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  1. Transforming finance in the Middle East and North Africa
    Author: Arezki, Rabah; Senbet, Lemma W.
    Published: June 2020
    Publisher:  World Bank Group, Middle East and North Africa Region, Office of the Chief Economist, [Washington, DC, USA]

    This paper argues for a transformation of finance to support the economic and social transformation of the Middle East and North Africa. The paper first documents the existing financial system in the region. The system is heavily skewed toward... more

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    Max-Planck-Institut für Bildungsforschung, Bibliothek und wissenschaftliche Information
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    Universität Potsdam, Universitätsbibliothek
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    This paper argues for a transformation of finance to support the economic and social transformation of the Middle East and North Africa. The paper first documents the existing financial system in the region. The system is heavily skewed toward banking, relative to non-banking services, such as stock and corporate bond markets, with significant heterogeneity across countries. Second, the paper discusses the stance of macroeconomic policy in the region, which has had important implications for the destination, profitability, and quality of bank lending and the limited evolution of the financial system. Third, the paper explores the impact of technology on financial development, with particular attention to prospects for the development of fintechs. Entrenched incumbency of banks has limited the role of non-bank operators in fostering market contestability and fintech development. The paper is a call to the authorities and policy makers in the Middle East and North Africa to break with the status quo and business as usual. It underscores the need for a "moonshot approach" focused on establishing the foundations of a new digital economy and its role in promoting a well-functioning and inclusive financial economy to support the development needs of the region

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    Series: Policy research working paper ; 9301
    World Bank E-Library Archive
    Subjects: financial system; macroeconomic policy; growth; Middle East and North Africa
    Scope: 1 Online-Ressource (circa 34 Seiten), Illustrationen
  2. Counterfactual simulation of the effect of large-scale monetary easing on Japan's financial system
    Author: Abe, Nobuhiro; Hirakata, Naohisa; Ishikuro, Yuto; Koike, Yosuke; Konaka, Yuki; Takano, Yutaro
    Published: [2024]
    Publisher:  Bank of Japan, Tokyo, Japan

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Series: Bank of Japan working paper series ; no. 24, E-8 (June 2024)
    Subjects: unconventional monetary policy; financial system
    Scope: 1 Online-Ressource (circa 28 Seiten), Illustrationen
  3. Cyber resilience for business continuity in the financial system
    Author: Giannetto, Boris; Fazio, Antonino
    Published: April 2022
    Publisher:  Banca d'Italia, Rome, Italy

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Array ; number 18
    Subjects: cyber resilience; systemic scenario analysis; business continuity; financial system; cybersecurity
    Scope: 1 Online-Ressource (circa 33 Seiten), Illustrationen
  4. Global spillovers of a China hard landing
    Author: Ahmed, Shaghil; Correa, Ricardo; Dias, Daniel; Gornemann, Nils; Hoek, Jasper; Jain, Anil; Liu, Edith; Wong, Anna
    Published: 2019
    Publisher:  Board of Governors of the Federal Reserve System, [Washington, DC]

    China’s economy has become larger and more interconnected with the rest of the world, thus raising the possibility that acute financial stress in China may lead to global financial instability. This paper analyzes the potential spillovers of such... more

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    China’s economy has become larger and more interconnected with the rest of the world, thus raising the possibility that acute financial stress in China may lead to global financial instability. This paper analyzes the potential spillovers of such an event to the rest of the world with three methodologies: a VAR, an event study, and a DSGE model. We find the sentiment channel to be the primary spillover channel to the United States, affecting global risk aversion and asset prices such as equity prices and the dollar, in addition to modest real effects through the trade channel. In comparison, the combined financial and real effects to other advanced and emerging market economies, especially net commodity exporters, would be more consequential due to their larger direct exposure to China and more limited scope of monetary policy to respond to shocks

