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Bank Capital : Lessons from the Financial Crisis

Demirguc-Kunt, Asli; Detragiache, Enrica; Merrouche, Ouarda
Fonte: Banco Mundial Publicador: Banco Mundial
Português
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46.3%
Using a multi-country panel of banks, the authors study whether better capitalized banks fared better in terms of stock returns during the financial crisis. They differentiate among various types of capital ratios: the Basel risk-adjusted ratio; the leverage ratio; the Tier I and Tier II ratios; and the common equity ratio. They find several results: (i) before the crisis, differences in capital did not affect subsequent stock returns; (ii) during the crisis, higher capital resulted in better stock performance, most markedly for larger banks and less well-capitalized banks; (iii) the relationship between stock returns and capital is stronger when capital is measured by the leverage ratio rather than the risk-adjusted capital ratio; (iv) there is evidence that higher quality forms of capital, such as Tier 1 capital, were more relevant. They also examine the relationship between bank capitalization and credit default swap (CDS) spreads.

Cyclical Effects of Bank Capital Requirements with Imperfect Credit Markets

Agénor, Pierre-Richard; Pereira da Silva, Luiz A.
Fonte: Banco Mundial Publicador: Banco Mundial
Português
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46.26%
This paper analyzes the cyclical effects of bank capital requirements in a simple model with credit market imperfections. Lending rates are set as a premium over the cost of borrowing from the central bank, with the premium itself depending on firms effective collateral. Basel I- and Basel II-type regulatory regimes are defined and a capital channel is introduced through a signaling effect of capital buffers on the cost of bank deposits. The macroeconomic effects of various shocks (a drop in output, an increase in the refinance rate, and a rise in the capital adequacy ratio) are analyzed, under both binding and nonbinding capital requirements. Factors affecting the procyclicality of each regime (defined in terms of the behavior of the risk premium) are also identified and policy implications are discussed.

Global Development Finance 2008 : The Role of International Banking, Volume 1. Review, Analysis, and Outlook

World Bank
Fonte: Banco Mundial Publicador: Banco Mundial
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This report is comprised of two volumes. Global Development Finance (GDF) 2008 volume one provides analysis of key trends and prospects, including coverage of the role of international banking in developing countries. Volume two provides summary and country tables contain statistical tables on the external debt of the 134 countries that report public and publicly guaranteed debt under the Debtor Reporting System (DRS). It also includes tables of selected debt and resource flow statistics for individual reporting countries as well as summary tables for regional and income groups. It is the culmination of a year-long process that requires extensive cooperation from people and organizations around the globe-national central banks, ministries of finance, major multilateral organizations, and many departments of the World Bank.

EU11 Regular Economic Report : Coping with External Headwinds

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
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46.32%
This study claims that despite the challenging external environment, EU11 countries did well in 2011. First, economic growth strengthened to above 3 percent (from around 2 percent in 2010) and the region fully recovered its output losses from the global financial crisis. Second, fiscal measures delivered reduction of around 3 percent of GDP in the EU11 average fiscal deficit. Third, the financial sector remained resilient to renewed concerns about negative feedback loops between insecure sovereign debtors and fragile financial markets. However, the good performance conceals important shifts in economic sentiment that occurred during the year. While the growth momentum was still strong in the first half of 2011, it slowed toward the end of the year, as the region started to feel the impact of lingering concerns about European sovereign-debt markets, creeping oil prices, and the global slowdown. With the downward trend in economic activity, labor markets remained slack. Unemployment rates hovered around those recorded in the midst of the global financial crisis with sluggish employment growth. The paper points out that the European economic growth model has delivered unprecedented welfare to the continent over the last half century. In spite of its remarkable success...

Nepal Contingency Planning Project

World Bank
Fonte: Washington, DC Publicador: Washington, DC
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The Nepalese authorities have made important progress in strengthening the financial stability framework. This framework consists of provisions for liquidity support to banks, supervisory practices, and problem bank resolution mechanisms. Some liquidity facilities have been put in place, supervisory actions strengthened, and amendments to bank resolution laws have been passed that improved the ability of the Nepalese Government to manage the growing financial sector. Notwithstanding this progress, some additional refinements are warranted. The banking sector is growing rapidly, with new entrants increasing the risk profile of the system. At the same time, the economic conditions of the country are less beneficial than in the past. Accordingly, some strengthening of the existing framework is advisable. Areas for strengthening include: preconditions for effective crisis management; development of a crisis management framework; and preparation of a step-by-step plan for meeting the crisis. This report focuses on two aspects of contingency planning. First...

