Turkish banking: banking under political instability and chronic high inflation
In: Palgrave Macmillan studies in banking and financial institutions
11 results
Sort by:
In: Palgrave Macmillan studies in banking and financial institutions
In: Working paper series 838
In: Palgrave Macmillan studies in banking and financial institutions
In: BIS working paper 132
In: Journal of post-Keynesian economics, Volume 45, Issue 4, p. 558-580
ISSN: 1557-7821
In: The Manchester School, Volume 85, Issue 1, p. 65-87
ISSN: 1467-9957
This paper examines which economic, institutional and political characteristics of countries affect the likelihood that a numeral rule will be adopted as part of a fiscal strategy to limit the level of public debt. We estimate a panel binary response model over the period 1970–2012 for 110 countries, of which 58 opted to adopt such a rule. Our results suggest that the probability such a rule will be adopted is greater if a country has a high level of public debt, a relatively inflexible exchange rate regime, has already adopted inflation targeting, has deep credit markets and if other countries already have adopted a debt rule. There are some differences in decision factors between high‐income and lower income countries, with the level of economic development and the openness of the economy playing opposite roles in each country group, and the impact of monetary unions on debt rule adoption being much stronger in the former group. The results are robust to testing for reverse causality, including using different econometric techniques.
In: Journal of economics and business, Volume 60, Issue 3, p. 204-222
ISSN: 0148-6195
In: The journal of development studies, Volume 40, Issue 5, p. 143-173
ISSN: 1743-9140
In: Working paper 398
In: The journal of developing areas, Volume 45, Issue 1, p. 191-208
ISSN: 1548-2278
We investigate the determinants of rosca participation in Bolivia by using a sample of 5,746 households. Evidence shows that in Bolivia rosca is a consumption driven phenomenon. The probability of participating in roscas increases parallel to households' income. Middle-income families with more members and higher expenses are more likely to join roscas. We also find that people who are likely to be excluded from formal credit instruments, such as younger individuals, females, less educated, and indigenous people, are more inclined to participate in roscas.
In: Occassional paper series no 63 (June 2007)
This report analyses the financial position of non-financial enterprises in the euro area, in particular the amount of external financing, the choice between debt and equity and the composition and maturity structure of debt. It aims at identifying the main features of the euro area, as well as the peculiarities that depend on the country of origin and the sector of activity. Attention is also devoted to assessing whether a country's institutional eatures are correlated with different financial structures by firms. In light of the particular interest in the access of small and medium-sized enterprises (SMEs) to financing, the report also analyses how financing patterns differ across large, medium-sized and small enterprises. Finally, the report discusses the recent trends observed in the corporate finance landscape of the euro area over the past few years. Although it is still too early to pass final judgement, vast structural changes are underway that could have already influenced in a positive way in the availability of external funds for firms. All in all, a comprehensive understanding of corporate finance in the euro area is important from a monetary policy perspective, given its impact on the transmission mechanism and for productivity and economic growth. Moreover, such an understanding is also relevant from a financial stability perspective. A first assessment is now possible eight years into the third stage of Economic and Monetary Union (EMU), given that sufficient data have been accumulated during this period. This assessment is particularly important as the introduction of the single currency has had significant structural effects on the working of financial markets, increasing their size and liquidity, and fostering cross-border competition. The data available for this report generally cover the period 1995-2005, and the cut-off date for the statistics included is 10 March 2007.