Distributional Effects of Crises : The Role of Financial Transfers

Financial crises affect income distribution by way of different channels. The authors argue that financial transfers are an important channel which has been overlooked by the literature. They study the role of financial transfers by analyzing some...

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Main Authors:	Halac, Marina, Schmukler, Sergio L.
Format:	Policy Research Working Paper
Language:	English en_US
Published:	World Bank, Washington, DC 2014
Subjects:	AFFILIATES ASSET MANAGEMENT BAD LOANS BANK ACCOUNTS BANK DEPOSITS BANK FAILURES BANK LIQUIDITY BANK LOANS BANK RUN BANKING CRISES BANKING CRISIS BANKING SECTOR BANKING SYSTEM BANKRUPTCY BANKS BONDS BOOK VALUE CAPITAL ASSETS CAPITAL CONTROLS CAPITAL FLIGHT CAPITAL GAINS CAPITAL LOSSES CAPITAL MARKETS CAPITAL OUTFLOWS CAPITALIZATION CENTRAL BANK CENTRAL BANK LIQUIDITY COMMERCIAL BANK COMMERCIAL BANKS CONSUMERS CONTAGION CREDIT MARKETS CURRENCY CRISES CURRENCY CRISIS CURRENCY DEPRECIATION CURRENCY DEVALUATIONS DEBT DEBT RELIEF DEPOSIT ACCOUNTS DEPOSIT GUARANTEES DEPOSIT INSURANCE DEPOSITORS DEPOSITS DEVALUATION DISTRIBUTION OF INCOME DISTRIBUTIONAL IMPACT DOLLAR DEPOSITS DOMESTIC INVESTORS EMERGING ECONOMIES EMERGING MARKETS EMPLOYMENT EXCHANGE RATE EXTERNAL ASSETS EXTERNAL CREDIT EXTERNAL SHOCKS FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL INSTITUTIONS FINANCIAL SECTOR FINANCIAL SECTOR CRISES FINANCIAL SERVICES FINANCIAL SYSTEM FOREIGN CURRENCY FOREIGN CURRENCY DEPOSITS FOREIGN EXCHANGE FOREIGN INVESTORS GDP GDP PER CAPITA GINI COEFFICIENT GOVERNMENT BAILOUT GOVERNMENT BONDS GROSS DOMESTIC PRODUCT HIGH INFLATION INCOME DISTRIBUTION INFLATION INSOLVENCY INTEREST RATE INTEREST RATES INTERNATIONAL RESERVES INTERNATIONAL TRADE LEGISLATION LIQUIDITY SUPPORT LOOTING MATURITIES MORAL HAZARD OFFSHORE BANKING PRESENT VALUE PRIVATE BANKS PUBLIC SERVICES RECESSION SAVINGS SECURITIES SHAREHOLDERS SOCIAL SERVICES SUBSIDIARY TAKEOVER TIME DEPOSITS TIME SERIES TRADING TRANSACTION COSTS WAGES
Online Access:	http://documents.worldbank.org/curated/en/2003/11/2861348/distributional-effects-crises-role-financial-transfers http://hdl.handle.net/10986/17739

