Taming Financial Development To Reduce Crises
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Author | : Mr.Sami Ben Naceur |
Publisher | : International Monetary Fund |
Total Pages | : 28 |
Release | : 2019-05-08 |
Genre | : Business & Economics |
ISBN | : 1498314074 |
Download Taming Financial Development to Reduce Crises Book in PDF, Epub and Kindle
This paper assesses whether and how financial development triggers the occurrence of banking crises. It builds on a database that includes financial development as well as financial access, depth and efficiency for almost 100 countries. Through estimation of a dynamic logit panel model, it appears that financial development, from an institutional dimension and to a lesser extent from a market dimension, triggers financial instability within a one- to two-year horizon. Additionally, whereas financial access is destabilizing for advanced countries, it is stabilizing for emerging and low income ones. Both results have important implications for macroprudential policies and financial regulations.
Author | : Asli Demirgüç-Kunt |
Publisher | : World Bank Publications |
Total Pages | : 53 |
Release | : 1998-06-01 |
Genre | : Bancos |
ISBN | : |
Download Financial Liberalization and Financial Fragility Book in PDF, Epub and Kindle
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 | : Itay Goldstein |
Publisher | : |
Total Pages | : 80 |
Release | : 2015-12-15 |
Genre | : Business & Economics |
ISBN | : 9781680830842 |
Download Three Branches of Theories of Financial Crises Book in PDF, Epub and Kindle
In this monograph, we review three branches of theoretical literature on financial crises. The first deals with banking crises originating from coordination failures among bank creditors. The second deals with frictions in credit and interbank markets due to problems of moral hazard and adverse selection. The third deals with currency crises. We discuss the evolutions of these branches in the literature, and how they have been integrated recently to explain the turmoil in the world economy during the East Asian crises and in the last few years. We discuss the relation of the models to the empirical evidence and their ability to guide policies to avoid or mitigate future crises.
Author | : Mohamed Belkhir |
Publisher | : International Monetary Fund |
Total Pages | : 54 |
Release | : 2020-05-22 |
Genre | : Business & Economics |
ISBN | : 1513536982 |
Download Macroprudential Policies, Economic Growth, and Banking Crises Book in PDF, Epub and Kindle
Using a sample that covers more than 100 countries over the 2000-2017 period, we assess the impact of macroprudential policies on financial stability. In particular, we examine whether the activation of macroprudential policies is conducive to a lower incidence of systemic banking crises. Our empirical setup is designed to account for the potential direct and indirect effects that macroprudential policies can have on banking crises. We find that while macro-prudential policies exert a direct stabilizing effect, they also have an indirect destabilizing effect, which works through the depressing of economic growth. A Generalized Impulse Response Function analysis of a dynamic system composed of the probability of a banking crisis and economic growth reveals, however, that macroprudential policies have a positive net effect on financial stability (lower likelihood of systemic banking crises).
Author | : International Monetary Fund |
Publisher | : International Monetary Fund |
Total Pages | : 88 |
Release | : 2014-12-22 |
Genre | : Business & Economics |
ISBN | : 1498342434 |
Download From Banking to Sovereign Stress - Implications For Public Debt Book in PDF, Epub and Kindle
This paper explores how banking sector developments and characteristics influence the propagation of risks from the banking sector to sovereign debt, including how they affect the extent of fiscal costs of banking crises when those occur. It then proposes practices and policies for the fiscal authorities to help manage the risks and enhance crisis preparedness.
Author | : Mr.R. G Gelos |
Publisher | : International Monetary Fund |
Total Pages | : 44 |
Release | : 2019-12-20 |
Genre | : Business & Economics |
ISBN | : 1513522906 |
Download Capital Flows at Risk: Taming the Ebbs and Flows Book in PDF, Epub and Kindle
The volatility of capital flows to emerging markets continues to pose challenges to policymakers. In this paper, we propose a new framework to answer critical policy questions: What policies and policy frameworks are most effective in dampening sharp capital flow movements in response to global shocks? What are the near- versus medium-term trade-offs of different policies? We tackle these questions using a quantile regression framework to predict the entire future probability distribution of capital flows to emerging markets, based on current domestic structural characteristics, policies, and global financial conditions. This new approach allows policymakers to quantify capital flows risks and evaluate policy tools to mitigate them, thus building the foundation of a risk management framework for capital flows.
Author | : Emilios Avgouleas |
Publisher | : Cambridge University Press |
Total Pages | : 501 |
Release | : 2012-04-26 |
Genre | : Business & Economics |
ISBN | : 0521762669 |
Download Governance of Global Financial Markets Book in PDF, Epub and Kindle
Analyses governance structures for international finance, evaluates current regulatory reforms and proposes a new governance system for global financial markets.
Author | : M. Ayhan Kose |
Publisher | : World Bank Publications |
Total Pages | : 475 |
Release | : 2021-03-19 |
Genre | : Business & Economics |
ISBN | : 1464815283 |
Download A Decade after the Global Recession Book in PDF, Epub and Kindle
This year marks the tenth anniversary of the 2009 global recession. Most emerging market and developing economies weathered the global recession relatively well, in part by using the sizable fiscal and monetary policy ammunition accumulated during prior years of strong growth. However, their growth prospects have weakened since then, and many now have less policy space. This study provides the first comprehensive stocktaking of the past decade from the perspective of emerging market and developing economies. Many of these economies have now become more vulnerable to economic shocks. The study discusses lessons from the global recession and policy options for these economies to strengthen growth and prepare for the possibility of another global downturn.
Author | : Mr.Luis Brandao-Marques |
Publisher | : International Monetary Fund |
Total Pages | : 39 |
Release | : 2019-09-27 |
Genre | : Business & Economics |
ISBN | : 151351377X |
Download The Riskiness of Credit Allocation and Financial Stability Book in PDF, Epub and Kindle
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 | : Anat Admati |
Publisher | : Princeton University Press |
Total Pages | : 624 |
Release | : 2024-01-09 |
Genre | : Business & Economics |
ISBN | : 0691251703 |
Download The Bankers’ New Clothes Book in PDF, Epub and Kindle
A Wall Street Journal, Financial Times, and Bloomberg Businessweek Book of the Year Why our banking system is broken—and what we must do to fix it New bank failures have been a rude awakening for everyone who believed that the banking industry was reformed after the Global Financial Crisis—and that we’d never again have to choose between massive bailouts and financial havoc. The Bankers’ New Clothes uncovers just how little things have changed—and why banks are still so dangerous. Writing in clear language that anyone can understand, Anat Admati and Martin Hellwig debunk the false and misleading claims of bankers, regulators, politicians, academics, and others who oppose effective reform, and they explain how the banking system can be made safer and healthier. Thoroughly updated for a world where bank failures have made a dramatic return, this acclaimed and important book now features a new preface and four new chapters that expose the shortcomings of current policies and reveal how the dominance of banking even presents dangers to the rule of law and democracy itself.