Aug 2013
Author(s): Tavella, Pilar; Pedemonte, Mathieu; Powell, Andrew; Cavallo, Eduardo A.
This paper proposes a new taxonomy of Sudden Stops comprised of seven categories with definitions depending on the behavior of gross and net capital flows. The incidence of different types of Sudden…
Jun 2012
Author(s): Powell, Andrew; Tavella, Pilar
This paper analyzes capital inflow surges in emerging economies from 1980 to 2005. Estimated probit models are used, which discriminate well between surges associated with banking crises or…
Nov 2011
Author(s): Powell, Andrew; Miller, Marcus; Maier, Antonia
The recent financial crisis has forced a rethink of banking regulation and supervision and the role of financial innovation. This paper develops a model where prudent banks may signal their type…
Apr 2010
Author(s): Durante, Juan José; Focke, Kurt S.; Collich, Guillermo J.; Marcel, Mario; Andersen, Torben
The Latin American and Caribbean region is highly exposed to natural disasters. The social and economic impact of these events has been historically very significant and it is showing an increasingly…
Nov 2008
Author(s): Cavallo, Eduardo A.; Powell, Andrew; Rigobón, Roberto
If rating agencies add no new information to markets, their actions are not a public policy concern. But as rating changes may be anticipated, testing whether ratings add value is not straightforward…
Dec 2007
Author(s): Powell, Andrew; Martínez, Juan Francisco
This paper analyzes alternative models for emerging sovereign ratings. Although a small number of economic fundamentals explain ratings reasonably well, variations in those economic fundamentals are…
May 2007
Author(s): Bobba, Matteo; Powell, Andrew; Della Corte, Giuseppe
Money is used as a store of value, a medium of exchange and a unit of account. Most recent analyses of currency choice in an international setting have focused on the denomination of reservesthe…
Nov 2005
Author(s): Galindo, Arturo; Micco, Alejandro
This paper studies the relationship between creditor protection and credit volatility. During the negative phase of the business cycle, credit contracts more in countries with poor creditor…
Nov 2005
Author(s): Galindo, Arturo; Micco, Alejandro; Powell, Andrew
We suggest that foreign banks may represent a trade-off for their developing country hosts. A portfolio model is developed to show that a more diversified international bank may be one of lower,…
Nov 2005
Author(s): Galindo, Arturo; Micco, Alejandro
This paper develops a model showing that inefficient legal protections disproportionately increase financial restrictions for creditors that have less wealth. Due to fixed monitoring costs in…
Dec 2004
Author(s): Kiguel, Miguel A.; Levy Yeyati, Eduardo; Galindo, Arturo; Panizza, Ugo; Miller, Margaret; Rojas-Suárez, Liliana; Bebczuk, Ricardo N.; López-de-Silanes, Florencio; Bernal, Olver; Auerbach, Paula; Chong, Alberto E.; Mandalaoui, Carolina; Izquierdo, Alejandro; Kamil, Herman; Demaestri, Edgardo C.; Loboguerrero, Ana María; Cowan, Kevin; Rodríguez-Clare, Andrés; Fergusson, Leopoldo; Micco, Alejandro; Powell, Andrew; Suárez, Gustavo; Lora, Eduardo; Stein, Ernesto H.; Studart, Rogerio
Credit supplied by the banking sector is the most important funding source for firms and households in Latin America and the Caribbean. Unfortunately, credit is scarce, costly and volatile. Without…
Dec 2004
Author(s): Kiguel, Miguel A.; Levy Yeyati, Eduardo; Galindo, Arturo; Panizza, Ugo; Miller, Margaret; Rojas-Suárez, Liliana; Bebczuk, Ricardo N.; López-de-Silanes, Florencio; Bernal, Olver; Auerbach, Paula; Chong, Alberto E.; Mandalaoui, Carolina; Izquierdo, Alejandro; Kamil, Herman; Demaestri, Edgardo C.; Loboguerrero, Ana María; Cowan, Kevin; Rodríguez-Clare, Andrés; Fergusson, Leopoldo; Micco, Alejandro; Powell, Andrew; Suárez, Gustavo; Lora, Eduardo; Stein, Ernesto H.; Studart, Rogerio
El crédito suministrado por el sector bancario es la fuente de financiamiento más importante para las firmas y los hogares en América Latina y el Caribe. Desafortunadamente, el crédito es escaso,…
Oct 2004
Author(s): Micco, Alejandro; Panizza, Ugo
This paper examines whether bank ownership (public versus private, domestic versus foreign) is correlated with bank lending behavior over the business cycle. The paper finds that state-owned banks…
Oct 2004
Author(s): Levy Yeyati, Eduardo; Micco, Alejandro; Panizza, Ugo
This paper surveys the theoretical and empirical literature on the role of state-owned banks and also presents some new results and a robustness analysis. The paper shows that state-owned banks…
Oct 2004
Author(s): Micco, Alejandro; Panizza, Ugo; Yañez, Mónica
This paper builds a new dataset on bank ownership and bank performance covering approximately 50,000 observations for 119 countries over the 1995-2002 period. The paper then uses the dataset to…
Feb 2004
Author(s): Reis, José Guilherme A.; Valadares, Sílvia M.
Este trabalho analisa alguns dos principais obstáculos ao desenvolvimento do sistema financeiro brasileiro, ressaltando as medidas implementadas recentemente e indicando propostas para dar…
Oct 2003
Author(s): Levy Yeyati, Eduardo; Micco, Alejandro
In recent years, Latin American banking sectors have experienced an accelerated process of concentration and foreign penetration that has prompted diverse views regarding its implications for the…
Jan 2003
Author(s): Galindo, Arturo; Micco, Alejandro
This paper tests the efficiency of different structures of bank ownership in terms of its ability to target manufacturing sectors in need of credit. We find that state- owned banks do not play a…
Dec 2002
Author(s): Galindo, Arturo; Micco, Alejandro; Serra, César Manuel
Institutional and legal differences between countries increase entry costs and reduce the ability of banks to expand abroad. We use bilateral foreign banking data for 176 countries to estimate a…
Nov 2001
Author(s): Andersen, Torben
The report makes a general assessment of the need for catastrophe risk transfer in Latin America and the Caribbean. It analyzes different ways in which risk transfer can take place in the form of…