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The role of banks in corporate finance

Sufi, Amir
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 149 p.; 8531550 bytes; 8539785 bytes; application/pdf; application/pdf
Português
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65.93%
This dissertation consists of three chapters that examine the importance of commercial banks in the financing decisions of corporations. The first chapter focuses on syndicated loans. The syndicated loan market is an increasingly important source of corporate finance, with over $1 trillion in new syndicated loans signed annually. The first chapter empirically explores the syndicated loan market with an emphasis on how information asymmetry and renegotiation considerations influence syndicate structure and the choice of participant lenders. There are two principal findings. First, when the borrower requires more intense investigation and monitoring effort by a financial institution, the lead arranger retains a larger portion of the loan, forms a more concentrated syndicate, and chooses participants that are closer to the borrower (both geographically and in terms of previous relationships). The evidence is consistent with moral hazard in a setting of information asymmetry. The lead arranger attempts to guarantee due diligence effort by increasing its risk exposure, and the lead arranger chooses lenders that minimize information asymmetry. Second, when the borrower is more likely to need to renegotiate the loan agreement, lead arrangers add participants with very small portions of the loan to the syndicate. Given that unanimity of lenders is needed to renegotiate major terms of the loan...

Macroprudential Regulation of Credit Booms and Busts : The Case of Croatia

Kraft, Evan; Galac, Tomislav
Fonte: Banco Mundial Publicador: Banco Mundial
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65.88%
Croatia employed macroprudential measures to manage credit growth and capital inflows during the boom years of the 2000s, including reserve requirements on loan growth, a marginal reserve requirement on increases in foreign liabilities, foreign exchange liquidity minima, and elevated capital adequacy ratios. Although quantitative analysis is complicated by substantial overlaps among measures, the econometric results in this paper suggest that the measures were most effective in requiring banks to hold high liquidity and capital buffers, and less effective in slowing credit growth and capital inflows. Larger buffers seem to have helped Croatian banks weather the financial crisis, making the adjustments to capital and liquidity during the crisis smaller.

Financial Inclusion in Africa : An Overview

Demirgüç-Kunt, Asli; Klapper, Leora
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
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65.83%
This paper summarizes financial inclusion across Africa. First, it provides a brief overview of the African financial sector landscape. Second, it uses the Global Financial Inclusion Indicators (Global Findex) database to characterize adults in Africa that use formal and informal financial services and identify the barriers to formal account ownership. Next, it uses World Bank Enterprise Survey data to examine how the use of financial services by small and medium enterprises in Africa compares with small and medium enterprises in other developing regions in terms of account ownership and availability of lines of credit. The authors find that less than a quarter of adults in Africa have an account with a formal financial institution and that many adults in Africa use informal methods to save and borrow. Similarly, the majority of small and medium enterprises in Africa are unbanked and access to finance is a major obstacle. Compared with other developing economies, high-growth small and medium enterprises in Africa are less likely to use formal financing, which suggests formal financial systems are not serving the needs of enterprises with growth opportunities.

Does Institutional Finance Matter for Agriculture? Evidence Using Panel Data from Uganda

Khandker, Shahidur R.; Koolwal, Gayatri B.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
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55.82%
Smallholder agriculture in many developing countries has remained largely self-financed. However, improved productivity for attaining greater food security requires better access to institutional credit. Past efforts to extend institutional credit to smaller farmers has failed for several reasons, including subsidized operation of government-aided credit schemes. Thus, recent efforts to expand credit for smallholder agriculture that rely on innovative credit delivery schemes at market prices have received much policy interest. However, thus far the impacts of these efforts are not fully understood. This study examines credit for smallholder agriculture in the context of Uganda, where agriculture is about 35 percent of gross domestic product, most farmers are smallholders, and the country has introduced policies since 2005 to extend credit access to the sector. The analysis uses newly available household panel data from Uganda for 2005-2006 and 2009-2010 to examine (a) whether credit effectively targets agriculture...

