International consultants on bank regulation, and supervision for developing countries, often base their advice on how their home country does things, for lack of information on practice in other countries. Recommendations for reform have tended to be shaped by bias rather than facts. To better inform advice about bank regulation, and supervision, and to lower the marginal cost of empirical research, the authors present, and discuss a new, and comprehensive database on the regulation, and supervision of banks in a hundred and seven countries. The data, based on surveys sent to national bank regulatory, supervisory authorities, are now available to researchers, and policymakers around the world. The data cover such aspects of banking as entry requirements, ownership restrictions, capital requirements, activity restrictions, external auditing requirements, characteristics of deposit insurance schemes, loan classification and provisioning requirements, accounting and disclosure requirements, troubled bank resolution actions, and (uniquely) the quality of supervisory personnel, and their actions. The database permits users to learn how banks are currently regulated, and supervised, and about bank structures, and deposit insurance schemes, for a broad cross-section of countries. In addition to describing the data, the authors show how variables ay be grouped, and aggregated. They also show some simple correlations among selected variables. In a comparison paper ("Bank regulation and supervision: What works best") studying the relationship between differences in bank regulation and supervision, and bank performance and stability, they conclude that: 1) Countries with policies that promote private monitoring of banks, have better bank performance, and more stability. Countries with more generous deposit insurance schemes tend to have poorer bank performance, and more bank fragility. 2) Diversification of income streams, and loan portfolios - by not restricting bank activities - also tends to improve performance, and stability. (This works best when an active securities market exists). Countries in which banks are encouraged to diversify their portfolios, domestically and internationally, suffer fewer crisis.
{"title":"The Regulation and Supervision of Banks around the World: A New Database","authors":"James R. Barth, G. Caprio, Ross Levine","doi":"10.1596/1813-9450-2588","DOIUrl":"https://doi.org/10.1596/1813-9450-2588","url":null,"abstract":"International consultants on bank regulation, and supervision for developing countries, often base their advice on how their home country does things, for lack of information on practice in other countries. Recommendations for reform have tended to be shaped by bias rather than facts. To better inform advice about bank regulation, and supervision, and to lower the marginal cost of empirical research, the authors present, and discuss a new, and comprehensive database on the regulation, and supervision of banks in a hundred and seven countries. The data, based on surveys sent to national bank regulatory, supervisory authorities, are now available to researchers, and policymakers around the world. The data cover such aspects of banking as entry requirements, ownership restrictions, capital requirements, activity restrictions, external auditing requirements, characteristics of deposit insurance schemes, loan classification and provisioning requirements, accounting and disclosure requirements, troubled bank resolution actions, and (uniquely) the quality of supervisory personnel, and their actions. The database permits users to learn how banks are currently regulated, and supervised, and about bank structures, and deposit insurance schemes, for a broad cross-section of countries. In addition to describing the data, the authors show how variables ay be grouped, and aggregated. They also show some simple correlations among selected variables. In a comparison paper (\"Bank regulation and supervision: What works best\") studying the relationship between differences in bank regulation and supervision, and bank performance and stability, they conclude that: 1) Countries with policies that promote private monitoring of banks, have better bank performance, and more stability. Countries with more generous deposit insurance schemes tend to have poorer bank performance, and more bank fragility. 2) Diversification of income streams, and loan portfolios - by not restricting bank activities - also tends to improve performance, and stability. (This works best when an active securities market exists). Countries in which banks are encouraged to diversify their portfolios, domestically and internationally, suffer fewer crisis.","PeriodicalId":124672,"journal":{"name":"Brookings-Wharton Papers on Financial Services","volume":"59 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2001-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134477163","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Comment and Discussion","authors":"F. Mishkin","doi":"10.1353/PFS.2001.0013","DOIUrl":"https://doi.org/10.1353/PFS.2001.0013","url":null,"abstract":"","PeriodicalId":124672,"journal":{"name":"Brookings-Wharton Papers on Financial Services","volume":"65 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2001-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121587965","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Comment and Discussion","authors":"R. Strahota","doi":"10.1353/PFS.2001.0014","DOIUrl":"https://doi.org/10.1353/PFS.2001.0014","url":null,"abstract":"","PeriodicalId":124672,"journal":{"name":"Brookings-Wharton Papers on Financial Services","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2001-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114152357","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
and books devoted to the question of how to enhance economic growth, especially in the developing world. Actual progress on the ground, however, is mixed at best. While many areas enjoyed remarkable growth in incomes and living standards during the past three or four decades—Asia being a prime example—other regions noticeably lagged. In the words of a recent, thorough study by the World Bank, by the end of the 1990s, poverty rates in Sub-Saharan Africa, Latin America, and the Caribbean remained “stubbornly high.” If it were a matter of applying the standard neoclassical model used by many economists, solving the growth problem would be relatively easy, somewhat like baking a cake: add some capital (domestic or foreign), technology, and education to a fixed supply of labor and assume the presence of some basic market institutions, and growth of income per capita should follow inexorably. For our purposes here, the key assumption is that market institutions—specifically, the presence of widely recognized and enforceable property rights—are well functioning. Indeed, it is fair to say
