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Financial Reform in Israel: A Case of Gradualism

Bufman, Gil; Leiderman, Leonardo - C.E.P.R. Discussion Papers - 1994

the process of financial opening and liberalization which began shortly afterwards. In contrast to the disinflation policy … of 1985, the process of financial liberalization that started in 1987 proceeded in a slow and gradual mode. No official … deepen the reforms at the present time. This paper discusses the main elements of financial liberalization in Israel and …

Persistent link: https://www.econbiz.de/10005504427

Banking Crises and Bank Rescues: The Role of Reputation

Corbett, Jennifer; Mitchell, Janet - C.E.P.R. Discussion Papers - 2000

This paper focuses on bank rescue packages and on the behaviour of troubled banks in light of rescue offers. A puzzling feature of experience with banking crises is that in many cases policy authorities make offers of bank rescue, and banks are reluctant to accept these offers. We study...

Persistent link: https://www.econbiz.de/10005504727

Services Reform and Manufacturing Performance: Evidence from India

Arnold, Jens; Javorcik, Beata; Lipscomb, Molly; Mattoo, … - C.E.P.R. Discussion Papers - 2010

Conventional explanations for the post-1991 growth of India’s manufacturing sector focus on goods trade liberalization … index of services liberalization resulted in a productivity increase of 11.7 percent for domestic firms and 13.2 percent for …

Persistent link: https://www.econbiz.de/10008642887

Economic Transformation and the Reform of the Financial System in Central and Eastern Europe

Székely, Istvan P. - C.E.P.R. Discussion Papers - 1993

The paper investigates those aspects of economic transformation and long-term economic development where financial institutions can and should make a contribution. It also investigates the financial services industry as a sector and tries to point out the conditions which can enable financial...

Persistent link: https://www.econbiz.de/10005661810

Financial Restraints and Liberalization in Postwar Europe

Wyplosz, Charles - C.E.P.R. Discussion Papers - 1999

In the real world of less than perfect markets, balancing the benefits and costs of financial liberalization is usually … policies, but have undermined fiscal discipline and monetary control. Upon liberalization, the rent created by financial …

Persistent link: https://www.econbiz.de/10005067433

Does access to credit improve productivity? Evidence from Bulgarian firms

Gatti, Roberta; Love, Inessa - C.E.P.R. Discussion Papers - 2008

Although it is widely accepted that financial development is associated with higher growth, the evidence on the channels through which credit affects growth at the microeconomic level is scant. Using data from a cross section of Bulgarian firms, we estimate the impact of access to credit, as...

Persistent link: https://www.econbiz.de/10005791591

Credit Rationing and Crowding-Out During the Industrial Revolution: Evidence from Hoare's Bank, 1702-1862

Temin, Peter; Voth, Hans-Joachim - C.E.P.R. Discussion Papers - 2004

Crowding-out during the British Industrial Revolution has long been one of the leading explanations for slow growth during the Industrial Revolution, but little empirical evidence exists to support it. We argue that examinations of interest rates are fundamentally misguided, and that the...

Persistent link: https://www.econbiz.de/10005504267

Information Contagion and Inter-Bank Correlation in a Theory of Systemic Risk

Acharya, Viral V; Yorulmazer, Tanju - C.E.P.R. Discussion Papers - 2003

Two aspects of systemic risk, the risk that banks fail together, are modeled and their interaction examined. First, the ex-post aspect, in which the failure of a bank brings down a surviving bank as well, and second, the ex-ante aspect, in which banks endogenously hold correlated portfolios...

Persistent link: https://www.econbiz.de/10005504423

The Political Origin of Pension Funding

Perotti, Enrico C; Schwienbacher, Armin - C.E.P.R. Discussion Papers - 2007

The paper seeks to explain the huge cross country variation in private pension funding, shaped by historical choice made when universal pension systems were created after the Great Depression. According to Perotti and von Thadden (2006), large inflationary shocks due to war damage devastated...

Persistent link: https://www.econbiz.de/10005504507

Finance and Efficiency: Do Bank Branching Regulations Matter?

Acharya, Viral V; Imbs, Jean; Sturgess, Jason - C.E.P.R. Discussion Papers - 2007

(particularly) interstate liberalization of bank branching restrictions. This effect arises primarily from convergence in the … their efficient counterparts following liberalization, particularly for industries that are characterized by young, small … industries, greater distance from the efficient frontier before liberalization and larger geographical area. These effects are …

Persistent link: https://www.econbiz.de/10005504526