Damage, Loss, and Needs Assessment Guidance Notes : Volume 3. Estimation of Post-Disaster Needs for Recovery and Reconstruction

Jovel, Roberto J.; Mudahar, Mohinder
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
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55.88%
This is a guideline for World Bank task team leaders (TTLs) entrusted with the design and execution of assessments to determine disaster impacts as well as post-disaster needs for recovery, reconstruction, and disaster risk reduction or management. Assessments estimate, first, the short-term government interventions required to initiate recovery and second, the financial requirements to achieve overall post-disaster recovery, reconstruction, and disaster risk management or reduction. The end product of the assessment is a comprehensive program of recovery, reconstruction, and risk management that will guide all actions in a developing country following a disaster. The damage and loss assessment (DaLA) methodology uses objective, quantitative information on the value of destroyed assets and temporary production losses to estimate, first, government interventions for the short term and second, post-disaster financing needs. The DaLA method ensures that the affected government, the United Nations and other international and domestic agencies jointly develop properly estimated and prioritized financial requirements and an accompanying formula that identifies all possible financial sources and modalities. In addition...

World Bank Lending for Financial Inclusion

Kumar, Anjali; Narain, Sushma; Rubbani, Swizen
Fonte: World Bank Group, Washington, DC Publicador: World Bank Group, Washington, DC
Tipo: Trabalho em Andamento
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65.93%
The purpose of the paper is to present a more granular view of such projects through the in-depth focus on a limited number of case studies, with a view to understanding what factors in the design of such lending have helped achieve objectives of expanded access, and what forms of interventions may have been less successful. It examines the nature of Bank lending vehicles, the partnering borrower institutions, the country environments in which its loans were extended, as well as broader elements of good practice that make for loan success. It examines the beneficiaries targeted and results achieved. It aims to draws lessons that suggest what factors could lead to success or failure in Bank operations focused on financial access. The remainder of the paper is organized as follows: section two briefly describes the set of the Bank s projects selected for detailed review. Sections three to six contain the core findings of the review. Section 3 focuses on alternative forms of borrower institutions that have served as vehicles for Bank projects...

Determinants of Long-Term versus Short-Term Bank Credit in EU Countries

Park, Haelim; Ruiz, Claudia; Tressel, Thierry
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Working Paper; Publications & Research :: Policy Research Working Paper; Publications & Research
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65.88%
This paper empirically examines the determinants of credit at different maturities across European Union countries during the last decade. The paper documents the lengthening of maturities since the early 2000s, and whether these patterns were driven by similar factors in advanced countries and in emerging market countries. Before the 2008 crisis, long-term credit expanded faster than short-term credit in most countries in the sample, and contracted less than short-term credit after 2008. The paper finds that domestic deposits and foreign liabilities were more important sources of funding in emerging market countries than in advanced countries. Moreover, trade openness and initial banking sector depth matter more for emerging market countries than for advanced countries.

Ukraine : System of Financial Oversight and Governance of State-Owned Enterprises

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Other Financial Accountability Study; Economic & Sector Work
Português
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75.84%
The report focuses on the system of financial oversight and governance of state-owned enterprises in Ukraine. State-owned enterprises (SOEs) continue to represent a significant share of Ukraine's economy, and play a dominant role in sectors such as rail, transport, utilities, energy and telecommunications. These enterprises play an important role for the government by remitting dividend payments to the national treasury to fund the country's development agenda. At the same time, these same enterprises government receive fiscal support through a transfer of budgetary resources, issuance of guarantees for enterprise debt, facilitation to lines of credit, and other financial instruments. Ukraine's SOE sector has a wide range of ownership and management schemes. The basic legal framework for SOE oversight, defined in the Commercial Code of Ukraine, provides for the delegation of responsibilities across several ministries/agencies. As a result, there are overlapping roles across different government institutions...