{"title":"Effective Property Rights and Economic Development: Next Steps","authors":"H. D. Soto, Robert E. Litan","doi":"10.1353/PFS.2001.0004","DOIUrl":"https://doi.org/10.1353/PFS.2001.0004","url":null,"abstract":"and books devoted to the question of how to enhance economic growth, especially in the developing world. Actual progress on the ground, however, is mixed at best. While many areas enjoyed remarkable growth in incomes and living standards during the past three or four decades—Asia being a prime example—other regions noticeably lagged. In the words of a recent, thorough study by the World Bank, by the end of the 1990s, poverty rates in Sub-Saharan Africa, Latin America, and the Caribbean remained “stubbornly high.” If it were a matter of applying the standard neoclassical model used by many economists, solving the growth problem would be relatively easy, somewhat like baking a cake: add some capital (domestic or foreign), technology, and education to a fixed supply of labor and assume the presence of some basic market institutions, and growth of income per capita should follow inexorably. For our purposes here, the key assumption is that market institutions—specifically, the presence of widely recognized and enforceable property rights—are well functioning. Indeed, it is fair to say","PeriodicalId":124672,"journal":{"name":"Brookings-Wharton Papers on Financial Services","volume":"45 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2001-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122613176","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
James H. Stock: From 1993 through mid-1998, the U.S. economy experienced several years of low unemployment and low and falling inflation that is nothing short of extraordinary. What should one make of this experience? Is it transitory, simply good luck, or has the economy changed in a fundamental way? Is the death of the Phillips curve, so long proclaimed, finally a reality? Although it is widely known that the NAIRU is measured with considerable imprecision, the recent experience is surprising. For example, Staiger, Watson, and I have estimated that in 1989 the NAIRU, based on the GDP deflator, was 6.3 percent, with a 95 percent confidence interval of 5.0 to 7.4 percent.' The United States has now been at or below the lower end of this confidence interval for some time, yet inflation remains quiescent. In his previous work, Robert Gordon has argued that the unemployment-based Phillips curve has been a trusty and stable relation, at least through the early 1990s. In the current paper, he turns his attention to the events of the past five years. His approach to this puzzle is, sensibly, to ask what went wrong with the constant NAIRU, circa-1992 Phillips curve. He considers four sets of factors that could have contributed to the good inflation performance, given recent unemployment: first, traditional supply shocks, in particular food and energy prices and import prices, which have been included in Gordon's empirical work at least since 1982; second, some new supply shocks, in particular medical prices and computer prices; third, recent measurement improvements
{"title":"Comment and Discussion","authors":"Gordon D. Johnson","doi":"10.1353/PFS.2001.0006","DOIUrl":"https://doi.org/10.1353/PFS.2001.0006","url":null,"abstract":"James H. Stock: From 1993 through mid-1998, the U.S. economy experienced several years of low unemployment and low and falling inflation that is nothing short of extraordinary. What should one make of this experience? Is it transitory, simply good luck, or has the economy changed in a fundamental way? Is the death of the Phillips curve, so long proclaimed, finally a reality? Although it is widely known that the NAIRU is measured with considerable imprecision, the recent experience is surprising. For example, Staiger, Watson, and I have estimated that in 1989 the NAIRU, based on the GDP deflator, was 6.3 percent, with a 95 percent confidence interval of 5.0 to 7.4 percent.' The United States has now been at or below the lower end of this confidence interval for some time, yet inflation remains quiescent. In his previous work, Robert Gordon has argued that the unemployment-based Phillips curve has been a trusty and stable relation, at least through the early 1990s. In the current paper, he turns his attention to the events of the past five years. His approach to this puzzle is, sensibly, to ask what went wrong with the constant NAIRU, circa-1992 Phillips curve. He considers four sets of factors that could have contributed to the good inflation performance, given recent unemployment: first, traditional supply shocks, in particular food and energy prices and import prices, which have been included in Gordon's empirical work at least since 1982; second, some new supply shocks, in particular medical prices and computer prices; third, recent measurement improvements","PeriodicalId":124672,"journal":{"name":"Brookings-Wharton Papers on Financial Services","volume":"42 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2001-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124748595","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
I WANT TO ADDRESS four primary issues regarding the crucial issue of how the United States engages with the rest of the world at the dawn of this new century: —The national security and economic case for American support for open markets around the world, —The case for supporting global economic development more directly, including through our support for the international financial institutions, —The generalized decline in support for global engagement in the United States and its implications for the quantity and quality of our global leadership, and —Some of the domestic political roots for this disengagement and what can be done about them. Let me say a few words about the broader context. This is, in many ways, a critical moment in our nation’s history. America is the world’s largest economy and strongest nation, with no single dominant competitor. At the same time, Americans are growing wary of global entanglements. Market ideas are in ascendancy. There is high regard for business and the rights of capital. But while successful investors are heroes, those at the bottom of the ladder still feel insecure. Internationally, the breakdown of empires and the absence of large power balances have made the world ripe for ethnic and nationalist conflicts.
