Creating an Efficient Financial System : Challenges in a Global Economy

Financial sector development fosters economic growth and reduces poverty by widening and broadening access to finance and allocating society's savings more efficiently. The author first discusses three pillars on which sound and efficient financial systems are built: macroeconomic stability an...

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Main Author:	Beck, Thorsten
Format:	Policy Research Working Paper
Language:	English
Published:	World Bank, Washington, DC 2012
Subjects:	ACCOUNTABILITY ACCOUNTING ACCOUNTING STANDARDS ADVERSE SELECTION AGENTS AGRICULTURAL BANKS AGRICULTURE BANK FAILURE BANK FAILURE RESOLUTION BANK LOANS BANK REGULATION BANK RUNS BANK SUPERVISION BANKING CRISES BANKING SECTOR BANKING SYSTEM BANKING SYSTEMS BANKRUPTCY BANKS BOOMS CAPITAL FLOWS CAPITAL MARKETS CAPITALIZATION CENTRAL BANK COMMERCIAL BANKS COMPARATIVE ADVANTAGE COMPETITIVENESS CONTRACT ENFORCEMENT CORPORATE GOVERNANCE COUNTRY COMPARISONS COVERAGE CREDIT MARKETS CROSS-COUNTRY EXPERIENCE CURRENCY CRISES DEBT DEPOSIT INSURANCE DEPOSIT INSURANCE SCHEMES DEPOSITORS DEPOSITS DIVIDENDS EARLY WARNING SYSTEM ECONOMIC GROWTH EMERGING ECONOMIES EMERGING MARKETS EXPECTED RETURN FACTORING FINANCIAL CONTRACTS FINANCIAL CRISES FINANCIAL FRAGILITY FINANCIAL INSTITUTIONS FINANCIAL INTEGRATION FINANCIAL INTERMEDIARY DEVELOPMENT FINANCIAL INTERMEDIATION FINANCIAL LIBERALIZATION FINANCIAL MARKETS FINANCIAL REGULATION FINANCIAL SECTOR FINANCIAL SECTOR DEVELOPMENT FINANCIAL SECTOR REFORM FINANCIAL SERVICES FINANCIAL STABILITY FINANCIAL STRUCTURE FINANCIAL SYSTEMS FOREIGN BANKS FREE ENTRY GDP GDP PER CAPITA GOVERNMENT BANKS GOVERNMENT INTERVENTION HOUSING HOUSING FINANCE INFLATION INFLATION RATE INFLATION RATES INFORMATION COSTS INSTITUTIONAL ENVIRONMENT INSURANCE INTERDEPENDENCE INTEREST RATE INTEREST RATES INTERVENTION POWERS JUDICIAL SYSTEMS LAWS LEGAL SYSTEMS LIBERALIZATION OF FINANCIAL MARKETS LIQUIDATION LIQUIDITY LOOTING M2 MACROECONOMIC STABILITY MARKET DISCIPLINE MICROFINANCE MORAL HAZARD MORTGAGE LOANS POSITIVE EFFECTS PRIVATE BANKS PRIVATE PROPERTY PRIVATIZATION PRODUCTIVITY PRODUCTIVITY GROWTH PROGRAMS PROPERTY RIGHTS REAL GDP REGULATORY CAPTURE RELATIONSHIP LENDING RESOURCE ALLOCATION RISK MANAGEMENT RISK PREMIUMS RISK TAKING SAVINGS SECURITIES SECURITIES MARKETS SHAREHOLDERS SMALL BUSINESS STOCK MARKETS SUBORDINATED DEBT SUPERVISORY FRAMEWORK SYSTEMIC BANKING DISTRESS TOTAL COSTS TRADE BALANCE TRANSACTION COSTS TRANSPARENCY VOLATILITY
Online Access:	http://documents.worldbank.org/curated/en/2006/02/6606451/creating-efficient-financial-system-challenges-global-economy http://hdl.handle.net/10986/8764

