A New Database of Financial Reforms

Abiad, Abdul; Detragiache, Enrica; Tressel, Thierry

doi:10.1057/imfsp.2009.23

Cited by 650 publications

(783 citation statements)

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“…This became known as the Washington Consensus due to the geographical location of the two institutions. At the centre of these standard policies are deregulation, liberalisation, privatisation and fiscal policy discipline (see Williamson, 1990). liberalisation, measured by the IMF's financial reforms dataset (Abiad, Detragiache, & Tressel, 2008), had a negative effect on financial development.…”

Section: Financialisation In Emerging Economies: a Literature Reviewmentioning

confidence: 99%

“…In the course of the 1980s and 1990s, developing and emerging economies increasingly subscribed to financial liberalisation, integrating more closely into global financial structures (Abiad, Detragiache & Tressel, 2008). This happened not least since financial account liberalisation was typically required under the IMF and World Bank's structural adjustment packages, implemented in many developing countries as result of mounting exchange rate pressures and foreign-denominated debt burdens (for instance, see Moyo, 2001, for Zambia in the 1990s).…”

Section: Financialisation In Emerging Economies: a Literature Reviewmentioning

confidence: 99%

“…These are summarised in table 1 below. To measure the extent of financial deregulation we use the IMF financial reform index (Abiad et al, 2008). …”

Section: Financialisation Indicators: Sample Countries and Data Sourcesmentioning

confidence: 99%

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Financialisation in emerging economies: a systematic overview and comparison with Anglo-Saxon economies

Karwowski

Stockhammer

2017

Economic and Political Studies

126

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Financialisation research has originally focussed on the US experience, but the concept is now increasingly applied to emerging economies (EMEs). There is a rich literature stressing peculiarities of individual country experiences, but little systematic comparison across EMEs. This paper fills this gap, providing an overview of the debate and identifying six financialisation interpretations for EMEs. These different interpretations stress (1) financial deregulation (2) foreign financial inflows, (3) asset price volatility, (4) the shift from bankbased to market-based finance, (5) business debt, and (6) household indebtedness. We construct and compare measures of the six financialisation interpretations across a sample of 17 EMEs from Latin America, emerging Europe, Africa and Asia, contrasting them with the US and UK, two financialised economies. We find considerable variation in financialisation experiences of EMEs. Asset price volatility is found across continents. Asia has been more exposed to capital inflows, stock markets have gained importance and private sector debt risen. In emerging Europe financial deregulation has been more pronounced with lower levels but strong increases in household debt. The picture is similar in South Africa, the African EME in the sample, where household debt is comparatively high. Financialisation in Latin America is weaker according to our measures.Keywords: Financialisation; Emerging markets; Financial instability; Asset price volatility; Heterodox economics JEL codes: F30; F34; G01; G12; G15; B50 Acknowledgements: We would like to thank our colleague Rex McKenzie for comments on the paper. The usual disclaimers apply.

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Section: Financialisation In Emerging Economies: a Literature Reviewmentioning

confidence: 99%

Section: Financialisation In Emerging Economies: a Literature Reviewmentioning

confidence: 99%

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Financialisation in emerging economies: a systematic overview and comparison with Anglo-Saxon economies

Karwowski

Stockhammer

2017

Economic and Political Studies

126

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“…The variable Z is an (excluded) instrument that determines the amount of banking FDI, which is provided by a new database of financial reforms (Abiad et al, 2010) …”

Section: Nf Itmentioning

confidence: 99%

Home Bank Intermediation of Foreign Direct Investment

Poelhekke

2011

SSRN Journal

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“…Many academics and policy-makers have blamed the recent …nancial crisis on poor regulation and supervision, resulting in excessive risk taking prior to the crisis. 1 Second, …nancial institutions tend to shift poorly monitored risk exposures to taxpayers in markets where safety net bene…ts are greater Do these observations imply that stricter home-country regulation induces banks to develop a more conservative business model which they then export into the foreign markets they enter? Or do multinational banks embark on a deliberate strategy of risk taking abroad to make up for the inability to take on risk in their home-country market?…”

Section: Introductionmentioning

confidence: 99%

'When the Cat's Away the Mice Will Play': Does Regulation at Home Affect Bank Risk Taking Abroad?

2012

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in EconStor may Macroprudential Research NetworkThis paper presents research conducted within the Macroprudential Research Network (MaRs). The network is composed of economists from the European System of Central Banks (ESCB), i.e. the 27 national central banks of the European Union (EU) and the European Central Bank. The objective of MaRs is to develop core conceptual frameworks, models and/or tools supporting macro-prudential supervision in the EU. The research is carried out in three work streams: 1) Macro-financial models linking financial stability and the performance of the economy; 2) Early warning systems and systemic risk indicators; 3) Assessing contagion risks. MaRs is chaired by Philipp Hartmann (ECB). Paolo Angelini (Banca d'Italia), Laurent Clerc (Banque de France), Carsten Detken (ECB), Cornelia Holthausen (ECB) and Katerina Šmídková (Czech National Bank) are workstream coordinators. Xavier Freixas (Universitat Pompeu Fabra) and Hans Degryse (Katholieke Universiteit Leuven and Tilburg University) act as external consultant. Angela Maddaloni (ECB) and Kalin Nikolov (ECB) share responsibility for the MaRs Secretariat. The refereeing process of this paper has been coordinated by a team composed of Cornelia Holthausen, Kalin Nikolov and Bernd Schwaab (all ECB). The paper is released in order to make the research of MaRs generally available, in preliminary form, to encourage comments and suggestions prior to final publication. The views expressed in the paper are the ones of the author(s) and do not necessarily reflect those of the ECB or of the ESCB. This paper provides the …rst empirical evidence that bank regulation is associated with cross-border spillover e¤ects through the lending activities of large multinational banks. We analyze business lending by 155 banks to 9613 …rms in 1976 di¤erent localities across 16 countries. We …nd that lower barriers to entry, tighter restrictions on bank activities, and higher minimum capital requirements in domestic markets are associated with lower bank lending standards abroad. The e¤ects are stronger when banks are less e¢ ciently supervised at home, and are observed to exist independently from the impact of host-country regulation. AcknowledgementsJEL classi…cation: G21, G28, G32. Keywords: bank regulation, cross-border …nancial institutions, lending standards, …nancial risk. 1 Non-technical summaryDoes the strictness of home-country bank regulation and supervision affect lendi...

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A New Database of Financial Reforms

Cited by 650 publications

References 13 publications

Financialisation in emerging economies: a systematic overview and comparison with Anglo-Saxon economies

Financialisation in emerging economies: a systematic overview and comparison with Anglo-Saxon economies

Home Bank Intermediation of Foreign Direct Investment

'When the Cat's Away the Mice Will Play': Does Regulation at Home Affect Bank Risk Taking Abroad?

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