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Author: Martin Cihak
Publisher:
ISBN: 9781484337202
Category :
Languages : en
Pages :
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Book Description
Review the experience with public sector interventions to support the financial system, ten years after the onset of the global financial crisis. The project's purpose is to shed light on long-run effects of public support, with a focus on its impact on fiscal balances and the banking system's structure. To this aim, it would provide an update on the fiscal costs of the interventions and on the extent to which intervened financial institutions remain on their respective governments' books. The Fall 2018 flagships would be able to draw on the project's results; the full paper and database would be published in November/December 2018.
Author: Martin Cihak
Publisher:
ISBN: 9781484337202
Category :
Languages : en
Pages :
Get Book
Book Description
Review the experience with public sector interventions to support the financial system, ten years after the onset of the global financial crisis. The project's purpose is to shed light on long-run effects of public support, with a focus on its impact on fiscal balances and the banking system's structure. To this aim, it would provide an update on the fiscal costs of the interventions and on the extent to which intervened financial institutions remain on their respective governments' books. The Fall 2018 flagships would be able to draw on the project's results; the full paper and database would be published in November/December 2018.
Author: Ms.Deniz O Igan
Publisher: International Monetary Fund
ISBN: 1513508334
Category : Business & Economics
Languages : en
Pages : 90
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Book Description
We track direct public interventions and public holdings in 1,114 financial institutions over the period 2007–17 in 37 countries based on publicly available information. We use aggregate official data to validate this new dataset and estimate the fiscal impact of interventions, including the value of asset holdings remaining in state hands at end-2017. Direct public support to financial institutions amounted to $1.6 trillion ($3.5 trillion including guarantees), with larger amounts allocated to lower capitalized and less profitable banks. As of end-2017, only a few countries had fully divested the initial support they provided during the crisis. Public holdings were divested faster in better capitalized, more profitable, and more liquid banks, and in countries where the economy recovered faster. In countries where the government stake remained high relative to the initial intervention, private investment and credit growth were slower, financial access, depth, efficiency, and competition were worse, and financial stability improved less.
Author: Ms.Deniz O Igan
Publisher: International Monetary Fund
ISBN: 1513509438
Category : Business & Economics
Languages : en
Pages : 90
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Book Description
We track direct public interventions and public holdings in 1,114 financial institutions over the period 2007–17 in 37 countries based on publicly available information. We use aggregate official data to validate this new dataset and estimate the fiscal impact of interventions, including the value of asset holdings remaining in state hands at end-2017. Direct public support to financial institutions amounted to $1.6 trillion ($3.5 trillion including guarantees), with larger amounts allocated to lower capitalized and less profitable banks. As of end-2017, only a few countries had fully divested the initial support they provided during the crisis. Public holdings were divested faster in better capitalized, more profitable, and more liquid banks, and in countries where the economy recovered faster. In countries where the government stake remained high relative to the initial intervention, private investment and credit growth were slower, financial access, depth, efficiency, and competition were worse, and financial stability improved less.
Author: Mr.Luc Laeven
Publisher: International Monetary Fund
ISBN: 1455218979
Category : Business & Economics
Languages : en
Pages : 37
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Book Description
We collect new data to assess the importance of supply-side credit market frictions by studying the impact of financial sector recapitalization packages on the growth performance of firms in a large cross-section of 50 countries during the recent crisis. We develop an identification strategy that uses the financial crisis as a shock to credit supply and exploits exogenous variation in the degree to which firms depend on external financing for investment needs, and focus on policy interventions aimed at alleviating the bank capital crunch. We find that the growth of firms dependent on external financing is disproportionately positively affected by bank recapitalization policies, and that this effect is quantitatively important and robust to controlling for other financial sector support policies. We also find that fiscal policy disproportionately boosted growth of firms more dependent on external financing. These results provide new evidence of a quantitatively important role of credit market frictions in influencing real economic activity.
Author: Carl-Johan Lindgren
Publisher:
ISBN: 9781557758712
Category : Business & Economics
Languages : en
Pages : 103
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Book Description
An IMF paper reviewing the policy responses of Indonesia, Korea and Thailand to the 1997 Asian crisis, comparing the actions of these three countries with those of Malaysia and the Philippines. Although all judgements are still tentative, important lessons can be learned from the experiences of the last two years.