Drivers and Obstacles to Banking SMEs : The Role of Competition and the Institutional Framework

de la Torre, Augusto; Martínez Pería, María Soledad; Schmukler, Sergio L.
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
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55.87%
This paper studies the factors banks perceive as drivers and obstacles to financing small and medium enterprises (SMEs), focusing on the role of competition and the institutional framework. Using a survey of banks in Argentina and Chile, the paper shows that, despite alleged differences in the countries' environments regarding rules, regulations, and ease of doing business, SMEs have become a strategic segment for most banks in both countries. In particular, banks have begun to target SMEs due to the significant competition in the corporate and retail sectors. They perceive the SMEs market as highly profitable, large, and with good prospects. Moreover, banks are developing coping mechanisms to overcome the particular institutional obstacles present in each country and to compete for SMEs. Banks' interest in SMEs is not based on government programs, yet policy action might help reduce the cost of providing financing, especially long-term lending.

On the Use of Portfolio Risk Models and Capital Requirements in Emerging Markets : The Case of Argentina

Balzarotti, Veronica; Falkenheim, Michael; Powell, Andrew
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
Tipo: Journal Article; Publications & Research :: Journal Article; Publications & Research
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55.81%
A portfolio based model (Credit Risk of Credit Suisse First Boston) and recent Central Bank of Argentina credit bureau data are used to estimate whether current capital and provisioning regulations match actual risks. Arguing that provisions should cover expected losses and that capital requirements should cover potential losses beyond expected losses subject to some statistical level of tolerance, the article assesses how well actual capital and provisioning requirements match the estimated requirements given by the model. Actual provisioning requirements were found to be close to implied levels of expected losses. The estimate of potential losses was found to be highly sensitive to the assumptions of the model, especially the parameter relating the volatility of a loan's rate of default to its mean value. This volatility parameter cannot be estimated accurately with the credit bureau data because of the short time span covered, so proxy data were used to estimate it, and two values around that estimate were tried. The difficulty of estimating this critical parameter implies that the results should only be regarded as suggestive. Moreover...

Republic of Moldova Enterprise Access to Finance : Background Note; Moldova - Prioritati de politici pentru dezvoltarea sectorului privat

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Development Policy Review (DPR); Economic & Sector Work
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The Government of Moldova is seeking to change the country's development paradigm and build an export-oriented economy characterized by investment, innovation, and competitiveness, following a decade of 'jobless growth'. This report focuses on improvements that will be needed to move Moldova to the next stage of development as envisioned in the Moldova 2020 strategy; however, reforms over the past decade also deserve acknowledgment. Improving the business environment is an especially important task, given Moldova's low levels of natural resources and small internal market. This study aims to identify the most pressing problems in the business environment that are adversely affecting Moldovan companies' productivity and competitiveness, and to present recommendations that would help remove these obstacles. The analysis is based on a review of existing reports; interviews with government officials, private sector associations, a sample of businesses, and some subject matter experts; as well as original research on access to finance. This study has identified that the following aspects of doing business are the most problematic: customs administration; tax administration; business regulation...

Public Credit Registries as a Tool for Bank Regulation and Supervision

Girault, Matias Gutierrez; Hwang, Jane
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Publications & Research :: Policy Research Working Paper
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55.9%
This paper is about the importance of the information in Public Credit Registries (PCRs) for supporting and improving banking sector regulation and supervision, particularly in the light of the new approach embodied in Basel III. Against the backdrop of the financial crisis and the existence of information data gaps, the importance of complete, accurate and timely credit information in the financial system is evident. Both in normal times and during crises, authorities need a device that allows them to look at the universe of credits in a detailed and readily way. And more importantly, they need to develop tools that exploit as much as possible the information therein contained. PCR databases contain individual credit information on borrowers and their credits which makes it possible to implement advanced techniques that measure banks' credit risk exposure. It allows optimizing the prudential regulation ensuring that provisioning and capital requirements are properly calibrated to cover expected and unexpected losses respectively. It also permits validating banks' internal rating systems...

