Public Sector Interventions In The Financial Sector
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Public Sector Interventions in the Financial Sector by Martin Cihak Pdf
Review the experience with public sector interventions to support the financial system, ten years after the onset of the global financial crisis. The project's purpose is to shed light on long-run effects of public support, with a focus on its impact on fiscal balances and the banking system's structure. To this aim, it would provide an update on the fiscal costs of the interventions and on the extent to which intervened financial institutions remain on their respective governments' books. The Fall 2018 flagships would be able to draw on the project's results; the full paper and database would be published in November/December 2018.
The Real Effects of Financial Sector Interventions During Crises by Mr.Luc Laeven,Mr.Fabian Valencia Pdf
We collect new data to assess the importance of supply-side credit market frictions by studying the impact of financial sector recapitalization packages on the growth performance of firms in a large cross-section of 50 countries during the recent crisis. We develop an identification strategy that uses the financial crisis as a shock to credit supply and exploits exogenous variation in the degree to which firms depend on external financing for investment needs, and focus on policy interventions aimed at alleviating the bank capital crunch. We find that the growth of firms dependent on external financing is disproportionately positively affected by bank recapitalization policies, and that this effect is quantitatively important and robust to controlling for other financial sector support policies. We also find that fiscal policy disproportionately boosted growth of firms more dependent on external financing. These results provide new evidence of a quantitatively important role of credit market frictions in influencing real economic activity.
The Long Shadow of the Global Financial Crisis: Public Interventions in the Financial Sector by Ms.Deniz O Igan,Hala Moussawi,Alexander F. Tieman,Ms.Aleksandra Zdzienicka,Mr.Giovanni Dell'Ariccia,Mr.Paolo Mauro Pdf
We track direct public interventions and public holdings in 1,114 financial institutions over the period 2007–17 in 37 countries based on publicly available information. We use aggregate official data to validate this new dataset and estimate the fiscal impact of interventions, including the value of asset holdings remaining in state hands at end-2017. Direct public support to financial institutions amounted to $1.6 trillion ($3.5 trillion including guarantees), with larger amounts allocated to lower capitalized and less profitable banks. As of end-2017, only a few countries had fully divested the initial support they provided during the crisis. Public holdings were divested faster in better capitalized, more profitable, and more liquid banks, and in countries where the economy recovered faster. In countries where the government stake remained high relative to the initial intervention, private investment and credit growth were slower, financial access, depth, efficiency, and competition were worse, and financial stability improved less.
Author : Mr.Michael G. Papaioannou,Mr.Udaibir S Das Publisher : International Monetary Fund Page : 94 pages File Size : 41,7 Mb Release : 2010-10-04 Category : Business & Economics ISBN : 9781589069893
Unwinding Financial Sector Interventions by Mr.Michael G. Papaioannou,Mr.Udaibir S Das Pdf
As the financial crisis abates, governments are faced with the challenge of balancing the withdrawal of fiscal support with reestablishing sound public finances and sustainable growth. This volume presents papers from an IMF-sponsored conference of senior policymakers, academics, and senior representatives of the private sector on unwinding public interventions initiated during the crisis. There was broad agreement that the main goal of any strategy for unwinding such interventions should be to create price stability, fiscal sustainability, and a new economic landscape that is much safer than currently exists. Different perspectives on the timing and sequence of the exit process are presented and some guiding principles for exit strategies are discussed. Policy objectives, unwinding public support to banks, and dealing with risky assets purchased by central banks are among topics discussed in detail. The volume also presents views on what the new financial landscape will look like.
Financial Sector Governance by Robert E. Litan,Michael Pomerleano,Vasudevan Sundararajan Pdf
A financial system is only as strong as the governing practices and institutions of its participants. The challenge to build efficient and accountable financial institutions that promote confidence is a problem that private financial sector executives and policymakers confront together. In this context, Financial Sector Governance takes a clinical approach to addressing the challenges in emerging and developed markets in each industry: capital markets, private banks, state-owned banks, asset management companies, public pension funds, and mutual funds. It also explores the linkages between public and private sector governance, and the policy implications for strengthening both sides. Financial Sector Governance emerges from the fourth annual Financial Markets and Development conference, organized by the World Bank, the International Monetary Fund and the Brookings Institution, during which participants from the public and private financial sectors of emerging and developed markets contribute to an expanding dialogue addressing key policy concerns.
Access to Financial Services by Stijn Claessens Pdf
"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 by households and firms across a sample of countries, assesses the desirability of more universal access, and overviews the macroeconomic, legal, and regulatory obstacles to access using general evidence and case studies. Although access to finance can be very beneficial, the data show that universal use is far from prevalent in many countries, especially developing countries. At the same time, universal access has generally not been a public policy objective and is surely not easily achievable in most countries.
Innovation in Financial Services by Lech Gasiorkiewicz,Jan Monkiewicz Pdf
This book delves into the many innovative changes that the financial industry has undergone in recent years. The authors investigate these developments in a holistic manner and from a wide range of perspectives: both public and private, business and consumer, regulators and supervisors. Initially, they set the framework of their analysis by discussing innovation cycles in financial services. Thereafter, they tackle the issue of financial innovations and their consequences for financial stability. They then review the new approaches to financial consumers' protection, which emerged in the aftermath of the global financial crisis. The authors underline the fact that this new approach is heavily influenced by the recent innovative drive in the financial industry. Next, they switch their attention to the public sector, examining the innovative processes in monetary policy and central banks, structural innovations in the supervisory models and systems, and they assess some specific supervisory challenges regarding blockchain and the application of mathematics in the supervisory capacity. Additionally, the book examines a range of issues related to the private sector, such as recent developments regarding risk transferring mechanisms on the financial market, artificial intelligence and natural language processing for regulatory filings, the development of process management in insurance companies and other innovative products on the market. Finally, Innovation in Financial Services discusses how the digital transformation of the financial system impacts the interaction between the public and private sectors. The book is intended for graduate and postgraduate level students, researchers, public sector officers, as well as financial sector practitioners.
