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Regulating Market Risk in Banks : The Options

Stephanou, Constantinos
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
Relevância na Pesquisa
56.63%
Regulators concerned about the costs of bank insolvency and of systemic risk arising from the volatility of bank trading portfolios have developed three different approaches to setting risk-based minimum capital adequacy standards for market risk. The author evaluates those three approaches--building blocs, internal models, and precommitment--and assesses their possible implications for bank capital, competition, and pricing decisions.

Pakistan - Strengthening the Insolvency Regime : Non-Lending Technical Assistance Final Report

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
Relevância na Pesquisa
47%
The importance of a modern, binding and effective insolvency regime is undeniable. Nearly 90 countries around the world have reformed their bankruptcy codes since Second World War, and over half of them have done so during the last decade. One of the key aspects in the reform process is the delicate balance addressed by a modern insolvency system which encourages the organization of viable firms and liquidates unviable firms. The financial and macroeconomic crises, as recently experienced in Pakistan, provide an opportunity for bankruptcy reform, as the potential employment impact often places the issue of insolvent companies high on the policy agenda. The three fundamental goals of any insolvency law are: 1) transparency, including a system for publicizing and indexing judgments, an accessible method for registering securing interest and an effective notice of insolvency proceedings, 2) predictability - in terms of being fair, simple and clear, which if not achieved ends up costing more as financial institutions compensate the uncertainty with additional credit costs; and 3) efficiency...

European and Best Practice Bank Resolution Mechanisms : An Assessment and Recommendations for Policy and Legal Reforms

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
Relevância na Pesquisa
57.13%
The process of bank resolution, or the procedure for handling insolvency of banks using a range of tools, including alternatives to standard bankruptcy processes, has gained major traction since the experience of the 2008-09 financial crisis. In this context, this report reviews models for bank resolution that provide increased flexibility and describes several of the supervisory, legal and instrumental tools that can be used under modernized bank resolution procedures. As well, it looks at the recent European Commission proposals on this matter which take into account international best practices experiences. It also highlights areas of reform and areas where further regulatory considerations and priorities should be considered. The report reviews the bank resolution regimes of a group of European countries as well as those of two non-EU countries to highlight advantages as well as gaps in the legal and regulatory frameworks. This report surveys the banking and deposit insurance laws of six European countries : Poland...

Deposit Insurance around the World

Demirgüç-Kunt, Asli; Sobaci, Tolga
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Artigo de Revista Científica
Português
Relevância na Pesquisa
56.79%
In the past two decades, in a series of banking crises around the world, banks have become systematically insolvent. These crises have occurred in developed and developing economies alike. To make such financial system breakdowns less likely and to limit their costs if they occur, policymakers feel the need for financial safety nets. These include such policies as implicit or explicit deposit insurance, a lender of last resort function of the central bank, bank insolvency resolution procedures, and bank regulation and supervision. Of these policies, explicit deposit insurance has been gaining popularity in recent years. Since the 1980s the number of countries with explicit deposit insurance schemes almost tripled, with most OECD countries and an increasing number of developing economies adopting some form of explicit depositor protection. In 1994 deposit insurance became the standard for the newly created single banking market of the European Union. Establishing an explicit deposit insurance scheme became part of the generally accepted best practice advice given to developing economies.

The Incentive-Compatible Design of Deposit Insurance and Bank Failure Resolution : Concepts and Country Studies

Beck, Thorsten
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
Relevância na Pesquisa
56.44%
Deposit insurance schemes and bank failure resolution systems are asked to fulfill conflicting public policy objectives: on the one hand, they are supposed to protect small depositors and prevent contagion risks from bank runs; on the other hand, they are supposed to minimize aggressive risk taking by banks. Beck discusses the incentive-compatible design and interaction of both components of the financial safety net and describes and compares three countries with different safety net arrangements-Brazil, Germany, and Russia.

Stock Market Responses to Bank Restructuring Policies during the East Asian Crisis

Klingebiel, Daniela; Kroszner, Randy; Laeven, Luc; van Oijen, Pieter
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
Relevância na Pesquisa
56.45%
The East Asian crisis began in Thailand in mid-1997 when an ailing financial sector, a slowdown in exports, and large increases in central bank credit to weak financial institutions, triggered a run on the baht. Then the crisis spread to other countries in the region, as common vulnerabilities, and revaluations of risk in emerging markets, triggered large capital flows. To better understand the impact of different policy responses to financial crises, the authors investigate how stock markets in East Asian countries reacted to the initial policy announcements of bank, and financial restructuring - especially how banking, and non-financial sectors in Indonesia, the Republic of Korea, Malaysia, and Thailand, fared in response to announcements of different restructuring measures. They find that prices of bank stocks, responded positively to announcements about government guarantees of bank liabilities. Non-financial companies gained in value when guarantees were announced, but their stock prices were negatively affected by announcements favoring public re-capitalization schemes...

