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World Bank Development Research Group Finance

Overview
Works: 194 works in 393 publications in 1 language and 4,554 library holdings
Genres: Case studies  Cross-cultural studies 
Classifications: HG3881.5.W57, 332
Publication Timeline
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Publications about World Bank
Publications by World Bank
Most widely held works by World Bank
Market discipline and financial safety net design by Aslı Demirgüç-Kunt( Book )
3 editions published in 1999 in English and held by 58 libraries worldwide
It is difficult to design and implement an effective safety net for banks, because overgenerous protection of banks may introduce a risk-enhancing moral hazard and destabilize the very system it is meant to protect. The safety net that policymakers design must provide the right mix of market and regulatyory discipline, enough to protect depositors without unduly undermining market discipline on banks
The Swiss multi-pillar pension system : triumph of common sense? by Monika Queisser( Book )
4 editions published in 2000 in English and held by 57 libraries worldwide
Abstract: Switzerland is the first country to have publicly articulated the benefits of a multi-pillar approach to pensions and the first OECD country to have mandated that employers provide occupational pension plans for their employees. Not surprising, the Swiss system has many unique and attractive features
The credit channel at work : lessons from the Republic of Korea's financial crisis by Giovanni Ferri( Book )
4 editions published in 1999 in English and held by 57 libraries worldwide
When negative monetary and financial shocks hit the Korean economy, reactions in the financial system amplified the impact of the shocks by reducing the credit available and increasing its cost. This particularly hurt segments of the economy that rely heavily on bank credit for external financing, such as small and medium-sized enterprises
Provincial bank privatization in Argentina : the why, the how, and the so what? by George R. G Clarke( Book )
4 editions published in 1999 in English and held by 56 libraries worldwide
Will the Euro trigger more monetary unions in Africa? by Patrick Honohan( Book )
4 editions published in 2000 in English and held by 56 libraries worldwide
The arrival of the euro widens the options for a common peg for African currencies but need not shift the balance of advantages in favor of adopting several common currency arrangements in Africa
The effect of foreign entry on Argentina's domestic banking sector by George R. G Clarke( Book )
4 editions published in 1999 in English and held by 55 libraries worldwide
Global capital flows and financing constraints by Ann E Harrison( Book )
3 editions published in 2002 in English and held by 54 libraries worldwide
Firms often cite financing constraints as one of their primary obstacles to investment. Global capital flows, by bringing in scarce capital, may ease host-country firms' financing constraints. However, if incoming foreign investors borrow heavily from domestic basnks, direct foreign investment (DFI) may exacerbate financing constraints by crowding host country firms out of domestic capital markets. Combininb a unique cross-country firm-level panel with time-series data on restrictions on international transactions and capital flows, we find that different measures of global flows are associated with a reduction in firm-level financing constraints. First, we show that one type of capital inflow--DFI--is associated with a reduction in financing constraints. Second, we test whether restrictions on international transactions affect firms' financing constraints. Our results suggest that only one type of restriction--those on capital account transactions--negatively affect firms' financing constraints. We also show that multinational firms are not financially constrained and do not appear to be sensitive to the level of DFI. This implies that DFI eases financing constraints for non-multinational firms. Finally, we show that DFI only eases financing constraints in the non-G7 countries
Pension reform and capital market development : "feasibility" and "impact" preconditions by Dimitri Vittas( Book )
4 editions published in 2000 in English and held by 54 libraries worldwide
Private pension funds are neither necessary nor sufficient for capital market development. But if they are subject to conducive regulations, adopt optimizing policies, and operate in a pluralistic structure, they can have a large impact on capital market modernization and development once they reach a critical mass
The value of relationship banking during financial crises : evidence from the Republic of Korea by Giovanni Ferri( Book )
4 editions published in 2001 in English and held by 54 libraries worldwide
Relationship banking, with surviving banks, has a positive value during a systemic financial crisis. For many viable small and medium-size businesses in the Republic of Korea, relationship banking reduced liquidity constraints and thus diminished the probability of unwarranted bankruptcy during the country's financial crisis of 1997-98
Designing financial safety nets to fit country circumstances by Edward J Kane( Book )
4 editions published in 2000 in English and held by 54 libraries worldwide
For optimal regulation, one size does not fit all. Differences in countries' informational and contracting environments (in the transparency of information, in protection for counterparties, and in political accountability), influence the design of their financial safety nets and their strategies for managing the breakdown of those nets
