This paper formulates a multisectoral accounting framework to assess the potential effects on perceived private wealth of alternative schemes for voluntary debt reduction. Swaps of private equity for public foreign debt increase private wealth when private agents behave ultrarationally, that is,...

It is now widely acknowledged that under certain circumstances debt reduction can improve the welfare of both creditors and debtors. Meaningful debt reduction requires an appropriate institutional setting to overcome collective action problems. In the domestic economy, bankruptcy laws provide...

Processing and collection costs of loans made to small farmers are high relative to the amount lent. Lending groups and credit cooperatives have been ascribed the potential to reach small farmers with affordable credit because the processing of one large loan rather than numerous small loans may...

The continuing debt crisis that many developing countries have faced in the current decade has underscored the need to understand the relationships between debt accumulation and growth, as well as the need to develop policy approaches that foster adjustment in the external account while...

Since it was first recognized in August 1982, the international debt crisis has dominated economic policy making in the developing countries. The prolonged debt crisis of those highly indebted countries whose debts are owed primarily to the commercial banks has resisted all the creative...

The widespread financial crisis in East Asia caused large economic shocks, which varied by degree across the region. That crisis provides a unique opportunity for investigating the factors that determine the use of bankruptcy processes in a number of economies. The authors study the use of...

Over the past decades, finance theory has contributed significantly to understanding banks and identifying what qualifies them to be special financial intermediaries. Historically, banks have had a comparative advantage in certain functions - such as providing liquidity and payment services and...

The authors report cross-country data on commercial bank regulation and ownership in more than 60 countries. They evaluate the links between different regulatory/ownership practices in those countries and both financial sector performance and banking system stability. They document substantial...

The authors propose a more complete conceptual framework for analysis of credit availability for small and medium enterprises (SMEs). In this framework, lending technologies are the key conduit through which government policies and national financial structures affect credit availability. They...

High credit growth in Emerging Europe, generally considered a sign of catching-up with the"old"Europe, has begun receiving considerable attention among investors and policymakers alike. Given heightened global risks and the demands under the European Union accession process, the need to better...