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Transparency Liberalization And Banking Crises
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Book Synopsis Transparency, Liberalization and Banking Crises by : Gil Mehrez
Download or read book Transparency, Liberalization and Banking Crises written by Gil Mehrez and published by World Bank Publications. This book was released on 2000 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: "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"--Cover.
Book Synopsis Transparency, Liberalization, and Financial Crisis by : Gil Mehrez
Download or read book Transparency, Liberalization, and Financial Crisis written by Gil Mehrez and published by . This book was released on 2005 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 [email protected] or [email protected].
Book Synopsis Transparency, Liberalization, and Banking Crisis by : Daniel Kaufmann
Download or read book Transparency, Liberalization, and Banking Crisis written by Daniel Kaufmann and published by . This book was released on 2000 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The authors 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 firm' 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 n the financial sector, particularly during a period of transition such as financial liberalization.
Book Synopsis Liberalization and Banking Crises by : Mariassunta Giannetti
Download or read book Liberalization and Banking Crises written by Mariassunta Giannetti and published by . This book was released on 2005 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: Previous literature has stressed that financial liberalizations may cause banking crises because they spur competition. I show that also another aspect of financial liberalization may be important for bank stability in emerging markets: the liberalization of capital inflows. After financial liberalization, international investors initially provide large amounts of funds at low cost, if they have incomplete information on the quality of bank assets. This enables insolvent banks to accumulate bad loans. In equilibrium, investors rationally stop funding domestic banks and bank defaults occur only after a substantial amount of losses has been accumulated.
Book Synopsis Financial Liberalization and Banking Crises by : Mariassunta Giannetti
Download or read book Financial Liberalization and Banking Crises written by Mariassunta Giannetti and published by . This book was released on 2018 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper shows that the liberalization of capital inflows may undermine bank stability in emerging markets. After financial liberalization, uninformed international investors rationally provide large amounts of funds at low cost. This enables insolvent banks to accumulate bad loans. In equilibrium, when a substantial amount of losses may have been accumulated, solvent banks do not find it any longer optimal to issue debt at the interest rate that would compensate investors for risk. Investors anticipate this and stop holding bank debt. When the market for bank liabilities breaks down, insolvent banks default. I show that, because of wasteful investment, the liberalization of capital inflows may decrease aggregate welfare.
Book Synopsis Financial Liberalization and Financial Fragility by : Asli Demirgüç-Kunt
Download or read book Financial Liberalization and Financial Fragility written by Asli Demirgüç-Kunt and published by World Bank Publications. This book was released on 1998-06-01 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: A study of 53 countries during 1980-95 finds that financial liberalization increases the probability of a banking crisis, but less so where the institutional environment is strong. In particular, respect for the rule of law, a low level of corruption, and good contract enforcement are relevant institutional characteristics. the data also show that, after liberalization, financially repressed countries tend to have improved financial development even if they experience a banking crisis. This is not true for financially restrained countries. This paper’s results support a cautious approach to financial liberalization where institutions are weak, even if macroeconomic stabilization has been achieved.
Book Synopsis The Nordic Banking Crisis by : Mr.Burkhard Drees
Download or read book The Nordic Banking Crisis written by Mr.Burkhard Drees and published by International Monetary Fund. This book was released on 1998-04-20 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines the banking crises in Finland, Norway and Sweden, which took place in the early 1990s, and draws some policy conclusions from their experiences. One key conclusion is that factors in addition to business cycle effects explain the Nordic countries financial problems. Although the timing of the deregulation in all three countries coincided with a strongly expansionary macroeconomic momentum, the main reasons for the banking crises were the delayed policy responses, the structural characteristics of the financial systems, and the banks inadequate internal risk-management controls.
Book Synopsis Will Greater Disclosure and Transparency Prevent the Next Banking Crisis? by : Eric S. Rosengren
Download or read book Will Greater Disclosure and Transparency Prevent the Next Banking Crisis? written by Eric S. Rosengren and published by . This book was released on 1998 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Central Banks' Information Transparency, Foreign Exchange Regimes, and Economic Crises by : Jing-I. Lu
Download or read book Central Banks' Information Transparency, Foreign Exchange Regimes, and Economic Crises written by Jing-I. Lu and published by . This book was released on 2002 with total page 358 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Nordic Banking Crisis by : Mr. Burkhard Drees
Download or read book The Nordic Banking Crisis written by Mr. Burkhard Drees and published by International Monetary Fund. This book was released on 1998-04-20 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines the banking crises in Finland, Norway and Sweden, which took place in the early 1990s, and draws some policy conclusions from their experiences. One key conclusion is that factors in addition to business cycle effects explain the Nordic countries' financial problems. Although the timing of the deregulation in all three countries coincided with a strongly expansionary macroeconomic momentum, the main reasons for the banking crises were the delayed policy responses, the structural characteristics of the financial systems, and the banks' inadequate internal risk-management controls.