Post-Crisis Growth in Developing Countries : A Special Report of the Commission on Growth and Development on the Implications of the 2008 Financial Crisis

Commission on Growth and Development
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
Português
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#advanced countries, advanced economies, aggregate demand, arbitrage, Asian Bond Market, Asset Backed Securities, Asset prices, Backed Security, balance sheet, balance sheets, bank balance sheets, bank credit, bank intermediation, banking crises, banking system, banking systems, bond, bond markets, bond yields, borrower, borrowing costs, Budget deficits, budget surplus, budget surpluses, capital accounts, capital controls, capital flows, Capital Formation, capital gains, capital inflows, capital requirements, cash transfers, Central Bank, central banks, channels of credit, co-ordination failure, collateral, collateral for loans, commercial paper, Commodity, commodity price, Commodity prices, conflicts of interest, consumer durables, consumer spending, contingent liabilities, country to country, credibility, credit constraints, credit increases, Credit Line, credit provision, credit quality, credit spreads, credit system, creditors, creditworthiness, Currency, currency mismatches, Debt, debt markets, Debt Obligation, debts, defaults, Deposit, derivative, derivative instruments, derivatives, Developing Countries, developing country, developing economies, Development Bank, disclosure requirements, domestic banks, domestic capital, domestic capital markets, domestic market, Economic Development, efficient markets, emerging economies, emerging markets, equipment, Exchange Commission, exchange rate, exporters, exposure, external financing, Federal Deposit Insurance, Federal Reserve, Finance Corporation, finances, financial assets, financial crises, Financial Crisis, Financial Development, financial fragility, financial instability, Financial Institution, financial institutions, financial instruments, financial liberalization, financial markets, financial risk, Financial Sector, Financial Sector Development, financial sectors, financial stability, financial structure, financial system, Financial Systems, fiscal deficit, Fiscal Deficits, fiscal policies, fiscal policy, fixed exchange rates, floating exchange rate, flow of credit, foreign capital, Global Capital, Global Capital Markets, Global Economy, global finance, global financial system, global market, Globalization, government guarantees, government investment, government ownership, Gross Domestic Product, holding, holdings, home market, household saving, income levels, incomes, indebted households, inflation, inflation risk, inflationary pressure, instrument, insurance companies, Insurance Corporation, insurance premium, International Bank, International Business, International Cooperation, International Development, International Economics, International Finance, international financial institutions, international harmonization, international trade, inventory, investment banks, investment funds, Investment Vehicles, labor markets, liquidity, Loan, local market, long-term interest, long-term interest rates, macroeconomic policy, macroeconomic stability, margin requirements, market economies, market economy, maturity, Monetary Authority, Monetary Fund, monetary policy, Mortgage, mortgage-backed securities, opportunity costs, pensions, Political Economy, price risk, price stability, Private banks, private capital, private capital flows, private credit, public debt, Public Finance, public finances, public investment, regulatory constraints, regulatory standards, regulatory structures, regulatory system, Reserve, reserves, return, returns, safety net, safety nets, Savings, savings accounts, savings rate, self-regulation, shareholders, short-term capital, short-term interest rates, solvency, Stock markets, stocks, swap, Swaps, T-Bill, T-Bills, tax, trade finance, trading, trading system, Treasury, Treasury Bills, volatile capital, volatility, withdrawal, world economy
In May 2008, the Commission released the growth report: strategies for sustained growth and inclusive development. At that time, the financial systems of the United States and Europe were under stress. Commodity prices were also spiking, posing particular difficulties for developing countries because of the impact on the poor and on potential future inflation. But no one foresaw the full magnitude of the crisis that erupted in the fall of 2008, more than a year ago. The crisis was a destructive malfunction of the financial sectors of the advanced economies, which spread rapidly to the real economy and to the rest of the globe. Even countries far from the source of the crisis had to cope with capital volatility, tight credit, and rapidly falling trade. At the request of several members of the Commission, Commission held a workshop on the crisis and its implications for developing countries. Commission followed standard procedure of asking for help and insight from a distinguished group of scholars, analysts, and practitioners. This report is an outgrowth of that process. It is an attempt to look at the crisis and its aftermath from the point of view of developing countries. Commission wanted to assess the impact of these events, and determine if the growth strategies recommended needed major revision...

