Download or read book Policy based Finance and Market Alternatives written by Kim B. Staking and published by IDB. This book was released on 1997 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Policy based Finance Financial Regulation and Financial Sector Development in Japan written by Dimitri Vittas and published by World Bank Publications. This book was released on 1999 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: April 1995 Is Japan a good model for developing countries? Certainly macroeconomic stability, good information systems, effective monitoring, and financial discipline are essential for smooth-functioning, efficient financial systems. But is there scope for state intervention in organizing the financial system and using well-designed, narrowly focused directed credit programs in the transition from malfunctioning financial systems to modern, efficient ones? The Japanese government's role in creating a macroeconomic and financial environment conducive to rapid industrialization and economic growth went beyond maintaining price stability, say Vittas and Kawaura. The government created a stable but segmented and tightly regulated financial system that favored the financing of industry over other sectors of economic activity. Lending practices, the direction of policy-based finance, and the structure of Japan's financial system changed over time, but one thing stayed constant: the authorities' vision. Some observers maintain that Japanese policies -- emphasizing the development of internationally competitive industries -- retarded economic growth. And government policies were not the only or even the most important factor in Japan's success. One key to success was government agencies' close cooperation with the private sector, and the government's reliance on privately owned and managed corporations to achieve government-favored industrial goals. Japan's financial system was quite different from Anglo-American and continental European financial systems. Vittas and Kawaura discuss some characteristics of the Japanese system in the high growth era: * The preponderant role of indirect finance. * The overloan position of large commercial banks. * The overborrowing of industrial companies. * Artificially low interest rates. * The segmentation and fragmentation of the financial system. * The underdevelopment of securities markets and institutional investors. * The key role played by the main bank system. * The close relations between banks and industry. * The different roles debt and equity played in the Japanese system. * The role large conglomerate groups, especially general trading companies, played in channeling funds to small firms at the industrial periphery. * The role of policy-based financial institutions. These features evolved in the context of high savings rates and an accumulation of assets, mobilized mostly through deposit institutions, including the postal savings system, and transformed into short- and long-term and risky loans through commercial and long-term credit banks as well as specialized government financial institutions. Are hard work and good management the secrets of Japan's success? Hard work may be as much a symptom as a cause of economic success, say Vittas and Kawaura. But good management has unquestionably been a key to Japan's economic success. Whether Japan's approach is better than others is more difficult to answer. Japan may have overtaken several European countries but was still lagging behind the United States and a few European countries in per capita income expressed in purchasing power parity terms. And although the Japanese approach played a significant part in promoting industrialization and accelerating economic growth during the period of reconstruction and high growth, it also entailed significant long-term costs -- in terms of poor-quality housing and other urban infrastructure, for example. And the excesses of the 1980s and Japan's current economic recession undermine claims about its ability to continuously outperform other countries. This paper -- a product of the Financial Sector Development Department -- is part of a project to study the effectiveness of credit policies in East Asia. Dimitri Vittas may be contacted at [email protected].
Download or read book Finance for All written by World Bank and published by World Bank Publications. This book was released on 2007-11-09 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt: Access to financial services varies sharply around the world. In many developing countries less than half the population has an account with a financial institution, and in most of Africa less than one in five households do. Lack of access to finance is often the critical mechanism for generating persistent income inequality, as well as slower growth. 'Finance for All?: Policies and Pitfalls in Expanding Access' documents the extent of financial exclusion around the world; addresses the importance of access to financial services for growth, equity and poverty reduction; and discusses policy interventions and institutional reforms that can improve access for underserved groups. The report is a broad ranging review of the work already completed or in progress, drawing on research utilizing data at the country, firm and household level. Given that financial systems in many developing countries serve only a small part of the population, expanding access remains an important challenge across the world, leaving much for governments to do. However, not all government actions are equally effective and some policies can be counterproductive. The report sets out principles for effective government policy on broadening access, drawing on the available evidence and illustrating with examples.
