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Author : Samuel H. Talley,Marcelo Giugale,Rossana Polastri
Publisher : World Bank Publications
Page : 32 pages
File Size : 50,9 Mb
Release : 1998
Category : Banking law
ISBN : 8210379456XXX
Author : Samuel Talley
Publisher : Unknown
Page : 29 pages
File Size : 45,7 Mb
Release : 2016
Category : Electronic
ISBN : OCLC:1290709892
Capital inflows to Central and Eastern Europe (CEE) are particularly vulnerable to reversals. Banking systems in the region are inordinately exposed to such volatility because of their role in channeling inflows and because of the transition-related weaknesses in their institutional environment. Although prudential bank regulations in CEE countries are largely aligned with the European Union`s banking directives, there is a strong case for countries in the region to overshoot those directives, at least until the transition process is completed. Talley, Giugale, and Polastri show that capital inflows into the countries of Central and Eastern Europe (CEE)-inflows that are mainly private, debt-driven, and increasingly supplied by banks on a shortening maturity - are especially vulnerable to reversals. They show that the region's banking systems are disproportionately exposed to those reversals, and absorb the lion's share of bank-supplied inflows. They analyze the main links through which external financial turbulence is transmitted to the domestic banking industry, especially during the transition. Mechanisms for prudential regulation are in place in the region-and largely mimic the standards directed by the European Union-but the authors argue that these standards are insufficient for CEE countries. They base their argument not on actual enforcement (a genuine concern) but on the fact that EU banking directives were designed for more stable economies and for banking systems less vulnerable to reversals in capital inflows. A strong case can be made, they say, for CEE countries to overshoot those directives, at least until the transition is complete. This paper - a product of the Office of the Chief Economist, Europe and Central Asia Region - is part of a larger effort in the region to produce analytical work of policy relevance in the area of macroeconomic and financial stability. The study was funded by the Bank's Research Support Budget under the research project Financing and Stability in Eastern Europe (RPO 682-35). The authors may be contacted at [email protected] or [email protected].
Author : Samuel H. Talley,Marcelo M. Giugale,Rossana Polastri
Publisher : Unknown
Page : 27 pages
File Size : 49,8 Mb
Release : 1998
Category : Banking law
ISBN : LCCN:99209335
December 1998 Capital inflows to Central and Eastern Europe (CEE) are particularly vulnerable to reversals. Banking systems in the region are inordinately exposed to such volatility because of their role in channeling inflows and because of the transition-related weaknesses in their institutional environment. Although prudential bank regulations in CEE countries are largely aligned with the European Union's banking directives, there is a strong case for countries in the region to overshoot those directives, at least until the transition process is completed. Talley, Giugale, and Polastri show that capital inflows into the countries of Central and Eastern Europe (CEE)-inflows that are mainly private, debt-driven, and increasingly supplied by banks on a shortening maturity-are especially vulnerable to reversals. They show that the region's banking systems are disproportionately exposed to those reversals, and absorb the lion's share of bank-supplied inflows. They analyze the main links through which external financial turbulence is transmitted to the domestic banking industry, especially during the transition. Mechanisms for prudential regulation are in place in the region-and largely mimic the standards directed by the European Union-but the authors argue that these standards are insufficient for CEE countries. They base their argument not on actual enforcement (a genuine concern) but on the fact that EU banking directives were designed for more stable economies and for banking systems less vulnerable to reversals in capital inflows. A strong case can be made, they say, for CEE countries to overshoot those directives, at least until the transition is complete. This paper-a product of the Office of the Chief Economist, Europe and Central Asia Region-is part of a larger effort in the region to produce analytical work of policy relevance in the area of macroeconomic and financial stability. The study was funded by the Bank's Research Support Budget under the research project Financing and Stability in Eastern Europe (RPO 682-35). The authors may be contacted at [email protected] or [email protected].