Fiji Microfinance Policy Review

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
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The Review suggests the outlines of an architecture for microfinance in Fiji in which the National Centre for Small and Micro-Enterprise Development (NCSMED), as envisioned by the Government of Fiji, is the primary source of funding and technical assistance for microfinance institutions. But to assure a sound financial sector building approach to policy it is desirable that the Royal Bank of Fiji also have substantial input. The Review also discusses the capacity-building needs of the sector and proposes that in addition to the role of NCSMED as the domestic focal point for capacity-building, the World Bank could be an appropriate external international agency to support the National Centre in that role.

Mongolia Economic Update, November 2013

Shiilegmaa, Altantsetseg; Gombosuren, Khandtsooj; Batsuuri, Davaadalai
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
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46.3%
In 2013, the Mongolian economy is expected to maintain double digit growth due to the start of copper production of the Oyu Tolgoi (OT) mine and expansionary economic policies. Yet, the economy is facing a significant challenge from growing balance of payments pressures as the foreign direct investment (FDI) inflow declines and the mineral exports remain weak. A substantial balance of payments imbalance stems from a weakening minerals market but also largely reflects the consequences of pro-cyclical economic management over the last two years. Mongolia may also face a downside risk from an uncertain global economic environment and further dampening of minerals market. Macro-economic and financial vulnerabilities are growing due to continuous expansionary fiscal and monetary policies reflected in significant off-budget spending and rapid credit growth. The government took a series of positive measures in recent months to address the challenges including the adoption of the new investment law, announcement of a fiscal consolidation plan...

Loan Loss Provisioning and Economic Slowdowns : Too Much, Too Late?

Laeven, Luc; Majnoni, Giovanni
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
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46.24%
Only recently has the debate on bank capital regulation devoted specific attention to the role that bank loan loss provisions can play as part of a minimum capital regulatory framework. Several national regulators have adopted or are planning to introduce a cyclically adjustable requirement for loan loss provisions, and the Basel Committee on Banking Supervision is considering how to provide adequate treatment to provisioning practices within a broad bank capital regulatory framework. The authors contribute to the ongoing debate by exploring the available evidence about bank provisioning practices around the world. They find that in the vast majority of cases banks tend to delay provisioning for bad loans until it is too late-when cyclical downturns have already set in-possibly magnifying the impact of the economic cycle on the income and capital of banks. Notwithstanding the considerable variation in the patterns followed by banks around the world, Laeven and Majnoni find that the size and timing of provisions tend to improve with the level of economic development.

Bank Capital and Systemic Stability

Anginer, Deniz; Demirguc-Kunt, Asli
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
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46.29%
This paper distinguishes among various types of capital and examines their effect on system-wide fragility. The analysis finds that higher quality forms of capital reduce the systemic risk contribution of banks, whereas lower quality forms can have a destabilizing impact, particularly during crisis periods. The impact of capital on systemic risk is less pronounced for smaller banks, for banks located in countries with more generous safety nets, and in countries with institutions that allow for better public and private monitoring of financial institutions. The results show that regulatory capital is effective in reducing systemic risk and that regulatory risk weights are correlated with higher future asset volatility, but this relationship is significantly weaker for larger banks. The paper also finds that increased regulatory risk-weights not correlated with future asset volatility increase systemic fragility. Overall, the results are consistent with the theoretical literature that emphasizes capital as a potential buffer in absorbing liquidity...

Croatia - Policy Notes : A Strategy for Smart, Sustainable and Inclusive Growth; Hrvatska - Strategija pametnog, odrzivog i inkluzivnog rasta

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Policy Note; Economic & Sector Work
Português
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46.33%
Signing the accession treaty with the European Union (EU) and its forthcoming membership to the EU are remarkable opportunities for Croatia to address a number of economic challenges and join the EU as a competitive and successful economy. The new Croatian government in its program for 2011-2015 seeks higher standards of living for its citizens through sustained economic growth and greater social cohesion. Given the legacies from the past, these tasks will require ambitious and credible policy decisions. Once it joins the EU, Croatia will also have to contribute to the Europe 2020 strategy for smart, sustainable and inclusive growth which calls on member states to set national targets in employment, innovation, education, social inclusion and climate or energy. These targets will also require concerted efforts in structural reforms by the Government of Croatia. A major priority for the coming two to three years will be to create fiscal space to absorb EU funds and avoid being a net contributor to the EU. Upon accession...