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spelling	okr-10986-87642021-04-23T14:02:40Z Creating an Efficient Financial System : Challenges in a Global Economy Beck, Thorsten ACCOUNTABILITY ACCOUNTING ACCOUNTING STANDARDS ADVERSE SELECTION AGENTS AGRICULTURAL BANKS AGRICULTURE BANK FAILURE BANK FAILURE RESOLUTION BANK LOANS BANK REGULATION BANK RUNS BANK SUPERVISION BANKING CRISES BANKING SECTOR BANKING SYSTEM BANKING SYSTEMS BANKRUPTCY BANKS BOOMS CAPITAL FLOWS CAPITAL MARKETS CAPITALIZATION CENTRAL BANK COMMERCIAL BANKS COMPARATIVE ADVANTAGE COMPETITIVENESS CONTRACT ENFORCEMENT CORPORATE GOVERNANCE COUNTRY COMPARISONS COVERAGE CREDIT MARKETS CROSS-COUNTRY EXPERIENCE CURRENCY CRISES DEBT DEPOSIT INSURANCE DEPOSIT INSURANCE SCHEMES DEPOSITORS DEPOSITS DIVIDENDS EARLY WARNING SYSTEM ECONOMIC GROWTH EMERGING ECONOMIES EMERGING MARKETS EXPECTED RETURN FACTORING FINANCIAL CONTRACTS FINANCIAL CRISES FINANCIAL FRAGILITY FINANCIAL INSTITUTIONS FINANCIAL INTEGRATION FINANCIAL INTERMEDIARY DEVELOPMENT FINANCIAL INTERMEDIATION FINANCIAL LIBERALIZATION FINANCIAL MARKETS FINANCIAL REGULATION FINANCIAL SECTOR FINANCIAL SECTOR DEVELOPMENT FINANCIAL SECTOR REFORM FINANCIAL SERVICES FINANCIAL STABILITY FINANCIAL STRUCTURE FINANCIAL SYSTEMS FOREIGN BANKS FREE ENTRY GDP GDP PER CAPITA GOVERNMENT BANKS GOVERNMENT INTERVENTION HOUSING HOUSING FINANCE INFLATION INFLATION RATE INFLATION RATES INFORMATION COSTS INSTITUTIONAL ENVIRONMENT INSURANCE INTERDEPENDENCE INTEREST RATE INTEREST RATES INTERVENTION POWERS JUDICIAL SYSTEMS LAWS LEGAL SYSTEMS LIBERALIZATION OF FINANCIAL MARKETS LIQUIDATION LIQUIDITY LOOTING M2 MACROECONOMIC STABILITY MARKET DISCIPLINE MICROFINANCE MORAL HAZARD MORTGAGE LOANS POSITIVE EFFECTS PRIVATE BANKS PRIVATE PROPERTY PRIVATIZATION PRODUCTIVITY PRODUCTIVITY GROWTH PROGRAMS PROPERTY RIGHTS REAL GDP REGULATORY CAPTURE RELATIONSHIP LENDING RESOURCE ALLOCATION RISK MANAGEMENT RISK PREMIUMS RISK TAKING SAVINGS SECURITIES SECURITIES MARKETS SHAREHOLDERS SMALL BUSINESS STOCK MARKETS SUBORDINATED DEBT SUPERVISORY FRAMEWORK SYSTEMIC BANKING DISTRESS TOTAL COSTS TRADE BALANCE TRANSACTION COSTS TRANSPARENCY VOLATILITY Financial sector development fosters economic growth and reduces poverty by widening and broadening access to finance and allocating society's savings more efficiently. The author first discusses three pillars on which sound and efficient financial systems are built: macroeconomic stability and effective and reliable contractual and informational frameworks. He then describes three different approaches to government involvement in the financial sector: the laissez-faire view, the market-failure view and the market-enabling view. Finally, the author analyzes the sequencing of financial sector reforms and discusses the benefits and challenges that emerging markets face when opening their financial systems to international capital markets. 2012-06-22T14:35:30Z 2012-06-22T14:35:30Z 2006-02 http://documents.worldbank.org/curated/en/2006/02/6606451/creating-efficient-financial-system-challenges-global-economy http://hdl.handle.net/10986/8764 English Policy Research Working Paper; No. 3856 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Publications & Research :: Policy Research Working Paper Publications & Research