Download or read book Aid and Power Vol 1 written by Jane Harrigan and published by Routledge. This book was released on 2013-10-11 with total page 351 pages. Available in PDF, EPUB and Kindle. Book excerpt: When the major aid organizations made flows of aid conditional on changes in policy, they prompted an extensive debate in development circles. Aid and Power has made one of the most significant and influential contributions to that debate. This edition has been revised to take account of changes within the World Bank itself and the extension of policy based lending to the formerly socialist economies of east and central Europe.
Download or read book Credit Policies written by Dimitri Vittas and published by World Bank Publications. This book was released on 1995 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book OECD Sovereign Borrowing Outlook 2021 written by OECD and published by OECD Publishing. This book was released on 2021-05-20 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt: This edition of the OECD Sovereign Borrowing Outlook reviews developments in response to the COVID-19 pandemic for government borrowing needs, funding conditions and funding strategies in the OECD area.
Download or read book Drivers of Financial Access the Role of Macroprudential Policies written by Corinne Deléchat and published by International Monetary Fund. This book was released on 2020-05-29 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study analyzes the drivers of the use of formal vs. informal financial services in emerging and developing countries using the 2017 Global FINDEX data. In particular, we investigate whether individuals’ choice of financial services correlates with macro-financial and macro-structural policies and conditions, in addition to individual and country characteristics. We start our analysis on middle and low-income countries, and then zoom in on sub-Saharan Africa, currently the region that most relies on informal financial services, and which has the largest uptake of mobile banking. We find robust evidence of an association between macroprudential policies and individuals’ choice of financial access after controlling for personal and country-level characteristics. In particular, macroprudential policies aimed at controlling credit supply seem to be associated with greater resort to informal financial services compared with formal, bank-based access. This highlights the importance for central bankers and financial sector regulators to consider the potential spillovers of monetary policy and financial stability measures on financial inclusion.
Download or read book Shadow Banking and Market Based Finance written by Tobias Adrian and published by International Monetary Fund. This book was released on 2018-08-01 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: Variants of nonbank credit intermediation differ greatly. We provide a conceptual framework to help distinguish various characteristics—structural features, economic motivations, and risk implications—associated with different forms of nonbank credit intermediation. Anchored by this framework, we take stock of the evolution of shadow banking and the extent of its transformation into market-based finance since the global financial crisis. In light of the substantial regulatory and supervisory responses of recent years, we highlight key areas of progress while drawing attention to elements where work still needs to be done. Case studies of policy challenges arising in different jurisdictions are also discussed. While many of the amplification forces that were at play during the global financial crisis have diminished, the post-crisis reform agenda is not yet complete, and policy makers must remain attentive to new challenges looming on the horizon.
Download or read book The Catalyzing Role of Policy based Lending by the IMF and the World Bank written by Graham Bird and published by . This book was released on 1999 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Global Financial Development Report 2013 written by World Bank and published by World Bank Publications. This book was released on 2012-09-01 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt: This new annual publication from the World Bank Group provides an overview and assessment of financial sector development around the world, with particular attention on medium- and low-income countries.
