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Bank runs : suspension of convertibility and deposit insurance

Cruz, Vanessa Correia da
Fonte: Universidade do Minho Publicador: Universidade do Minho
Tipo: Dissertação de Mestrado
Publicado em //2012 Português
Relevância na Pesquisa
46.34%
Dissertação de mestrado em Economia; From the very beginning, the banking system has been vulnerable to bank runs. A bank run occurs when a large number of depositors attempt to withdraw their funds simultaneously because they are afraid that the bank will not be able to repay the deposits in full and on time. The view that financial crises are costly may be based primarily on the Wall Street crash of the early 1930s. This was one of the most extreme crises which had significant impact on the banking system of the United States. History does not end and the long lines outside Northern Rock branches in Britain, on September 2007, as well as the bankruptcy of Lemman Brother Holdings Inc., in 2008, brought back memories from the worldwide monetary history. The financial crisis of 2007 and 2008 is reminiscent of a bank run and it seems obvious that research on bank runs and financial instability has taken on a new urgency. The model presented in this master thesis is consistent both with the sunspots and business cycle view of the origins of banking panics. The main motivation of this work is to compare, from a welfare point of view, two different banking regulations that try to avoid or mitigate the effects of bank runs - suspension of convertibility and government deposit insurance. With the first mechanism...

IEG Annual Report 2010 : Results and Performance of the World Bank Group, Main Report

Independent Evaluation Group
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
Português
Relevância na Pesquisa
56.22%
Over the past year, the response to the global financial crisis has continued to dominate development and the work of international institutions, including the World Bank Group. Challenges of poverty and fragile states, environment, and climate change remain daunting. But the manner in which these are best addressed is shifting. The World Bank Group, a crucial partner in the solutions to global development, must adapt to these changes for greater development effectiveness. The International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), the International Finance Corporation (IFC), and the Multilateral Investment Guarantee Agency (MIGA) individually face particular challenges in the increasingly multipolar world. But there are opportunities for coordination across the World Bank Group, whether between public and business activities, among sectors, or across macro and micro concerns. Emphasizing these synergies, part one of this joint report discuss recent activities and results of the World Bank Group; part two focuses on select issues in development effectiveness at each institution. A separate volume of this report contains a detailed review and rating of management response and actions regarding recommendations from the Independent Evaluation Group (IEG) from recent years.

Bank Activity and Funding Strategies : The Impact on Risk and Returns

Demirgüç-Kunt, Asli; Huizinga, Harry
Fonte: Banco Mundial Publicador: Banco Mundial
Português
Relevância na Pesquisa
46.26%
This paper examines the implications of bank activity and short-term funding strategies for bank risk and returns using an international sample of 1,334 banks in 101 countries leading up to the 2007 financial crisis. Expansion into non-interest income generating activities such as trading increases the rate of return on assets, and it may offer some risk diversification benefits at very low levels. Non-deposit, wholesale funding, by contrast, lowers the rate of return on assets, although it can offer some risk reduction at commonly observed low levels of non-deposit funding. A sizeable proportion of banks, however, attract most of their short-term funding in the form of non-deposits at a cost of enhanced bank fragility. Overall, banking strategies that rely prominently on generating non-interest income or attracting non-deposit funding are very risky, which is consistent with the demise of the U.S. investment banking sector.

Annual World Bank Conference On Development Economics 2006 : Growth and Integration

Bourguignon, François; Pleskovic, Boris
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
Português
Relevância na Pesquisa
46.27%
The Annual World Bank Conference on Development Economics (ABCDE) brings together the world s leading scholars and development practitioners for a lively debate on state-of-the-art thinking in development policy and the implications for the global economy. The 17th conference was held in Dakar, Senegal, on January 27, 2005. The theme of the conference was growth and integration, which was divided into five topics: growth and integration, financial reforms, economic development, trade and development, and investment climate.

Financial Development and Growth in the Short and Long Run

Fisman, Raymond; Love, Inessa
Fonte: World Bank, Washington, D.C. Publicador: World Bank, Washington, D.C.
Português
Relevância na Pesquisa
46.35%
The authors analyze the relationship between financial development and inter-industry resource allocation in the short and long run. They suggest that in the long run, economies with high rates of financial development will devote relatively more resources to industries with a "natural" reliance on outside finance due to a comparative advantage in these industries. By contrast, in the short run the authors argue that financial development facilitates the reallocation of resources to industries with good growth opportunities, regardless of their reliance on outside finance. To test these predictions, they use a measure of industry-level "technological" financial dependence based on the earlier work of Rajan and Zingales (1998) and develop new proxies for shocks to (short-run) industry growth opportunities. The authors find differential effects of these measures on industry growth and composition in countries with different levels of financial development. They obtain results that are consistent with financially developed economies specializing in "financially dependent" industries in the long run...