The Heavenly Liquidity Twin : The Increasing Importance of Liquidity Risk

Montes-Negret, Fernando
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Publications & Research :: Policy Research Working Paper
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55.83%
Liquidity and solvency have been called the "heavenly twins" of banking (Goodhart, Charles, 'Liquidity Risk Management', Financial Stability Review -- Special Issue on Liquidity, Banque de France, No. 11, February, 2008). Since these "twins" interact in complex ways, it is difficult -- particularly at times of crisis--to distinguish between them, especially in the presence of information asymmetries (Information asymmetry occurs when one party has more or better information than the other, creating an imbalance of power, giving rise to adverse selection and moral hazard ). An insolvent bank can be liquid or illiquid, and a solvent bank may be at times illiquid. In the latter case, insolvency is not far away, since banking is grounded in information and confidence, and it is confidence which in the end determines liquidity. In other words, liquidity is very much endogenous, determined by the general condition of a bank, as well as the perception of it by the public and market participants. Dealing with liquidity risk is more challenging than dealing with other risks...

Bank Financing of SMEs in Five Sub-Saharan African Countries : The Role of Competition, Innovation, and the Government

Berg, Gunhild; Fuchs, Michael
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
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55.88%
This paper provides an overview of the state of access to bank financing for SMEs in five Sub-Saharan African countries and analyzes the drivers behind banks' involvement with SMEs. The paper builds on data collected through five in-depth studies in Kenya, Nigeria, Rwanda, South Africa, and Tanzania between 2010 and 2012. The paper shows that the share of SME lending in the overall loan portfolios of banks varies between 5 and 20 percent. Reasons for this finding vary, but key contributing factors are the structure and size of the economy and the extent of Government borrowing, the degree of innovation mainly as introduced by foreign entrants to financial sectors, and the state of the financial sector infrastructure and enabling environment.

Channels of Transmission of the 2007/09 Global Crisis to International Bank Lending in Developing Countries

Adams-Kane, Jonathon; Jia, Yueqing; Lim, Jamus Jerome
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
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55.81%
During a financial crisis, credit provision by international banks may be stymied by three distinct, but related, channels: changes in lending standards as a result of increased economic uncertainty, changes in funding availability from interbank liquidity markets, and changes in solvency due to effects on bank balance sheets. This paper illuminates the manner by which each of these channels independently operated to affect developed-country bank lending in developing countries during the global financial crisis of 2007/09. It quantifies how changes in banks' uncertainty about the value of their asset holdings, access to interbank liquidity, and internal balance sheet considerations altered their supply of credit in the run-up, during, and in the immediate aftermath of the financial crisis, both in terms of their relative magnitudes, as well as the sensitivity of these magnitudes to the crisis.

The Cross-Country Magnitude and Determinants of Collateral Borrowing

Nguyen, Ha; Qian, Rong
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
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55.81%
Using the World Bank Enterprise Survey covering 6,800 firms across 43 developing countries, this paper investigates the prevalence and determinants of collateralized borrowing. It focuses on the following two aspects: (1) whether firms' loans from financial institutions require collateral (the extensive margin) and (2) the collateral value relative to the loan value (the intensive margin). On the first aspect, it finds that collateral borrowing is prevalent. On average, 73 percent of loans from financial institutions require collateral. Firms that are small or sell domestically are significantly less likely to pledge collateral. Shorter loans and loans from non-bank financial institutions are also less often associated with collateral. On the second aspect, it finds that on average the loan value is at least 72 percent of the collateral value. The only robust and significant determinants of the collateral value are the type of assets used for collateral. The analysis also checks whether countries' income and institutions affect collateralized borrowing. It finds that firms in countries with higher income and better institutions and credit information are significantly less likely to pledge collateral. These factors...