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English
topic	ACCOUNTABILITY ACCOUNTING ACCOUNTING STANDARDS ADVERSE SELECTION AGENTS AGRICULTURAL BANKS AGRICULTURE BANK FAILURE BANK FAILURE RESOLUTION BANK LOANS BANK REGULATION BANK RUNS BANK SUPERVISION BANKING CRISES BANKING SECTOR BANKING SYSTEM BANKING SYSTEMS BANKRUPTCY BANKS BOOMS CAPITAL FLOWS CAPITAL MARKETS CAPITALIZATION CENTRAL BANK COMMERCIAL BANKS COMPARATIVE ADVANTAGE COMPETITIVENESS CONTRACT ENFORCEMENT CORPORATE GOVERNANCE COUNTRY COMPARISONS COVERAGE CREDIT MARKETS CROSS-COUNTRY EXPERIENCE CURRENCY CRISES DEBT DEPOSIT INSURANCE DEPOSIT INSURANCE SCHEMES DEPOSITORS DEPOSITS DIVIDENDS EARLY WARNING SYSTEM ECONOMIC GROWTH EMERGING ECONOMIES EMERGING MARKETS EXPECTED RETURN FACTORING FINANCIAL CONTRACTS FINANCIAL CRISES FINANCIAL FRAGILITY FINANCIAL INSTITUTIONS FINANCIAL INTEGRATION FINANCIAL INTERMEDIARY DEVELOPMENT FINANCIAL INTERMEDIATION FINANCIAL LIBERALIZATION FINANCIAL MARKETS FINANCIAL REGULATION FINANCIAL SECTOR FINANCIAL SECTOR DEVELOPMENT FINANCIAL SECTOR REFORM FINANCIAL SERVICES FINANCIAL STABILITY FINANCIAL STRUCTURE FINANCIAL SYSTEMS FOREIGN BANKS FREE ENTRY GDP GDP PER CAPITA GOVERNMENT BANKS GOVERNMENT INTERVENTION HOUSING HOUSING FINANCE INFLATION INFLATION RATE INFLATION RATES INFORMATION COSTS INSTITUTIONAL ENVIRONMENT INSURANCE INTERDEPENDENCE INTEREST RATE INTEREST RATES INTERVENTION POWERS JUDICIAL SYSTEMS LAWS LEGAL SYSTEMS LIBERALIZATION OF FINANCIAL MARKETS LIQUIDATION LIQUIDITY LOOTING M2 MACROECONOMIC STABILITY MARKET DISCIPLINE MICROFINANCE MORAL HAZARD MORTGAGE LOANS POSITIVE EFFECTS PRIVATE BANKS PRIVATE PROPERTY PRIVATIZATION PRODUCTIVITY PRODUCTIVITY GROWTH PROGRAMS PROPERTY RIGHTS REAL GDP REGULATORY CAPTURE RELATIONSHIP LENDING RESOURCE ALLOCATION RISK MANAGEMENT RISK PREMIUMS RISK TAKING SAVINGS SECURITIES SECURITIES MARKETS SHAREHOLDERS SMALL BUSINESS STOCK MARKETS SUBORDINATED DEBT SUPERVISORY FRAMEWORK SYSTEMIC BANKING DISTRESS TOTAL COSTS TRADE BALANCE TRANSACTION COSTS TRANSPARENCY VOLATILITY
spellingShingle	ACCOUNTABILITY ACCOUNTING ACCOUNTING STANDARDS ADVERSE SELECTION AGENTS AGRICULTURAL BANKS AGRICULTURE BANK FAILURE BANK FAILURE RESOLUTION BANK LOANS BANK REGULATION BANK RUNS BANK SUPERVISION BANKING CRISES BANKING SECTOR BANKING SYSTEM BANKING SYSTEMS BANKRUPTCY BANKS BOOMS CAPITAL FLOWS CAPITAL MARKETS CAPITALIZATION CENTRAL BANK COMMERCIAL BANKS COMPARATIVE ADVANTAGE COMPETITIVENESS CONTRACT ENFORCEMENT CORPORATE GOVERNANCE COUNTRY COMPARISONS COVERAGE CREDIT MARKETS CROSS-COUNTRY EXPERIENCE CURRENCY CRISES DEBT DEPOSIT INSURANCE DEPOSIT INSURANCE SCHEMES DEPOSITORS DEPOSITS DIVIDENDS EARLY WARNING SYSTEM ECONOMIC GROWTH EMERGING ECONOMIES EMERGING MARKETS EXPECTED RETURN FACTORING FINANCIAL CONTRACTS FINANCIAL CRISES FINANCIAL FRAGILITY FINANCIAL INSTITUTIONS FINANCIAL INTEGRATION FINANCIAL INTERMEDIARY DEVELOPMENT FINANCIAL INTERMEDIATION FINANCIAL LIBERALIZATION FINANCIAL MARKETS