Financial System Research Papers - Academia.edu (original) (raw)

This paper evaluates the usefulness of a currency board regime based on Argentina’s experience. Argentina adopted the currency board in March 1991 to put an end to a long history of large macroeconomic imbalances and high inflation that... more

This paper evaluates the usefulness of a currency board regime based on Argentina’s experience. Argentina adopted the currency board in March 1991 to put an end to a long history of large macroeconomic imbalances and high inflation that culminated in the hyperinflation process of 1989-91. The regime has been extremely successful in restoring macroeconomic stability and ensuring low inflation. The adoption of a tight fiscal stance, and of sound polices to strengthen the financial system were critical to ensure the resilience of the economy to respond to adverse external shocks. The paper will argue that a strict exchange rate rule like the one used in Argentina can be a strong alternative to other exchange rate regimes to ensure macroeconomic stability in a globalized world with highly integrated capital markets.

The purpose of this paper is to examine narrow banking proposals. First, we survey the narrow banking proposals presented in the United States and Japan, and categorize them by means of two standards: (1) whether safe assets that a narrow... more

The purpose of this paper is to examine narrow banking proposals. First, we survey the narrow banking proposals presented in the United States and Japan, and categorize them by means of two standards: (1) whether safe assets that a narrow bank is allowed to hold are limited ...

It is generally understood that as a country develops, it devotes greater resources to safety, including implementing precautionary measures designed to reduce the impacts of natural disasters. With the recent devastating human and... more

It is generally understood that as a country develops, it devotes greater resources to safety, including implementing precautionary measures designed to reduce the impacts of natural disasters. With the recent devastating human and economic impacts of the tsunami in Southeast Asia ...

In markets with high levels of financial exclusion, actors in the financial system, financial service providers (FSPs), consumers, providers of financial system infrastructure and other market supporting functions, regulators and other... more

In markets with high levels of financial exclusion, actors in the financial system, financial service providers (FSPs), consumers, providers of financial system infrastructure and other market supporting functions, regulators and other policy makers, often face capacity limitations. These include insufficient or inexperienced staff, lack of knowledge or understanding of the market, and limited financial literacy. Building sustainable and inclusive financial markets will require building the capacity of these actors. Funders that work to promote financial inclusion can play a very useful role in tackling capacity challenges, particularly if they provide support in a way that facilitates the development of a capacity building services market. This approach can benefit the whole financial market as opposed to the more common approach of providing direct support to one or a few actors in the market. This focus note builds on the ideas discussed in ‘facilitating market development to adv...

Different types of conflict have different effects on the financial system. Country priorities for reconstruction therefore vary accordingly. Nevertheless, the following problems repeatedly occur in reconstruction. First, central banks... more

Different types of conflict have different effects on the financial system. Country priorities for reconstruction therefore vary accordingly. Nevertheless, the following problems repeatedly occur in reconstruction. First, central banks often remain weak and under-resourced. The ...

Poverty, inequality, and exclusion are the basis of social justice. While these problems are prevalent in developing countries, they also occur in developed countries. In the United States, not only is poverty present, but it is also... more

Poverty, inequality, and exclusion are the basis of social justice. While these problems are prevalent in developing countries, they also occur in developed countries. In the United States, not only is poverty present, but it is also highly concentrated. Minorities, new immigrants, and women represent the most vulnerable U.S. groups. Officially, poverty is defined based on household incomes, yet characterizing poverty only on the basis of monetary resources is insufficient. As discussed in this article, poverty can also be classified on quality of life indicators, from housing, health, and education to socialization and political participation. This paper's objective is to establish the built environment and financial exclusion-two dimensions of a broad definition of poverty-as the foundation of social justice. A successful microloan program that addresses these two aspects of poverty is presented. The focus is on the effects of poverty in Texas colonias, ranging from how povert...

The Centre for Planning and Economic Research (KEPE) was established as a research unit, under the title “Centre of Economic Research”, in 1959. Its primary aims were the scientific study of the problems of the Greek economy, the... more

The Centre for Planning and Economic Research (KEPE) was established as a research unit, under the title “Centre of Economic Research”, in 1959. Its primary aims were the scientific study of the problems of the Greek economy, the encouragement of economic research ...

In a number of European countries microfinance evolved from informal beginnings during the eighteenth and nineteenth centuries as a type of banking of the poor, juxtaposed to the commercial and private banking sector. Almost from the... more

In a number of European countries microfinance evolved from informal beginnings during the eighteenth and nineteenth centuries as a type of banking of the poor, juxtaposed to the commercial and private banking sector. Almost from the onset, microfinance meant financial intermediation between microsavings and microcredit, and was powered by intermediation. Legal recognition, regulation and mandatory supervision evolved in due course and led to a process of mainstreaming during the twentieth century when microfinance became part of the formal banking sector. In Germany, the former microfinance institutions now account for around 50% of banking assets; outreach is to around 90% of the population. Microfinance in Asia presumably has a much longer history, though little seems to be known about the early history of the hui in China, the chit funds in India, the arisan in Indonesia or the paluwagan in the Philippines, to name but a few. Financial institutions of indigenous origin, most of ...