Download or read book New Roles of Policy based Finance in Tackling Global Issues written by and published by . This book was released on 1992 with total page 86 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Credit Policies Lessons from East Asia written by Dimitri Vittas and published by . This book was released on 1999 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: May 1995 Directed credit programs should be small, narrowly focused, and of limited duration (with clear sunset provisions). They should be financed by long-term funds to prevent inflation and macroeconomic instability. Directed credit programs were a major tool of development in the 1960s and 1970s. In the 1980s, their usefulness was reconsidered. Experience in most countries showed that they stimulated capital-intensive projects, that preferential funds were often (mis)used for nonpriority purposes, that a decline in financial discipline led to low repayment rates, and that budget deficits swelled. Moreover, the programs were hard to remove. But Japan and other East Asian countries have long touted the merits of focused, well-managed directed credit programs, saying they are warranted when there is a significant discrepancy between private and social benefits, when investment risk is too high on certain projects, and when information problems discourage lending to small and medium-size firms. The assumption underlying policy-based assistance and other forms of industrial assistance (such as lower taxes) is that the main constraint on new or expanding enterprises is limited access to credit. Vittas and Cho give an overview of credit policies in East Asian countries (China, Japan, and the Republic of Korea) as well as India, and summarize what these countries have learned about directed credit programs. Among the lessons: * Credit programs must be small, narrowly focused, and of limited duration (with clear sunset provisions). * Subsidies must be low to minimize distortion of incentives as well as the tax on financial intermediation that all such programs entail. * Credit programs must be financed by long-term funds to prevent inflation and macroeconomic instability. Recourse to central bank credit should be avoided except in the very early stages of development when the central bank's assistance can help jump-start economic growth. * They should aim at achieving positive externalities (or avoiding negative ones). Any help to declining industries should include plans for their timely phaseout. * They should promote industrialization and export orientation in a competitive private sector with internationally competitive operations. * They should be part of a credible vision of economic development that promotes growth with equity and should involve a long-term strategy to develop a sound financial system. * Policy-based loans should be channeled through well-capitalized, administratively capable financial institutions, professionally managed by autonomous managers. * They should be based on clear, objective, easily monitorable criteria. * Programs should aim for a good repayment record and few losses. * They should be supported by effective mechanisms for communication and consultation between the public and private sectors, including the collection and dissemination of basic market information. This paper -- a product of the Financial Sector Development Department -- is part of a larger effort in the department to study the effectiveness of policy-based finance in East Asia.
Download or read book Development Finance and Policy Reform written by Paul Mosley and published by Springer. This book was released on 1992-08-18 with total page 342 pages. Available in PDF, EPUB and Kindle. Book excerpt: Conditionality has long been used by the IMF, and more recently by World Bank and bilateral donors, as an instrument for improving the effectiveness of international finance. This collection of essays, by representatives of donors and recipients as well as independent observers, suggests that because of recipients' increased bargaining power, such an improvement has seldom resulted.
Download or read book Aid and Power in the Arab World written by J. Harrigan and published by Springer. This book was released on 2009-02-25 with total page 238 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book looks at the provision of finance in the Middle East and North Africa (MENA) by the IMF and World Bank in return for economic liberalization, exploring the political motivations of funding and geo-politics in recipients. The effectiveness of funding is questioned, with evidence from four MENA countries.
Download or read book Making Money Work written by Asian Development Bank and published by Asian Development Bank. This book was released on 2015-07-01 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: The new sustainable development agenda is expected to touch every country, person, and activity. Therefore, shouldn't every dollar count toward achieving it? Asia and the Pacific, home to more than half of humanity, has the money to improve the lives of all its people, and protect the planet in fair and durable ways. However, funds are in many hands, invested elsewhere, or used for various purposes. It is time to move beyond this fragmentation and align finance behind sustainable development, recognizing that while capital will be key, so will the capacity to apply and attract it effectively. This report explores some of the ways forward. It highlights not just the need to inject more money into investments that contribute to sustainable development, but also the need to attract funds toward them---to finance human needs, infrastructure, and cross-border public goods. The report spans public and private options, in their distinct roles and in combination. An eight-point agenda suggests how key constituents can do their parts. Working together, they can make money work for development where benefits are not only more equitably shared, but will last for generations to come.
Download or read book Financial Policies written by Shayne Kavanagh and published by Gfoa. This book was released on 2004 with total page 155 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book France written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2019-10-29 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: This technical note on macroprudential policy framework and tools on France highlights that the institutional arrangements provide adequate powers to ensure Haut conseil de stabilité financière’s (HCSF) ability to act; however, some tools remain outside its legal domain. The report also discusses that The HCSF should evaluate effects of tools introduced to mitigate risks from corporate leverage. The HCSF should continue to monitor vulnerabilities in the corporate sector and once enough data is available, evaluate the impact on the tools introduced on: resilience of the financial system; and corporate borrowing behavior. A sectoral systemic risk buffer, calibrated to corporate exposures, could be considered if vulnerabilities intensify. A fiscal measure that incentivizes corporates to finance through equity rather than debt would affect both bank and market-based finance. Such a measure would have an impact on the demand for credit, rather than its supply. The macroprudential policy toolkit should be strengthened further.
