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Do Incumbents Manipulate Access to Finance During Banking Crises?
The author tests the hypothesis that during systemic banking crises, access to finance is opportunistically tightened by incumbents to eliminate or weaken competition from mainly young firms. He finds this to be especially true in more corrupt countries. To do so, he uses a methodology similar to Rajan and Zingales (1998) on three-digit manufacturing industry-level data provided by the United Nations Statistics Division for about 15 industrial and developing countries in over 20 industries on average. The author shows that price-cost margins in externally more financially dependent industries are higher during crisis than in externally less dependent industries in countries with higher levels of corruption. He finds the opposite relationship for the change in the industry-level number of establishments during a crisis. The results withstand an array of robustness checks, including using different indices of corruption, different controls, and robust estimation techniques.
Finance for All?
Access to financial services varies sharply around the world. In many developing countries less than half the population has an account with a financial institution, and in most of Africa less than one in five households do. Lack of access to finance is often the critical mechanism for generating persistent income inequality, as well as slower growth. 'Finance for All?: Policies and Pitfalls in Expanding Access' documents the extent of financial exclusion around the world; addresses the importance of access to financial services for growth, equity and poverty reduction; and discusses policy interventions and institutional reforms that can improve access for underserved groups. The report is ...
A Critical Mind
This book traces the academic footprint of Hanns Ullrich. Thirty contributions revolve around five central topics of his oeuvre: the European legal order, competition law, intellectual property, the regulation of new technologies, and the global market order. Acknowledging him as a trailblazer, the book aims to capture how deeply Hanns Ullrich has influenced contemporaries and subsequent generations of scholars. The contributors re-iterate the path-breaking patterns of his teachings, such as his contemplation of intellectual property as embedded in competition, the necessity of balancing private and public interests in intellectual property law, the policies of market integration, and the peculiar relationship of technological advancement and protectionism.
Banking the World
Experts report on the latest research on extending access to financial services to the 2.5 billion adults around the world who lack it. About 2.5 billion adults, just over half the world's adult population, lack bank accounts. If we are to realize the goal of extending banking and other financial services to this vast “unbanked” population, we need to consider not only such product innovations as microfinance and mobile banking but also issues of data accuracy, impact assessment, risk mitigation, technology adaptation, financial literacy, and local context. In Banking the World, experts take up these topics, reporting on new research that will guide both policy makers and scholars in a b...
Reinventing State Capitalism
The wave of liberalization that swept world markets in the 1980s and 90s altered the ways that governments manage their economies. Reinventing State Capitalism analyzes the rise of new species of state capitalism in which governments interact with private investors either as majority or minority shareholders in publicly-traded corporations or as financial backers of purely private firms (the so-called "national champions"). Focusing on a detailed quantitative assessment of Brazil's economic performance from 1976 to 2009, Aldo Musacchio and Sergio Lazzarini examine how these models of state capitalism influence corporate investment and performance. According to one model, the state acts as a ...
A Fistful of Dollars
Using detailed information on lobbying and mortgage lending activities, we find that lenders lobbying more on issues related to mortgage lending (i) had higher loan-to-income ratios, (ii) securitized more intensively, and (iii) had faster growing portfolios. Ex-post, delinquency rates are higher in areas where lobbyist' lending grew faster and they experienced negative abnormal stock returns during key crisis events. The findings are robust to (i) falsification tests using lobbying on issues unrelated to mortgage lending, (ii) a difference-in-difference approach based on state-level laws, and (iii) instrumental variables strategies. These results show that lobbying lenders engage in riskier lending.
Financial Sector Development and the Millennium Development Goals
This study investigates the relationship between financial sector development and progress in reaching the Millennium Development Goals (MDGs). It assesses the contribution of countries' financial sector development to achieving the MDGs. The focus is on the relationships between financial development and economic welfare and growth, and the following four MDG-themes: Poverty, Education, Health, and Gender Equality. In doing so, the book reviews the theoretical channels, surveys existing empirical evidence - both cross-country and case study evidence, and provides new evidence. Financial Sector Development and the Millennium Development Goals finds that financial development is an important driver for economic welfare in that it reduces the prevalence of income poverty and undernourishment. In addition, new evidence is provided of a positive association between financial development and health, education, and gender equality.
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Postcrisis Growth and Development
Post-crisis Growth and Development lays the groundwork for setting development priorities and advances the discussion among the G20, and non-G20 countries on development policy in infrastructure, trade, food security, financial inclusion, and Millennium Development Goals (MDGs), as they relate to strong, sustainable, and balanced global growth.