Macroeconomic Shocks and Banking Sector Developments in Egypt

Herrera, Santiago; Youssef, Hoda
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
Relevância na Pesquisa
46.31%
From 2008 to 2011, Egypt was hit by significant shocks, both global and country-specific. This paper assesses the impact of the resulting macroeconomic instability on the banking sector, and examines its role as a shock absorber. The Central Bank of Egypt accommodated the shocks by supplying liquidity to the market. The paper verifies a change in the fiscal regime from one in which the primary fiscal balance was used an instrument to stabilize the public debt ratio to one in which the policy instrument stopped playing that role and affected investors' assessment of the risk of holding public debt. This pattern suggests that fiscal conditions influenced exchange rate and price expectations originating a fiscal dominance situation in which the Central Bank could not control inflation. Hence, the Central Bank lacked functional independence in spite of its de jure independence, which underscores the importance of strengthening institutions that facilitate policy coordination and allow policy to be more predictable. The government also funds itself through non-market mechanisms...

Looking Beyond the Euro Area Sovereign Debt Crisis

Dailami, Mansoor
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Brief; Publications & Research
Português
Relevância na Pesquisa
46.25%
Three years into the euro area sovereign debt crisis, investors continue to shun periphery government bonds, European banks are under severe funding pressures in both the dollar and euro private term markets, and the euro area is facing an anemic growth outlook. On the face of it, the scenario portends gloom. But upon closer examination of the inner workings of the European Union (EU) governance system, the ongoing adjustment in the banking sector, and the rewiring of the landscape of euro sovereign debt markets, the future scenario looks more balanced, particularly following the conclusion of the protracted negotiations on Greek bond exchanges under an EU-backed voluntary private sector involvement (PSI) scheme. As euro area leaders formulate significant structural reforms to deal with the continent's longstanding fiscal and governance shortcomings, this note argues that striking a balance between market disciplines and centralized rule-making is the best way forward.

How Complementary Are Prudential Regulation and Monetary Policy?

Canuto, Otaviano
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Brief; Publications & Research
Português
Relevância na Pesquisa
46.35%
Could either monetary policy or financial prudential regulation be relied on individually to mitigate asset price cycles or their effects? If both ways are effective, monetary policy and prudential regulation could then be considered 'substitutes,' in the sense that the individual use of either instrument leads to a reduction in the volatility of both corresponding targets. This note, however, argues in favor of complementarily rather than substitution in the use of monetary and macro-prudential policies: the combined (articulate) use of both policies tends to be more effective than a standalone implementation of either.

East Asia and the Pacific Confronts the “New Normal”

Nehru, Vikram
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Brief; Publications & Research
Português
Relevância na Pesquisa
46.3%
Developing East Asia is leading the global economic recovery, although performance varies across the region. In some countries, the monetary stance is already being tightened in light of emerging inflationary pressures; but it is premature to withdraw the fiscal stimulus until the global recovery is on a firmer footing. Fortunately, most countries in the region have adequate fiscal space and relatively low debt burdens. To ensure that the momentum of the recovery transitions into sustainable and inclusive growth over the medium term, the governments in the region must once again focus their attention on medium-term structural reforms. This means different policy priorities in different countries especially given the diversity of the region. In addition, the region faces two common priorities regional economic integration and climate change. Making progress on both fronts will be critical to the region's medium-term prospects.

Guinea-Bissau - Cashew and Beyond : Diversification Through Trade - Diagnostic Trade Integration Study for the Enhanced Integrated Framework for Trade-related Technical Assistance; Guine Bissau - Para alem de castanha de caju : diversificacao atraves do comercio - estudo do diagnostico de integracao do comercio para o melhoramento do quadro integrado assistencia tecnica para assuntos do comercio internacional

World Bank
Fonte: World Bank Publicador: World Bank
Tipo: Economic & Sector Work :: Integrated Fiduciary Assessment
Português
Relevância na Pesquisa
46.25%
Guinea-Bissau is highly dependent on international trade even when compared to other nations of its size and income level. However, it is equally clear that the country could derive far more benefit from its international trade opportunities than it does at the present time. This study examines how to do this, looking not only at trade policy, the investment climate, and infrastructure, but also five key sectors where specific opportunities exist. There are three recommendations which stand out as having a particularly important and pervasive effect on trade and its potential role in raising incomes and reducing poverty. Indeed, they can be regarded as preconditions for significant progress. Eliminating the bureaucratic obstacles to doing business is a prerequisite for any growth in private investment in the country. Guinea-Bissau ranks near the bottom of the World Bank's annual Survey of Doing Business, reflecting the extremely difficult bureaucratic and legal maze that must be dealt with by any entrepreneur seeking to operate a business in the country. This situation not only militates against private investment in any but resource extraction industries...

