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Intro -- Contents -- I. INTRODUCTION -- II. MODEL SETTING AND CHARACTERISTICS -- III. UNIQUE EQUILIBRIUM CANDIDATE WITH STRATEGIC INTERMEDIATION -- IV. EXISTENCE OF AN EQUILIBRIUM WITH FREE RECONTRACTING OPPORTUNITY -- V. DISCUSSION -- VI. CONCLUDING REMARKS -- REFERENCES -- APPENDIX I. PROOFS...
Persistent link: https://www.econbiz.de/10012691170
This paper examines empirically the determinants of financial market development in Africa with an emphasis on banking systems and stock markets. The results show that income level, creditor rights protection, financial repression, and political risk are the main determinants of banking sector...
Persistent link: https://www.econbiz.de/10012677837
indices; second, which bank-specific characteristics explain these risk exposures; third, are there clusters of banks with … analysis of bank-to-bank linkages suggests that any 'globalization' of the euro area crisis is likely to be channelled through …
Persistent link: https://www.econbiz.de/10014409425
The credit risk measures we develop in this paper are used to investigate macrofinancial linkages in the Mexican banking system. Domestic and external macro-financial variables are found to be closely associated with banking soundness. At the aggregate level, high external volatility and...
Persistent link: https://www.econbiz.de/10012677777
The paper assesses the effects of certain institutional factors on financial sector development in Sub- Saharan Africa (SSA). Data Envelopment Analysis (DEA) is applied to determine the extent to which these institutions affect the financial sector, and to suggest which institutions play a more...
Persistent link: https://www.econbiz.de/10012677506
As in other sectors, competition in finance matters for allocative, productive and dynamic efficiency. Theory suggests, however, that unfettered competition is not first best given the special features of finance. I review these analytics and describe how to assess the degree of competition in...
Persistent link: https://www.econbiz.de/10012677735
these questions for Nigeria in the context of the global crisis. The results seem to debunk the ""decoupling theory"" and … suggest there are still significant spillovers from Nigeria's main trading partners, including the US, with trade and …
Persistent link: https://www.econbiz.de/10012677490
investment banks and non-bank financial intermediaries such as finance and insurance companies. We find debt bias to be pervasive …
Persistent link: https://www.econbiz.de/10014408098
During the 1980s and early 1990s many Sub-Saharan African (SSA) countries undertook reforms to promote financial sector deepening. Nevertheless, financial sectors in SSA countries remain among the shallowest in the world and, within Sub-Saharan Africa, financial depth in the CFA franc zone is...
Persistent link: https://www.econbiz.de/10012677781
Recent changes to China's financial system, in particular ongoing interest rate liberalization, gradual movement toward a more flexible exchange rate regime, and rapid development of capital markets, have changed substantially the environment in which monetary policy operates. In light of these...
Persistent link: https://www.econbiz.de/10012677797