Market Discipline Under Systemic Risk: Evidence from Bank Runs in Emerging Economies

Levy-Yeyati, Eduardo; Martinez Peria, Maria Soledad; Schmukler, Sergio L.
Fonte: World Bank, Washington, D.C. Publicador: World Bank, Washington, D.C.
Português
Relevância na Pesquisa
56.39%
The authors show that systemic risk exerts a significant impact on the behavior of depositors, sometimes overshadowing their responses to standard bank fundamentals. Systemic risk can affect market discipline both regardless of and through bank fundamentals. First, worsening systemic conditions can directly threaten the value of deposits by way of dual agency problems. Second, to the extent that banks are exposed to systemic risk, systemic shocks lead to a future deterioration of fundamentals not captured by their current values. Using data from the recent banking crises in Argentina and Uruguay, the authors show that market discipline is indeed quite robust once systemic risk is factored in. As systemic risk increases, the informational content of past fundamentals declines. These episodes also show how few systemic shocks can trigger a run irrespective of ex-ante fundamentals. Overall, the evidence suggests that in emerging economies, the notion of market discipline needs to account for systemic risk.

Financial Inclusion for Financial Stability : Access to Bank Deposits and the Growth of Deposits in the Global Financial Crisis

Han, Rui; Melecky, Martin
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
Relevância na Pesquisa
56.4%
In crisis times, depositors get anxious, can run on banks, and withdraw their deposits. Correlated withdrawals of bank deposits could be mitigated if bank deposits are more diversified, that is, held by more individuals. This paper examines the link between the broader access to bank deposits prior to the 2008 crisis and the dynamics of bank deposit growth during the crisis, while controlling for relevant covariates. Employing proxies for access to deposits and the use of bank deposits, the authors find that greater access to bank deposits can make the deposit funding base of banks more resilient in times of financial stress. Policy efforts to enhance financial stability should thus not only focus on macroprudential regulation, but also recognize the positive effect of broader access to bank deposits on financial stability.

The Price of Inconvertible Deposits : The Stock Market Boom during the Argentine Crisis

Levy Yeyati, Eduardo; Schmukler, Sergio L.; Van Horen, Neeltje
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
Relevância na Pesquisa
46.24%
The Argentine crisis witnessed, among other things, a deposit run, the suspension of deposit convertibility, and a "boom" in the stock market. The authors argue that this boom reflects the cost that depositors were willing to incur to get their money out of the banking system, in light of the impending risks. This boom was generalized to all stocks, and more pronounced in liquid stocks. Furthermore, the boom was a symptom that deposits were effectively restricted, and that investors were not able to circumvent capital controls.

Short-Run Pain, Long-Run Gain : The Effects of Financial Liberalization

Kaminsky, Graciela Laura; Schmukler, Sergio L.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
Relevância na Pesquisa
46.38%
The authors examine the short- and long-run effects of financial liberalization on capital markets. To do so, they construct a new comprehensive chronology of financial liberalization in 28 developed and emerging economies since 1973. The authors also construct an algorithm to identify booms and busts in stock market prices. The results indicate that financial liberalization is followed by more pronounced boom-bust cycles in the short run. But financial liberalization leads to more stable markets in the long run. Finally, the authors analyze the sequencing of liberalization and institutional reforms to understand the contrasting short- and long-run effects of liberalization.

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
56.25%
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
56.12%
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.

Do Social Networks Prevent Bank Runs?

Garcia-Rosa, Alfonso; Kiss, Hubert Janos; Rodriguez-Lara, Ismael
Fonte: Universidade de Múrcia Publicador: Universidade de Múrcia
Tipo: Artigo de Revista Científica Formato: application/pdf
Português
Relevância na Pesquisa
46.35%
We develop, both theoretically and experimentally, a stereotypical environment that allows for co-ordination breakdown, leading to a bank run. Three depositors are located at the nodes of a network and have to decide whether to keep their funds deposited or to withdraw. One of the depositors has immediate liquidity needs, whereas the other two depositors do not. Depositors act sequentially and observe others’ actions only if connected by the network. Theoretically, a link connecting the first two depositors to decide is sufficient to avoid a bank run. However, our experimental evidence shows that subjects’choice is not a¤ected by the existence of the link per se. Instead, being observed and the particular action that is observed determine subjects’choice. Our results highlight the importance of initial decisions in the emergence of a bank run. In particular, Bayesian analysis reveals that subjects clearly depart from predicted behavior when observing a withdrawal.

