The Role Of Credit Markets In A Transition Economy With Incomplete Public Information PDF Download
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| Author | : Mr.Jorge Roldos |
| Publisher | : International Monetary Fund |
| Total Pages | : 26 |
| Release | : 1996-02-01 |
| Genre | : Business & Economics |
| ISBN | : 1451922779 |
Download The Role of Credit Markets in a Transition Economy with Incomplete Public Information Book in PDF, ePub and Kindle
In this paper we explore some of the informational problems that constrain the development of credit markets in transition economies. We characterize investment patterns under uncertainty and high costs of entry, when agents learn about the ultimate value of enterprises through production in a Bayesian way. Inefficiencies due to the lack of public information reduce the average return to capital. Under asymmetric information, credit would go to activities that can provide enough co-finance. Credit markets may fail to develop for a while if there is not enough individual wealth to complement credit. Once they operate, credit markets may magnify distortions in equity markets, such as those due to spontaneous privatization. An argument for the sequencing of capital market liberalization is provided.
| Author | : Kenneth Kletzer |
| Publisher | : |
| Total Pages | : 0 |
| Release | : 1996 |
| Genre | : |
| ISBN | : |
Download The Role of Credit Markets in a Transition Economy with Incomplete Public Information Book in PDF, ePub and Kindle
| Author | : Kenneth M. Kletzer |
| Publisher | : |
| Total Pages | : 26 |
| Release | : 2006 |
| Genre | : |
| ISBN | : |
Download The Role of Credit Markets in a Transition Economy with Incomplete Public Information Book in PDF, ePub and Kindle
In this paper we explore some of the informational problems that constrain the development of credit markets in transition economies. We characterize investment patterns under uncertainty and high costs of entry, when agents learn about the ultimate value of enterprises through production in a Bayesian way. Inefficiencies due to the lack of public information reduce the average return to capital. Under asymmetric information, credit would go to activities that can provide enough co-finance. Credit markets may fail to develop for a while if there is not enough individual wealth to complement credit. Once they operate, credit markets may magnify distortions in equity markets, such as those due to spontaneous privatization. An argument for the sequencing of capital market liberalization is provided.
| Author | : Chuluunbaatar Enkhzaya |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 209 |
| Release | : 2007-10-08 |
| Genre | : Business & Economics |
| ISBN | : 3835090070 |
Download Impact of Institutions on Lending Book in PDF, ePub and Kindle
Chuluunbaatar Enkhzaya examines the "inadequate" behaviour of banks in Mongolia by analysing the institutional framework of the banking system, especially in lending. She focuses on the genesis of informal institutions of lending and their interaction with formal institutions of lending. Herewith, informal institutions such as the attitude to risk were indirectly observed by diagnosing the "action-regulating" knowledge of bankers. In order to ensure an effective allocation of the scarce financial resources of Mongolia the author therefore suggests a change - as simultaneous as possible - of formal and informal rules.
| Author | : Stefano Manzocchi |
| Publisher | : Springer |
| Total Pages | : 213 |
| Release | : 2016-01-06 |
| Genre | : Business & Economics |
| ISBN | : 1349276200 |
Download Foreign Capital In Developing Economies Book in PDF, ePub and Kindle
The object of this volume is to evaluate the pattern and the function of foreign capital in developing countries in a long-run perspective. The main conceptual instruments employed are the theory of economic growth, and the techniques associated with recent advances in growth econometrics. This empirical work points out that there is no mechanical trade-off between the short-term dangers and the long-run gains from capital market integration, but the growth benefits of foreign capital in transforming economies are conditional on an effective destination of the resources. Over-borrowing and excessive consumption are the main pitfalls in the short- as in the long-run. Nevertheless, foreign capital can be conducive to faster growth and possibly higher welfare.
| Author | : Hans J... Blommestein |
| Publisher | : |
| Total Pages | : 0 |
| Release | : 1993 |
| Genre | : Capital market |
| ISBN | : |
Download The role of financial institutions in the transition to a market economy Book in PDF, ePub and Kindle
| Author | : Mr.Jaromir Benes |
| Publisher | : International Monetary Fund |
| Total Pages | : 71 |
| Release | : 2012-08-01 |
| Genre | : Business & Economics |
| ISBN | : 1475505523 |
Download The Chicago Plan Revisited Book in PDF, ePub and Kindle
At the height of the Great Depression a number of leading U.S. economists advanced a proposal for monetary reform that became known as the Chicago Plan. It envisaged the separation of the monetary and credit functions of the banking system, by requiring 100% reserve backing for deposits. Irving Fisher (1936) claimed the following advantages for this plan: (1) Much better control of a major source of business cycle fluctuations, sudden increases and contractions of bank credit and of the supply of bank-created money. (2) Complete elimination of bank runs. (3) Dramatic reduction of the (net) public debt. (4) Dramatic reduction of private debt, as money creation no longer requires simultaneous debt creation. We study these claims by embedding a comprehensive and carefully calibrated model of the banking system in a DSGE model of the U.S. economy. We find support for all four of Fisher's claims. Furthermore, output gains approach 10 percent, and steady state inflation can drop to zero without posing problems for the conduct of monetary policy.
| Author | : International Monetary Fund |
| Publisher | : International Monetary Fund |
| Total Pages | : 124 |
| Release | : 1999-09-24 |
| Genre | : Business & Economics |
| ISBN | : 9781557758606 |
Download Research Activities of the IMF, January 1991-December 1998 Book in PDF, ePub and Kindle
A selective index of major research papers prepared by IMF staff in 1991-98.
| Author | : Mr.Giovanni Dell'Ariccia |
| Publisher | : International Monetary Fund |
| Total Pages | : 45 |
| Release | : 2017-11-07 |
| Genre | : Business & Economics |
| ISBN | : 1484324897 |
Download Bank Lending in the Knowledge Economy Book in PDF, ePub and Kindle
We study bank portfolio allocations during the transition of the real sector to a knowledge economy in which firms use less tangible capital and invest more in intangible assets. We show that, as firms shift toward intangible assets that have lower collateral values, banks reallocate their portfolios away from commercial loans toward other assets, primarily residential real estate loans and liquid assets. This effect is more pronounced for large and less well capitalized banks and is robust to controlling for real estate loan demand. Our results suggest that increased firm investment in intangible assets can explain up to 20% of bank portfolio reallocation from commercial to residential lending over the last four decades.
| Author | : Stefano Manzocchi |
| Publisher | : International Monetary Fund |
| Total Pages | : 29 |
| Release | : 1997-10-01 |
| Genre | : Business & Economics |
| ISBN | : 1451855567 |
Download External Finance and Foreign Debt in Central and Eastern European Countries Book in PDF, ePub and Kindle
External finance can provide a positive contribution to the transition process and can enhance welfare in former centrally planned economies, especially when domestic saving has not fully recovered after the initial contraction. However, as was pointed out at the beginning of the transition process, foreign debt could exert a strong constraint on the borrowing capacity of some central and eastern European countries. This paper analyzes the determinants of net external borrowing in ten transition economies during 1990-95 and assesses the impact of the outstanding stock of foreign liabilities on net financial inflows.