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.
Systemic Financial Crises by Patrick Honohan,Luc Laeven Pdf
Faced with a systemic financial sector crisis, policymakers need to make difficult choices under pressure. Based on the experience of many countries in recent years, few have been able to achieve a speedy, lasting and low-cost resolution. This volume considers the strengths and weaknesses of the various policy options, covering both microeconomic (including recapitalization of banks, bank closures, subsidies for distressed borrowers, capital adequacy rules and corporate governance and bankruptcy law requirements) and macroeconomic (including monetary and fiscal policy) dimensions. The contributors explore the important but little understood trade-offs that are involved, such as between policies which take effect quickly, those which minimize long-term fiscal and economic costs, and those which create favorable incentives for future stability. Successfully implementing crisis management and crisis resolution policy required attention to detail and a good flow of information.
Monitoring Performance in the Public Sector by John Mayne,Eduardo Zapico-Goñi Pdf
A host of promising public sector reform efforts are underway throughout the world. In governments challenged by budget deficits and declining public trust, these reform efforts seek to improve policy decisions and public management. Along the way, program efficiency and effectiveness help rebuild public confidence in government. Whether through regular measurement of program inputs, activities, and outcomes, or through episodic one-shot studies, performance monitoring plays a central role in the most important current reform efforts. Monitoring Performance in the Public Sector, now available in paperback, is based on experiences derived from comparative analysis in different countries. It explains why there is interest in perfor¡mance monitoring in a given setting, why it has failed or created uncertainties, and identifies criteria for improving its design and use. One of the challenges this book offers is the need to consider dimensions of performance beyond the traditional ones of economy, efficiency, and effectiveness. With an increasingly diverse, interdependent, and uncertain public sector environment, for some stakeholders meeting objectives fixed some time ago may not be as important as the capacity to adapt to current and future change. In this vein, the contributors address a number of themes: the criti¡cal importance of organizational support for performance monitoring and making it consistent with the organizational culture, the need for active and effective leadership in defining criteria and implementing practical performance monitoring, the value of linking ongoing measurement with more than the traditional, strictly quantitative aspects of public sector performance. As we gain experience with performance monitoring and its uses, such systems should become more cost effective over time. This book will be of deep interest to public managers, government officials, economists, and organization theorists, and useful in courses on public administration. John Mayne is currently audit principal in the Office of the Auditor General of Canada. Eduardo Zapico-Go±i is deputy director of policy analysis at the Directorate of the Budget, Ministry of Finance, Spain, and associate professor of public management and budgeting in the Department of Politics and Public Administration, Universidad Autonoma de Madrid. Joseph S. Wholey is professor of public administration in the School of Policy, Planning, and Development, University of Southern California.
Public Sector Management Issues in Structural Adjustment Lending by Barbara Nunberg Pdf
Public sector management components of structural adjustment loans (SALs) progressed unevenly, and the outcomes varied with different political, administrative and economic conditions. Change was often incremental and sometimes unsustainable. Reforms linked to specific, actionable steps were more successfully implemented.
Jean Roy,Task Force on the Future of the Canadian Financial Services Sector
Author : Jean Roy,Task Force on the Future of the Canadian Financial Services Sector Publisher : Unknown Page : 52 pages File Size : 51,8 Mb Release : 1998 Category : Bank mergers ISBN : UIUC:30112045726731
Mechanisms for Public Participation in Economic Decision-making by Jean Roy,Task Force on the Future of the Canadian Financial Services Sector Pdf
This document examines the possibilities for public participation in determining the shape of the financial services sector. It first describes the social context surrounding public participation and the scope of such an undertaking. It then reviews public participation in the non-financial sector, focusing on the environment, communications, energy, and transportation. Possible mechanisms for public participation in the financial sector in the United States, Europe, and Australia are also reviewed. On the basis of that overview, the possibilities for public participation in the Canadian financial sector are evaluated, particularly from the point of view of the proposed mergers of major financial institutions. The concluding section identifies the most promising elements and proposes avenues for further action.
This book's prime audience is government policy-makers. It provides a policy framework for governments to increase micro, small and medium enterprises' access to financial services?one which is based on empirical evidence from around the world. Financial sector policies in many developing countries often work against the ability of commercial financial institutions to serve this market segment, albeit, often unintentionally. The framework guides governments on how to best focus scarce resources on three things: ? developing an inclusive financial sector policy; ? building healthy financial ins
Public Financial Institutions in Developed Countries - Organization and Oversight by Lev Ratnovski,Aditya Narain Pdf
While public financial institutions (such as public development banks) are commonly associated with developing countries, in fact they are prevalent in the developed world as well. We study a sample of public financial institutions in industrialized countries and identify dominant trends in their organization and oversight. While practices in developed countries may be a useful reference point, a more nuanced approach, accounting for the disparity of institutional environment, regulatory capacity, and government accountability and effectiveness, may be required in developing countries. Further investment in the accumulation of evidence and formulation of best practices in the organization and oversight of public financial institutions seems warranted and necessary. This paper was prepared while Mr. Ratnovski was working in the Financial Supervision and Regulation Division during January-April 2006. The authors are grateful to Jonathan Fiechter, David Marston, and participants of an MCM seminar in April 2006 for their helpful comments.