Author: Kevin Dowd
Publisher: John Wiley & Sons
ISBN: 047068996X
Category : Business & Economics
Languages : en
Pages : 433
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Book Description
An engaging look at how modern finance almost destroyed our global economy Over the last thirty years, capital markets have been restructured through the tenets of modern finance. This has been enormously profitable for the financial services sector. However, these innovations, coupled with unsound risk and regulatory practices have proved disastrous for the global economy. In a clear and accessible style, ex-investment banker and financial journalist Martin Hutchinson, and highly respected academic, Kevin Dowd show how modern finance combined with easy money threatened to bring down the world financial system. At the heart of the book is modern finance as a U.S. invention, the theories and practices associated with them, and the changes they made in business models and risk management on Wall Street and other major financial centers. Breaks down the events involved in the 2007-08 financial collapse Reveals how botched policy response made a bad situation worse Focuses on lessons that the practice of finance must learn from recent events The Alchemists of Loss will help you to understand how our financial system crashed and show you what it will take to make sure this won't happen again as we move forward.
Author: Mr.Michael G. Papaioannou
Publisher: International Monetary Fund
ISBN: 1589069897
Category : Business & Economics
Languages : en
Pages : 94
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Book Description
As the financial crisis abates, governments are faced with the challenge of balancing the withdrawal of fiscal support with reestablishing sound public finances and sustainable growth. This volume presents papers from an IMF-sponsored conference of senior policymakers, academics, and senior representatives of the private sector on unwinding public interventions initiated during the crisis. There was broad agreement that the main goal of any strategy for unwinding such interventions should be to create price stability, fiscal sustainability, and a new economic landscape that is much safer than currently exists. Different perspectives on the timing and sequence of the exit process are presented and some guiding principles for exit strategies are discussed. Policy objectives, unwinding public support to banks, and dealing with risky assets purchased by central banks are among topics discussed in detail. The volume also presents views on what the new financial landscape will look like.
Author: Gianluigi Giorgioni
Publisher: Springer
ISBN: 1137580321
Category : Business & Economics
Languages : en
Pages : 261
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Book Description
This book provides an in-depth overview of the most salient aspects of development finance. It critically reviews the current state of relevant literature on this topic and assesses both the challenges and the opportunities presented by the various forms of finance for development. Chapters from expert contributors examine a range of topics from the link between finance and growth and finance and misallocation, the relationship between financial illiteracy and lack of legal titles on access to finance, to the role of governments in the financial system and the role of overseas development assistance, remittances, microfinance, foreign direct investment (FDI) and stock exchanges on development. This book offers a good point of reference for postgraduate and PhD students and will appeal to researchers in this field.
Author: Mr.Giovanni Dell'Ariccia
Publisher: International Monetary Fund
ISBN: 1484341007
Category : Business & Economics
Languages : en
Pages : 42
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Book Description
This SDN revisits the debate on bank resolution regimes, first by presenting a simple model of bank insolvency that transparently describes the trade-off involved between bail-outs, bail-ins, and larger capital buffers. The note then looks for empirical evidence to assess the moral hazard consequences of bail-outs and the systemic spillovers from bail-ins.
Author: Robert E. Litan
Publisher: Brookings Institution Press
ISBN: 9780815752905
Category : Business & Economics
Languages : en
Pages : 474
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Book Description
A financial system is only as strong as the governing practices and institutions of its participants. The challenge to build efficient and accountable financial institutions that promote confidence is a problem that private financial sector executives and policymakers confront together. In this context, Financial Sector Governance takes a clinical approach to addressing the challenges in emerging and developed markets in each industry: capital markets, private banks, state-owned banks, asset management companies, public pension funds, and mutual funds. It also explores the linkages between public and private sector governance, and the policy implications for strengthening both sides. Financial Sector Governance emerges from the fourth annual Financial Markets and Development conference, organized by the World Bank, the International Monetary Fund and the Brookings Institution, during which participants from the public and private financial sectors of emerging and developed markets contribute to an expanding dialogue addressing key policy concerns.