Ensaios sobre risco de crédito e liquidez: transição de estado em corrida bancária e inadimplência; Essays on credit risk and liquidity: phase transitions in bank run and default

Santos, Toni Ricardo Eugenio dos
Fonte: Biblioteca Digitais de Teses e Dissertações da USP Publicador: Biblioteca Digitais de Teses e Dissertações da USP
Tipo: Tese de Doutorado Formato: application/pdf
Publicado em 31/08/2015 Português
Relevância na Pesquisa
56.32%
Nesta tese se estudam as duas pontas da atividade bancária. A relacionada com os depositantes e a relacionada com empréstimos e financiamentos. A ligação subjacente entre os artigos é o estudo da mudança de fases. Do lado do depósito o foco está no estudo de corridas bancárias. Explica-se o acontecimento de corridas bancárias pela decisão do depositante de retirar dinheiro prematuramente pelo medo do banco não ter recursos para honrar o contrato. Utiliza-se um modelo de simulação baseado em agentes para avaliar o comportamento dos depositantes sob diversos cenários. Ao impor regras simples, as simulações mostram que, no longo prazo, corridas por boatos tendem a zero conforme os bancos aumentam de tamanho e o mercado fica concentrado. Na outra ponta, a do crédito, se mediu o tempo que demora até uma operação de crédito se tornar inadimplente através de modelos de sobrevivência. Três modalidades de crédito são estudadas: financiamento de capital de giro para pessoas jurídicas e financiamento de veículos e empréstimo pessoal não consignado para pessoas físicas. Os resultados mostram claramente que o comportamento de cada modalidade de crédito é único. Além disso, a qualidade dos empréstimos concedidos durante a recessão causada pela crise de 2008 não é diferente da de outros períodos. A mudança na política de preços dos bancos públicos fez a qualidade do crédito do capital de giro piorar nestas instituições. O Banco Central do Brasil aumenta os fatores de ponderação de risco para novos empréstimos de automóvel mais arriscados. Porém...

Pânicos bancários: será o colateral o seguro ideal?; Bank runs: is the collateral the ideal insurance?

Costa, Hélder Alberto Silva
Fonte: Universidade do Minho Publicador: Universidade do Minho
Tipo: Dissertação de Mestrado
Publicado em //2015 Português
Relevância na Pesquisa
46.33%
Dissertação de mestrado em Economia; O modelo presente nesta dissertação enquadra-se na literatura existente sobre corridas aos bancos, no grupo de modelos que explicam este cenário com base em expectativas auto-sustentadas. O modelo desenvolvido tem como base o trabalho de Diamond e Dybvig (1983), e tem como objectivo a introdução do colateral nos tipos de depósitos do modelo de Diamond e Dybvig (1983). O trabalho de Diamond e Dybvig (1983) é o principal modelo em que uma corrida aos bancos é formalizada com base em expectativas auto-sustentadas. No entanto, o contrato bancário encontrado não é um equilíbrio, pois nenhum consumidor o irá aceitar sabendo que uma corrida aos bancos é uma possibilidade. Com base no trabalho de Mishkin (1999), o modelo desenvolvido nesta dissertação elimina o equilíbrio de uma corrida aos bancos através da introdução de depósitos com colateral.; The theoretical model presented in this master thesis is consistent with the view that bank runs are triggered by self-fulfilling prophecies. The presented model is based on the work by Diamond and Dybvig (1983). Their work is the main theoretical model in which bank runs are modelled as self-fulfilling prophecies. However, as argued by following works...

Living and Dying with Hard Pegs : The Rise and Fall of Argentina's Currency Board

De la Torre, Augusto; Levy Yeyati, Eduardo; Schmukler, Sergio L.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
Relevância na Pesquisa
46.35%
The rise and fall of Argentina's currency board shows the extent to which the advantages of hard pegs have been overstated. The currency board did provide nominal stability and boosted financial intermediation, at the cost of endogenous financial dollarization, but did not foster monetary or fiscal discipline. The failure to adequately address the currency-growth-debt trap into which Argentina fell at the end of the 1990s precipitated a run on the currency and the banks, followed by the abandonment of the currency board and a sovereign debt default. The crisis can be best interpreted as a bad outcome of a high-stakes strategy to overcome a weak currency problem. To increase the credibility of the hard peg, the government raised its exit costs, which deepened the crisis once exit could no longer be avoided. But some alternative exit strategies would have been less destructive than the one adopted.

