Financial Reforms Financial Openness And Corporate Borrowing

Author : Senay Agca,Gianni De Nicoló,Enrica Detragiache
Publisher : International Monetary Fund
Page : 54 pages
File Size : 40,7 Mb
Release : 2007-07
Category : Business & Economics
ISBN : UCSD:31822036518330

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Financial Reforms, Financial Openness, and Corporate Borrowing by Senay Agca,Gianni De Nicoló,Enrica Detragiache Pdf

We study how credit market deregulation and increased international financial openness have changed corporate borrowing. The evidence comes from a large panel of publicly traded firms in 38 countries over the period 1994-2002. Reforms are measured with a comprehensive new index that tracks six separate dimensions. We find that these transformations have increased leverage and lengthened debt maturity in advanced economies, as expected, suggesting that in these countries corporate credit markets have become deeper. In emerging economies, the picture is more mixed: more international openness has led to more leverage but shorter debt maturity. Financial sector reforms have reduced leverage, while their effects on debt maturity have differed depending on the type of reform. Importantly, the differential impact of openness and reforms on the leverage and debt maturity of firms in advanced and emerging market countries also emerges when we distinguish between firms that are potentially financially constrained and firms that are not. These findings suggest that in emerging economies fundamental institutional weaknesses make it difficult to secure the benefits of international financial openness and domestic financial reforms.

Author : José María Fanelli,Rohinton Medhora
Publisher : Springer
Page : 384 pages
File Size : 45,5 Mb
Release : 1998-11-12
Category : Business & Economics
ISBN : 9781349268719

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Financial Reform in Developing Countries by José María Fanelli,Rohinton Medhora Pdf

For the large number of developing countries undergoing significant structural transformations, one of the most important and controversial adjustment areas is that of the financial markets. Focusing on the role of the institutional and enabling environment within which financial reform occurs and on the integration of principles of finance with more macroeconomic approaches to the subject, the book contains case studies of reform experiences in Argentina, India, Nigeria, Turkey and Uruguay. Themes studied include the 'go slow' versus 'big bang' approach and the particular problem of bank-firm inter-linkages in Eastern Europe.

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 412 pages
File Size : 46,7 Mb
Release : 1991-03-15
Category : Business & Economics
ISBN : 1557757798

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Sequencing Financial Sector Reforms by International Monetary Fund Pdf

Financial sector liberalization can spur economic growth and development, but reforms to liberalize the financial sector can also entail risks if they are not properly designed and implemented. One of the central questions for countries reforming their financial systems is how to sequence the reforms so as to maximize the benefits of liberalization and contain its risks. Edited by R. Barry Johnston and V. Sundararajan of the IMF's Monetary and Exchange Affairs Department, this book attempts to answer this and related questions by drawing lessons from financial sector reforms in selected countries. In particular, the book surveys financial sector reforms in Indonesia, Thailand, and Korea between the mid-1980s and mid-1990s.

Author : Gerard Caprio,Izak Atiyas,James A. Hanson
Publisher : Cambridge University Press
Page : 502 pages
File Size : 53,6 Mb
Release : 1996-08-28
Category : Business & Economics
ISBN : 0521574242

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Financial Reform by Gerard Caprio,Izak Atiyas,James A. Hanson Pdf

This study is the first to look at the analytics of and experience with financial reform, in examples drawn mostly from the developing world.

Author : Kim B. Staking
Publisher : IDB
Page : 200 pages
File Size : 53,8 Mb
Release : 1997
Category : Business & Economics
ISBN : 1886938237

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Policy-based Finance and Market Alternatives by Kim B. Staking Pdf

Author : John Williamson,Molly Mahar
Publisher : Princeton University International Finance Section, Department of Econmics
Page : 86 pages
File Size : 45,9 Mb
Release : 1998
Category : Business & Economics
ISBN : STANFORD:36105029106536

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A Survey of Financial Liberalization by John Williamson,Molly Mahar Pdf

Author : James Laurenceson,C. H. Chai
Publisher : Edward Elgar Publishing
Page : 184 pages
File Size : 48,7 Mb
Release : 2003
Category : Business & Economics
ISBN : STANFORD:36105026587134

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Financial Reform and Economic Development in China by James Laurenceson,C. H. Chai Pdf

Table of contents

Author : Gerard Caprio,World Bank,Economic Development Institute (Washington, D.C.)
Publisher : Washington, D.C. : World Bank
Page : 284 pages
File Size : 40,8 Mb
Release : 1993
Category : Asien
ISBN : UCSD:31822016672610

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Financial Sector Reforms in Asian and Latin American Countries by Gerard Caprio,World Bank,Economic Development Institute (Washington, D.C.) Pdf