id	okr-10986-17739
recordtype	oai_dc
spelling	okr-10986-177392021-04-23T14:03:37Z Distributional Effects of Crises : The Role of Financial Transfers Halac, Marina Schmukler, Sergio L. AFFILIATES ASSET MANAGEMENT BAD LOANS BANK ACCOUNTS BANK DEPOSITS BANK FAILURES BANK LIQUIDITY BANK LOANS BANK RUN BANKING CRISES BANKING CRISIS BANKING SECTOR BANKING SYSTEM BANKRUPTCY BANKS BONDS BOOK VALUE CAPITAL ASSETS CAPITAL CONTROLS CAPITAL FLIGHT CAPITAL GAINS CAPITAL LOSSES CAPITAL MARKETS CAPITAL OUTFLOWS CAPITALIZATION CENTRAL BANK CENTRAL BANK LIQUIDITY COMMERCIAL BANK COMMERCIAL BANKS CONSUMERS CONTAGION CREDIT MARKETS CURRENCY CRISES CURRENCY CRISIS CURRENCY DEPRECIATION CURRENCY DEVALUATIONS DEBT DEBT RELIEF DEPOSIT ACCOUNTS DEPOSIT GUARANTEES DEPOSIT INSURANCE DEPOSITORS DEPOSITS DEVALUATION DISTRIBUTION OF INCOME DISTRIBUTIONAL IMPACT DOLLAR DEPOSITS DOMESTIC INVESTORS EMERGING ECONOMIES EMERGING MARKETS EMPLOYMENT EXCHANGE RATE EXTERNAL ASSETS EXTERNAL CREDIT EXTERNAL SHOCKS FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL INSTITUTIONS FINANCIAL SECTOR FINANCIAL SECTOR CRISES FINANCIAL SERVICES FINANCIAL SYSTEM FOREIGN CURRENCY FOREIGN CURRENCY DEPOSITS FOREIGN EXCHANGE FOREIGN INVESTORS GDP GDP PER CAPITA GINI COEFFICIENT GOVERNMENT BAILOUT GOVERNMENT BONDS GROSS DOMESTIC PRODUCT HIGH INFLATION INCOME DISTRIBUTION INFLATION INSOLVENCY INTEREST RATE INTEREST RATES INTERNATIONAL RESERVES INTERNATIONAL TRADE LEGISLATION LIQUIDITY SUPPORT LOOTING MATURITIES MORAL HAZARD OFFSHORE BANKING PRESENT VALUE PRIVATE BANKS PUBLIC SERVICES RECESSION SAVINGS SECURITIES SHAREHOLDERS SOCIAL SERVICES SUBSIDIARY TAKEOVER TIME DEPOSITS TIME SERIES TRADING TRANSACTION COSTS WAGES Financial crises affect income distribution by way of different channels. The authors argue that financial transfers are an important channel which has been overlooked by the literature. They study the role of financial transfers by analyzing some of the most severe Latin American crises during the past decades (Chile 1981-83, Mexico 1994-95, Ecuador 1998-2000, Argentina 2001-02, and Uruguay 2002). First, the authors investigate transfers to the financial sector-those from nonparticipants to participants of the financial sector. Second, they explore who receives these financial transfers by identifying the winners and losers within the financial sector. Their analysis suggests that financial transfers during crises are large and expected to increase income inequality. 2014-04-10T20:41:31Z 2014-04-10T20:41:31Z 2003-10 http://documents.worldbank.org/curated/en/2003/11/2861348/distributional-effects-crises-role-financial-transfers http://hdl.handle.net/10986/17739 English en_US Policy Research Working Paper;No. 3173 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank, Washington, DC Publications & Research :: Policy Research Working Paper Publications & Research Latin America & Caribbean Latin America
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English en_US
topic	AFFILIATES ASSET MANAGEMENT BAD LOANS BANK ACCOUNTS BANK DEPOSITS BANK FAILURES BANK LIQUIDITY BANK LOANS BANK RUN BANKING CRISES BANKING CRISIS BANKING SECTOR BANKING SYSTEM BANKRUPTCY BANKS BONDS BOOK VALUE CAPITAL ASSETS CAPITAL CONTROLS CAPITAL FLIGHT CAPITAL GAINS CAPITAL LOSSES CAPITAL MARKETS CAPITAL OUTFLOWS CAPITALIZATION CENTRAL BANK CENTRAL BANK LIQUIDITY COMMERCIAL BANK COMMERCIAL BANKS CONSUMERS CONTAGION CREDIT MARKETS CURRENCY CRISES CURRENCY CRISIS CURRENCY DEPRECIATION CURRENCY DEVALUATIONS DEBT DEBT RELIEF DEPOSIT ACCOUNTS DEPOSIT GUARANTEES DEPOSIT INSURANCE DEPOSITORS DEPOSITS DEVALUATION DISTRIBUTION OF INCOME DISTRIBUTIONAL IMPACT DOLLAR DEPOSITS DOMESTIC INVESTORS EMERGING ECONOMIES EMERGING MARKETS EMPLOYMENT EXCHANGE RATE EXTERNAL ASSETS EXTERNAL CREDIT EXTERNAL SHOCKS FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL INSTITUTIONS FINANCIAL SECTOR FINANCIAL SECTOR CRISES FINANCIAL SERVICES FINANCIAL SYSTEM FOREIGN CURRENCY FOREIGN CURRENCY DEPOSITS FOREIGN EXCHANGE FOREIGN INVESTORS GDP GDP PER CAPITA GINI COEFFICIENT GOVERNMENT BAILOUT GOVERNMENT BONDS GROSS DOMESTIC PRODUCT HIGH INFLATION INCOME DISTRIBUTION INFLATION INSOLVENCY INTEREST RATE INTEREST RATES INTERNATIONAL RESERVES INTERNATIONAL TRADE LEGISLATION LIQUIDITY SUPPORT LOOTING MATURITIES MORAL HAZARD OFFSHORE BANKING PRESENT VALUE PRIVATE BANKS PUBLIC SERVICES RECESSION SAVINGS SECURITIES SHAREHOLDERS SOCIAL SERVICES SUBSIDIARY TAKEOVER TIME DEPOSITS TIME SERIES TRADING TRANSACTION COSTS WAGES
