Global Financial Development Report 2013: Rethinking the Role of the State in Finance
Global Financial Development Report 2013 is the first in a new World Bank series. It provides a unique contribution to financial sector policy debates, building on novel data, surveys, research, and wide-ranging country experience, with emphasis on emerging-market and developing economies. The global financial crisis has challenged conventional thinking on financial sector policies. Launched on the fourth anniversary of the Lehman Brothers collapse a turning point in the crisis this volume re-examines a basic question: what is the proper role of the state in financial development? To address the question, this report synthesizes new and existing evidence on the state s performance as financial sector regulator, overseer, promoter, and owner. It calls on state agencies to provide strong regulation and supervision and ensure healthy competition in the sector, and to support financial infrastructure, such as the quality and availability of credit information. It also warns that direct interventions such as lending by state-owned banks, used in many countries to counteract the crisis may end up being harmful. The report also tracks financial systems in more than 200 economies before and during the global financial crisis. Accompanying the hard-copy publication is a website (http://www.worldbank.org/financialdevelopment) that contains extensive datasets, research papers, and other background materials, as well as interactive features. The report s findings and policy recommendations are relevant for policy makers; staff of central banks, ministries of finance, and financial regulation agencies; nongovernmental organizations and donors; academics and other researchers and analysts; and members of the finance and development community.
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Africa Asia assess assets average bank competition Bank Regulation Bank’s banking sector banking system Basel Basel II beneﬁts central bank cial Cihak countercyclical counterparty countries credit bureau credit guarantee credit information credit markets credit rating agencies credit registries credit reporting systems credit risk crises Demirgiig-Kunt developing economies development banks economic efﬁciency example ﬁgure ﬁnan ﬁnance ﬁnancial development Financial Development Database ﬁnancial institutions ﬁnancial markets ﬁnancial sector ﬁnancial stability financial system ﬁnancial systems ﬁnd ﬁrms framework funding global ﬁnancial crisis Global Financial Development government bank growth H-statistic High income incentives infrastructure International lenders lending Lerner index Levine liquidity loans market capitalization market discipline measures ment OECD participants percent percentile private credit reporting proﬁts promote ratio reﬂects reforms regulation and supervision regulatory risk management role share signiﬁcant state-owned banks Supervision Survey supervisory systemic risk tier 1 capital tion too-big-to-fail variable World Bank