Author : Franklin Allen
Publisher : CEPR
Page : 117 pages
File Size : 53,6 Mb
Release : 2011
Category : Banks and banking
ISBN : 9781907142369
This report argues that policy reforms in micro- and macro-prudential regulation and macroeconomic policies are needed for Europe to reap the important diversification and efficiency benefits from cross-border banking, while reducing the risks stemming from large cross-border banks.Available online as pdf at: http: //www.cepr.org/pubs/books/CEPR/cross-border_banking.pd
Author : International Monetary Fund. Fiscal Affairs Dept.,International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
Page : 64 pages
File Size : 45,9 Mb
Release : 2013-10-06
Category : Business & Economics
ISBN : 9781498341714
The countercyclical capital buffer (CCB) was proposed by the Basel committee to increase the resilience of the banking sector to negative shocks. The interactions between banking sector losses and the real economy highlight the importance of building a capital buffer in periods when systemic risks are rising. Basel III introduces a framework for a time-varying capital buffer on top of the minimum capital requirement and another time-invariant buffer (the conservation buffer). The CCB aims to make banks more resilient against imbalances in credit markets and thereby enhance medium-term prospects of the economy—in good times when system-wide risks are growing, the regulators could impose the CCB which would help the banks to withstand losses in bad times.
Author : Roumeen Islam
Publisher : World Bank Publications
Page : 42 pages
File Size : 44,8 Mb
Release : 2000
Category : Credito externo
ISBN : 9780308053120
Author : Emilio Colombo,Edward John Driffill
Publisher : Springer Science & Business Media
Page : 244 pages
File Size : 52,8 Mb
Release : 2003-01-10
Category : Business & Economics
ISBN : 379080004X
Financial Markets play an important role in economic development, channeling saving to investments and facilitating growth. In Eastern Europe financial markets were initially much underdeveloped, and lacked the skills and infrastructure they needed to be efficient, having not acquired them in the pre-transition era. The book offers a both theoretical and empirical analysis of financial markets in transitional economies. It investigates financial markets in Hungary, the Czech Republic, and Poland, and their role in the developments in the 1990s.
Author : Klaus Liebscher,Josef Christl,Peter Mooslechner,Doris Ritzberger-Grünwald
Publisher : Edward Elgar Publishing
Page : 570 pages
File Size : 45,5 Mb
Release : 2007-01-01
Category : Political Science
ISBN : 9781847203038
Financial industries in central, eastern and south-eastern Europe have undergone dramatic changes over the past decade. Foreign direct investment contributed to the development of market-oriented banking and financial systems able to support the rapid pace of economic growth in these countries. Policymakers, academics and private sector analysts have contributed to this volume with their stimulating insights on a broad range of issues, from recent credit booms to the cross-border integration of banking and capital markets. Anyone who wants to understand how finance, growth and financial stability interact in transition economies should read this book. Mario Draghi, Governor of the Banca d Italia and Chairman of the Financial Stability Forum This book highlights the achievements and challenges of the ongoing process of financial integration in Europe. The financial integration of Europe is both welcomed as an economic driving force and watched with concern as a source of potential stability. After all, changing financial, regulatory and corporate ownership structures are fuelling competition, capital mobility and financial intermediation, but at the same time creating new systemic risks. With a special focus on Central, Eastern and South-Eastern Europe, the contributors to this book explore a wide spectrum of underlying issues, including the finance-growth nexus, credit boom patterns, the implications of foreign bank entry modes, lessons learned from old EU member states and commercial bank strategies. Authoritative views from central bank officials and policymakers are complemented with a special focus on empirical and econometric evidence from academia as well as practical insights from key financial market players. This unique collection will be of great interest to economists and experts in the fields of financial markets and European integration from central, commercial and investment banks, governments, international organizations, universities and research institutes.
