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Foreword I n recent decades many countries have experienced systemic banking crises requiring maj... more Foreword I n recent decades many countries have experienced systemic banking crises requiring major restructurings of their financial systems. These restructurings have often had high fiscal costs, with budget outlays sometimes exceeding 50 percent of GDP. The recent East Asian crisis spurred a debate on policies needed to restore financial stability and avert and mitigate future financial crises. Managing and resolving a financial crisis is a complex undertaking-and one that raises important questions about government's role. To advance the dialogue on these issues, World Bank Group staff have prepared a number of papers, three of which are presented in this volume. These papers are not intended to reflect the Bank Group's policies, but rather to stimulate debate in and solicit views from the development community at large. While the papers in this volume were motivated by events that took place during the East Asian crisis, they also draw on experiences from other regions. Although many questions remain to be answered, this volume contributes to the literature by providing an overview of the lessons learned from past government policies aimed at managing and resolving financial crises. The volume will be of particular interest to policymakers involved with financial and corporate sector reform.
Foreword I n recent decades many countries have experienced systemic banking crises requiring maj... more Foreword I n recent decades many countries have experienced systemic banking crises requiring major restructurings of their financial systems. These restructurings have often had high fiscal costs, with budget outlays sometimes exceeding 50 percent of GDP. The recent East Asian crisis spurred a debate on policies needed to restore financial stability and avert and mitigate future financial crises. Managing and resolving a financial crisis is a complex undertaking-and one that raises important questions about government's role. To advance the dialogue on these issues, World Bank Group staff have prepared a number of papers, three of which are presented in this volume. These papers are not intended to reflect the Bank Group's policies, but rather to stimulate debate in and solicit views from the development community at large. While the papers in this volume were motivated by events that took place during the East Asian crisis, they also draw on experiences from other regions. Although many questions remain to be answered, this volume contributes to the literature by providing an overview of the lessons learned from past government policies aimed at managing and resolving financial crises. The volume will be of particular interest to policymakers involved with financial and corporate sector reform.
Journal of Empirical Finance, 2006
We study how local stock market development and internationalizationlisting, trading, and capita... more We study how local stock market development and internationalizationlisting, trading, and capital raising in international exchangesare related to economic fundamentals. Using panel data, we find that higher-income economies with sounder macro policies, more efficient legal ...
Policy Research Working Papers, 1999
The internationalization of financial serviceseliminating discrimination in the treatment betwee... more The internationalization of financial serviceseliminating discrimination in the treatment between foreign and domestic financial services providers and removing barriers to the cross-border provision of financial servicesis of global interest, but of special interest to Asia. Most of Asia limits entry of foreign financial firms much more than otherwise comparable countries. Empirical evidence for Asiaand other countriessuggests that this leads to slower institutional development and more costly financial services provision. Going forward, Asian countries could benefit from accelerating the opening up, in conjunction with further capital account liberalization and domestic deregulation of their financial markets. Ongoing financial service negotiations at the WTO give countries the opportunity to commit to this opening up-with built-in safeguards and the possibility of phasing in-which could be very valuable.
… -Wharton Papers on …, 2002
... By Stijn Claessens, Daniela Klingebiel, and Sergio L. Schmukler* First Draft December 3, 2001... more ... By Stijn Claessens, Daniela Klingebiel, and Sergio L. Schmukler* First Draft December 3, 2001 Abstract ... The determinants of (new) domestic offerings at the firm level have been much studied (see, for example, Pagano, Panetta, and Zingales, 1998 for a recent review and ...
14 12 10 8 6 4 2 0 Note: The sample contains 93 crisis countries; some countries experienced more... more 14 12 10 8 6 4 2 0 Note: The sample contains 93 crisis countries; some countries experienced more than one crisis.
The Brazilian equity market is characterized by relatively low liquidity, high cost of capital (l... more The Brazilian equity market is characterized by relatively low liquidity, high cost of capital (low firm valuation), and limited new capital raising. Ownership concentration of corporations is high, with large wedges between control and cash flow rights, leading to large differences in pricing of non-voting and voting shares, reflecting the risks of expropriation by insiders. In recent years, much of
Policy Research Working Papers, 2002
Laeven, Klingebiel, and Kroszner investigate the link financial systems. They hypothesize that th... more Laeven, Klingebiel, and Kroszner investigate the link financial systems. They hypothesize that the deepening of ke-LW,een financial crises anA inAustr y g rowth. Thley the financial systemL allows sectors dependent on external analyze data from 19 industrial and developing countries finance to obtain relatively more external funding in that have experienced financiat crises during tne past 30 normal perioas, so a crisis in sucn counrries wouia nave a years to investigate how financial crises affect sectors disproportionately negative effect on externally dependent on external sources of finance. Specifically, dependent sectors. In contrast, since externally the authors examine whether the impact of a financial dependent firms tend to obtain relatively less external crisis on externally dependent sectors varies with the financing in shallower financial systems (and hence have depth of the financial system. They find that sectors relatively lower growth rates in such countries during highly dependent on external finance tend to experience normal times), a crisis in such countries has less of a a grpntpr cnntrnction of valiuie addelped tduring n rrisis in dispnronrtinnntelv neantive effect on the grnwth of deeper financial systems than in countries with shallower externally dependent sectors.
