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International Monetary Fund. Western Hemisphere Dept.

with the staff’s recommendations and noted that a new comprehensive program of Fund TA has been agreed and is being implemented. Country authorities and bank CEOs supported the objective to consolidate the banking system. Some authorities warned that proposals should not entail any significant use of fiscal resources. Some bank CEOs thought that convincing bank shareholders on the efficacy of consolidation could be difficult. The authorities broadly agreed with the Safeguards Assessment’s findings and recommendations and expressed a commitment to implementing them

Ms. Ratna Sahay, Mr. Martin Cihak, Mr. Papa M N'Diaye, Mr. Adolfo Barajas, Ms. Annette J Kyobe, Ms. Srobona Mitra, Miss Yen N Mooi, and Mr. Seyed Reza Yousefi
Using a new dataset, we measure the large gap between the representation of men and women in leadership positions in banks and bank supervision agencies worldwide. Women occupied less than 2 percent of bank CEOs positions, and less than 20 percent of the board seats in more than 80 percent of the observations across banks over time. Contrary to common perceptions, many low- and middle-income countries have a higher share of women in bank boards and banking supervision agency boards compared to advanced economies. Econometric analysis suggests that, controlling for relevant bank and country-specific factors, the presence of women as well as a higher share of women on bank boards is associated with greater bank stability, as represented by higher z-scores and lower nonperforming loan ratios. We also examine the share of women on boards of banking supervision agencies by compiling a new dataset. We find that it is associated with greater bank stability. Further research is needed to identify specific mechanisms through which these stability benefits are achieved, and to understand the conditions that have facilitated entry of women into leadership roles in banks and supervision agencies.
Ratna Ratna, Martin Čihák, Papa N’Diaye, Mr. Adolfo Barajas, Ms. Annette J Kyobe, Ms. Srobona Mitra, Yen Nian Mooi, and Seyed Reza Yousefi

. Stylized facts Overall, the data show that the share of women on governing boards of both banks and banking supervision agencies is low. In particular: Women hold less than 20 percent of bank board seats and account for less than 2 percent of bank CEOs . Only 15 banks out of almost 800 in 72 countries in our sample had women CEOs in 2013 ( Table 1 ). Most of the banks with women CEOs were non-systemic. Table 1. Banks with Women CEOs, 2013 Banks Country Total Assets/GDP Westpac Banking Corporation AUSTRALIA 43

International Monetary Fund. Fiscal Affairs Dept.

BIL Belize Infrastructure Limited BSIF Belize Social Investment Fund BWS Belize Water Service Limited CARICOM Caribbean Community CARTAC Caribbean Regional Technical Assistance Centre CBB Central Bank of Belize CCJ Caribbean Court of Justice CCPA Climate Change Policy Assessment CDB Caribbean Development Bank CEO Chief Executive Officer CG Central Government CITO Central IT office CMU Cash Management Unit CNTMP

International Monetary Fund

statements and to make these available in bank branches and on the internet. Consider what actions the BoL itself can take to promote wider public understanding of banks’ disclosures, and to assist the financial news media to provide well informed commentary and analysis of banks’ disclosures. CP22 Review the existing penalty provisions applicable to banks for non-compliance with supervisory requirements, with a view to empowering the BoL (or the Courts on the application of the BoL) to levy fines on banks, bank directors and bank CEOs, where the fines are

Kentaro Asai

is the Cost of a Mandatory Upper Limit?” CESifo Economic Studies , Vol. 56 , No. 2 , pp. 165 – 91 . Macey , Jonathan , and Maureen O’Hara , 2003 , “ The Corporate Governance of Banks ,” FRBNY Economic Policy Review , Vol. 9 , No. 1 , pp. 91 – 107 . Murphy , Kevin J. , 2013 , “ Regulating Banking Bonuses in the European Union: A Case Study in Unintended Consequences,” European Financial Management , Vol. 19 , No. 4 , pp. 631 – 57 . Tung , Frederick , and Xue Wang , 2011 , “ Bank CEOs, Inside Debt Compensation, and the

International Monetary Fund

14 , 2010 , “ Deutche Bank CEO Josef Ackerman seriously doubts Greece’s ability to repay its debts ,” Reuters , http://www.nydailynews.com/news/money/deutsche-bank-ceo-josef-ackerman-doubts-greece-ablity-repay-debts-article-1.445208 Tsibouris , George , Mark Horton , Mark Flanagan , and Wojciech Maliszewski , 2006 , “ Experience With Large Fiscal Adjustments ,” Occasional Paper No. 246 , IMF , Washington D.C. , www.imf.org/external/pubs/nft/op/246/op246.pdf Vines , David , June 15 , 2010 , “ How to rescue the EMU ,” VOX

Mr. Luis Brandão Brandao Marques, Mr. Ricardo Correa, and Horacio Sapriza

, No. 3 , pp. 430 – 465 , darden - JFE Conference Volume: Capital Raising in Emerging Economies . 10.1016/j.jfineco.2007.02.007 European Bank Coordination Initiative , 2012 , Non-Performing Loans in Central, Eastern and Southeastern Europe ( Brussels : European Bank Coordination Initiative ). Fahlenbrach , Rüdiger , and René M. Stulz , 2011 , “ Bank CEO Incentives and the Credit Crisis ,” Journal of Financial Economics , Vol. 99 , No. 1 , pp. 11 – 26 . 10.1016/j.jfineco.2010.08.010 Flannery , Mark , and Sorin Sorescu