{"title":"Introductory Remarks","authors":"L. Summers","doi":"10.1353/pfs.2000.0016","DOIUrl":"https://doi.org/10.1353/pfs.2000.0016","url":null,"abstract":"I WANT TO ADDRESS four primary issues regarding the crucial issue of how the United States engages with the rest of the world at the dawn of this new century: —The national security and economic case for American support for open markets around the world, —The case for supporting global economic development more directly, including through our support for the international financial institutions, —The generalized decline in support for global engagement in the United States and its implications for the quantity and quality of our global leadership, and —Some of the domestic political roots for this disengagement and what can be done about them. Let me say a few words about the broader context. This is, in many ways, a critical moment in our nation’s history. America is the world’s largest economy and strongest nation, with no single dominant competitor. At the same time, Americans are growing wary of global entanglements. Market ideas are in ascendancy. There is high regard for business and the rights of capital. But while successful investors are heroes, those at the bottom of the ladder still feel insecure. Internationally, the breakdown of empires and the absence of large power balances have made the world ripe for ethnic and nationalist conflicts.","PeriodicalId":124672,"journal":{"name":"Brookings-Wharton Papers on Financial Services","volume":"232 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2000-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132521785","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
THE FINANCIAL SERVICES Agreement (FSA) concluded in December 1997 under the auspices of the World Trade Organization’s (WTO) General Agreement on Trade in Services (GATS) represents without a doubt one of the hallmark achievements of the Uruguay Round. The FSA is unique in many respects. First, its rules now govern a sector of considerable economywide importance. An efficient financial sector ranks among the very core of “infrastructures” without which modern economies simply cannot hope to function and prosper. It provides intermediation between lenders and borrowers, allows firms to diversify and manage risk, allocates capital across the economy, and provides many of the technical services necessary for both domestic and international commerce to operate. In countries with weak economies, the development of a strong financial sector is now recognized as one of the key ingredients of sustainable development.
{"title":"Financial Services and the GATS 2000 Round","authors":"P. Sauvé, J. Gillespie","doi":"10.1353/pfs.2000.0014","DOIUrl":"https://doi.org/10.1353/pfs.2000.0014","url":null,"abstract":"THE FINANCIAL SERVICES Agreement (FSA) concluded in December 1997 under the auspices of the World Trade Organization’s (WTO) General Agreement on Trade in Services (GATS) represents without a doubt one of the hallmark achievements of the Uruguay Round. The FSA is unique in many respects. First, its rules now govern a sector of considerable economywide importance. An efficient financial sector ranks among the very core of “infrastructures” without which modern economies simply cannot hope to function and prosper. It provides intermediation between lenders and borrowers, allows firms to diversify and manage risk, allocates capital across the economy, and provides many of the technical services necessary for both domestic and international commerce to operate. In countries with weak economies, the development of a strong financial sector is now recognized as one of the key ingredients of sustainable development.","PeriodicalId":124672,"journal":{"name":"Brookings-Wharton Papers on Financial Services","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2000-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134073370","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Allen N. Berger, Robert DeYoung, Hesna Genay, Gregory F. Udell
We address the causes, consequences, and implications of the cross-border consolidation of financial institutions by reviewing several hundred studies, providing comparative international data, and estimating cross-border banking efficiency in France, Germany, Spain, the U.K., and the U.S. during the 1990s. We find that, on average, domestic banks have higher profit efficiency than foreign banks. However, banks from at least one country (the U.S.) appear to operate with relatively high efficiency both at home and abroad. If these results continue to hold, they do not preclude successful international expansion by some financial firms, but they do suggest limits to global consolidation.