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: International finance discussion papers ; number 1260 (October 2019)
    FRB International Finance Discussion Paper ; No. 1260
    Subjects: China; financial crisis; spillovers; financial system
    Scope: 1 Online-Ressource (circa 42 Seiten), Illustrationen
  5. Rolling in the deep(fakes)
    Author: Marchetti, Sabina
    Published: [2022]
    Publisher:  Banca d'Italia, [Rom]

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Series: Questioni di economia e finanza / Banca d'Italia ; number 668 (February 2022)
    Subjects: deepfakes; artificial intelligence; disinformation; financial system
    Scope: 1 Online-Ressource (circa 18 Seiten), Illustrationen
  6. Economic growth, income distribution, and financial system: an analysis based on financial social accounting matrices for the Brazilian economy
    Author: Vieira, Juliana Rodrigues; Libânio, Gilberto de Assis; Cardoso, Débora Freire
    Published: dezembro de 2023
    Publisher:  UFMG/Cedeplar, Belo Horizonte

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    Source: Union catalogues
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    Series: Texto para discussão / UFMG, Cedeplar ; no 664
    Subjects: income distribution; economic growth; financial system
    Scope: 1 Online-Ressource (circa 28 Seiten), Illustrationen
  7. Choques migratorios y mercado de crédito formal: evidencia de Colombia
    Author: Moreno-Ardila, Angie Natalia
    Published: octubre de 2023
    Publisher:  Universidad de los Andes, Facultad de Economía, CEDE, Bogotá, D.C., Colombia

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    Source: Union catalogues
    Language: Spanish
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 1992/70979
    Series: Array ; 2023, 35
    Subjects: migration; financial system; credit
    Scope: 1 Online-Ressource (circa 63 Seiten), Illustrationen
  8. Finternet: the financial system for the future
    Author: Carstens, Agustín G.; Nilekani, Nandan
    Published: April 2024
    Publisher:  Bank for International Settlements, Monetary and Economic Department, [Basel]

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: BIS working papers ; no 1178
    Subjects: payment systems; financial system; financial intermediaries; financial instruments; currency; digital innovation; unified ledgers; tokenisation
    Scope: 1 Online-Ressource (circa Seiten), Illustrationen
  9. A decision tree for digital financial inclusion policymaking
    Author: Claessens, Stijn; Rojas-Suárez, Liliana
    Published: February 2020
    Publisher:  Center for Global Development, Washington, DC

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    Source: Union catalogues
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    Series: Working paper / Center for Global Development ; 525 (February 2020)
    Subjects: Financial inclusion; digital financial inclusion; financial regulation; financial system; decision tree; policy making
    Scope: 1 Online-Ressource (circa 124 Seiten), Illustrationen
  10. Transforming finance in the Middle East and North Africa
    Author: Arezki, Rabah; Senbet, Lemma W.
    Published: June 2020
    Publisher:  World Bank Group, Middle East and North Africa Region, Office of the Chief Economist, [Washington, DC, USA]

    This paper argues for a transformation of finance to support the economic and social transformation of the Middle East and North Africa. The paper first documents the existing financial system in the region. The system is heavily skewed toward... more

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    This paper argues for a transformation of finance to support the economic and social transformation of the Middle East and North Africa. The paper first documents the existing financial system in the region. The system is heavily skewed toward banking, relative to non-banking services, such as stock and corporate bond markets, with significant heterogeneity across countries. Second, the paper discusses the stance of macroeconomic policy in the region, which has had important implications for the destination, profitability, and quality of bank lending and the limited evolution of the financial system. Third, the paper explores the impact of technology on financial development, with particular attention to prospects for the development of fintechs. Entrenched incumbency of banks has limited the role of non-bank operators in fostering market contestability and fintech development. The paper is a call to the authorities and policy makers in the Middle East and North Africa to break with the status quo and business as usual. It underscores the need for a "moonshot approach" focused on establishing the foundations of a new digital economy and its role in promoting a well-functioning and inclusive financial economy to support the development needs of the region