World Bank Lending for Lines of Credit : An IEG Evaluation

Independent Evaluation Group
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
Tipo: Publications & Research :: Publication; Publications & Research :: Publication
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75.92%
This evaluation provides an independent assessment of lines of credit financed by the World Bank during the period FY93-FY03. It is the first of a two-part evaluation looking at Bank support to the financial sector. The second part focuses on Bank support for financial sector reform. This volume presents data on trends in lending for lines of credit and examines whether the design, supervision, and reporting on lines of credit followed the Bank's policies. The evaluation examines outcomes, analyzes factors associated with satisfactory outcomes, and draws conclusions based on the analysis; the evaluation also presents recommendations for the future. The basis for this evaluation consists of a database developed by the Department of Independent Evaluation Group (IEG) on all lines of credit, a survey of the characteristics of a large sample of the projects at entry, during supervision, and at completion, plus information on cancellations and IEG project assessments. The methodology for the sample selection and survey instrument is described in appendix A. The evaluation also draws on a similar exercise carried out by the Consultative Group to Assist the Poor (CGAP) on microfinance lines of credit...

The Uniqueness of Short-Term Collateralization

Klapper, Leora
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
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65.77%
The author finds evidence that lines of credit secured by accounts receivable are associated with business borrowers with a high risk of default. While an unsecured short-term loan is repaid from the borrower's future cash flow, a loan secured by accounts receivable (a unique form of "inside" collateral) is repaid from previously generated and observed sales (the borrower's trade credit terms to its customers). Consequently, lenders that secure accounts receivable are most concerned with the credit risk of the borrower's customers and the borrower's ability to continue to generate new sales. A stylized theoretical model demonstrates that the value of a secured line-of-credit loan in minimizing contracting costs is associated with the borrower's business risk and the quality of the borrower's customers. Empirical tests on a sample of publicly traded U.S. manufacturing firms find that firms with secured line of credit loans are observably riskier and have fewer expected growth opportunities. The author's findings suggest that observably riskier borrowers can borrow more on a secured than on an unsecured basis. The results highlight the important role of secured letters of credit in providing liquidity to risky...

Local Economic Development and Tourism

Hayakawa, Tatsuji; Rivero, Monica; Maria Solo, Tova
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Brief; Publications & Research
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65.82%
As discussed in Hawkins and Mann (2007), the World Bank dropped its engagement in the tourism sector during the 1980s after twenty years of financing Bank's tourism projects which included infrastructure for resort sites, lines of credit for hotels, training, and some investment in hotels and other tourism related projects. At the time, World Bank lending for tourism in Latin America and Caribbean (LAC) was just above US$350 million. After the tourism department closed in the late 70s, some projects supporting tourism continued, but total lending fell to US$150 million by the mid-80s. It had reached a low of US$50 million by the mid-90s. However, in the mid-90s the trend started reversing itself and by 2007 lending for tourism grew to US$175 million, and is expected to pass the $350 million dollar mark during 2008-09. The World Bank's renewed interest in tourism derives from its direct and indirect roles in reducing poverty and achieving the United Nations millennium development goals. Tourism is currently estimated to contribute around 10 percent of global gross domestic product (GDP) nowadays (Brida et al...

Evaluation of the International Finance Corporation's Global Trade Finance Program, 2006-12

Independent Evaluation Group
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
Tipo: Publications & Research :: Publication; Publications & Research
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55.87%
The International Finance Corporation (IFC) introduced the Global Trade Finance Program (GTFP) in 2005 is to 'support the extension of trade finance to underserved clients globally.' The program has since expanded rapidly, and its authorized exposure ceiling was increased in three stages from $500 million in 2005 to $5 billion in 2012. In FY12, the GTFP accounted for 39 percent of total IFC commitments, 53 percent of its commitments in Sub Saharan Africa, and 48 percent of its commitments in Latin America and the Caribbean. The Independent Evaluation Group (IEG) recommends that IFC (i) continue to strengthen the GTFP's focus in areas where additionally is high and increase the share of the program in high-risk markets and where the supply of trade finance and alternate risk-mitigation instruments are less available; (ii) adopt additional methods of reporting volume that can reflect the distinct nature of trade finance guarantees; (iii) refine the means by which GTFP profitability is monitored and reported; (iv) review the costs and benefits of the current monitoring and evaluation framework; (v) ensure that a transparent process is in place to govern cases of covenant breach; and (vi) enhance the program's ability to meet the demand for coverage of longer-term trade finance tenors.