Author : James R. Barth,John A. Tatom,Glenn Yago
Publisher : Springer Science & Business Media
Page : 661 pages
File Size : 46,5 Mb
Release : 2009-12-02
Category : Business & Economics
ISBN : 9780387937694
China’s emerging financial markets reflect the usual contrast between the country’s measured approach toward policy, regulatory, and market reform, and the dynamic pace of rapid economic growth and development. But they also offer unusual challenges and opportunities. In the past five years, the pace of opening and reform has accelerated sharply. Recapitalization and partial privatization of the largest banks, and the allowance of some joint venture and branch operations for foreign financial institutions, are making rapid headway in developing and expanding financial services and improving access to domestic business and households. This book provides the most extensive look available at the evolving Chinese financial system. It begins with alternative perspectives on the evolution of the financial system and the broad outlines of its prospects and potential contribution to economic growth. Three articles review broad aspects of the financial system. Franklin Allen, Jun ‘‘QJ’’ Qian, Meijun Qian, and Mengxin Zhao lead off with overviews of the banking system and performance of the equity market and other institutions.
Author : Paul J.J. Welfens,Evgeny Gavrilenkov
Publisher : Springer Science & Business Media
Page : 508 pages
File Size : 51,5 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9783642572579
Russia has embarked upon a difficult process of systemic transformation and economic opening up. While the initial strong GDP decline seemed to have ended in 1997, the real development was facing even more difficult problems as output declined sharply after the Ruble and banking crisis of August 1998: inflation started to increase again, exports and imports were falling, capital flight increasing and unemployment rising. There is broad disappointment in Russia regarding the transformation failure in 1998 since so many people had hoped that the end of the Soviet command economy would bring democracy, prosperity and international integration. While Poland has been able to double per capita income in the 1990s it has fallen by 50% in Russia and this despite considerable IMF involvement and some (modest) support from other international organizations. What were the reasons for transformation failure in the 1990s? What are the ingredients for long term sustainable transformation? What are the internal and international requirements to avoid a second - possibly tragic - failure of transformation in Russia? An international group of researchers has focussed on these problems during a two-year research project financed by the Alfried Krupp von Bohlen und Halbach Foundation. A series of papers were presented at workshops in Potsdam, Bonn and Moscow in 1999 where this book is devoted to four important issues: the Russian transformation crisis, the topic of restructuring, the need for stabilizing Russia and the requirements for modernizing Russia.
Author : Dimitri Vittas
Publisher : World Bank Publications
Page : 25 pages
File Size : 47,8 Mb
Release : 1998
Category : Fondos de pensiones
ISBN : 8210379456XXX
December 1998 The answer varies by type of investor. Pension funds and insurance companies should be promoted for their own sake, but mutual funds are unlikely to thrive without well-regulated securities markets. Anglo-American experience suggests that institutional investors can provide a strong stimulus to market development. This takes time and requires both critical mass and conducive regulations. Institutional investors comprise pension funds, insurance companies, and mutual funds. Should a country promote their creation if it lacks well-developed securities markets? The answer to this question, says Vittas, varies by type of investor. He argues that private pension funds and insurance companies are promoted for their own sake and for their potential economic, fiscal, and financial benefits, whether or not a country already has well-developed securities markets. Mutual funds, by contrast, are unlikely to thrive without strong and well-regulated securities markets. A limited supply of financial instruments should not be a major obstacle to the creation of pension funds and insurance companies. Such institutions build up their financial resources gradually but steadily, giving reforming governments ample time to develop securities markets. More important than the prior development of securities markets is a strong and lasting political commitment to holistic reform: macroeconomic, fiscal, banking, and capital market reform, as well as pension and insurance reform. Institutional investors need to attain critical mass and to be supported by conducive regulations. Vittas reviews Anglo-American experience since the 1940s. This shows that institutional investors can serve as a countervailing force to commercial and investment banks, helping to stimulate financial innovation, modernize capital markets, enhance transparency and disclosure, strengthen corporate governance, and improve financial regulation. This paper-a product of Finance, Development Research Group-was presented at the Annual Bank Conference on Development Economics, Latin America and the Caribbean, June 18-30, 1998, in San Salvador. The author may be contacted at [email protected].
