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  • 1
    Online Resource
    Online Resource
    Incentive Audits : A New Approach to Financial Regulation (2013)
    Washington, D.C : The World Bank
    Details
    UID:
    b3kat_BV048265744
    Format: 1 Online-Ressource (31 p)
    Content: A large body of evidence points to misaligned incentives as having a key role in the run-up to the global financial crisis. These include bank managers' incentives to boost short-term profits and create banks that are "too big to fail," regulators' incentives to forebear and withhold information from other regulators in stressful times, and credit rating agencies' incentives to keep issuing high ratings for subprime assets. As part of the response to the crisis, policymakers and regulators also attempted to address some incentive issues, but various outside observers have criticized the response for being insufficient. This paper proposes a pragmatic approach to re-orienting financial regulation to have at its core the objective of addressing incentives on an ongoing basis. Specifically, the paper proposes "incentive audits" as a tool that could help in identifying incentive misalignments in the financial sector. The paper illustrates how such audits could be implemented in practice, and what the implications would be for the design of policies and frameworks to mitigate systemic risks
    Additional Edition: Cihák, Martin Incentive Audits
    Language: English
    DOI: 10.1596/1813-9450-6308
    URL: Volltext  (URL des Erstveröffentlichers)
    URL: Volltext  (Deutschlandweit zugänglich)
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    EUV Frankfurt
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    MPI Bildungsforschung
  • 2
    Online Resource
    Online Resource
    Benchmarking Financial Systems around the World (2012)
    Washington, D.C : The World Bank
    Details
    UID:
    b3kat_BV048265610
    Format: 1 Online-Ressource (58 p)
    Content: This paper introduces the Global Financial Development Database, an extensive dataset of financial system characteristics for 205 economies from 1960 to 2010. The database includes measures of (a) size of financial institutions and markets (financial depth), (b) degree to which individuals can and do use financial services (access), (c) efficiency of financial intermediaries and markets in intermediating resources and facilitating financial transactions (efficiency), and (d) stability of financial institutions and markets (stability). The authors document cross-country differences and time series trends
    Additional Edition: Cihák, Martin Benchmarking Financial Systems around the World
    Language: English
    DOI: 10.1596/1813-9450-6175
    URL: Volltext  (URL des Erstveröffentlichers)
    URL: Volltext  (Deutschlandweit zugänglich)
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    Stabi Berlin
    UB Potsdam
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    MPI Bildungsforschung
  • 3
    Online Resource
    Online Resource
    Rethinking the State's Role in Finance (2013)
    Washington, D.C : The World Bank
    Details
    UID:
    b3kat_BV048265836
    Format: 1 Online-Ressource (27 p)
    Content: The global financial crisis has given greater credence to the idea that active state involvement in the financial sector can be helpful for stability and development. There is now evidence that, for example, lending by state-owned banks has helped in mitigating the impact of the crisis on aggregate credit. But evidence also points to negative longer-term effects of direct interventions on resource allocation and quality of intermediation. This suggests a need to rebalance the state's roles from direct to less direct involvement, as the crisis subsides. The state does have very important roles, especially in providing well-defined regulations and enforcing them, ensuring healthy competition, and strengthening financial infrastructure. One of the crisis lessons is the importance of getting the basics right first: countries with complex but poorly enforced regulations suffered more during the global crisis. Evidence also suggests that instead of restricting competition, the state needs to encourage contestability through healthy entry of well-capitalized institutions and timely exit of insolvent ones. There is also new evidence that supports the state's key role in promoting transparency of information and reducing counterparty risk. The challenge of financial sector policies is to better align private incentives with public interest, without taxing or subsidizing private risk-taking
    Additional Edition: Cihák, Martin Rethinking the State's Role in Finance
    Language: English
    DOI: 10.1596/1813-9450-6400
    URL: Volltext  (URL des Erstveröffentlichers)
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    Stabi Berlin
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    MPI Bildungsforschung
  • 4
    Online Resource
    Online Resource
    The Nexus of Financial Inclusion and Financial Stability : A Study of Trade-Offs and Synergies (2016)
    Washington, D.C : The World Bank
    Details
    UID:
    b3kat_BV048269841
    Format: 1 Online-Ressource (45 p)
    Series Statement: World Bank E-Library Archive
