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Resolving the African Financial Development Gap : Cross-Country Comparisons and a Within-Country Study of Kenya
Allen, Franklin - 2012
With extensive country- and firm-level data sets we first document that the financial sectors of most sub-Saharan African countries remain significantly underdeveloped by the standards of other developing countries. We also find that population density appears to be considerably more important...
Persistent link: https://www.econbiz.de/10012460646
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Banking and Insurance
Haubrich, Joseph G. - 1984
This paper studies the economic role of financial institutions in economies where agents' incomes are subject to privately observable, idiosyncratic random events. The information structure precludes conventional insurance arrangements. However, a financial institution -- perhaps best viewed as...
Persistent link: https://www.econbiz.de/10012477783
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Risk Management in Financial Institutions
Rampini, Adriano A. - 2019
We study risk management in financial institutions using data on hedging of interest rate and foreign exchange risk. We find strong evidence that institutions with higher net worth hedge more, controlling for risk exposures, both across institutions and within institutions over time. For...
Persistent link: https://www.econbiz.de/10012479649
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The Design of Financial Systems : Towards a Synthesis of Function and Structure
Merton, Robert C. - 2004
This paper proposes a functional approach to designing and managing the financial systems of countries, regions, firms, households, and other entities. It is a synthesis of the neoclassical, neo-institutional, and behavioral perspectives. Neoclassical theory is an ideal driver to link science...
Persistent link: https://www.econbiz.de/10012468071
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Has the U.S. Finance Industry Become Less Efficient? On the Theory and Measurement of Financial Intermediation
Philippon, Thomas - 2012
I provide a quantitative interpretation of financial intermediation in the U.S. over the past 130 years. Measuring separately the cost of intermediation and the production of financial services, I find that: (i) the quantity of intermediation varies a lot over time; (ii) intermediation is...
Persistent link: https://www.econbiz.de/10012460582
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The FinTech Opportunity
Philippon, Thomas - 2016
This paper assesses the potential impact of FinTech on the finance industry, focusing on financial stability and access to services. I document first that financial services remain surprisingly expensive, which explains the emergence of new entrants. I then argue that the current regulatory...
Persistent link: https://www.econbiz.de/10012456201
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Central Bank Digital Currencies and The Emerging Markets : The Currency Substitution Challenge
Edwards, Sebastian - National Bureau of Economic Research - 2021
benefits as well as costs. Among the former, one of the most important is lower costs for migrants' remittances. Some of the …
Persistent link: https://www.econbiz.de/10012696398
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Are Bilateral Remittances Countercyclical?
Frankel, Jeffrey A. - 2009
By putting together a relatively large data set on bilateral remittances of emigrants, this paper is able to shed light … on the important hypothesis of smoothing. The smoothing hypothesis is that remittances are countercyclical with respect … affirmation of smoothing is important for two reasons. First, it suggests that remittances should be placed on the list of …
Persistent link: https://www.econbiz.de/10012463230
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International Migration, Remittances, and Household Investment : Evidence from Philippine Migrants' Exchange Rate Shocks
Yang, Dean - 2006
peso leads to increases in household remittances received from overseas. The estimated elasticity of Philippine …-peso remittances with respect to the Philippine/foreign exchange rate is 0.60. These positive income shocks lead to enhanced human …
Persistent link: https://www.econbiz.de/10012466340
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Regional Economic Development and Mexican Out-Migration
Unger, Kurt - 2005
in Mexico due to migration. The principal hypothesis of this study is that remittances, knowledge and experience … remittances and socioeconomic conditions of the communities. In a third section the effect over time is estimated, relating per … significant relation between per capita income growth and the percentage of households that receive remittances across communities …
Persistent link: https://www.econbiz.de/10012467247