FINANCIAL REGULATION FINANCIAL SECTOR FINANCIAL SECTOR DEVELOPMENT FINANCIAL SECTOR REFORM FINANCIAL SERVICES FINANCIAL STABILITY FINANCIAL STRUCTURE FINANCIAL SYSTEMS FOREIGN BANKS FREE ENTRY GDP GDP PER CAPITA GOVERNMENT BANKS GOVERNMENT INTERVENTION HOUSING HOUSING FINANCE INFLATION INFLATION RATE INFLATION RATES INFORMATION COSTS INSTITUTIONAL ENVIRONMENT INSURANCE INTERDEPENDENCE INTEREST RATE INTEREST RATES INTERVENTION POWERS JUDICIAL SYSTEMS LAWS LEGAL SYSTEMS LIBERALIZATION OF FINANCIAL MARKETS LIQUIDATION LIQUIDITY LOOTING M2 MACROECONOMIC STABILITY MARKET DISCIPLINE MICROFINANCE MORAL HAZARD MORTGAGE LOANS POSITIVE EFFECTS PRIVATE BANKS PRIVATE PROPERTY PRIVATIZATION PRODUCTIVITY PRODUCTIVITY GROWTH PROGRAMS PROPERTY RIGHTS REAL GDP REGULATORY CAPTURE RELATIONSHIP LENDING RESOURCE ALLOCATION RISK MANAGEMENT RISK PREMIUMS RISK TAKING SAVINGS SECURITIES SECURITIES MARKETS SHAREHOLDERS SMALL BUSINESS STOCK MARKETS SUBORDINATED DEBT SUPERVISORY FRAMEWORK SYSTEMIC BANKING DISTRESS TOTAL COSTS TRADE BALANCE TRANSACTION COSTS TRANSPARENCY VOLATILITY Beck, Thorsten Creating an Efficient Financial System : Challenges in a Global Economy
relation	Policy Research Working Paper; No. 3856
description	Financial sector development fosters economic growth and reduces poverty by widening and broadening access to finance and allocating society's savings more efficiently. The author first discusses three pillars on which sound and efficient financial systems are built: macroeconomic stability and effective and reliable contractual and informational frameworks. He then describes three different approaches to government involvement in the financial sector: the laissez-faire view, the market-failure view and the market-enabling view. Finally, the author analyzes the sequencing of financial sector reforms and discusses the benefits and challenges that emerging markets face when opening their financial systems to international capital markets.
format	Publications & Research :: Policy Research Working Paper
author	Beck, Thorsten
author_facet	Beck, Thorsten
author_sort	Beck, Thorsten
title	Creating an Efficient Financial System : Challenges in a Global Economy
title_short	Creating an Efficient Financial System : Challenges in a Global Economy
title_full	Creating an Efficient Financial System : Challenges in a Global Economy
title_fullStr	Creating an Efficient Financial System : Challenges in a Global Economy
title_full_unstemmed	Creating an Efficient Financial System : Challenges in a Global Economy
title_sort	creating an efficient financial system : challenges in a global economy
publisher	World Bank, Washington, DC
publishDate	2012
url	http://documents.worldbank.org/curated/en/2006/02/6606451/creating-efficient-financial-system-challenges-global-economy http://hdl.handle.net/10986/8764
_version_	1764405973941747712

Creating an Efficient Financial System : Challenges in a Global Economy

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