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The "conventional wisdom" in academic and policy circles argues that, while large and foreign banks are generally not interested in serving SMEs, small and niche banks have an advantage in doing so because they can overcome SME opaqueness through relationship lending. This paper shows that there...
Persistent link: https://www.econbiz.de/10010521110
Interest in access to finance has increased significantly in recent years, as growing evidence suggests that lack of access to credit prevents lower-income households and small firms from financing high return investment projects, having an adverse effect on growth and poverty alleviation. This...
Persistent link: https://www.econbiz.de/10010521583
The world economy is not what it used to be twenty years ago. For most of the 20th century, the world economy was characterized by developed (North) countries acting as 'center' to a 'periphery' of developing (South) countries. However, the recent rise of developing economies suggests the need...
Persistent link: https://www.econbiz.de/10012245131
We analyse how short termism, dollarization and foreign jurisdictions are ways of coping with systemic risks prevalent in emerging economies. These are symptoms at least as much as problems. We conclude first that under high systemic risks, the market equilibrium settles in favour of investor...
Persistent link: https://www.econbiz.de/10015181007
The rise and fall of Argentina's currency board illustrates the extent to which the advantages of hard pegs have been overstated. The currency board did provide nominal stability and boosted financial intermediation, at the cost of endogenous financial dollarization, but did not foster fiscal or...
Persistent link: https://www.econbiz.de/10014102178
This paper presents a framework to analyze financial globalization. It argues that financial globalization needs to take into account the relation between money (particularly in its role as store of value), asset and factor price flexibility, and contractual and regulatory institutions....
Persistent link: https://www.econbiz.de/10014105701
The rise and fall of Argentina's currency board illustrates the extent to which the advantages of hard pegs have been overstated. The currency board did provide nominal stability and boosted financial intermediation, at the cost of endogenous financial dollarization, but did not foster fiscal or...
Persistent link: https://www.econbiz.de/10012785595
Over the past decades, many countries have implemented significant reforms to foster domestic capital market development. These reforms included stock market liberalization, privatization programs, and the establishment of regulatory and supervisory frameworks. Despite the intense reform...
Persistent link: https://www.econbiz.de/10010521724
Over the past decades, many countries have implemented significant reforms to foster capital market development. Latin American countries were at the forefront of this process. The authors analyze where Latin American capital markets stand after these reforms. They find that despite the intense...
Persistent link: https://www.econbiz.de/10010521751
Persistent link: https://www.econbiz.de/10001759808