Showing 1 - 10 of 94
China’s rapid credit expansion in 2009–10 brought local government financing platforms (LGFPs) into the spotlight. This paper discusses their function, reasons behind their recent expansion, and risks they are posing to the financial sector, local governments, and sovereign balance...
Persistent link: https://www.econbiz.de/10011142145
This paper tests the theoretical framework developed by North, Wallis and Weingast (2009) on the transition from closed to open access societies. They posit that societies need to go through three doorsteps: (i) the establishment of rule of law among elites; (ii) the adoption of perpetually...
Persistent link: https://www.econbiz.de/10011242192
This paper analyzes the linkages between governance quality and country stress events. It focuses on two types of … that weaker governance quality is associated with a higher incidence of both fiscal and political stress events. In …
Persistent link: https://www.econbiz.de/10011242318
implement, in the aftermath of a social instability episode, reforms aimed at improving the level of governance. The results are …
Persistent link: https://www.econbiz.de/10011242339
It is generally acknowledged that the government’s output is difficult to define and its value is hard to measure. The practical solution, adopted by national accounts systems, is to equate output to input costs. However, several studies estimate significant inefficiencies in government...
Persistent link: https://www.econbiz.de/10011242341
The inefficiency of the Italian judicial system has contributed to reduced investments, slow growth and a difficult business environment. The enforcement of civil and commercial claims suffers from excessive delays in court proceedings, resulting in a very large number of pending cases. The...
Persistent link: https://www.econbiz.de/10010790243
We analyze recent trends in, and determinants of, financial supervisory governance. We first calculate levels of … quality of public sector governance plays a decisive role in establishing accountability arrangements, more than independence … also show that the likelihood of establishing adequate governance arrangements are higher when the supervisor is located …
Persistent link: https://www.econbiz.de/10010790276
Sound corporate governance is essential for a well-functioning banking system and the integrity of financial markets …. The paper discusses the corporate governance of Italian banks, its regulatory framework, and the specific challenges … improving their corporate governance, more needs to be done. In this regard, further improvements should include: (i …
Persistent link: https://www.econbiz.de/10010959465
A number of countries are reviewing their institutional arrangements for financial stability to support the development of a macroprudential policy function. In some cases, this involves a rethink of the appropriate institutional boundaries between central banks and financial regulatory...
Persistent link: https://www.econbiz.de/10009369436
The paper examines recent episodes of government involvement in corporate debt restructurings. It argues that corporate debt restructuring is an important step toward recovery from a financial crisis. We then discuss the rationale for, and modalities of, the state intervention in corporate debt...
Persistent link: https://www.econbiz.de/10008727803