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This study examines how depositors choose among different banks and over time in Colombia, focusing on whether they discipline bank behavior. By controlling for a more comprehensive set of risk/return factors, the study improves upon conventional market discipline tests. Panel data estimations for 1985-99 show that depositors prefer banks with stronger fundamentals, and that banks tend to improve their fundamentals after being “punished” by depositors. Banks with stronger fundamentals benefit from lower interest costs and higher lending rates. Market (or “regulatory”) discipline therefore appears to exist in Colombia, perhaps thanks to certain key design features of the deposit insurance scheme.
Banks and Banking --- Finance: General --- Financial Risk Management --- Industries: Financial Services --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Financial Institutions and Services: Government Policy and Regulation --- Interest Rates: Determination, Term Structure, and Effects --- General Financial Markets: Government Policy and Regulation --- Banking --- Finance --- Economic & financial crises & disasters --- Deposit insurance --- Deposit rates --- Moral hazard --- Nonperforming loans --- Financial crises --- Financial services --- Financial sector policy and analysis --- Financial institutions --- Bank deposits --- Banks and banking --- Crisis management --- Interest rates --- Financial risk management --- Loans --- Colombia
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This study analyzes panel data for 61 countries during 1980–97 and concludes that explicit deposit insurance tends to be detrimental to bank stability, the more so where bank interest rates are deregulated and the institutional environment is weak. Also, the adverse impact of deposit insurance on bank stability tends to be stronger when the coverage offered to depositors is extensive, when the scheme is funded, and when it is run by the government rather than by the private sector.
Banks and Banking --- Finance: General --- Financial Risk Management --- Financial Institutions and Services: Government Policy and Regulation --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Financial Markets and the Macroeconomy --- Financial Crises --- General Financial Markets: Government Policy and Regulation --- Economic & financial crises & disasters --- Banking --- Finance --- Deposit insurance --- Banking crises --- Bank deposits --- Moral hazard --- Financial crises --- Financial services --- Financial sector policy and analysis --- Bank soundness --- Crisis management --- Banks and banking --- Financial risk management --- United States
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The view that the IMF’s financial support gives rise to moral hazard has become increasingly prominent in policy discussions, particularly following the 1995 Mexican crisis. This paper seeks to clarify a number of conceptual issues and bring some basic empirical evidence to bear on this hypothesis. While some element of moral hazard is a logical consequence of the IMF’s financial support, such moral hazard is difficult to detect in market reactions to various IMF policy announcements and there is no evidence that such moral hazard has recently been on the rise.
Banks and Banking --- Finance: General --- Financial Risk Management --- Industries: Financial Services --- General Financial Markets: Government Policy and Regulation --- Financial Crises --- Interest Rates: Determination, Term Structure, and Effects --- General Financial Markets: General (includes Measurement and Data) --- Financial Institutions and Services: General --- Finance --- Economic & financial crises & disasters --- Moral hazard --- Financial crises --- Yield curve --- Emerging and frontier financial markets --- Systemically important financial institutions --- Financial sector policy and analysis --- Financial services --- Financial markets --- Financial institutions --- Financial risk management --- Financial services industry --- Interest rates --- Mexico
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This paper provides a framework to assess the benefits and costs of intervening in a banking crisis. Intervention involves liquidity support and resolution actions. Principal benefits of intervention include avoiding panic and eliminating the economic costs of distorted incentives. Principal costs include fiscal costs and the economic costs of delay. The government’s main decision concerns the length of the resolution horizon—whether to adopt a deliberate or an aggressive resolution strategy. Dominant factors affecting net benefits are the relative size of the banking system and the loss liquidation rate on assets financed by bank loans.
Banks and Banking --- Finance: General --- Financial Risk Management --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Financial Institutions and Services: Government Policy and Regulation --- General Financial Markets: Government Policy and Regulation --- Financial Crises --- International Financial Markets --- Banking --- Finance --- Economic & financial crises & disasters --- Commercial banks --- Moral hazard --- Banking crises --- Asset valuation --- Financial institutions --- Financial crises --- Financial sector policy and analysis --- Asset and liability management --- Banks and banking --- Financial risk management --- Asset-liability management --- Sweden
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The unprecedented rise in nonperforming assets during the recent Asian financial crisis severely tested the limit and capacity of the existing asset management infrastructure, leading policymakers to consider new approaches to resolve them. This paper examines two such approaches—the creation of asset management companies and the development of out-of-court centralized corporate debt workout frameworks—that came to define the core asset management setting in countries most seriously affected by the crisis. In addition to investigating their respective role, and evaluating their strengths and weaknesses, this paper seeks to benchmark some best practices in their design.
Banks and Banking --- Finance: General --- Financial Risk Management --- Industries: Financial Services --- Financial Institutions and Services: Government Policy and Regulation --- Corporate Finance and Governance: Government Policy and Regulation --- International Financial Markets --- General Financial Markets: Government Policy and Regulation --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Financial Crises --- Finance --- Banking --- Economic & financial crises & disasters --- Asset management companies --- Distressed assets --- Asset management --- Financial crises --- Asset and liability management --- Financial sector policy and analysis --- Loans --- Financial institutions --- Banks and banking --- Asset-liability management --- Korea, Republic of
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On March 23, the IMF’s Executive Board selected Horst Köhler as the new Managing Director of the IMF. The text of Press Release No. 00/21 follows:.
