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Banking and Regulation in Emerging Markets : The Role of External Discipline

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dc.contributor.author Vives, Xavier
dc.date.accessioned 2013-12-19T17:12:52Z
dc.date.available 2013-12-19T17:12:52Z
dc.date.issued 2006-08-05
dc.identifier.citation World Bank Research Observer
dc.identifier.other doi:10.1093/wbro/lkl002
dc.identifier.uri http://hdl.handle.net/10986/16394
dc.description.abstract This article reviews the main issues of regulating and supervising banks in emerging markets with a view toward evaluating the long-run options. Particular attention is paid to Latin America and East Asia. These economies face a severe policy commitment problem that leads to excessive bailouts and potential devaluation of claims of foreign investors. This exacerbates moral hazard and makes a case for importing external discipline (for example, acquiring foreign short-term debt). However, external discipline may come at the cost of excessive liquidation of entrepreneurial projects. The article reviews the tradeoffs imposed by external discipline and examines various arrangements, such as narrow banking, foreign banks and foreign regulation, and the potential role for an international agency or international lender of last resort. en
dc.language English
dc.language.iso en_US
dc.publisher Oxford University Press on behalf of the World Bank
dc.rights CC BY-NC-ND 3.0 IGO
dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/igo/
dc.subject LIQUIDITY
dc.subject SMALL INVESTOR
dc.subject BORROWER
dc.subject HIDDEN INFORMATION
dc.subject MARKET DISCIPLINE
dc.subject LOANABLE FUNDS
dc.subject CONSUMER CREDIT
dc.subject LOCAL BANK
dc.subject BALANCE SHEETS
dc.subject CENTRAL BANK
dc.subject BANK ASSETS
dc.subject INTERNATIONAL BANK
dc.subject FOREIGN FUND
dc.subject PAYMENT SYSTEM
dc.subject BANK ACCOUNTS
dc.subject FOREIGN CAPITAL
dc.subject LENDER OF LAST RESORT
dc.subject POLITICAL STABILITY
dc.subject DEBT PAYMENT
dc.subject INTERNATIONAL LENDING
dc.subject INTERNATIONAL MARKET
dc.subject LACK OF CREDIBILITY
dc.subject ACCOUNTING STANDARDS
dc.subject PROPERTY RIGHTS
dc.subject CENTRAL BANK INDEPENDENCE
dc.subject BANKING SYSTEMS
dc.subject INTERNATIONAL BANKS
dc.subject TREASURY BILLS
dc.subject CAPITAL REQUIREMENT
dc.subject CAPITAL REQUIREMENTS
dc.subject BONDHOLDERS
dc.subject SHORT-TERM ASSETS
dc.subject DEFAULT PROBABILITIES
dc.subject EXTERNAL BORROWING
dc.subject TAX
dc.subject DEVELOPING COUNTRIES
dc.subject TRANSACTION
dc.subject INTERNATIONAL CAPITAL MARKETS
dc.subject LIQUIDITY PROBLEM
dc.subject SMALL BUSINESS
dc.subject BANK REGULATION
dc.subject RULE OF LAW
dc.subject INTERNATIONAL FINANCIAL MARKETS
dc.subject LIQUIDITY CRISIS
dc.subject MATURITY
dc.subject OFFSHORE FINANCIAL CENTERS
dc.subject SAFETY NETS
dc.subject OPAQUE SMALL BUSINESSES
dc.subject BANKING REGULATION
dc.subject DEPOSIT
dc.subject FINANCIAL INFORMATION
dc.subject DEPOSITS
dc.subject MONEY SUPPLY
dc.subject ASSET RATIO
dc.subject HOLDING
dc.subject MARKET FAILURES
dc.subject FOREIGN INVESTORS
dc.subject BAILOUTS
dc.subject BAILOUT
dc.subject HIDDEN ACTIONS
dc.subject MARKET FAILURE
dc.subject CREDIT LINES
dc.subject CAPITAL FLOWS
dc.subject INVESTMENT FUNDS
dc.subject CURRENCY CRISES
dc.subject FOREIGN INVESTMENTS
dc.subject LENDER
dc.subject RISK SHARING
dc.subject COORDINATION FAILURE
dc.subject FOREIGN FUND MANAGERS
dc.subject FINANCIAL STRUCTURE
dc.subject BANKING SYSTEM
dc.subject FOREIGN LENDERS
dc.subject CERTIFICATES OF DEPOSIT
dc.subject CONTRACT ENFORCEMENT
dc.subject LOAN PORTFOLIO
dc.subject BANKRUPTCY
dc.subject TRANSPARENCY
dc.subject FINANCIAL SYSTEMS
dc.subject FEDERAL RESERVE BANK
dc.subject EMERGING MARKET ECONOMY
dc.subject ISSUANCE
dc.subject EMERGING MARKET ECONOMIES
dc.subject TURNOVER
