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A Review of the Issues and Public Policy Objectives
"This paper reviews the evidence on the importance of finance for economic well-being, provides data on the degree of use of basic financial services ...
Some Uncomfortable Questions
We identify current challenges for creating stable, yet efficient financial systems using lessons from recent and past crises. Reforms need to start f...
Macroprudential policies โ caps on loan to value ratios, limits on credit growth and other balance sheets restrictions, (countercyclical) capital an...
Policies and Institutions
"Claessens, Klingebiel, and Laeven analyze the role of institutions in resolving systemic banking crises for a broad sample of countries. Banking cris...
Evidence from East Asia's Financial Crisis
Abstract: June 1999 - Evidence from East Asia suggests that a firm's ownership relationship with a family or bank provides insurance against the likel...
Economics and Policy
This note outlines the basic economics of the shadow banking system, highlights (systemic) risks related to it, and suggests implications for measurem...
Financial frictions have been identified as key factors affecting economic fluctuations and growth. But, can institutional reforms reduce financial fr...
Improving the Resolution of Systemic Institutions
Most countries lack an effective framework for dealing with failing systemically important financial institutions (SIFIs). This report argues that any...
Trends, Impact and Financial Stability
This paper introduces a comprehensive database on bank ownership for 137 countries over 1995-2009, and reviews foreign bank behavior and impact. It do...
Financial intermediation and financial services industries have undergone many changes in the past two decades due to deregulation, globalization, and...
A New Approach to Financial Sector Development?
Technological developments in electronic finance have changed the nature and delivery of financial services in recent years, especially through the us...
This paper reviews the literature on financial crises focusing on three specific aspects. First, what are the main factors explaining financial crises...
"The relationships among competition in the financial sector, access of firms to external financing, and associated economic growth are ambiguous in t...
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Causes, Consequences, and Policy Responses
The lingering effects of the economic crisis are still visibleโthis shows a clear need to improve our understanding of financial crises. This book s...
Explanations of Its Relative Use
New Evidence
Using a recent IMF survey and expanding on previous studies, we document the use of macroprudential policies for 119 countries over the 2000-13 period...
The behavior of actors in financial systems depends crucially on the incentives that motivate them. The right regulation, supervision, and incentives ...
What Available Data Can Tell Us and What More Data Are Needed?
The recent financial crisis has shown how interconnected the financial world has become. Shocks in one location or asset class can have a sizable impa...
Vol. 2
"A Reader in International Corporate Finance offers an overview of current thinking on six topics: law and finance, corporate governance, banking, cap...
This paper discusses proposals for common euro area sovereign securities. Such instruments can potentially serve two functions: in the short-term, sta...
IFC Technical Paper No. 3. Inflation plagues many of the developing countries in which the International Finance Corporation (IFC) operates. To date, ...
Abstract: "Enforcement more than regulations, laws-on-the-books, or voluntary codes is key to effective corporate governance, at least in transition a...
There is much confusion about what shadow banking is. Some equate it with securitization, others with non-traditional bank activities, and yet others ...
What? How? When?
This paper provides a comprehensive analysis of financial cycles using a large database covering 21 advanced countries over the period 1960:1-2007:4. ...
"In the East Asian crisis, "connections" - with industrial groups or influential families - increased the probability of distress for financial instit...
Macro-prudential policies aimed at mitigating systemic financial risks have become part of the policy toolkit in many emerging markets and some advanc...
November 1998 Weaknesses in corporate governance and the fragile financial structure of many corporations contributed to, and deepened Thailand's rece...
Claessens, Klingebiel, and Laeven analyze the role of institutions in resolving systemic banking crises for a broad sample of countries. Banking crise...
This paper analyzes the interactions between business and financial cycles using an extensive database of over 200 business and 700 financial cycles i...
This study investigates the relationship between financial sector development and progress in reaching the Millennium Development Goals (MDGs). It ass...
Modern risk management techniques can help countries avoid the financial risks that affect future cash flows and long-term plans. They provide a hedge...
April 1998 Asian countries should consider the benefits of opening their financial service sectors more quickly-at the same time that they are liberal...
Evidence from the Czech Republic
Supply Constraints and Intra-Group Frictions
International banks greatly reduced their direct cross-border and local affiliatesโ lending as the global financial crisis strained balance sheets, ...
This paper analyzes through what channels the euro crisis has affected firm valuations globally. It examines stock price responses over the past year ...
This paper reviews the evidence on the importance of finance for economic well-being, provides data on the degree of use of basic financial services b...
June 1998 Does the entry of foreign banks make domestic banks more competitive? This study shows that, in developing countries, increasing the number ...
Heroes Or Villains
East Asian corporations differ from their counterparts in other countries in important ways. Before the recent financial crisis these differences were...