This study finds that implicit deposit insurance in the four original state banks, undermines market discipline and creates moral hazard. The differences of degree in market discipline in different banks depending on their ownership structure result from varying coverage by implicit deposit...

This study finds that implicit deposit insurance in the four original state banks, undermines market discipline and creates moral hazard. The differences of degree in market discipline in different banks depending on their ownership structure result from varying coverage by implicit deposit...

A financial instrument to improve the credit worthiness of small and medium enterprises (SMEs), i.e. Jointly Issued Notes (JINs), improves the average credit rating of SMEs by eight notches, from BBB to AA+, thus reducing borrowing cost by 298 basis points. This research note describes the...