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    Series: Policy research working paper ; 9301
    World Bank E-Library Archive
    Subjects: financial system; macroeconomic policy; growth; Middle East and North Africa
    Scope: 1 Online-Ressource (circa 34 Seiten), Illustrationen
  11. Pushing on a string
    state-owned enterprises and monetary policy transmission in China
    Author: Chen, Hongyi; Li, Ran; Tillmann, Peter
    Published: [2018]
    Publisher:  Hong Kong Institute for Monetary Research, Hong Kong

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Edition: October 2018 (updated)
    Series: HKIMR working paper ; 2018, no. 11 (April 2018)
    Subjects: monetary transmission; state-owned enterprises; financial system; VAR; state-dependent local projections; firm-level data
    Scope: 1 Online-Ressource (circa 30 Seiten), Illustrationen
  12. The hidden transformation.
    changing role of the state after the collapse of communism in Central and Easter Europe
    Author: Kowalewski, Oskar; Rybiński, Krzysztof
    Published: 2011
    Publisher:  Financial Institutions Center, Wharton School, Univ. of Pennsylvania, Philadelphia, Pa.

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Working papers / Financial Institutions Center, Wharton School, University of Pennsylvania ; 11,38
    Weiss Center working papers ; 11,38
    Subjects: transition economies; government; regulations; fiscal policy; financial system
    Scope: Online-Ressource (PDF-Datei: 39 S., 275,33 KB), graph. Darst.
  13. Luis Ángel Rojo en el Banco de España
    Author: Malo de Molina, José Luis
    Published: 2012
    Publisher:  Banco de España, Madrid

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Source: Union catalogues
    Language: Spanish
    Media type: Book
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    Series: Documentos ocasionales / Banco de España ; 1204
    Subjects: Luis Ángel Rojo; Banco de España; financial system; monetary policy
    Scope: Online-Ressource (44 S.)
    Notes:

    Zsfassung in engl. Sprache
  14. Pensions- und Finanzsysteme in Europa
    ein Vergleich unter dem Gesichtspunkt der Komplementarität
    Author: Tyrell, Marcel; Schmidt, Reinhard H.
    Published: 2001
    Publisher:  Univ., Fachbereich Wirtschaftswiss., Frankfurt am Main

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    Source: Union catalogues
    Language: German
    Media type: Book
    Format: Print
    RVK Categories: QX 400 ; QX 400
    DDC Categories: 330; 380; 650; 670
    Series: Working paper series / Johann Wolfgang Goethe-Universität Frankfurt, Fachbereich Wirtschaftswissenschaften : [...], Finance & accounting ; No. 65
    Subjects: Altersversorgung; Rentenversicherung; Kreditwesen; Unternehmen; Finanzierung; Corporate Governance; Vergleich; Deutschland; Großbritannien; Frankreich; Altersversorgung; Rentenversicherung; Kreditwesen; Unternehmen; Finanzierung; Corporate Governance; Vergleich
    Other subjects: (stw)Altersvorsorge; (stw)Gesetzliche Rentenversicherung; (stw)Finanzsystem; (stw)Finanzsektor; (stw)Unternehmensfinanzierung; (stw)Corporate Governance; (stw)Vergleich; (stw)Deutschland; (stw)Großbritannien; (stw)Frankreich; financial system; pension system; risk allocation; human capital formation; Arbeitspapier; Graue Literatur
    Scope: 31 S., 30 cm
    Notes:

    Literaturverz. S. 28 - 31
  15. German banks - a declining industry?
    Author: Hackethal, Andreas
    Published: 2003
    Publisher:  Univ., Fachbereich Wirtschaftswiss., Frankfurt am Main