spellingShingle	AFFILIATES ASSET MANAGEMENT BAD LOANS BANK ACCOUNTS BANK DEPOSITS BANK FAILURES BANK LIQUIDITY BANK LOANS BANK RUN BANKING CRISES BANKING CRISIS BANKING SECTOR BANKING SYSTEM BANKRUPTCY BANKS BONDS BOOK VALUE CAPITAL ASSETS CAPITAL CONTROLS CAPITAL FLIGHT CAPITAL GAINS CAPITAL LOSSES CAPITAL MARKETS CAPITAL OUTFLOWS CAPITALIZATION CENTRAL BANK CENTRAL BANK LIQUIDITY COMMERCIAL BANK COMMERCIAL BANKS CONSUMERS CONTAGION CREDIT MARKETS CURRENCY CRISES CURRENCY CRISIS CURRENCY DEPRECIATION CURRENCY DEVALUATIONS DEBT DEBT RELIEF DEPOSIT ACCOUNTS DEPOSIT GUARANTEES DEPOSIT INSURANCE DEPOSITORS DEPOSITS DEVALUATION DISTRIBUTION OF INCOME DISTRIBUTIONAL IMPACT DOLLAR DEPOSITS DOMESTIC INVESTORS EMERGING ECONOMIES EMERGING MARKETS EMPLOYMENT EXCHANGE RATE EXTERNAL ASSETS EXTERNAL CREDIT EXTERNAL SHOCKS FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL INSTITUTIONS FINANCIAL SECTOR FINANCIAL SECTOR CRISES FINANCIAL SERVICES FINANCIAL SYSTEM FOREIGN CURRENCY FOREIGN CURRENCY DEPOSITS FOREIGN EXCHANGE FOREIGN INVESTORS GDP GDP PER CAPITA GINI COEFFICIENT GOVERNMENT BAILOUT GOVERNMENT BONDS GROSS DOMESTIC PRODUCT HIGH INFLATION INCOME DISTRIBUTION INFLATION INSOLVENCY INTEREST RATE INTEREST RATES INTERNATIONAL RESERVES INTERNATIONAL TRADE LEGISLATION LIQUIDITY SUPPORT LOOTING MATURITIES MORAL HAZARD OFFSHORE BANKING PRESENT VALUE PRIVATE BANKS PUBLIC SERVICES RECESSION SAVINGS SECURITIES SHAREHOLDERS SOCIAL SERVICES SUBSIDIARY TAKEOVER TIME DEPOSITS TIME SERIES TRADING TRANSACTION COSTS WAGES Halac, Marina Schmukler, Sergio L. Distributional Effects of Crises : The Role of Financial Transfers
geographic_facet	Latin America & Caribbean Latin America
relation	Policy Research Working Paper;No. 3173
description	Financial crises affect income distribution by way of different channels. The authors argue that financial transfers are an important channel which has been overlooked by the literature. They study the role of financial transfers by analyzing some of the most severe Latin American crises during the past decades (Chile 1981-83, Mexico 1994-95, Ecuador 1998-2000, Argentina 2001-02, and Uruguay 2002). First, the authors investigate transfers to the financial sector-those from nonparticipants to participants of the financial sector. Second, they explore who receives these financial transfers by identifying the winners and losers within the financial sector. Their analysis suggests that financial transfers during crises are large and expected to increase income inequality.
format	Publications & Research :: Policy Research Working Paper
author	Halac, Marina Schmukler, Sergio L.
author_facet	Halac, Marina Schmukler, Sergio L.
author_sort	Halac, Marina
title	Distributional Effects of Crises : The Role of Financial Transfers
title_short	Distributional Effects of Crises : The Role of Financial Transfers
title_full	Distributional Effects of Crises : The Role of Financial Transfers
title_fullStr	Distributional Effects of Crises : The Role of Financial Transfers
title_full_unstemmed	Distributional Effects of Crises : The Role of Financial Transfers
title_sort	distributional effects of crises : the role of financial transfers
publisher	World Bank, Washington, DC
publishDate	2014
url	http://documents.worldbank.org/curated/en/2003/11/2861348/distributional-effects-crises-role-financial-transfers http://hdl.handle.net/10986/17739
_version_	1764437068983828480

Distributional Effects of Crises : The Role of Financial Transfers

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