Predicting Bank Insolvency in the Middle East and North Africa

Calice, Pietro
Fonte: World Bank Group, Washington, DC Publicador: World Bank Group, Washington, DC
Português
Relevância na Pesquisa
77.09%
This paper uses a panel of annual observations for 198 banks in 19 Middle East and North Africa countries over 2001-12 to develop an early warning system for forecasting bank insolvency based on a multivariate logistic regression framework. The results show that the traditional CAMEL indicators are significant predictors of bank insolvency in the region. The predictive power of the model, both in-sample and out-of-sample, is reasonably good, as measured by the receiver operating characteristic curve. The findings of the paper suggest that banking supervision in the Middle East and North Africa could be strengthened by introducing a fundamentals-based, off-site monitoring system to assess the soundness of financial institutions.

World Bank Research Digest, Vol. 9(3)

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Newsletter
Português
Relevância na Pesquisa
56.34%
In this issue: The State as Employer of Last Resort in Postrevolution Tunisia; What Drives Weak Job Creation in Tunisia?; Macroinsurance for Microenterprises; Testing the Effectiveness of Job Matching in Jordan; Predicting Bank Insolvency in the Middle East and North Africa; Economic Inequality in the Arab Region; Open Skies over the Middle East.

Doing Business Reform Memorandum; Croatia - Doing business memorandum o reformskim zahvatima; Croatia

World Bank Group
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Working Paper; Economic & Sector Work; Economic & Sector Work :: Country Economic Memorandum
Português
Relevância na Pesquisa
47%
Croatia’s business environment has been identified as a priority area for reform by the Croatian Government. Under the government working group for business climate and private investments, the agency for investment and competitiveness has been designated to lead the dialogue with the private sector and coordinate the consultations with stakeholders, including international organizations on the design of a new wave of business environment reforms. This reform memorandum is prepared at the request of the agency for investment and competitiveness and aims to provide a concrete set of short and medium term reform recommendations that will address some of the business environment challenges currently faced by the private sector in Croatia. The World Bank Group’s doing business project provides a measure of the ease of doing business in 189 countries through a set of objective indicators that focus on the impact of laws, regulations, and their enforcement on the ease of doing business for domestic firms in 10 areas from starting a business...

Moldova Financial Sector Assessment Program; Insolvency and Creditor/Debtor Regimes--Report on the Observance of Standards and Codes

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Report; Economic & Sector Work :: Financial Sector Assessment Program; Economic & Sector Work
Português
Relevância na Pesquisa
47.03%
The World Bank assessed the insolvency and creditor or debtor regimes (ICR) of Moldova pursuant to the joint international monetary fund (IMF) and World Bank initiative on the observance of standards and codes (ROSC). The Moldovan authorities have made remarkable progress over the last decade in taking on board a broad range of reform related to the commercial law regime, including the laws pertaining to creditor protection and insolvency. Loans are often over collateralized, reducing available credit and increasing the incentives for lenders to rely primarily on their collateral for repayment rather than to support restructuring efforts. The secured transactions regime requires improvement, importantly regarding the facilitation of important credit instruments over category of assets. The rules aimed at encouraging good corporate behavior at times of financial distress may be improved and obstacles on insolvency filing by creditors removed to ensure timely filing of insolvency proceedings. There are also certain risks to creditor rights...

Nigeria : Crisis Management and Crisis Preparedness Frameworks

International Monetary Fund; World Bank
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Economic & Sector Work :: Financial Sector Assessment Program (FSAP); Economic & Sector Work
Português
Relevância na Pesquisa
57.03%
This note elaborates on the recommendations made in the Financial Sector Assessment Program (FSAP) for Nigeria in the areas of contingency planning, crisis management, and bank resolution. It summarizes the findings of the FSAP mission undertaken during September 4 to 19, 2012 and is based upon analysis of the relevant legal and policy documents and extensive discussions with the authorities and private sector representatives. The Nigerian financial system experienced a banking crisis in 2008-2009, partly triggered by the global financial crisis and by domestic events. The decisive crisis response effectively stabilized the banking system, but the challenge now is to devise a credible exit strategy and to strengthen the resolution framework. This note is structured as follows: chapter one sets out an overview of the banking crisis of 2009; chapter two analyses the institutional framework and coordination arrangements for systemic risk monitoring, crisis management, and cross-border coordination; chapter three assesses the approaches to intervene with potential problem institutions at an early stage; chapter four covers crisis management tools including official financial support...