Book Synopsis Financial Sector Crisis and Restructuring by : Carl-Johan Lindgren
Download or read book Financial Sector Crisis and Restructuring written by Carl-Johan Lindgren and published by . This book was released on 1999 with total page 103 pages. Available in PDF, EPUB and Kindle. Book excerpt: An IMF paper reviewing the policy responses of Indonesia, Korea and Thailand to the 1997 Asian crisis, comparing the actions of these three countries with those of Malaysia and the Philippines. Although all judgements are still tentative, important lessons can be learned from the experiences of the last two years.
Book Synopsis Transparency, Liberalization and Banking Crises by : Gil Mehrez
Download or read book Transparency, Liberalization and Banking Crises written by Gil Mehrez and published by . This book was released on 2000 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: "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"--Cover.
Book Synopsis Financial Crises Explanations, Types, and Implications by : Mr.Stijn Claessens
Download or read book Financial Crises Explanations, Types, and Implications written by Mr.Stijn Claessens and published by International Monetary Fund. This book was released on 2013-01-30 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews the literature on financial crises focusing on three specific aspects. First, what are the main factors explaining financial crises? Since many theories on the sources of financial crises highlight the importance of sharp fluctuations in asset and credit markets, the paper briefly reviews theoretical and empirical studies on developments in these markets around financial crises. Second, what are the major types of financial crises? The paper focuses on the main theoretical and empirical explanations of four types of financial crises—currency crises, sudden stops, debt crises, and banking crises—and presents a survey of the literature that attempts to identify these episodes. Third, what are the real and financial sector implications of crises? The paper briefly reviews the short- and medium-run implications of crises for the real economy and financial sector. It concludes with a summary of the main lessons from the literature and future research directions.
Book Synopsis Financial Crises by : Mr.Stijn Claessens
Download or read book Financial Crises written by Mr.Stijn Claessens and published by International Monetary Fund. This book was released on 2014-02-19 with total page 754 pages. Available in PDF, EPUB and Kindle. Book excerpt: The lingering effects of the economic crisis are still visible—this shows a clear need to improve our understanding of financial crises. This book surveys a wide range of crises, including banking, balance of payments, and sovereign debt crises. It begins with an overview of the various types of crises and introduces a comprehensive database of crises. Broad lessons on crisis prevention and management, as well as the short-term economic effects of crises, recessions, and recoveries, are discussed.
Book Synopsis Commodity Price Movements and Banking Crises by : Mr.Markus Eberhardt
Download or read book Commodity Price Movements and Banking Crises written by Mr.Markus Eberhardt and published by International Monetary Fund. This book was released on 2018-07-06 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: We develop an empirical model to predict banking crises in a sample of 60 low-income countries (LICs) over the 1981-2015 period. Given the recent emergence of financial sector stress associated with low commodity prices in several LICs, we assign price movements in primary commodities a key role in our model. Accounting for changes in commodity prices significantly increases the predictive power of the model. The commodity price effect is economically substantial and robust to the inclusion of a wide array of potential drivers of banking crises. We confirm that net capital inflows increase the likelihood of a crisis; however, in contrast to recent findings for advanced and emerging economies, credit growth and capital flow surges play no significant role in predicting banking crises in LICs.
Book Synopsis Financial Crises, Liquidity, and the International Monetary System by : Jean Tirole
Download or read book Financial Crises, Liquidity, and the International Monetary System written by Jean Tirole and published by Princeton University Press. This book was released on 2002-07-21 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt: Tirole analyzes the current views on financial crises and on the reform of the international financial architecture. Based on the Paolo Baffi Lecture the author delivered at the Bank of Italy, this refreshingly accessible book is teeming with rich insights that researchers, policy makers, and students at all levels will find indispensable.
Book Synopsis Regulatory Cycles: Revisiting the Political Economy of Financial Crises by : Jihad Dagher
Download or read book Regulatory Cycles: Revisiting the Political Economy of Financial Crises written by Jihad Dagher and published by International Monetary Fund. This book was released on 2018-01-15 with total page 89 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial crises are traditionally analyzed as purely economic phenomena. The political economy of financial booms and busts remains both under-emphasized and limited to isolated episodes. This paper examines the political economy of financial policy during ten of the most infamous financial booms and busts since the 18th century, and presents consistent evidence of pro-cyclical regulatory policies by governments. Financial booms, and risk-taking during these episodes, were often amplified by political regulatory stimuli, credit subsidies, and an increasing light-touch approach to financial supervision. The regulatory backlash that ensues from financial crises can only be understood in the context of the deep political ramifications of these crises. Post-crisis regulations do not always survive the following boom. The interplay between politics and financial policy over these cycles deserves further attention. History suggests that politics can be the undoing of macro-prudential regulations.
