Banking Policy and Macroeconomic Stability An Exploration
Whether and when does banking serve to stabilize the economy? Caprio and Honohan view the banking system as a filter through which foreign and domestic shocks feed through to the domestic economy. The filter can dampen or amplify the shocks through various credit market channels, including credit gr...
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2002
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| 520 | 3 | |a Whether and when does banking serve to stabilize the economy? Caprio and Honohan view the banking system as a filter through which foreign and domestic shocks feed through to the domestic economy. The filter can dampen or amplify the shocks through various credit market channels, including credit growth, import of foreign capital, and possibly interest rates. The question is whether the prudential quality of banking, as proxied by measures of regulatory quality and openness to foreign banking, amplify or dampen these shocks. The authors find that many of the regulatory characteristics that have been found to deepen a financial system and make it more robust to crises-notably those which empower the private sector-also appear to reduce the sector's ability to provide short-term insulation to the macroeconomy. It is as if prudent bankers are reluctant to absorb short-term risks that, if neglected, might cause solvency and growth problems in the longer run. Forbearance might dampen short-term volatility, but at the expense of the longer run health of the banking sector and the economy. One way to avoid this apparent tradeoff is evident: banking systems which have a higher share of foreign-owned banks, a feature already associated with financial deepening and lowered risk of crisis, also seem to score well in terms of short-term macroeconomic insulation. This paper-a joint product of Finance, Development Research Group, and the Financial Sector Strategy and Policy Department-is part of a larger effort in the Bank to analyze bank regulation and supervision. The authors may be contacted at gcaprio@worldbank. org or phonohan@worldbank.org | |
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| 700 | 1 | |a Caprio, Gerard |e Sonstige |4 oth | |
| 700 | 1 | |a Honohan, Patrick |e Sonstige |4 oth | |
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| language | English |
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| spelling | Caprio, Gerard Verfasser aut Banking Policy and Macroeconomic Stability An Exploration Caprio, Gerard Washington, D.C The World Bank 2002 1 Online-Ressource (44 Seiten)) txt rdacontent c rdamedia cr rdacarrier Whether and when does banking serve to stabilize the economy? Caprio and Honohan view the banking system as a filter through which foreign and domestic shocks feed through to the domestic economy. The filter can dampen or amplify the shocks through various credit market channels, including credit growth, import of foreign capital, and possibly interest rates. The question is whether the prudential quality of banking, as proxied by measures of regulatory quality and openness to foreign banking, amplify or dampen these shocks. The authors find that many of the regulatory characteristics that have been found to deepen a financial system and make it more robust to crises-notably those which empower the private sector-also appear to reduce the sector's ability to provide short-term insulation to the macroeconomy. It is as if prudent bankers are reluctant to absorb short-term risks that, if neglected, might cause solvency and growth problems in the longer run. Forbearance might dampen short-term volatility, but at the expense of the longer run health of the banking sector and the economy. One way to avoid this apparent tradeoff is evident: banking systems which have a higher share of foreign-owned banks, a feature already associated with financial deepening and lowered risk of crisis, also seem to score well in terms of short-term macroeconomic insulation. This paper-a joint product of Finance, Development Research Group, and the Financial Sector Strategy and Policy Department-is part of a larger effort in the Bank to analyze bank regulation and supervision. The authors may be contacted at gcaprio@worldbank. org or phonohan@worldbank.org Online-Ausg Bank Banking Banking Crises Banking Sector Banking System Banking Systems Banks Banks and Banking Reform Capital Credit Emerging Markets Debt Markets Emerging Markets Finance Finance and Financial Sector Development Financial Crises Financial Deepening Financial Intermediation Financial Literacy Private Sector Development Caprio, Gerard Sonstige oth Honohan, Patrick Sonstige oth Caprio, Gerard Banking Policy and Macroeconomic Stability http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-2856 Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Caprio, Gerard Banking Policy and Macroeconomic Stability An Exploration Bank Banking Banking Crises Banking Sector Banking System Banking Systems Banks Banks and Banking Reform Capital Credit Emerging Markets Debt Markets Emerging Markets Finance Finance and Financial Sector Development Financial Crises Financial Deepening Financial Intermediation Financial Literacy Private Sector Development |
| title | Banking Policy and Macroeconomic Stability An Exploration |
| title_auth | Banking Policy and Macroeconomic Stability An Exploration |
| title_exact_search | Banking Policy and Macroeconomic Stability An Exploration |
| title_exact_search_txtP | Banking Policy and Macroeconomic Stability An Exploration |
| title_full | Banking Policy and Macroeconomic Stability An Exploration Caprio, Gerard |
| title_fullStr | Banking Policy and Macroeconomic Stability An Exploration Caprio, Gerard |
| title_full_unstemmed | Banking Policy and Macroeconomic Stability An Exploration Caprio, Gerard |
| title_short | Banking Policy and Macroeconomic Stability |
| title_sort | banking policy and macroeconomic stability an exploration |
| title_sub | An Exploration |
| topic | Bank Banking Banking Crises Banking Sector Banking System Banking Systems Banks Banks and Banking Reform Capital Credit Emerging Markets Debt Markets Emerging Markets Finance Finance and Financial Sector Development Financial Crises Financial Deepening Financial Intermediation Financial Literacy Private Sector Development |
| topic_facet | Bank Banking Banking Crises Banking Sector Banking System Banking Systems Banks Banks and Banking Reform Capital Credit Emerging Markets Debt Markets Emerging Markets Finance Finance and Financial Sector Development Financial Crises Financial Deepening Financial Intermediation Financial Literacy Private Sector Development |
| url | http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-2856 |
| work_keys_str_mv | AT capriogerard bankingpolicyandmacroeconomicstabilityanexploration AT honohanpatrick bankingpolicyandmacroeconomicstabilityanexploration |