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Western Hemisphere > Argentina

You are looking at 1 - 10 of 18 items for :

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Cover IMF Working Papers
Bank Ownership: Trends and Implications
Robert Cull
,
Mr. Maria Soledad Martinez Peria
, and
Jeanne Verrier
This paper presents recent trends in bank ownership across countries and summarizes the evidence regarding the implications of bank ownership structure for bank performance and competition, financial stability, and access to finance. The evidence reviewed suggests that foreign-owned banks are more efficient than domestic banks in developing countries, promote competition in host banking sectors, and help stabilize credit when host countries face idiosyncratic shocks. But there are tradeoffs, since foreign-owned banks can transmit external shocks and might not always expand access to credit. The record on the impact of government bank ownership suggests few benefits, especially for developing countries.
Keywords:
WP; bank ownership; government-owned bank; bank participation; foreign bank; government bank lending; ownership structure; bank governance; financial globalization; foreign banks; state-owned banks; privatization; government ownership; bank share; government bank participation; Commercial banks; Bank credit; Credit; Competition; Central and Eastern Europe; South Asia; Eastern Europe; Global; Central Asia
Cover IMF Working Papers
Are Foreign Banks a 'Safe Haven'? Evidence from Past Banking Crises
Gustavo Adler
and
Mr. Eugenio M Cerutti
The presence of foreign banks in emerging markets has increased markedly over the last two decades, raising questions about their potentially stabilizing or destabilizing role during times of financial distress. Most studies on this subject have focused on banks’ asset side (i.e., their lending behavior). This paper focuses on their liability side, studying the behavior of depositors vis-à-vis foreign banks. We rely on data from the banking crises in Argentina and Uruguay over the period 1994-2002 to conduct the study. The paper focuses on three questions; (i) are foreign banks perceived as a safe haven during bank runs?; (ii) does their legal structure (branch versus subsidiary) matter?; (iii) do perceptions depend on the nature of the crisis? Contrary to the commonly held view that foreign banks play a stabilizing role during domestic banking crises, we do not find robust evidence in this regard. Only in one (large) bank run episode, out of five studied, there is evidence of safe haven perceptions towards foreign branches.
Keywords:
WP; deposit; depositor; bank run; branch; banking; crisis; foreign banks; deposit loss; bank run episode; non-resident deposit; depositor base; deposit run; deposit withdrawal; Commercial banks; Exchange rate risk; State-owned banks; Bank deposits
Cover IMF Working Papers
Systemic Risks in Global Banking: What Available Data Can Tell Us and What More Data Are Needed?
Mr. Eugenio M Cerutti
,
Mr. Patrick M. McGuire
, and
Mr. Stijn Claessens
The recent financial crisis has shown how interconnected the financial world has become. Shocks in one location or asset class can have a sizable impact on the stability of institutions and markets around the world. But systemic risk analysis is severely hampered by the lack of consistent data that capture the international dimensions of finance. While currently available data can be used more effectively, supervisors and other agencies need more and better data to construct even rudimentary measures of risks in the international financial system. Similarly, market participants need better information on aggregate positions and linkages to appropriately monitor and price risks. Ongoing initiatives that will help in closing data gaps include the G20 Data Gaps Initiative, which recommends the collection of consistent bank-level data for joint analyses and enhancements to existing sets of aggregate statistics, and the enhancement to the BIS international banking statistics.
Keywords:
WP; bank; asset; balance sheet; exposure; bank data; contagion scenario module; data cover bank; Systemic risks; banking system; international; contagion; vulnerabilities; parent bank; BIS data; bank nationality level; dollar funding; exposure data; bank sector; bank asset; reporting bank; counterparty bank; CBS track bank; Foreign currency exposure; Foreign banks; Commercial banks; Financial statistics; Credit; Global
Cover IMF Working Papers
Risk and the Corporate Structure of Banks
International Monetary Fund
We identify different sources of risk as important determinants of banks' corporate structures when expanding into new markets. Subsidiary-based corporate structures benefit from greater protection against economic risk because of affiliate-level limited liability, but are more exposed to the risk of capital expropriation than are branches. Thus, branch-based structures are preferred to subsidiary-based structures when expropriation risk is high relative to economic risk, and vice versa. Greater cross-country risk correlation and more accurate pricing of risk by investors reduce the differences between the two structures. Furthermore, the corporate structure affects bank risk taking and affiliate size.
Keywords:
WP; parent bank; branch structure; limited liability; subsidiary structure; Bank branches; subsidiaries; bank liability; endogenize bank risk taking; risk-taking incentive; creditors price risk; Credit risk; Loans; Foreign banks; Organizational structure of revenue administration; Bank credit; Eastern Europe; Western Europe
Cover IMF Working Papers
Being a Foreigner Among Domestic Banks: Asset or Liability?