dc.subject INTEREST RATES
dc.subject DEFAULT PROBLEM
dc.subject GOVERNMENT BONDS
dc.subject FINANCIAL CONTAGION
dc.subject MONETARY STABILITY
dc.subject REAL EXCHANGE RATE
dc.subject INFORMATION DISCLOSURE
dc.subject FOREIGN CURRENCY DEBT
dc.subject ACCOUNTING
dc.subject LIQUIDATION
dc.subject RETURNS
dc.subject FINANCIAL CRISIS
dc.subject PUBLIC BANKS
dc.subject INSURANCE
dc.subject SHORT-TERM DEPOSITS
dc.subject SOVEREIGN DEBT RESTRUCTURING
dc.subject INTERNATIONAL FINANCIAL INSTITUTION
dc.subject SOLVENCY
dc.subject SHARE OF ASSETS
dc.subject SOVEREIGN DEBT
dc.subject INSTRUMENT
dc.subject OPEN ECONOMY
dc.subject FINANCIAL ASSETS
dc.subject MONETARY POLICY
dc.subject INSURANCE COMPANY
dc.subject AUCTION
dc.subject CURRENCY BOARD
dc.subject CURRENCY CRISIS
dc.subject INTERNATIONAL INVESTORS
dc.subject CURRENCY MISMATCH
dc.subject LIMITED LIABILITY
dc.subject SECURITIES
dc.subject PRUDENTIAL REGULATION
dc.subject FINANCIAL CRISES
dc.subject RESERVES
dc.subject COMMERCIAL BANK
dc.subject BANKING INSTITUTIONS
dc.subject FOREIGN BANKS
dc.subject POLITICAL ECONOMY
dc.subject INSTITUTIONAL DEVELOPMENT
dc.subject PRUDENTIAL SUPERVISION
dc.subject CENTRAL BANKS
dc.subject COLLATERAL
dc.subject MORAL HAZARD
dc.subject UNDERDEVELOPED CAPITAL MARKET
dc.subject MUTUAL FUND
dc.subject CREDIT INSTITUTIONS
dc.subject BANKING SECTOR
dc.subject CURRENCY
dc.subject PRIVATE BANKS
dc.subject EMERGING MARKET
dc.subject SHORT-TERM DEBT
dc.subject AGENCY PROBLEMS
dc.subject LONG-TERM INVESTMENTS
dc.subject FRAUD
dc.subject INDEBTED HOUSEHOLDS
dc.subject SAFETY NET
dc.subject PROBABILITY OF DEFAULT
dc.subject BORROWING CAPACITY
dc.subject EXCHANGE RATE
dc.subject CAPITAL MOVEMENTS
dc.subject FINANCIAL FRAGILITY
dc.subject FIXED EXCHANGE RATE
dc.subject BANKING CRISIS
dc.subject STOCK MARKET CAPITALIZATION
dc.subject BANK LOANS
dc.subject DOMESTIC BANKS
dc.subject INVESTING
dc.subject MATURITY STRUCTURE
dc.subject BUSINESS CYCLES
dc.subject FOREIGN LENDER
dc.subject STOCK MARKET
dc.subject MATURITIES
dc.subject MATURITY MISMATCH
dc.subject RISK MANAGEMENT
dc.subject PUBLIC DEBT
dc.subject STOCK MARKETS
dc.subject REPAYMENT
dc.subject LIQUIDITY RISK
dc.subject CREDIT RISK
dc.subject DEVELOPMENT BANK
dc.subject LEGAL PROTECTION
dc.subject CURRENCY BOARD ARRANGEMENT
dc.subject DOMESTIC CURRENCY
dc.subject INTERNATIONAL CAPITAL
dc.subject DISCLOSURE REQUIREMENTS
dc.subject POLICY RESPONSES
dc.subject AGENCY PROBLEM
dc.subject INTERNATIONAL CAPITAL MARKET
dc.subject CURRENCY BOARDS
dc.subject EMERGING MARKETS
dc.subject TERMS OF CREDIT
dc.subject SHORT MATURITY
dc.subject FINANCIAL MARKETS
dc.subject FOREIGN EXCHANGE
dc.subject ASYMMETRIC INFORMATION
dc.subject MONEY MARKET
dc.subject FINANCIAL DEVELOPMENT
dc.subject TREASURY
dc.subject SUBORDINATED DEBT
dc.subject DEPOSITORS
dc.subject LOAN
dc.subject INTERNATIONAL ECONOMICS
dc.subject FOREIGN BANK
dc.subject CONTRACTUAL RELATIONSHIP
dc.subject RISK OF EXPROPRIATION
dc.subject CURRENCY DEVALUATION
dc.subject FEDERAL RESERVE
dc.subject EMERGING ECONOMIES
dc.subject DEBT CRISIS
dc.subject MONETARY FUND
dc.subject FINANCIAL INSTITUTIONS
dc.subject INFLATION
dc.subject MORTGAGES
dc.subject DEBT ISSUES
dc.subject FINANCIAL SYSTEM
dc.subject DOLLAR DEBT
dc.subject LONG-TERM DEBT
dc.subject DEPOSIT INSURANCE
dc.subject RISK OF CONTRACT REPUDIATION
dc.subject INTEREST RATE
dc.subject CREDITOR RIGHTS
dc.subject FOREIGN INVESTMENT
dc.subject AMOUNT OF COLLATERAL
dc.subject DEVALUATION
dc.subject RETURN
dc.subject FOREIGN CURRENCY
dc.subject FOREIGN DEBT
dc.subject RIGHTS OF CREDITORS
dc.subject CREDITOR
dc.subject BANKING CRISES
dc.subject ECONOMIC DEVELOPMENT
dc.title Banking and Regulation in Emerging Markets : The Role of External Discipline en
dc.type Journal Article en
dc.rights.holder World Bank


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