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Structured Microfinance in China
Byström, Hans - 2007
In this paper we discuss the potential for commercial microfinance in China. Particular emphasis is put on … securitization of microloans and on structured microfinance in a China context. Three particular factors that we believe could … side, structured microfinance could be an important tool for fighting unemployment in China. It could also be used to …
Persistent link: https://www.econbiz.de/10013208521
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Lending for Growth? An Analysis of State-Owned Banks in China
Andersson, Fredrik N. G.; Burzynska, Katarzyna; Opper, Sonja - 2013
This paper provides the first comparative analysis of different types of publicly owned banks operating in China … between 1997 and 2008. Using principal component analysis and Granger-causality tests, this study shows that China's state … commercial banks did promote domestic growth. China's experience presents a more nuanced picture of state banking that goes …
Persistent link: https://www.econbiz.de/10013208648
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Managerial Incentives and the Efficiency of Capital Structure in U.S. Commercial Banking
Hughes, Joseph P.; Lang, William W.; Moon, Choon-Geol; … - 2004
We extend the literature on the effects of managerial entrenchment to consider how safety-net subsidies and financial distress costs interact with managerial incentives to influence capital structure in U.S. commercial banking. Using cross-sectional data on publicly traded, highest-level U.S....
Persistent link: https://www.econbiz.de/10010263221
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Estimating Managers' Utility Maximizing Demand for Agency Goods
Hughes, Joseph P.; Moon, Choon-Geol - 2003
An empirical model of managers' demand for agency goods is derived and estimated using the Almost Ideal Demand System of Deaton and Muellbauer (AER 1980). As in Jensen and Meckling (JFE 1976), we derive managers' demand for agency goods by maximizing a managerial utility function where managers...
Persistent link: https://www.econbiz.de/10010274320
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Managerial incentives and the efficiency of capital structure
Hughes, Joseph P.; Lang, William W.; Moon, Choon-Geol; … - 2001
We extend the literature on the effects of managerial entrenchment on capital structure to consider how safety-net subsidies and financial distress costs interact with managerial incentives to influence capital structure in U.S. commercial banking. Using cross-sectional data on publicly traded,...
Persistent link: https://www.econbiz.de/10010318364
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Firm dynamics, misallocation and targeted policies
Jo, In Hwan; Senga, Tatsuro - 2016
Access to external finance is a major obstacle for small and young firms; thus, providing subsidized credit to small and young firms is a widely-used policy option across countries. We study the impact of such targeted policies on aggregate output and productivity and highlight indirect general...
Persistent link: https://www.econbiz.de/10011927976
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Aggregate consequences of credit subsidy policies: Firm dynamics and misallocation
Jo, Hwan; Senga, Tatsuro - 2017
Government policies that attempt to alleviate credit constraints faced by small and young firms are widely adopted across countries. We study the aggregate impact of such targeted credit subsidies in a heterogeneous firm model with collateral constraints and endogenous entry and exit. A defining...
Persistent link: https://www.econbiz.de/10011928006
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Universal Banking and the Development of Secondary Corporate Debt Markets: Lessons from 1830s Belgium
Ugolini, Stefano - 2010
This paper proposes a reassessment of the old-age debate on universal banking and growth by putting it on a different plan. Modern financial economics are used to provide new theoretical foundations to Gerschenkron's (1962) hypothesis: universality is interpreted as a strategy for banks to reach...
Persistent link: https://www.econbiz.de/10012143755
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Business cycles: A role for imperfect competition in the banking system
Mandelman, Federico S. - 2006
This paper studies the cyclical pattern of ex post markups in the banking system using balance-sheet data for a large set of countries. Markups are strongly countercyclical even after controlling for financial development, banking concentration, operational costs, inflation, and simultaneity or...
Persistent link: https://www.econbiz.de/10010292221
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Should the Government Be in the Banking Business? The Role of State-Owned and Development Banks
Yeyati, Eduardo Levy; Micco, Alejandro; Panizza, Ugo - 2004
This paper surveys the theoretical and empirical literature on the role of state-owned banks and also presents some new results and a robustness analysis. The paper shows that state-owned banks located in developing countries have fiscal costs because they are characterized by lower returns than...
Persistent link: https://www.econbiz.de/10010327147