Neeltje van Horen
and
Mr. Stijn Claessens
Studying a large number of banks in various countries between 1999 and 2006, we document that foreign banks perform better when from a high income country, when host country competition is limited, and when they are large and rely more on deposits for funding. Foreign banks' performance improves over time, possibly as they adapt, and is better when the home country is geographical or cultural (but not institutional) close to the host country. These findings show the importance of controlling for heterogeneity among foreign banks and help reconcile some contradictory results found in the literature on foreign banks' performance.
Keywords:
WP; foreign bank; domestic bank; bank characteristic; bank performance; bank activity
Cover IMF Staff Papers
IMF Staff Papers, Volume 56, No. 1
International Monetary Fund. Research Dept.
This special issue brings together world-renowned experts to provide a systematic and critical analysis of the costs and benefits of financial globalization. Contributors include Kenneth Rogoff, Maurice Obstfeld, Dani Rodrik, and Frederic S. Mishkin.
Keywords:
SP; financial globalization; country; emerging market country; globalization pose; banking globalization; banking sector globalization; Financial integration; Emerging and frontier financial markets; Financial sector development; Foreign banks; Global; Middle East; Sub-Saharan Africa; North Africa; Central Asia; East Africa
Cover IMF Working Papers
The Lending Channel in Emerging Economies: Are Foreign Banks Different?
Mr. Francisco F. Vazquez
,
Ms. Carmen Reinhart
, and
Mr. Marco Arena
This paper exploits a panel dataset comprising 1,565 banks in 20 emerging countries during 1989- 2001 and compares the response of the volume of loans and the rates on loans and deposits to various measures of monetary conditions across domestic and foreign banks. It also looks for systematic differences in the behavior of domestic and foreign banks during periods of financial distress and tranquil times. Using differences in bank ownership as a proxy for financial constraints, the paper finds weak evidence that foreign banks have a lower sensitivity of credit to monetary conditions relative to their domestic competitors, with the differences driven by banks with lower asset liquidity and/or capitalization. The lending and deposit rates of foreign banks tend to be smoother during periods of financial distress. However, the differences across domestic and foreign banks do not appear to be strong. These results provide weak support to the existence of supply-side effects in credit markets and suggest that foreign bank entry in emerging countries may have contributed somewhat to stability in credit markets.
Keywords:
WP; foreign bank; loan growth; money market rate; bank characteristic; bank ownership; panel dataset; Lending channel; monetary transmission; credit markets; foreign banks; Loans; Reserve requirements; Money markets; Deposit rates; Asia and Pacific
Cover IMF Working Papers
Bank Consolidation and Performance: The Argentine Experience
International Monetary Fund
We examine a large panel of more than 100 banks from Argentina to study the effects of bank consolidation on performance between December 1995 and December 2000, a period of heavy bank consolidation and relative calm. Overall, we find a positive and significant effect of bank consolidation on bank performance. Bank returns increase with consolidation, and insolvency risk is reduced. Additionally, the study suggests that mergers and privatizations have a beneficial effect on bank returns. The effects of a bank acquisition on return on equity is, however, negative. Acquisitions do not seem to have any effect on risk-adjusted returns. The study also finds that a bank's insolvency risk is reduced significantly through mergers and privatization and is unrelated to bank acquisitions.
Keywords:
WP; bank consolidation; insolvency risk; bank return; bank merger dummy variable; performance indicator
Cover IMF Survey
Entretien avec David Burton : Des perspectives économiques prometteuses pour l’Asie
International Monetary Fund. External Relations Dept.
L’édition web du Bulletin du FMI est mise à jour plusieurs fois par semaine et contient de nombreux articles sur des questions de politique générale et de politique économique d'actualité. Accédez aux dernières recherches du FMI, lisez des interviews et écoutez des podcasts proposés par les principaux économistes du FMI sur des questions importantes de l'économie mondiale. www.imf.org/external/pubs/ft/survey/so/home.aspx
Keywords:
SV; IMF director; debt exchange offer
Cover IMF Survey
David Burton opina sobre las perspectivas para Asia
International Monetary Fund. External Relations Dept.
La edición en Internet del Boletín del FMI, que se actualiza varias veces a la semana, contiene numerosos artículos sobre temas de actualidad en el ámbito de las políticas y la economía. Consulte las últimas investigaciones del FMI, lea entrevistas y escuche podcasts de los principales economistas del FMI sobre importantes temas relacionados con la economía mundial. www.imf.org/external/pubs/ft/survey/so/home.aspx
Keywords:
SV; IMF director; debt exchange offer