What Does the Future Hold for the International Banking System?

Dailami, Mansoor; Adams-Kane, Jonathon
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Brief; Publications & Research
Português
Relevância na Pesquisa
46.26%
The international banking industry faces a challenging future, having to consolidate at a time of heightened global financial volatility, anemic growth in advanced countries, and shifting global growth balances. After a long period of sustained expansion and accommodating regulatory treatment, the structure of international banking is changing as global banks' business strategies shift toward fast-growing emerging-market economies. The center of gravity for international lending is shifting, with the role of European banks shrinking and American, Japanese, and emerging-market banks filling in the space. Against this backdrop, the current debate on adding economic stimulus to support the sputtering global economic recovery should consider the possible contractionary impacts of bank deleveraging, even with global interest rates remaining at historically low levels.

Guinea-Bissau - Cashew and Beyond : Diversification Through Trade

World Bank
Fonte: World Bank Publicador: World Bank
Tipo: Economic & Sector Work :: Country Economic Memorandum
Português
Relevância na Pesquisa
46.27%
Guinea-Bissau is highly dependent on international trade even when compared to other nations of its size and income level. However, it is equally clear that the country could derive far more benefit from its international trade opportunities than it does at the present time. This study examines how to do this, looking not only at trade policy, the investment climate, and infrastructure, but also five key sectors where specific opportunities exist. There are three recommendations which stand out as having a particularly important and pervasive effect on trade and its potential role in raising incomes and reducing poverty. Indeed, they can be regarded as preconditions for significant progress. It is of primary importance that the job of formulating and implementing economic policy be put on a more stable and long term basis The extreme instability in Guinea-Bissau's government has meant that cabinet ministers and lower officials change on an annual or even more frequent basis. This situation makes long term planning and sustained implementation virtually impossible and the formulation of coherent policy equally difficult. To these...

Recapitalizing Banking Systems : Implications for Incentives and Fiscal and Monetary Policy

Honohan, Patrick
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
Relevância na Pesquisa
46.26%
In the aftermath of a banking crisis, most attention is rightly focused on allocating losses, rebuilding properly managed institutions, and achieving debt recovery. But the authorities' decision to use budgetary funds to help restructure a large failed bank or banking system also has consequences for the incentive structure for the new bank management, for the government's budget, and for monetary stability. These issues tend to be lumped together, but each should be dealt with in a distinctive manner. The author points out, among other things, how apparent conflicts between the goals in each of these areas can be resolved by suitably designing financial instruments and appropriately allocating responsibility between different arms of government. First the government must have a coherent medium-term fiscal strategy that determines broadly how the costs of the crisis will be absorbed. Then the failed bank must be securely reestablished with enough capital and franchise value to move forward as a normal bank. This will typically entail new financial institutions involving the government on both the asset and the liability sides of the bank's balance sheet. The bank should not be left with mismatches of maturity...

Rising Growth, Declining Investment : The Puzzle of the Philippines

Bocchi, Alessandro Magnoli
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 economy of the Philippines is open to trade and capital inflows, and has grown rapidly since 2002. Over the last 10 years, however, domestic investment, while stagnant in real terms, has shrunk as a share of GDP. In an open and growing economy, why the decline? Three reasons explain the puzzle. First, the public sector cannot afford expanding its investment at GDP growth rates. Second, the capital-intensive private sector does not find it convenient to raise investment at the economy's pace. Third, fast-growing businesses in the service sector do not need to rapidly increase investment to enjoy rising profits. Yet, the economy keeps growing. On the demand-side, massive labor migration results in remittances that fuel consumption-led-growth. On the supply-side, free from rent-capturing regulations, a few non-capital-intensive manufactures and services boost exports. The economic system is in equilibrium at a low level of capital stock, where all economic agents have no incentive to unilaterally increase investment and the first mover bears short-term costs. As a consequence...