Author : Gerard Caprio
Publisher : Cambridge University Press
Page : 320 pages
File Size : 17,93 MB
Release : 2001-10-08
Category : Business & Economics
ISBN : 0521803691
This volume provides a rounded view of financial liberalization after the collapses in East Asia.
Author : Asli Demirgüç-Kunt
Publisher : World Bank Publications
Page : 53 pages
File Size : 27,37 MB
Release : 1998-06-01
Category : Bancos
ISBN :
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.
Author : Miranda S. Goeltom
Publisher : Institute of Southeast Asian
Page : 109 pages
File Size : 39,9 MB
Release : 1995
Category : Business & Economics
ISBN : 9813016876
Using 1981-99 panel data on Indonesian manufacturing establishments and a survey of 2000 top business in Indonesia, Indonesia's Financial Liberalization analyses the consequences of financial liberalization on investment and allocation of credit, noting differential effects depending on size of firms, organizational form, and other categorizations.Using rigorous econometric tools, the conclusion derived is that although financial liberalization has increased borrowing costs, particularly for smaller firms, it has widened access to finance. The move from administrative-based to market-based allocation of credit has increased credit flow to firms that are more efficient, and these firms consequently have a higher concentration of investment.
Author : Mr.Bart Turtelboom
Publisher : International Monetary Fund
Page : 46 pages
File Size : 40,16 MB
Release : 1991-12-01
Category : Business & Economics
ISBN : 1451939183
This paper undertakes a survey of theoretical considerations and an analysis of the experience of five African countries with interest rate liberalization. Despite substantial progress in monetary policy reforms, liberalization has only partially affected the level and variability of interest rates. Several factors—macroeconomic instability, oligopolistic financial markets, the absence of developed capital markets, as well as the sequencing of the liberalization programs and the asymmetric availability of information—explain the increase in the spread between lending and deposit rates as well as the rather inflexible pattern of interest rates during the transition to a market-based financial system.
Author : John Williamson
Publisher : Princeton University International Finance Section, Department of Econmics
Page : 84 pages
File Size : 40,88 MB
Release : 1998
Category : Business & Economics
ISBN :
Author : Mr.Etibar Jafarov
Publisher : International Monetary Fund
Page : 66 pages
File Size : 31,28 MB
Release : 2019-09-30
Category : Business & Economics
ISBN : 151351248X
Financial repression (legal restrictions on interest rates, credit allocation, capital movements, and other financial operations) was widely used in the past but was largely abandoned in the liberalization wave of the 1990s, as widespread support for interventionist policies gave way to a renewed conception of government as an impartial referee. Financial repression has come back on the agenda with the surge in public debt in the wake of the Global Financial Crisis, and some countries have reintroduced administrative ceilings on interest rates. By distorting market incentives and signals, financial repression induces losses from inefficiency and rent-seeking that are not easily quantified. This study attempts to assess some of these losses by estimating the impact of financial repression on growth using an updated index of interest rate controls covering 90 countries over 45 years. The results suggest that financial repression poses a significant drag on growth, which could amount to 0.4-0.7 percentage points.
Author : Mr.Luis Brandao-Marques
Publisher : International Monetary Fund
Page : 39 pages
File Size : 50,52 MB
Release : 2019-09-27
Category : Business & Economics
ISBN : 151351377X
We explore empirically how the time-varying allocation of credit across firms with heterogeneous credit quality matters for financial stability outcomes. Using firm-level data for 55 countries over 1991-2016, we show that the riskiness of credit allocation, captured by Greenwood and Hanson (2013)’s ISS indicator, helps predict downside risks to GDP growth and systemic banking crises, two to three years ahead. Our analysis indicates that the riskiness of credit allocation is both a measure of corporate vulnerability and of investor sentiment. Economic forecasters wrongly predict a positive association between the riskiness of credit allocation and future growth, suggesting a flawed expectations process.
Author : Lawrence B. Krause
Publisher : Univ of California Press
Page : 440 pages
File Size : 18,20 MB
Release : 2022-09-23
Category : Business & Economics
ISBN : 0520376218
Economic growth in all developing countries is guided, and often accelerated, by generally intrusive policies implemented by governments intent on playing an active role in furthering development. As economies have grown and become more complex, however, even small market distortions are magnified, and the tendency is to rely more heavily on the market for continued growth. In this volume, leading experts in economic development examine the variety of issues that arise as governments in some of the newly industrializing countries of Southeast Asia, such as South Korea, Taiwan, and Singapore, grapple with this difficult process of liberalization. This title is part of UC Press's Voices Revived program, which commemorates University of California Press’s mission to seek out and cultivate the brightest minds and give them voice, reach, and impact. Drawing on a backlist dating to 1893, Voices Revived makes high-quality, peer-reviewed scholarship accessible once again using print-on-demand technology. This title was originally published in 1991.
Author : Mrs.Poonam Gupta
Publisher : International Monetary Fund
Page : 46 pages
File Size : 28,47 MB
Release : 2011-03-01
Category : Business & Economics
ISBN : 1455218928
Do financial sector reforms necessarily result in expansion of credit to the private sector? How does bank ownership affect the availability of credit to the private sector? Empirical evidence is somewhat mixed on these issues. We use the Indian experience with liberalization of the financial sector to inform this debate. Using bank-level data from 1991-2007, we ask whether public and private banks deployed resources freed up by reduced state preemption to increase credit to the private sector. We find that even after liberalization, public banks allocated a larger share of their assets to government securities than did private banks. Crucially, we also find that public banks were more responsive in allocating relatively more resources to finance the fiscal deficit even during periods when state pre-emption (measured in terms of the requirement to hold government securities as a share of assets) formally declined. These findings suggest that in developing countries, where alternative channels of financing may be limited, government ownership of banks, combined with high fiscal deficits, may limit the gains from financial liberalization.
Author : Reuven Glick
Publisher : Cambridge University Press
Page : 494 pages
File Size : 47,28 MB
Release : 2001-04-23
Category : Business & Economics
ISBN : 9780521800204
The essays in this volume analyze causes of financial crises in emerging markets and different policy responses.
