This paper studies the impact of financial structures on the dynamics of the export sector using rich data from over 60 countries. The results reveal that bank-oriented financial systems boost the size of the export sector more than market-oriented financial systems. However, especially in...

John. J. McCloy, President of the International Bank for Reconstruction and Development, discussed staff recruitment and the development of Bank policies. Loan requirements emphasize productive projects of reconstruction and development. Supervision ensures the funds are not diverted. He spoke...

This paper uses loan-level data from 124 countries over 1995-2015 to examine the transmission of monetary policy through the cross-border syndicated loan market. The results show that the expansion of monetary policy increases cross-border credit supply especially to weaker firms. However,...

This publication lends itself to careful perusal as well as quick reference. An executive summary enumerates the main points, and callouts in the main text summarize the key messages of individual pages. The report provides an in-depth discussion and further detail, and text boxes, figures, and...

Financial sector strategies enable financial policy makers and stakeholders to take a holistic view of the financial development needs in their country and formulate balanced financial policies. They help policy makers consider the systemic risk that different development policies involve and...

The co-dependence between assets tends to increase when the market declines. This paper develops a correlation measure focusing on market declines using the expected shortfall (ES), referred to as the ES-implied correlation, to improve the existing value at risk (VaR)-implied correlation....