Financial dependence and international trade by Thorsten Beck( Book )
4 editions published in 2001 in English and held by 54 libraries worldwide
Does financial development translate into a comparative advantage in industries that use more external finance? Yes, it does
Financial structure and economic development firm, industry, and country evidence by Thorsten Beck( file )
5 editions published in 2000 in English and held by 54 libraries worldwide
A country's level of financial development and the legal environment in which financial intermediaries and markets operate critically influence economic development. In countries whose financial sectors are more fully developed and whose legal systems protect the rights of outside investors, economies grow faster, industries dependent on external finance expand more quickly, new firms are created more easily, firms have more access to external financing, and firms grow faster
Financial safety nets and incentive structures in Latin America by Philip Lawton Brock( Book )
2 editions published in 1998 in English and held by 53 libraries worldwide
Bank-based and market-based financial systems : cross-country comparisons by Aslı Demirgüç-Kunt( Book )
2 editions published in 1999 in English and held by 53 libraries worldwide
Exchange rate risk management : evidence fron East Asia by George Allayannis( Book )
4 editions published in 2001 in English and held by 53 libraries worldwide
In a large sample of East Asian nonfinancial corporations, firms using foreign currency derivatives had distinctive characteristics, such as larger size and foreign debt exposures. Unlike in studies of U.S. firms, there was only weak evidence that liquidity-constrained firms with greater growth opportunities hedged more. Firms appeared to use foreign earnings as a substitute for hedging with derivatives, and to engage in "selective" hedging. There was no evidence that East Asian firms eliminated their foreign exchange exposure by using derivatives. And firms using derivatives before the crisis performed just as poorly as nonhedgers during the crisis
Why privatize? : the case of Argentina's public provincial banks by George R. G Clarke( Book )
2 editions published in 1998 in English and held by 53 libraries worldwide
What determines protection of property rights? an analysis of direct and indirect effects by Meghana Ayyagari( file )
3 editions published in 2006 in English and held by 53 libraries worldwide
Using cross-country data, the authors evaluate historical determinants of protection of property rights. They examine four historical theories that focus on conceptually distinct causal variables believed to shape institutions: legal origin, endowments, ethnic diversity, and religion. There is only one realization of the data with relatively few observations, which have by now been well explored in the literature. Given the correlations between the explanatory variables, it is difficult to fashion empirical tests which are consistent in their treatment of the competing theories and to know which regressions to take seriously, giving rise to competing interpretations in the literature. The authors use Directed Acyclic Graph (DAG) methodology to identify which historical factors are direct determinants of property rights protection and which are not, and subject the outcomes to a battery of robustness tests. The empirical results support ethnic fractionalization as a robust determinant of property rights protection. Despite the attention it has received in the literature, the impact of legal origin on protection of property rights appears fragile and dependent on the inclusion of transition economies in the sample
Bank privatization in Argentina a model of political constraints and differential outcomes by George R. G Clarke( file )
4 editions published in 2001 in English and held by 53 libraries worldwide
Finance, firm size, and growth ( Book )
2 editions published in 2005 in English and held by 53 libraries worldwide
"The authors examine whether financial development boosts the growth of small firms more than large firms and hence provides information on the mechanisms through which financial development fosters aggregate economic growth. They define an industry's technological firm size as the firm size implied by industrial specific production technologies, including capital intensities and scale economies. Using cross-industry, cross-country data, the results indicate that financial development exerts a disproportionately large effect on the growth of industries that are technologically more dependent on small firms. This suggests that financial development accelerates economic growth by removing growth constraints on small firms and also implies that financial development has sectoral as well as aggregate growth ramifications. This paper--a product of the Finance Group, Development Research Group--is part of a larger effort in the group to understand the growth finance link"--World Bank web site
Financial development and financing constraints : international evidence from the structural investment model by Inessa Love( Book )
3 editions published in 2001 in English and held by 53 libraries worldwide
Microeconomic evidence from 40 countries shows that financial development aids growth by reducing financing constraints that would otherwise restrict efficient firm investment
 
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