Author : World Bank
Publisher : Unknown
Page : 232 pages
File Size : 44,7 Mb
Release : 1999
Category : Economic assistance
ISBN : UCBK:C069009025
Author : International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
Page : 109 pages
File Size : 47,5 Mb
Release : 2019-10-16
Category : Business & Economics
ISBN : 9781498324021
The October 2019 Global Financial Stability Report (GFSR) identifies the current key vulnerabilities in the global financial system as the rise in corporate debt burdens, increasing holdings of riskier and more illiquid assets by institutional investors, and growing reliance on external borrowing by emerging and frontier market economies. The report proposes that policymakers mitigate these risks through stricter supervisory and macroprudential oversight of firms, strengthened oversight and disclosure for institutional investors, and the implementation of prudent sovereign debt management practices and frameworks for emerging and frontier market economies.
Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 92 pages
File Size : 45,7 Mb
Release : 2021-04-06
Category : Business & Economics
ISBN : 9781513569673
Extraordinary policy measures have eased financial conditions and supported the economy, helping to contain financial stability risks. Chapter 1 warns that there is a pressing need to act to avoid a legacy of vulnerabilities while avoiding a broad tightening of financial conditions. Actions taken during the pandemic may have unintended consequences such as stretched valuations and rising financial vulnerabilities. The recovery is also expected to be asynchronous and divergent between advanced and emerging market economies. Given large external financing needs, several emerging markets face challenges, especially if a persistent rise in US rates brings about a repricing of risk and tighter financial conditions. The corporate sector in many countries is emerging from the pandemic overindebted, with notable differences depending on firm size and sector. Concerns about the credit quality of hard-hit borrowers and profitability are likely to weigh on the risk appetite of banks. Chapter 2 studies leverage in the nonfinancial private sector before and during the COVID-19 crisis, pointing out that policymakers face a trade-off between boosting growth in the short term by facilitating an easing of financial conditions and containing future downside risks. This trade-off may be amplified by the existing high and rapidly building leverage, increasing downside risks to future growth. The appropriate timing for deployment of macroprudential tools should be country-specific, depending on the pace of recovery, vulnerabilities, and policy tools available. Chapter 3 turns to the impact of the COVID-19 crisis on the commercial real estate sector. While there is little evidence of large price misalignments at the onset of the pandemic, signs of overvaluation have now emerged in some economies. Misalignments in commercial real estate prices, especially if they interact with other vulnerabilities, increase downside risks to future growth due to the possibility of sharp price corrections.
Author : International Monetary Fund. Monetary and Capital Markets Department,International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 61 pages
File Size : 42,9 Mb
Release : 2011-10-13
Category : Business & Economics
ISBN : 9781498338394
The crisis is prompting a reconsideration of capital flows and the policies that affect them. A breakdown in the domestic stability of a large country can spill over into stress in other countries and even to the global system as a whole. The activities of global institutions and markets—some regulated and some not—can bear on the riskiness of flows. Thus, national policies affecting capital flows can transmit multilaterally. This transmission has not been fully appreciated by national policymakers. Further, they may not have incentives to take full account of the cross-border effects of their policies. Looking ahead, the upward trend in the volume of capital flows can be expected to continue, making it ever more important to address the associated cross-border risks. This paper aims to draw greater attention to the multilateral aspects of policies affecting capital flows. Previous work by the Fund has focused on the policies of recipient countries, mainly emerging market economies (EMEs), and addressed the circumstances in which capital flow management measures (CFMs) would be appropriate. This paper provides a complementary assessment of regulatory and supervisory policies of advanced economies, as well as large advanced economy monetary policy. Moreover, it addresses the multilateral transmission of CFMs.