Financial Sector Assessment Program - Albania : Core Principles for Effective Deposit Insurance Systems

World Bank; International Monetary Fund
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
56.24%
This assessment of compliance with the core principles for effective deposit insurance systems (core principles) was conducted as a part of the Financial Sector Assessment Program (FSAP) performed by the International Monetary Fund and the World Bank at the request of the Albanian government. This assessment was conducted by Claire McGuire, Senior Financial Sector Specialist with the World Bank, during a mission to Albania from October 28th to November 11th, 2013. The assessment was based on a review of relevant laws, regulations and regulatory and supervisory practices related to the banking sector and the operations of ADIA. Multiple meetings were held with various employees of the Bank of Albania (BOA), Ministry of Finance (MOF), the Banker's Association, the two savings and credit associations, and ADIA. ADIA completed a self-assessment in preparation for the FSAP.

Supporting Hydropower : An Overview of the World Bank Group's Engagement

Rex, William; Foster, Vivien; Lyon, Kimberly; Bucknall, Julia; Liden, Rikard
Fonte: World Bank Group, Washington, DC Publicador: World Bank Group, Washington, DC
Tipo: Journal Article; Publications & Research :: Brief; Publications & Research
Português
Relevância na Pesquisa
46.24%
Hydropower development makes an essential contribution to reducing poverty, boosting shared prosperity, and improving sustainability. Water storage associated with some hydropower projects can also make important contributions to water and food security and to climate resilience. The World Bank Group (WBG) thus uses multiple instruments to support sustainable and responsible hydropower projects of various sizes and types, depending on local need. But hydropower can also carry significant risks that must be carefully managed. Supporting sustainable hydropower is important for the World Bank Group, because hydropower potential exists where electricity is most needed. Hydropower production is the least-cost method of providing electricity in many developing countries. The WBG is committed to helping its clients continuously improve the way they approach hydropower so as to better manage its risks and better share the benefits of this renewable resource. Support for hydropower helps manage risks and can yield local...

When the Rivers Run Dry : Liquidity and the Use of Wholesale Funds in the Transmission of the U.S. Subprime Crisis

Raddatz, Claudio
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
Relevância na Pesquisa
46.38%
This paper provides systematic evidence of the role of banks' reliance on wholesale funding in the international transmission of the ongoing financial crisis. It conducts an event study to estimate the impact of the liquidity crunch of September 15, 2008, on the stock price returns of 662 individual banks across 44 countries, and tests whether differences in the abnormal returns observed around those events relate to these banks' ex-ante reliance on wholesale funding. Globally and within countries, banks that relied more heavily in non-deposit sources of funds experienced a significantly larger decline in stock returns even after controlling for other mechanisms. Within a country, the abnormal returns of banks with high wholesale dependence fell about 2 percent more than those of banks with low dependence during the three days following Lehman Brothers' bankruptcy. This large differential return suggests that liquidity played an important role in the transmission of the crisis.

The Quality of Fiscal Adjustment and the Long-Run Growth Impact of Fiscal Policy in Brazil

Blanco, Fernando; Herrera, Santiago
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
Relevância na Pesquisa
46.3%
The authors describe the main trends of Brazil's fiscal policy during the past decade and analyze (1) the ability to raise the primary surplus in response to external shocks, (2) the pro-cyclical nature of fiscal policy, and (3) the long-run impact of government expenditure composition and taxation. They analyze the use of the primary balance as a policy tool within the Drudi-Prati model, wherein the government uses the primary balance to reveal its commitment to service its debt. The authors verify that both the debt ratio and the primary balance are determinants of spreads and credit ratings in Brazil. But the relationship is nonlinear: the impact of the primary balance on spreads is amplified as the debt ratio increases. Using an Autoregressive Distributed Lag (ARDL) approach, the authors analyze the relationship between the primary balance and economic activity, finding a positive correlation in the long run. However, in the short run fiscal expansions are associated with primary balance reductions and vice-versa during output contractions, confirming the procyclical nature of fiscal policy in the short run. The authors use two approaches, ARDL and a cointegrating value at risk (VAR), to analyze the interaction between public expenditure composition and taxation on growth. Similar results are obtained: large elasticities of output with respect to capital stocks...

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
56.14%
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...