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    Source: Union catalogues
    Language: English
    Media type: Book
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    RVK Categories: QB 910
    DDC Categories: 330; 380; 650; 670
    Series: Working paper series / Johann Wolfgang Goethe-Universität Frankfurt, Fachbereich Wirtschaftswissenschaften : [...], Finance & accounting ; No. 106
    Subjects: Bank; Sektoraler Strukturwandel; Kreditwesen; :z Geschichte 1971-2000; Kreditwesen; Deutschland; Bank
    Other subjects: (stw)1971-2000; (stw)Bank; (stw)Branchenentwicklung; (stw)Finanzsystem; (stw)Deutschland; Disintermediation; Commercial banking; Germany; financial system; Disintermediation; Arbeitspapier; Graue Literatur
    Scope: 38 S., graph. Darst., 30 cm
    Notes:

    Literaturverz. S. 35 - 37
  16. The convergence of financial systems in Europe
    Author: Schmidt, Reinhard H.; Hackethal, Andreas; Tyrell, Marcel
    Published: 2001
    Publisher:  Univ., Fachbereich Wirtschaftswiss., Frankfurt am Main

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  17. The convergence of financial systems in Europe
    Author: Schmidt, Reinhard H.; Hackethal, Andreas; Tyrell, Marcel
    Published: 2001
    Publisher:  Univ.-Bibliothek Frankfurt am Main, Frankfurt am Main

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  18. German banks - a declining industry?
    Author: Hackethal, Andreas
    Published: 2003
    Publisher:  Univ.-Bibliothek Frankfurt am Main, Frankfurt am Main

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    RVK Categories: QB 910
    DDC Categories: 330; 380; 650; 670
    Series: Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 2003,27
    Subjects: Bank; Sektoraler Strukturwandel; Kreditwesen; :z Geschichte 1971-2000; Kreditwesen; Deutschland; Bank
    Other subjects: (stw)1971-2000; (stw)Bank; (stw)Branchenentwicklung; (stw)Finanzsystem; (stw)Deutschland; Commercial banking; Germany; disintermediation; financial system; Disintermediation; Arbeitspapier; Graue Literatur
    Scope: Online-Ressource
  19. How swelling debts give rise to a new type of politics in Vietnam
    Author: Nguyen, Viet-Ha T.; Nguyen, Hong-Kong T.; Vuong Thu Trang; Ho, Tung Manh; Quan Hoang Vuong
    Published: [2018]
    Publisher:  Université Libre de Bruxelles - Solvay Brussels School of Economics and Management, Centre Emile Bernheim, Brussels, Belgium

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    VS 311
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 2013/ULB-DIPOT:oai:dipot.ulb.ac.be:2013/276130
    Edition: This manuscript version: August 17, 2018; v.10
    Series: CEB working paper ; no 18, 026 (August 2018)
    Subjects: debt; credit; financial system; Vietnam; consumerism; geopolitics; political economy; government finance
    Scope: 1 Online-Ressource (circa 34 Seiten), Illustrationen
  20. Current accounts in the eurozone countries
    the role of euro, fiscal policies and financial developments
    Author: Baxa, Jaromír; Olešňaník, Tomáš
    Published: 2014
    Publisher:  Institute of Economic Studies, Faculty of Social Sciences, Charles University of Prague, Prague

    Should we blame the euro for widening of current account deficits in the EMU? In this paper, we employ time-specific fixed effect estimator to study determinants of the current account deficits of the EU countries before and after adoption of the... more

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    Should we blame the euro for widening of current account deficits in the EMU? In this paper, we employ time-specific fixed effect estimator to study determinants of the current account deficits of the EU countries before and after adoption of the euro. Our aim is to assess to what extent the increased current account deficits could be attributed to the single currency and to the role of other variables, especially fiscal policy and developments of financial sector. We show that euro had negative effect on current account balances of southern countries. Moreover, we provide evidence that the role of fiscal policy in current account dynamics changed with euro adoption and twin deficits emerged in many countries. Finally, we document significant role of growing credits to private sector for built-up of persistent current account deficits, hence the negative effects of excessive lending on external balance should be addressed by the regulators and policy makers in the future.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    hdl: 10419/120425
    Series: IES working paper ; 27/2014
    Subjects: current account; euro; fiscal balance; financial system
    Scope: Online-Ressource ([1], 27, VII S.), graph. Darst.
  21. Financial systems
    importance, differences and convergence
    Author: Schmidt, Reinhard H.; Hryckiewicz, Aneta
    Published: 2006
    Publisher:  Johann Wolfgang Goethe-Univ., Frankfurt am Main

