The Effect Of Financial Liberalization On The Allocation Of Credit

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The Effect Of Financial Liberalization On The Allocation Of Credit

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Author : Fidel Jaramillo
language : en
Publisher: World Bank Publications
Release Date : 1993

The Effect Of Financial Liberalization On The Allocation Of Credit written by Fidel Jaramillo and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993 with Asignacion de recursos categories.

The Effects Of Financial Liberalization On The Development Of The Financial Market And The Allocation Of Credit To Corporate Sectors

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Author : Yoon-Je Cho
language : en
Publisher:
Release Date : 1986

The Effects Of Financial Liberalization On The Development Of The Financial Market And The Allocation Of Credit To Corporate Sectors written by Yoon-Je Cho and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1986 with Capital market categories.

A Survey Of Financial Liberalization

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Author : John Williamson
language : en
Publisher: Princeton University International Finance Section, Department of Econmics
Release Date : 1998

A Survey Of Financial Liberalization written by John Williamson and has been published by Princeton University International Finance Section, Department of Econmics this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with Business & Economics categories.

Bank Ownership And The Effects Of Financial Liberalization

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Author : Mrs.Poonam Gupta
language : en
Publisher: International Monetary Fund
Release Date : 2011-03-01

Bank Ownership And The Effects Of Financial Liberalization written by Mrs.Poonam Gupta and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-03-01 with Business & Economics categories.

Do financial sector reforms necessarily result in expansion of credit to the private sector? How does bank ownership affect the availability of credit to the private sector? Empirical evidence is somewhat mixed on these issues. We use the Indian experience with liberalization of the financial sector to inform this debate. Using bank-level data from 1991-2007, we ask whether public and private banks deployed resources freed up by reduced state preemption to increase credit to the private sector. We find that even after liberalization, public banks allocated a larger share of their assets to government securities than did private banks. Crucially, we also find that public banks were more responsive in allocating relatively more resources to finance the fiscal deficit even during periods when state pre-emption (measured in terms of the requirement to hold government securities as a share of assets) formally declined. These findings suggest that in developing countries, where alternative channels of financing may be limited, government ownership of banks, combined with high fiscal deficits, may limit the gains from financial liberalization.

Indonesia S Financial Liberalization

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Author : Miranda S. Goeltom
language : en
Publisher: Institute of Southeast Asian
Release Date : 1995

Indonesia S Financial Liberalization written by Miranda S. Goeltom and has been published by Institute of Southeast Asian this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995 with Business & Economics categories.

Using 1981-99 panel data on Indonesian manufacturing establishments and a survey of 2000 top business in Indonesia, Indonesia's Financial Liberalization analyses the consequences of financial liberalization on investment and allocation of credit, noting differential effects depending on size of firms, organizational form, and other categorizations.Using rigorous econometric tools, the conclusion derived is that although financial liberalization has increased borrowing costs, particularly for smaller firms, it has widened access to finance. The move from administrative-based to market-based allocation of credit has increased credit flow to firms that are more efficient, and these firms consequently have a higher concentration of investment.

Credit Allocation And Financial Crisis In Korea

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Author : Mr.Eduardo Borensztein
language : en
Publisher: International Monetary Fund
Release Date : 1999-02-01

Credit Allocation And Financial Crisis In Korea written by Mr.Eduardo Borensztein and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999-02-01 with Business & Economics categories.

This paper analyzes some of the structural problems associated with the Korean financial sector, and investigates whether the financial system has allocated credit in an efficient way over the past three decades. Using data for 32 manufacturing sectors, we find no evidence that credit flows were directed to the relatively more profitable sectors, either before or after the financial reforms. We also find that the flow of credits did not contribute to improve the economic performance of the favored industries over time.

Trade Liberalization And The Politics Of Financial Development

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Author : Matias Braun
language : en
Publisher: World Bank Publications
Release Date : 2005

Trade Liberalization And The Politics Of Financial Development written by Matias Braun and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Finance categories.

"A well developed financial system enhances competition in the industrial sector by allowing easier entry. The impact varies across industries, however. For some, small changes in financial development quickly induce entry and dissipate incumbents' rents, generating strong incentives to oppose improvement of the financial system. In other sectors incumbents may even benefit from increased availability of external funds. The relative strength of promoters and opponents determines the political equilibrium level of financial system development. This may be perturbed by the effect of trade liberalization in the strength of each group. Using a sample of 41 trade liberalizers Braun and Raddatz conduct an event study and show that the change in the strength of promoters vis--̉vis opponents is a very good predictor of subsequent financial development. The result is not driven by changes in demand for external funds, or by the success of the trade policy. The relationship is mediated by policy reforms, the kind that induces competition in the financial sector, in particular. Real effects follow not so much from capital deepening but mainly through improved allocation. The effect is stronger in countries with high levels of governance, suggesting that incumbents resort to this costly but more subtle way of restricting entry where it is difficult to obtain more blatant forms of anti-competitive measures from politicians. This paper--a product of the Investment and Growth Team, Development Research Group--is part of a larger effort in the group to understand the relation between finance and the macroeconomy"--World Bank web site.

The Quality Effect

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Author : Mr.Abdul Abiad
language : en
Publisher: INTERNATIONAL MONETARY FUND
Release Date : 2004-06-01

The Quality Effect written by Mr.Abdul Abiad and has been published by INTERNATIONAL MONETARY FUND this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-06-01 with Business & Economics categories.

The study documents evidence of a "quality effect" of financial liberalization on allocative efficiency, which is measured by the dispersion in Tobin's Q across firms. Based on a simple model, the authors predict that financial liberalization, by equalizing access to credit, reduces the variation in expected marginal returns. They test this prediction using a new financial liberalization index and firm-level data for five emerging markets: India, Jordan, Korea, Malaysia, and Thailand. They find strong evidence that financial liberalization, rather than financial deepening, improves allocative efficiency.

Financial Liberalization And Its Impact On Monetary Policy

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Author : Christina Stahn
language : en
Publisher:
Release Date : 2000

Financial Liberalization And Its Impact On Monetary Policy written by Christina Stahn and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Business & Economics categories.

The focus of this study is to identify similarities and differences of monetary policy in Korea, Indonesia, Malaysia, Chile, Argentina, and Mexico following diverging financial liberalization strategies. The evolution of monetary transmission channels, targets and instruments is examined in connection with the timing and sequencing of financial reforms. Money demand functions are analyzed with respect to stability, causality, and structural breaks. It is shown that the gradual (Asian) liberalization strategy affected monetary policy in a different way than the big-bang (Latin American) approach. Constraints on monetary management are imposed by complex monetary transmission channels changing in view of financial sector crises, alterations in exchange rate regimes, and the increasing globalization of financial markets.

The Quality Effect

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Author : Abdul G. Abiad
language : en
Publisher:
Release Date : 2006

The Quality Effect written by Abdul G. Abiad and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.

The study documents evidence of a quot;quality effectquot; of financial liberalization on allocative efficiency, which is measured by the dispersion in Tobin`s Q across firms. Based on a simple model, the authors predict that financial liberalization, by equalizing access to credit, reduces the variation in expected marginal returns. They test this prediction using a new financial liberalization index and firm-level data for five emerging markets: India, Jordan, Korea, Malaysia, and Thailand. They find strong evidence that financial liberalization, rather than financial deepening, improves allocative efficiency.