{"title":"Globalization of Financial Institutions: Evidence from Cross-Border Banking Performance","authors":"Allen N. Berger, Robert DeYoung, Hesna Genay, Gregory F. Udell","doi":"10.1353/pfs.2000.0001","DOIUrl":"https://doi.org/10.1353/pfs.2000.0001","url":null,"abstract":"We address the causes, consequences, and implications of the cross-border consolidation of financial institutions by reviewing several hundred studies, providing comparative international data, and estimating cross-border banking efficiency in France, Germany, Spain, the U.K., and the U.S. during the 1990s. We find that, on average, domestic banks have higher profit efficiency than foreign banks. However, banks from at least one country (the U.S.) appear to operate with relatively high efficiency both at home and abroad. If these results continue to hold, they do not preclude successful international expansion by some financial firms, but they do suggest limits to global consolidation.","PeriodicalId":124672,"journal":{"name":"Brookings-Wharton Papers on Financial Services","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2000-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126581532","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The globalization of markets and companies has increased the demand for internationally comparable high quality accounting information resulting from a common set of accounting rules. Despite remarkable efforts of international harmonization for more than 25 years, accounting regulation is still the domain of national legislators or delegated standard setters. The paper starts by outlining the reasons for this state of affairs and by characterizing the different institutional backgrounds of accounting standard setting in four selected countries as well as on the international level. This is followed by a summary of important international differences in accounting rules and a summary of the empirical evidence of the impact of different rules on the resulting numbers and their relevance to users. It is argued that neither a priori theoretical reasoning nor the evidence from empirical studies provides a convincing basis for choices between accounting regimes and even less so between specific accounting rules. As there is a broad consensus that there is a need for one set of global accounting standards the final sections of the paper discuss currently existing and proposed structures of international accounting standard setting. The evolving new IASC structure is critically evaluated.
{"title":"The Evolution of Global Standards in Accounting","authors":"Gunther Gebhardt","doi":"10.1353/pfs.2000.0011","DOIUrl":"https://doi.org/10.1353/pfs.2000.0011","url":null,"abstract":"The globalization of markets and companies has increased the demand for internationally comparable high quality accounting information resulting from a common set of accounting rules. Despite remarkable efforts of international harmonization for more than 25 years, accounting regulation is still the domain of national legislators or delegated standard setters. The paper starts by outlining the reasons for this state of affairs and by characterizing the different institutional backgrounds of accounting standard setting in four selected countries as well as on the international level. This is followed by a summary of important international differences in accounting rules and a summary of the empirical evidence of the impact of different rules on the resulting numbers and their relevance to users. It is argued that neither a priori theoretical reasoning nor the evidence from empirical studies provides a convincing basis for choices between accounting regimes and even less so between specific accounting rules. As there is a broad consensus that there is a need for one set of global accounting standards the final sections of the paper discuss currently existing and proposed structures of international accounting standard setting. The evolving new IASC structure is critically evaluated.","PeriodicalId":124672,"journal":{"name":"Brookings-Wharton Papers on Financial Services","volume":"143 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2000-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123247481","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The major presence of international firms in financial markets has made an important contribution to stability in domestic banking systems in a number of emerging-market economies. Argentina is a case in point. More than half of Argentina’s banking system now comprises large international institutions. This helped to build confidence in the banking system, which in turn helped to avoid a run on bank deposits after the Russian and Brazilian crises comparable to that following Mexico’s 1995 crisis. In view of the critical role that weak domestic banking systems played in the East Asian crisis, Argentina’s experience suggests that increased openness in financial services can play a major role in stabilizing the domestic banking system.
{"title":"Challenges Facing Global Financial Markets","authors":"W. Cline","doi":"10.1353/pfs.2000.0005","DOIUrl":"https://doi.org/10.1353/pfs.2000.0005","url":null,"abstract":"The major presence of international firms in financial markets has made an important contribution to stability in domestic banking systems in a number of emerging-market economies. Argentina is a case in point. More than half of Argentina’s banking system now comprises large international institutions. This helped to build confidence in the banking system, which in turn helped to avoid a run on bank deposits after the Russian and Brazilian crises comparable to that following Mexico’s 1995 crisis. In view of the critical role that weak domestic banking systems played in the East Asian crisis, Argentina’s experience suggests that increased openness in financial services can play a major role in stabilizing the domestic banking system.","PeriodicalId":124672,"journal":{"name":"Brookings-Wharton Papers on Financial Services","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2000-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128534666","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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