Financial Sector Assessment Program : Nigeria - Crisis Management and Crisis Preparedness Frameworks

International Monetary Fund; World Bank
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Economic & Sector Work :: Financial Sector Assessment Program (FSAP); Economic & Sector Work
Português
Relevância na Pesquisa
57.03%
This note elaborates on the recommendations made in the Financial Sector Assessment Program (FSAP) for Nigeria in the areas of contingency planning, crisis management, and bank resolution. It summarizes the findings of the FSAP mission undertaken during September 4 to 19, 2012 and is based upon analysis of the relevant legal and policy documents and extensive discussions with the authorities and private sector representatives. The Nigerian financial system experienced a banking crisis in 2008-2009, partly triggered by the global financial crisis and by domestic events. The decisive crisis response effectively stabilized the banking system, but the challenge now is to devise a credible exit strategy and to strengthen the resolution framework. This note is structured as follows: chapter one sets out an overview of the banking crisis of 2009; chapter two analyses the institutional framework and coordination arrangements for systemic risk monitoring, crisis management, and cross-border coordination; chapter three assesses the approaches to intervene with potential problem institutions at an early stage; chapter four covers crisis management tools including official financial support...

Out-of-Court Debt Restructuring

Garrido, Jose M.
Fonte: World Bank Publicador: World Bank
Tipo: Publications & Research :: Publication; Publications & Research :: Publication
Português
Relevância na Pesquisa
47.04%
This study provides a conceptual framework for the analysis of the questions of out-of-court debt restructuring from a policy-oriented perspective. The starting point of the analysis is given by the World Bank principles for effective insolvency and creditor rights systems. The study offers an overview of out-of-court restructuring, which is not seen as fundamentally opposed to formal insolvency procedures. Actually, the study contemplates different restructuring techniques as forming a continuum to the treatment of financial difficulties. The study discusses the advantages and disadvantages of all the debt restructuring techniques, and concludes, in this regard, that a legal system may contain a number of options a menu that can cover different sets of circumstances. In the end, the law may offer a toolbox with very different instruments that the parties may use depending on the specific facts of the case. The study also provides a checklist that can be used to examine the features of a legal system that bear a direct influence on debt restructuring activities.

Corporate Governance and Bank Insolvency Risk : International Evidence

Anginer, Deniz; Demirguc-Kunt, Asli; Huizinga, Harry; Ma, Kebin
Fonte: World Bank Group, Washington, DC Publicador: World Bank Group, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
Relevância na Pesquisa
76.97%
This paper finds that shareholder-friendly corporate governance is positively associated with bank insolvency risk, as proxied by the Z-score and the Merton's distance to default measure, for an international sample of banks over the 2004-08 period. Banks are special in that "good" corporate governance increases bank insolvency risk relatively more for banks that are large and located in countries with sound public finances, as banks aim to exploit the financial safety net. Good corporate governance is specifically associated with higher asset volatility, more nonperforming loans, and a lower tangible capital ratio. Furthermore, good corporate governance is associated with more bank risk-taking at times of rapid economic expansion. Consistent with increased risk-taking, good corporate governance is associated with a higher valuation of the implicit insurance provided by the financial safety net, especially in the case of large banks. These results underline the importance of the financial safety net and too-big-to-fail policies in encouraging excessive risk-taking by banks.

Bank Regulation and Supervision around the World : A Crisis Update

Čihák, Martin; Demirgüç-Kunt, Aslı; Pería, María Soledad Martinez; Mohseni-Cheraghlou, Amin
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
Relevância na Pesquisa
56.71%
This paper presents the latest update of the World Bank Bank Regulation and Supervision Survey, and explores two questions. First, were there significant differences in regulation and supervision between crisis and non-crisis countries? Second, what aspects of regulation and supervision changed significantly during the crisis period? The paper finds significant differences between crisis and non-crisis countries in several aspects of regulation and supervision. In particular, crisis countries (a) had less stringent definitions of capital and lower actual capital ratios, (b) faced fewer restrictions on non-bank activities, (c) were less strict in the regulatory treatment of bad loans and loan losses, and (d) had weaker incentives for the private sector to monitor banks' risks. Survey results also suggest that the overall regulatory response to the crisis has been slow, and there is room to improve regulation and supervision, as well as private incentives to monitor risk-taking. Specifically, comparing regulatory and supervisory practices before and after the global crisis...