This report summarizes the papers and associated discussion presented at the Senior Policy Seminar held in Santiago, Chile between 25th and 28th of May, 1992. The seminar involved ministers, central bank governors and senior officials from several Latin American and Asian economies as well as several representatives of international organizations. The central purpose of the seminar was to comparatively assess the wide range of country experiences with financial reform in the two regions, with a view to distilling general lessons. The materials presented were oriented mainly around the diverse experiences of financial policy formulation and implementation during the 1980s and early 1990s. These materials supported discussion of a variety of subthemes, including the management of financial crises, the interaction of financial liberalization with more general economic reforms, the industrial policy aspects of financial reform, and the roles of governments in stimulating the development of specific types of financial markets and institutions. The presentation during the four days included country papers as well as a variety of more general and synoptic papers included in this publication.

Author : Carl-Johan Lindgren,Charles Enoch,Leslie Teo
Publisher : Unknown
Page : 103 pages
File Size : 55,7 Mb
Release : 1999
Category : Business & Economics
ISBN : 1557758719

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Financial Sector Crisis and Restructuring by Carl-Johan Lindgren,Charles Enoch,Leslie Teo Pdf

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.

Author : Mr.Etibar Jafarov,Mr.Rodolfo Maino,Mr.Marco Pani
Publisher : International Monetary Fund
Page : 66 pages
File Size : 47,5 Mb
Release : 2019-09-30
Category : Business & Economics
ISBN : 9781513512488

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Financial Repression is Knocking at the Door, Again by Mr.Etibar Jafarov,Mr.Rodolfo Maino,Mr.Marco Pani Pdf

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 : M. Ayhan Kose,Peter Nagle,Franziska Ohnsorge,Naotaka Sugawara
Publisher : World Bank Publications
Page : 403 pages
File Size : 41,7 Mb
Release : 2021-03-03
Category : Business & Economics
ISBN : 9781464815454

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Global Waves of Debt by M. Ayhan Kose,Peter Nagle,Franziska Ohnsorge,Naotaka Sugawara Pdf

The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.

Author : Asli Demirgüç-Kunt,Enrica Detragiache
Publisher : World Bank Publications
Page : 53 pages
File Size : 53,9 Mb
Release : 1998-06-01
Category : Bancos
ISBN : 8210379456XXX

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Financial Liberalization and Financial Fragility by Asli Demirgüç-Kunt,Enrica Detragiache Pdf

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 : Jack D. Glen,Brian Pinto
Publisher : World Bank Publications
Page : 82 pages
File Size : 48,6 Mb
Release : 1994-01-01
Category : Business & Economics
ISBN : 082132974X

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Debt Or Equity? by Jack D. Glen,Brian Pinto Pdf

IFC Discussion Paper No. 22. Corporate finance in emerging market countries is changing dramatically as the recent liberalizations revitalize stagnant domestic capital markets and permit increased access to overseas markets. With this trend evi

Author : Mr. Ross Levine
Publisher : International Monetary Fund
Page : 80 pages
File Size : 47,5 Mb
Release : 2021-06-11
Category : Business & Economics
ISBN : 9781513583365

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Finance, Growth, and Inequality by Mr. Ross Levine Pdf

Finance and growth emerged as a distinct field of economics during the last three decades as economists integrated the fields of finance and economic growth and then explored the ramifications of the functioning of financial systems on economic growth, income distribution, and poverty. In this paper, I review theoretical and empirical research on the connections between the operation of the financial system and economic growth and inequality. While subject to ample qualifications, the preponderance of evidence suggests that (1) financial development—both the development of banks and stock markets—spurs economic growth and (2) better functioning financial systems foster growth primarily by improving resource allocation and technological change, not by increasing saving rates. Some research also suggests that financial development expands economic opportunities and tightens income distribution, primarily by boosting the incomes of the poor. This work implies that financial development fosters growth by expanding opportunities. Finally, and more tentatively, financial innovation—improvements in the ability of financial systems to ameliorate information and transaction costs—may be necessary for sustaining growth.

Author : Eugenia Andreasen,Mr.Martin Schindler,Mr.Patricio A Valenzuela
Publisher : International Monetary Fund
Page : 26 pages
File Size : 53,6 Mb
Release : 2017-06-09
Category : Business & Economics
ISBN : 9781484303313

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Capital Controls and the Cost of Debt by Eugenia Andreasen,Mr.Martin Schindler,Mr.Patricio A Valenzuela Pdf

Using a panel data set for international corporate bonds and capital account restrictions in advanced and emerging economies, we show that restrictions on capital inflows produce a substantial and economically meaningful increase in corporate bond spreads. A number of heterogeneities suggest that the effect of capital controls on inflows is particularly strong for more financially constrained firms, establishing a novel channel through which capital controls affect economic outcomes. By contrast, we do not find a robust significant effect of restrictions on outflows.