Banks and Banking --- Finance: General --- Financial Risk Management --- Macroeconomics --- Money and Monetary Policy --- Inflation --- Monetary Policy --- International Financial Markets --- General Financial Markets: Government Policy and Regulation --- Price Level --- Deflation --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Debt --- Debt Management --- Sovereign Debt --- Finance --- Monetary economics --- Banking --- Social welfare & social services --- Economic & financial crises & disasters --- Asset management companies --- Inflation targeting --- Distressed assets --- Monetary policy --- Asset and liability management --- Financial sector policy and analysis --- Prices --- Poverty reduction strategy --- Poverty --- Asset-liability management --- Banks and banking --- India
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The Web edition of the IMF Survey is updated several times a week, and contains a wealth of articles about topical policy and economic issues in the news. Access the latest IMF research, read interviews, and listen to podcasts given by top IMF economists on important issues in the global economy. www.imf.org/external/pubs/ft/survey/so/home.aspx.
Banks and Banking --- Finance: General --- Financial Risk Management --- Taxation --- Social Services and Welfare --- Government Policy --- Provision and Effects of Welfare Program --- Taxation, Subsidies, and Revenue: General --- International Lending and Debt Problems --- General Financial Markets: Government Policy and Regulation --- Debt --- Debt Management --- Sovereign Debt --- Social welfare & social services --- Finance --- Public finance & taxation --- Banking --- Education --- Poverty reduction strategy --- Offshore financial centers --- Poverty reduction --- Tax incentives --- Financial sector stability --- Poverty --- Financial services --- Financial sector policy and analysis --- Taxes --- International finance --- Financial services industry --- Income tax --- Senegal
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Financial crises are endogenized through corporate and interbank market institutions. Single-bank financing leads to a pooling equilibrium in the interbank market. With private information about one’s own solvency, the best illiquid banks will not borrow but rather will liquidate some premature assets. The withdrawals of the best banks from the interbank market may lead more solvent but illiquid banks to withdraw from the market, until the interbank market collapses. However, multi-bank financing leads to a separating equilibrium in the interbank market. Thus, bank runs are limited to illiquid and insolvent banks, and idiosyncratic shocks never trigger a contagious bank run.
Banks and Banking --- Finance: General --- Financial Risk Management --- Labor --- Financial Markets and the Macroeconomy --- Central Banks and Their Policies --- Current Account Adjustment --- Short-term Capital Movements --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Bankruptcy --- Liquidation --- General Financial Markets: General (includes Measurement and Data) --- Financial Crises --- Portfolio Choice --- Investment Decisions --- Labor Demand --- Finance --- Banking --- Economic & financial crises & disasters --- Labour --- income economics --- Interbank markets --- Financial crises --- Bank solvency --- Liquidity --- Financial markets --- Financial sector policy and analysis --- Asset and liability management --- Self-employment --- Banks and banking --- International finance --- Economics --- Self-employed --- Korea, Republic of
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This work employs a dynamic general equilibrium model to evaluate the causes and implications of bank insolvencies. The model is applied to stylized data from several South Asian countries. It derives conclusions about policy instruments designed to alleviate the impact of insolvencies. Firms are subject to intertemporal solvency conditions, and the public withdraws deposits when borrowers default. If banks optimize by restricting credit to risky borrowers, these failures can be partially avoided. Numerical simulations conclude that the combination of compensating monetary policy and restrictive fiscal policy offers the best way of responding to a bank crisis caused by exogenous shocks.
Banks and Banking --- Finance: General --- Public Finance --- Industries: Financial Services --- Macroeconomics --- Computable and Other Applied General Equilibrium Models --- Comparative or Joint Analysis of Fiscal and Monetary Policy --- Stabilization --- Treasury Policy --- National Deficit Surplus --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- General Financial Markets: Government Policy and Regulation --- Debt --- Debt Management --- Sovereign Debt --- Labor Economics: General --- Banking --- Finance --- Public finance & taxation --- Labour --- income economics --- Commercial banks --- Bank deposits --- Distressed assets --- Government debt management --- Financial institutions --- Financial sector policy and analysis --- Public financial management (PFM) --- Loans --- Labor --- Banks and banking --- Debts, Public --- Labor economics --- Mexico
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This paper underscores the importance of the assessment of incentives of the main agents in a financial system as a key element in the analysis of financial system vulnerability and the surveillance over the financial system. We outline a diagnostic approach for the assessment of incentives. This approach highlights the need for additional research on the relationship between institutional structures and financial vulnerabilities.
Banks and Banking --- Finance: General --- Financial Risk Management --- Taxation --- Public Finance --- Environmental Economics --- International Financial Markets --- Corporate Finance and Governance: Government Policy and Regulation --- Taxation, Subsidies, and Revenue: General --- General Financial Markets: Government Policy and Regulation --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Financial Institutions and Services: Government Policy and Regulation --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Environmental Economics: General --- Public finance & taxation --- Finance --- Banking --- Economic & financial crises & disasters --- Environmental economics --- Tax incentives --- Moral hazard --- Financial sector risk --- Deposit insurance --- Financial sector policy and analysis --- Legal support in revenue administration --- Revenue administration --- Environment --- Financial risk management --- Banks and banking --- Crisis management --- Financial instruments --- Revenue --- Environmental sciences --- Japan
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