Doing Business 2014 Economy Profile : West Bank and Gaza

World Bank; International Finance Corporation
Fonte: World Bank Group, Washington, DC Publicador: World Bank Group, Washington, DC
Tipo: Publications & Research :: Working Paper; Publications & Research
Português
Relevância na Pesquisa
56.34%
This economy profile presents the Doing Business indicators for West Bank & Gaza. In a series of annual reports, Doing Business assesses regulations affecting domestic firms in 189 economies and ranks the economies in 10 areas of business regulation, such as starting a business, resolving insolvency and trading across borders. This year's report data cover regulations measured from June 2012 through May 2013. The report is the 11th edition of the Doing Business series.

Bank Restructuring in Sub-Saharan Africa : Lessons Learned; Les enseignements tires de la restructuration des banques en Afrique Subsaharienne

Deschamps, Jean-Jacques; Bonnardeaux, James
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Brief; Publications & Research
Português
Relevância na Pesquisa
56.41%
A review of bank restructuring operations in seven countries of Sub-Saharan Africa - Benin, Cote d'Ivoire, Ghana, Kenya, Tanzania, Uganda, and Mozambique indicates that not all these efforts have succeeded. Interventions to break-up or privatize dominant state-owned banks are, in some cases, still going on, years after initial actions were agreed upon with local authorities. Hence, the importance of drawing lessons from these experiences for other African countries undertaking similar efforts. The review represents the first systematic attempt by the World Bank to analyze and compare the outcomes of bank restructuring programs in individual countries in the region.

Report on the Treatment of the Insolvency of Natural Persons

Insolvency and Creditor/Debtor Regimes Task Force
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Working Paper; Publications & Research
Português
Relevância na Pesquisa
67.06%
This report addresses the insolvency of natural persons following this structure: a first part introduces the objectives and nature of the report, deals with general issues, and describes the foundations of a system for the treatment of the insolvency of natural persons. The second part of the report analyzes the core legal attributes of system for the treatment of the insolvency of natural persons: within this system, the most relevant questions are analyzed in depth, namely the design of the system and the institutional framework, access to the system, the participation of creditors, the solutions to the insolvency process, and discharge. The main objective of this report is to provide guidance on the characteristics of an effective insolvency regime for natural persons and on the opportunities and challenges encountered in the development of such a regime. In this regard, the report raises awareness about the importance of a regime for the treatment of the insolvency of natural persons, and explores the advantages and disadvantages of the solutions to the numerous practical issues that have to be confronted in the design of an insolvency regime for natural persons.

Principles for Effective Insolvency and Creditor-Debtor Rights Systems, Revised 2015

World Bank
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Report; Economic & Sector Work; Economic & Sector Work :: Insolvency Assessment
Português
Relevância na Pesquisa
57.01%
Effective creditor/debtor rights and insolvency systems are an important element of financial system stability. The World Bank Group accordingly has been working with partner organizations to develop principles for insolvency and creditor/debtor rights systems. The Principles for Effective Insolvency and Creditor/Debtor Rights Systems (the Principles) are a distillation of international best practice on design aspects of these systems, emphasizing contextual, integrated solutions and the policy choices involved in developing those solutions.Based on the experience gained from the use of the Principles, and following extensive consultations, the publication has been thoroughly reviewed and updated in 2005, 2011 and 2015. The revised Principles contained in this document have benefited from wide consultation and, more importantly, from the practical experience of using them in the context of the Bank’s assessment and operational work.

Doing Business Economy Profile 2016; West Bank and Gaza

World Bank Group
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Report; Publications & Research :: Working Paper; Publications & Research
Português
Relevância na Pesquisa
56.36%
This economy profile for Doing Business 2016 presents the 11 Doing Business indicators for West Bank and Gaza. To allow for useful comparison, the profile also provides data for other selected economies (comparator economies) for each indicator. Doing Business 2016 is the 13th edition in a series of annual reports measuring the regulations that enhance business activity and those that constrain it. Economies are ranked on their ease of doing business; for 2015 West Bank and Gaza ranks 129. A high ease of doing business ranking means the regulatory environment is more conducive to the starting and operation of a local firm. Doing Business presents quantitative indicators on business regulations and the protection of property rights that can be compared across 189 economies from Afghanistan to Zimbabwe and over time. Doing Business sheds light on how easy or difficult it is for a local entrepreneur to open and run a small to medium-size business when complying with relevant regulations. It measures and tracks changes in regulations affecting 11 areas in the life cycle of a business: starting a business...