    Content: Policy makers and regulators have devoted much effort to reforms aimed at improving financial stability in response to lessons from the 2007-09 crisis. At the same time, much effort has also been directed to promoting greater financial inclusion as an enabler of equal opportunity. To some extent, these endeavors have been exerted in silos, neglecting the possibility that financial inclusion and financial stability could be significantly intertwined, positively or negatively. If there are synergies or trade-offs between inclusion and stability, policy decisions must be informed, and the policy setting, design, and implementation adjusted accordingly. This paper (i) discusses the relationship between financial inclusion and stability, (ii) illustrates empirically interactions between the two financial sector outcomes, and (iii) outlines policy challenges stemming from these interactions
    Additional Edition: Erscheint auch als Druck-Ausgabe ?ihak, Martin The Nexus of Financial Inclusion and Financial Stability : A Study of Trade-Offs and Synergies Washington, D.C : The World Bank, 2016
    Language: English
    DOI: 10.1596/1813-9450-7722
    URL: Volltext  (URL des Erstveröffentlichers)
    URL: Volltext  (Deutschlandweit zugänglich)
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    Stabi Berlin
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    MPI Bildungsforschung
  • 5
    Online Resource
    Online Resource
    Bank Regulation and Supervision around the World : A Crisis Update (2012)
    Washington, D.C : The World Bank
    Details
    UID:
    gbv_834976668
    Format: Online-Ressource (52 p)
    Edition: 2012 World Bank eLibrary
    Content: This paper presents the latest update of the World Bank Bank Regulation and Supervision Survey, and explores two questions. First, were there significant differences in regulation and supervision between crisis and non-crisis countries? Second, what aspects of regulation and supervision changed significantly during the crisis period? The paper finds significant differences between crisis and non-crisis countries in several aspects of regulation and supervision. In particular, crisis countries (a) had less stringent definitions of capital and lower actual capital ratios, (b) faced fewer restrictions on non-bank activities, (c) were less strict in the regulatory treatment of bad loans and loan losses, and (d) had weaker incentives for the private sector to monitor banks' risks. Survey results also suggest that the overall regulatory response to the crisis has been slow, and there is room to improve regulation and supervision, as well as private incentives to monitor risk-taking. Specifically, comparing regulatory and supervisory practices before and after the global crisis, the paper finds relatively few changes: capital ratios increased (primarily among non-crisis countries), deposit insurance schemes became more generous, and some reforms were introduced in the area of bank governance and bank resolution
    Additional Edition: Cihák, Martin Bank Regulation and Supervision around the World
    Language: English
    DOI: 10.1596/1813-9450-6286
    URL: Volltext  (Deutschlandweit zugänglich)
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    MPI Bildungsforschung
  • 6
    Online Resource
    Online Resource
    Bank Regulation and Supervision around the World : A Crisis Update (2012)
    Washington, D.C : The World Bank
    Details
    UID:
    b3kat_BV048265722
    Format: 1 Online-Ressource (52 p)
    Content: This paper presents the latest update of the World Bank Bank Regulation and Supervision Survey, and explores two questions. First, were there significant differences in regulation and supervision between crisis and non-crisis countries? Second, what aspects of regulation and supervision changed significantly during the crisis period? The paper finds significant differences between crisis and non-crisis countries in several aspects of regulation and supervision. In particular, crisis countries (a) had less stringent definitions of capital and lower actual capital ratios, (b) faced fewer restrictions on non-bank activities, (c) were less strict in the regulatory treatment of bad loans and loan losses, and (d) had weaker incentives for the private sector to monitor banks' risks. Survey results also suggest that the overall regulatory response to the crisis has been slow, and there is room to improve regulation and supervision, as well as private incentives to monitor risk-taking. Specifically, comparing regulatory and supervisory practices before and after the global crisis, the paper finds relatively few changes: capital ratios increased (primarily among non-crisis countries), deposit insurance schemes became more generous, and some reforms were introduced in the area of bank governance and bank resolution
    Additional Edition: Cihák, Martin Bank Regulation and Supervision around the World
    Language: English
    DOI: 10.1596/1813-9450-6286
    URL: Volltext  (URL des Erstveröffentlichers)
    Author information: Čihák, Martin
    Author information: Demirgüç-Kunt, Asli 1961-
    Author information: Martínez Pería, María Soledad 1970-
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  • 7
    Online Resource
    Online Resource
    Islamic Banks and Financial Stability : An Empirical Analysis (2008)
    Washington, D.C : International Monetary Fund
    Details
    UID:
    gbv_845882406
    Format: Online-Ressource (29 p)
    Edition: Online-Ausg.