    This paper provides an overview of conceptual issues and recent research findings concerning the structure and the role of financial systems and an introduction into the new research area of comparative financial systems. The authors start by... more

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    This paper provides an overview of conceptual issues and recent research findings concerning the structure and the role of financial systems and an introduction into the new research area of comparative financial systems. The authors start by pointing out the importance of financial systems in general and then sketch different ways of describing and analysing national financial systems. They advocate using what they call a "systemic approach". This approach focuses on the fit between the various elements that constitute any financial system as a major determinant of how well a given financial system performs its functions. In its second part the paper discusses recent research concerning the relationships between financial sector development and general economic growth and development. The third part is dedicated to comparative financial systems. It first analyses the similarities and, more importantly, the differences of the financial systems of major industrialised countries and points out that these differences seem to remain in existence in spite of the current wave of liberalisation, deregulation and globalisation. This leads to the concluding discussion of what the systemic approach suggests with respect to the question of whether the financial systems of different countries are likely to converge to a common structure.

     
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    Language: English
    Media type: Book
    Format: Online
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    hdl: 10419/97758
    Series: Working paper series / Institute for Monetary and Financial Stability ; 4
    Subjects: Financial sector; financial system; growth and development; convergence
    Scope: Online-Resource (28 S.), graph. Darst.
  22. Inequality and the financial system
    the case of Germany
    Author: Detzer, Daniel
    Published: 2014
    Publisher:  ILO, Geneva

    This paper examines the relationship between changes in the financial sector and the increasing inequality in Germany. For this, first an overview about the development of the main inequality indicators for Germany is given, which show inequality has... more

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    This paper examines the relationship between changes in the financial sector and the increasing inequality in Germany. For this, first an overview about the development of the main inequality indicators for Germany is given, which show inequality has been rising since the 1980s. Thereafter, the main features of the German financial system and its main changes in the last decades are reviewed. It is also looked at employment and incomes in the financial sector to determine, whether exorbitant growth of the financial sector, as observed in other countries, could be responsible for the increasing inequality. Thereafter, the relation of the financial sector with the non-financial sector is examined. First, a look at the financing structure of non-financial firms is taken. Subsequently, it is studied how changed behaviour in the financial sector may have led to increased inequality. It is argued that a multitude of factors including the retreat of the big banks from the German Inc., the changes in securities market regulation, the occurrence of new types of financial investors have all changed the corporate governance system in a way that made it more conducive to inequality. Then, the most important regulatory reforms and reform proposals for the financial sector are outlined. In the last section of the paper the main results are summarised and some general conclusions are drawn.

     
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    Language: English
    Media type: Book
    Format: Online
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    hdl: 10419/96402
    Series: Global Labour University working papers ; 23
    Subjects: financial system; income distribution; wage differential; employment; financial sector; bank; Germany
    Scope: Online-Ressource (V, 43 S.), graph. Darst.
  23. German banks
    a declining industry?
    Author: Hackethal, Andreas
    Published: 2003
    Publisher:  Center for Financial Studies, Frankfurt, Main

    This paper is a draft for the chapter German banks and banking structure of the forthcoming book The German financial system edited by J.P. Krahnen and R.H. Schmidt (Oxford University Press). As such, the paper starts out with a description of past... more

