroeconomic Adjustment Policies written by Stuart Sayer and published by John Wiley & Sons. This book was released on 2005-02-11 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt: This collection of survey articles sheds light on crucial questions in the field of monetary, financial and macroeconomic policy. Applies rigorous economic theory and empirical analysis to important practical policy issues. Considers the role of the financial sector in economic development. Looks at why financial crises occur and how they can be avoided. Discusses the relationship between macroeconomic adjustment and poverty. Asks if low-inflation rate regimes are at risk from the ‘zero bound’ to nominal interest rates. Provides accessible overviews of recent research into these questions.
Book Synopsis Powering the Digital Economy: Opportunities and Risks of Artificial Intelligence in Finance by : El Bachir Boukherouaa
Download or read book Powering the Digital Economy: Opportunities and Risks of Artificial Intelligence in Finance written by El Bachir Boukherouaa and published by International Monetary Fund. This book was released on 2021-10-22 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses the impact of the rapid adoption of artificial intelligence (AI) and machine learning (ML) in the financial sector. It highlights the benefits these technologies bring in terms of financial deepening and efficiency, while raising concerns about its potential in widening the digital divide between advanced and developing economies. The paper advances the discussion on the impact of this technology by distilling and categorizing the unique risks that it could pose to the integrity and stability of the financial system, policy challenges, and potential regulatory approaches. The evolving nature of this technology and its application in finance means that the full extent of its strengths and weaknesses is yet to be fully understood. Given the risk of unexpected pitfalls, countries will need to strengthen prudential oversight.
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 New Keynesian Economics: Coordination failures and real rigidities by : N. Gregory Mankiw
Download or read book New Keynesian Economics: Coordination failures and real rigidities written by N. Gregory Mankiw and published by MIT Press. This book was released on 1991 with total page 468 pages. Available in PDF, EPUB and Kindle. Book excerpt: New keynesian economics/ed. by N. Gregory Mankiw.-v.1
Book Synopsis Managing Risks of Capital Mobility by : Mansoor Dailami
Download or read book Managing Risks of Capital Mobility written by Mansoor Dailami and published by World Bank Publications. This book was released on 1999 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: Countries need suitable mechanisms for balancing the risks and benefits of financial openness, including mechanisms through which to improve insurance to citizens, through the marketplace or through redistributive policy, and thus to avert political pressure for capital controls. Capital mobility as a policy objective gained currency and support only after significant trade liberalization and only in democratic countries that had established the ability to repond to citizens' demands for national economic security.
Book Synopsis Financial Development and Industrial Capital Accumulation by : Biagio Bossone
Download or read book Financial Development and Industrial Capital Accumulation written by Biagio Bossone and published by World Bank Publications. This book was released on 1999 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: There may be a compelling discontinuity to financial sector development in that banks need to be supported early in development but need to be "weakened" later, at the expense of bank rents, to foster further development. The important question for policy is when and how to generate and manage this discontinuity so that it is not forced on society by costly and traumatic events such as bank failures.
Book Synopsis Aggregating Governance Indicators by : Daniel Kaufmann
Download or read book Aggregating Governance Indicators written by Daniel Kaufmann and published by World Bank Publications. This book was released on 1999 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: With the right method, aggregate indicators can provide useful estimates of basic governance concepts as well as measures of the imprecision of these aggregate estimates and their components.
Book Synopsis Financial sector taxation by : [Anonymus AC08741538]
Download or read book Financial sector taxation written by [Anonymus AC08741538] and published by . This book was released on 2010 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The global economic and financial crisis has created important needs for fiscal consolidation. This document analyses potential instruments to raise additional tax revenues from the financial sector. The first section reviews the current policy objectives related to the taxation of the financial sector. The second section sheds some light on the current tax treatment of the financial sector. The third section discusses potential tax instruments to reach the goals. The fourth and fifth section respectively assess the advantages and drawbacks of a Financial Transaction Tax and a Financial Activities Tax."--Editor.
Book Synopsis Financial Liberalization and the Capital Account by : Pedro Alba
Download or read book Financial Liberalization and the Capital Account written by Pedro Alba and published by World Bank Publications. This book was released on 1999 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: Thailand's economic crisis in 1997 was fundamentally one of private sector debt, rooted in private behavior that affected the magnitude and composition of investment and how it was financed. Thailand's crisis provides further evidence that financial liberalization must be carefully managed because, by increasing competition, it lowers the franchise value of existing financial institutions and creates incentives for unsound banking practices.
