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Author: Gerard Caprio
Publisher: Cambridge University Press
Published: 2001-10-08
Total Pages: 320
ISBN-13: 0521803691
DOWNLOAD EBOOKThis volume provides a rounded view of financial liberalization after the collapses in East Asia.
Author: International Monetary Fund
Publisher: International Monetary Fund
Published: 1983-10-31
Total Pages: 46
ISBN-13: 9781557751041
DOWNLOAD EBOOKIn recent years, the appropriate level and structure of interest tates have come to be seen as major issues in connection with stabilization programs undertaken by members. These issues arise from consideration both on the demand side, as interest rates affect the magnitude of aggregate demand, and on the supply side, as they influence the volume and quality of investment and, thus, the growth of output.
Author: Miranda S. Goeltom
Publisher: Institute of Southeast Asian
Published: 1995
Total Pages: 109
ISBN-13: 9813016876
DOWNLOAD EBOOKUsing 1981-99 panel data on Indonesian manufacturing establishments and a survey of 2000 top business in Indonesia, Indonesia's Financial Liberalization analyses the consequences of financial liberalization on investment and allocation of credit, noting differential effects depending on size of firms, organizational form, and other categorizations.Using rigorous econometric tools, the conclusion derived is that although financial liberalization has increased borrowing costs, particularly for smaller firms, it has widened access to finance. The move from administrative-based to market-based allocation of credit has increased credit flow to firms that are more efficient, and these firms consequently have a higher concentration of investment.
Author: Asli Demirgüç-Kunt
Publisher: World Bank Publications
Published: 1998-06-01
Total Pages: 53
ISBN-13:
DOWNLOAD EBOOKA study of 53 countries during 1980-95 finds that financial liberalization increases the probability of a banking crisis, but less so where the institutional environment is strong. In particular, respect for the rule of law, a low level of corruption, and good contract enforcement are relevant institutional characteristics. the data also show that, after liberalization, financially repressed countries tend to have improved financial development even if they experience a banking crisis. This is not true for financially restrained countries. This paper’s results support a cautious approach to financial liberalization where institutions are weak, even if macroeconomic stabilization has been achieved.
Author: John Williamson
Publisher: Princeton University International Finance Section, Department of Econmics
Published: 1998
Total Pages: 84
ISBN-13:
DOWNLOAD EBOOKAuthor: Mr.Etibar Jafarov
Publisher: International Monetary Fund
Published: 2019-09-30
Total Pages: 66
ISBN-13: 151351248X
DOWNLOAD EBOOKFinancial repression (legal restrictions on interest rates, credit allocation, capital movements, and other financial operations) was widely used in the past but was largely abandoned in the liberalization wave of the 1990s, as widespread support for interventionist policies gave way to a renewed conception of government as an impartial referee. Financial repression has come back on the agenda with the surge in public debt in the wake of the Global Financial Crisis, and some countries have reintroduced administrative ceilings on interest rates. By distorting market incentives and signals, financial repression induces losses from inefficiency and rent-seeking that are not easily quantified. This study attempts to assess some of these losses by estimating the impact of financial repression on growth using an updated index of interest rate controls covering 90 countries over 45 years. The results suggest that financial repression poses a significant drag on growth, which could amount to 0.4-0.7 percentage points.
Author: Lawrence B. Krause
Publisher: Univ of California Press
Published: 2022-09-23
Total Pages: 440
ISBN-13: 0520376226
DOWNLOAD EBOOKEconomic growth in all developing countries is guided, and often accelerated, by generally intrusive policies implemented by governments intent on playing an active role in furthering development. As economies have grown and become more complex, however, even small market distortions are magnified, and the tendency is to rely more heavily on the market for continued growth. In this volume, leading experts in economic development examine the variety of issues that arise as governments in some of the newly industrializing countries of Southeast Asia, such as South Korea, Taiwan, and Singapore, grapple with this difficult process of liberalization. This title is part of UC Press's Voices Revived program, which commemorates University of California Press’s mission to seek out and cultivate the brightest minds and give them voice, reach, and impact. Drawing on a backlist dating to 1893, Voices Revived makes high-quality, peer-reviewed scholarship accessible once again using print-on-demand technology. This title was originally published in 1991.
Author: Mr.Luis Brandao-Marques
Publisher: International Monetary Fund
Published: 2019-09-27
Total Pages: 39
ISBN-13: 151351377X
DOWNLOAD EBOOKWe explore empirically how the time-varying allocation of credit across firms with heterogeneous credit quality matters for financial stability outcomes. Using firm-level data for 55 countries over 1991-2016, we show that the riskiness of credit allocation, captured by Greenwood and Hanson (2013)’s ISS indicator, helps predict downside risks to GDP growth and systemic banking crises, two to three years ahead. Our analysis indicates that the riskiness of credit allocation is both a measure of corporate vulnerability and of investor sentiment. Economic forecasters wrongly predict a positive association between the riskiness of credit allocation and future growth, suggesting a flawed expectations process.
Author: Reuven Glick
Publisher: Cambridge University Press
Published: 2001-04-23
Total Pages: 494
ISBN-13: 9780521800204
DOWNLOAD EBOOKThe essays in this volume analyze causes of financial crises in emerging markets and different policy responses.
Author: Francesco Manaresi
Publisher: International Monetary Fund
Published: 2019-05-17
Total Pages: 75
ISBN-13: 1498315917
DOWNLOAD EBOOKWe study the impact of bank credit on firm productivity. We exploit a matched firm-bank database covering all the credit relationships of Italian corporations, together with a natural experiment, to measure idiosyncratic supply-side shocks to credit availability and to estimate a production model augmented with financial frictions. We find that a contraction in credit supply causes a reduction of firm TFP growth and also harms IT-adoption, innovation, exporting, and adoption of superior management practices, while a credit expansion has limited impact. Quantitatively, the credit contraction between 2007 and 2009 accounts for about a quarter of observed the decline in TFP.