Policy Research Working Papers, 2001
Policy Research Working Papers, 2000
SSRN Electronic Journal, 2000
SSRN Electronic Journal, 2000
SSRN Electronic Journal, 2000
SSRN Electronic Journal, 2000
Policy Research Working Papers, 1999
Foreword I n recent decades many countries have experienced systemic banking crises requiring maj... more Foreword I n recent decades many countries have experienced systemic banking crises requiring major restructurings of their financial systems. These restructurings have often had high fiscal costs, with budget outlays sometimes exceeding 50 percent of GDP. The recent East Asian crisis spurred a debate on policies needed to restore financial stability and avert and mitigate future financial crises. Managing and resolving a financial crisis is a complex undertaking-and one that raises important questions about government's role. To advance the dialogue on these issues, World Bank Group staff have prepared a number of papers, three of which are presented in this volume. These papers are not intended to reflect the Bank Group's policies, but rather to stimulate debate in and solicit views from the development community at large. While the papers in this volume were motivated by events that took place during the East Asian crisis, they also draw on experiences from other regions. Although many questions remain to be answered, this volume contributes to the literature by providing an overview of the lessons learned from past government policies aimed at managing and resolving financial crises. The volume will be of particular interest to policymakers involved with financial and corporate sector reform.
Foreword I n recent decades many countries have experienced systemic banking crises requiring maj... more Foreword I n recent decades many countries have experienced systemic banking crises requiring major restructurings of their financial systems. These restructurings have often had high fiscal costs, with budget outlays sometimes exceeding 50 percent of GDP. The recent East Asian crisis spurred a debate on policies needed to restore financial stability and avert and mitigate future financial crises. Managing and resolving a financial crisis is a complex undertaking-and one that raises important questions about government's role. To advance the dialogue on these issues, World Bank Group staff have prepared a number of papers, three of which are presented in this volume. These papers are not intended to reflect the Bank Group's policies, but rather to stimulate debate in and solicit views from the development community at large. While the papers in this volume were motivated by events that took place during the East Asian crisis, they also draw on experiences from other regions. Although many questions remain to be answered, this volume contributes to the literature by providing an overview of the lessons learned from past government policies aimed at managing and resolving financial crises. The volume will be of particular interest to policymakers involved with financial and corporate sector reform.
Journal of Empirical Finance, 2006
We study how local stock market development and internationalizationlisting, trading, and capita... more We study how local stock market development and internationalizationlisting, trading, and capital raising in international exchangesare related to economic fundamentals. Using panel data, we find that higher-income economies with sounder macro policies, more efficient legal ...
Policy Research Working Papers, 1999
The internationalization of financial serviceseliminating discrimination in the treatment betwee... more The internationalization of financial serviceseliminating discrimination in the treatment between foreign and domestic financial services providers and removing barriers to the cross-border provision of financial servicesis of global interest, but of special interest to Asia. Most of Asia limits entry of foreign financial firms much more than otherwise comparable countries. Empirical evidence for Asiaand other countriessuggests that this leads to slower institutional development and more costly financial services provision. Going forward, Asian countries could benefit from accelerating the opening up, in conjunction with further capital account liberalization and domestic deregulation of their financial markets. Ongoing financial service negotiations at the WTO give countries the opportunity to commit to this opening up-with built-in safeguards and the possibility of phasing in-which could be very valuable.
… -Wharton Papers on …, 2002
... By Stijn Claessens, Daniela Klingebiel, and Sergio L. Schmukler* First Draft December 3, 2001... more ... By Stijn Claessens, Daniela Klingebiel, and Sergio L. Schmukler* First Draft December 3, 2001 Abstract ... The determinants of (new) domestic offerings at the firm level have been much studied (see, for example, Pagano, Panetta, and Zingales, 1998 for a recent review and ...
14 12 10 8 6 4 2 0 Note: The sample contains 93 crisis countries; some countries experienced more... more 14 12 10 8 6 4 2 0 Note: The sample contains 93 crisis countries; some countries experienced more than one crisis.
The Brazilian equity market is characterized by relatively low liquidity, high cost of capital (l... more The Brazilian equity market is characterized by relatively low liquidity, high cost of capital (low firm valuation), and limited new capital raising. Ownership concentration of corporations is high, with large wedges between control and cash flow rights, leading to large differences in pricing of non-voting and voting shares, reflecting the risks of expropriation by insiders. In recent years, much of
Policy Research Working Papers, 2002
Laeven, Klingebiel, and Kroszner investigate the link financial systems. They hypothesize that th... more Laeven, Klingebiel, and Kroszner investigate the link financial systems. They hypothesize that the deepening of ke-LW,een financial crises anA inAustr y g rowth. Thley the financial systemL allows sectors dependent on external analyze data from 19 industrial and developing countries finance to obtain relatively more external funding in that have experienced financiat crises during tne past 30 normal perioas, so a crisis in sucn counrries wouia nave a years to investigate how financial crises affect sectors disproportionately negative effect on externally dependent on external sources of finance. Specifically, dependent sectors. In contrast, since externally the authors examine whether the impact of a financial dependent firms tend to obtain relatively less external crisis on externally dependent sectors varies with the financing in shallower financial systems (and hence have depth of the financial system. They find that sectors relatively lower growth rates in such countries during highly dependent on external finance tend to experience normal times), a crisis in such countries has less of a a grpntpr cnntrnction of valiuie addelped tduring n rrisis in dispnronrtinnntelv neantive effect on the grnwth of deeper financial systems than in countries with shallower externally dependent sectors.
Policy Research Working Papers, 2001
Policy Research Working Papers, 2000
SSRN Electronic Journal, 2000
SSRN Electronic Journal, 2000
SSRN Electronic Journal, 2000
SSRN Electronic Journal, 2000
Policy Research Working Papers, 1999