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    This paper is a draft for the chapter German banks and banking structure of the forthcoming book The German financial system edited by J.P. Krahnen and R.H. Schmidt (Oxford University Press). As such, the paper starts out with a description of past and present structural features of the German banking industry. Given the presented empirical evidence it then ar-gues that great care has to be taken when generalising structural trends from one financial system to another. Whilst conventional commercial banking is clearly in decline in the US, it is far from clear whether the dominance of banks in the German financial system has been significantly eroded over the last decades. We interpret the immense stability in intermediation ratios and financing patterns of firms between 1970 and 2000 as strong evidence for our view that the way in which and the extent to which German banks fulfil the central functions for the financial system are still consistent with the overall logic of the German financial system. In spite of the current dire business environment for financial intermediaries we do not expect the German financial system and its banking industry as an integral part of this system to converge to the institutional arrangements typical for a market-oriented financial system.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/72643
    Series: CFS Working Paper ; 2003/27
    Subjects: commercial banking; Germany; disintermediation; financial system
    Scope: Online-Ressource (39 S.), graph. Darst.
  24. Income inequality and Germany's current account surplus
    Author: Grüning, Patrick; Theobald, Thomas; Treeck, Till van
    Published: 2015
    Publisher:  Hans-Böckler-Stiftung, Düsseldorf

    Germany entered the euro with a current account deficit but over theentire past decade has run large and persistent current account surpluses. Besides joining the common currency, the increase of Germany's current account since the late 1990s has... more

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    Germany entered the euro with a current account deficit but over theentire past decade has run large and persistent current account surpluses. Besides joining the common currency, the increase of Germany's current account since the late 1990s has been accompanied by strong shifts in thepersonal and, in particular, the functional income distribution. In this paper, we argue that income inequality should always be analyzed with respect to both the personal and the functional distribution of income. We present a dynamic stochastic general equilibrium (DSGE) model in which a current account surplus arises as an endogenous result of a decrease in the share of household income in national income. On the one hand, this result complements existing literature where current account deficits result from rising personal income inequality. On the other hand, we find that current account imbalances will be more pronounced when accompanied by changes in the financial system. Accordingly, if we link Germany's accession to the European monetary union to lower exchange rate costs for German banklending, the current account surplus becomes larger. Als Deutschland dem Eurosystem beitrat, zeigte die Leistungsbilanz ein Defizit. Seit über einer Dekade jedoch hat die deutsche Volkwirtschaft hohe und persistente Leistungsüberschüsse erzielt. Neben den üblicherweise in der Literatur diskutierten Ursachen wurde die Verbesserung der deutschen Leistungsbilanz von starken Veränderungen in der personellen und noch deutlicher in der funktionalen Einkommensverteilung begleitet. In diesem Papier argumentieren wir, dass Veränderungen der Einkommensverteilung daher immer vor dem Hintergrund beider Bezugsgrößen diskutiert werden sollten. In diesem Zusammenhang entwickeln wir ein dynamisches stochastisches allgemeines Gleichgewichtsmodell (DSGE), in dem sich Leistungsbilanzüberschüsse als endogenes Resultat einer Veränderung des Anteils der Haushaltseinkommen am Nationaleinkommen ergeben. Einerseits vervollständigt dieses Resultat die vorhandene Literatur, in der Leistungsbilanzdefizite als Folge zunehmender personeller Einkommensungleichheit auftreten. Andererseits bestätigt sich, dass Leistungsbilanzungleichgewichte deutlich ausgeprägter auftreten, wenn sie mit Veränderungen des Finanzsystems einhergehen. Dementsprechend ergibt sich ein deutlich ausgeprägter Leistungsbilanzüberschuss, wenn wir Deutschlands Beitritt zur Währungsunion mit geringeren Wechselkursrisiken für die Kreditvergabe deutscher Banken verbinden.

     
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    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/110393
    Series: Working paper / IMK, Institut für Makroökonomie ; 147
    Subjects: income inequality; functional income distribution; household debt; financial system; current account
    Scope: Online-Ressource (34 S.), graph. Darst.
    Notes:

    Zsfassung in dt. Sprache