    ISBN: 1451868782 , 9781451868784
    Series Statement: IMF Working Papers Working Paper No. 08/16
    Content: The relative financial strength of Islamic banks is assessed empirically based on evidence covering individual Islamic and commercial banks in 18 banking systems with a substantial presence of Islamic banking. We find that (i) small Islamic banks tend to be financially stronger than small commercial banks; (ii) large commercial banks tend to be financially stronger than large Islamic banks; and (iii) small Islamic banks tend to be financially stronger than large Islamic banks, which may reflect challenges of credit risk management in large Islamic banks. We also find that the market share of Islamic banks does not have a significant impact on the financial strength of other banks
    Language: English
    DOI: 10.5089/9781451868784.001
    URL: kostenfrei
    URL: Volltext  (IMF e-Library)
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  • 8
    Online Resource
    Online Resource
    Of Runes and Sagas : Perspectiveson Liquidity Stress Testing Using An Iceland Example (2010)
    Washington, D.C : International Monetary Fund
    Details
    UID:
    gbv_845895192
    Format: Online-Ressource (28 p)
    Edition: Online-Ausg.
    ISBN: 1455201391 , 9781455201396
    Series Statement: IMF Working Papers Working Paper No. 10/156
    Content: The global financial crisis revealed weaknesses in the stress testing exercises performed on financial institutions and systems around the world. These failures were most evident in the area of liquidity risk, where now-obvious vulnerabilities were left largely undetected, with stress tests having largely focused on solvency risk. This paper uses publicly available data from a now-defunct bank in Iceland, where liquidity shocks were immense, to demonstrate how a combination of stress tests of the various risks would have provided a clearer picture of existing vulnerablities. We show that, ultimately, stress test models do not necessarily need to be complex or overly sophisticated. Basic stress tests, using appropriate assumptions and shocks, could reveal key areas of risk to inform contingency planning. The liquidity stress test templates used in this paper are included
    Language: English
    DOI: 10.5089/9781455201396.001
    URL: kostenfrei
    URL: Volltext  (IMF e-Library)
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  • 9
    Online Resource
    Online Resource
    Quality of Financial Sector Regulation and Supervision Around the World (2008)
    Washington, D.C : International Monetary Fund
    Details
    UID:
    gbv_845880705
    Format: Online-Ressource (45 p)
    Edition: Online-Ausg.
    ISBN: 1451870485 , 9781451870480
    Series Statement: IMF Working Papers Working Paper No. 08/190
    Content: The paper analyzes the quality of financial sector regulation and supervision around the globe. Unlike studies that collect and analyze data on regulation and supervision ""on the books,"" this study also analyzes available information on supervisory implementation, making use of data from IMF-World Bank assessments of compliance with international standards and codes. Incorporating supervisory implementation into the study provides an improved means of assessing countries'' regulatory systems. We find that countries'' regulatory frameworks score on average one notch below full compliance with the standards (on a 4-notch scale). There are substantial differences in the quality of regulatory and supervisory frameworks across countries, with the income level being a major factor
    Language: English
    DOI: 10.5089/9781451870480.001
    URL: kostenfrei
    URL: Volltext  (IMF e-Library)
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  • 10
    Online Resource
    Online Resource
    Are More Competitive Banking Systems More Stable? (2006)
    Washington, D.C : International Monetary Fund
    Details
    UID:
    gbv_845890433
    Format: Online-Ressource (37 p)
    Edition: Online-Ausg.
    ISBN: 1451864035 , 9781451864038
    Series Statement: IMF Working Papers Working Paper No. 06/143
    Content: This paper provides the first empirical analysis of the cross-country relationship between a direct measure of competitive conduct of financial institutions and banking system fragility. Using the Panzar and Rosse H-Statistic as a measure for competition in 38 countries during 1980-2003, we present evidence that more competitive banking systems are less prone to systemic crises and that time to crisis is longer in a competitive environment. Our results hold when concentration and the regulatory environment are controlled for and are robust to different methodologies, different sampling periods, and alternative samples
    Language: English
    DOI: 10.5089/9781451864038.001
    URL: kostenfrei
    URL: Volltext  (IMF e-Library)
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