Access to Financial Services: Measurement, Impact, and Policies (2009)
Beck, Thorsten, Demirgüç-Kunt, Asli, Honohan, Patrick
In many developing countries less than half the population has access to formal financial services, and in most of Africa less than one in five households has access. Lack of access to finance is...
How Well Do Institutional Theories Explain Firms' Perceptions of Property Rights? (2008)
Ayyagari, Meghana, Demirgüç-Kunt, Asli, Maksimovic, Vojislav
We examine how well several institutional- and firm-level factors explain firms’ perceptions of property rights protection. The institutional theories we investigate account for approximately 50%...
How Important Are Financing Constraints? The Role of Finance in the Business Environment (2008)
Ayyagari, Meghana, Demirgüç-Kunt, Asli, Maksimovic, Vojislav
What role does the business environment play in promoting or restraining firm growth? Recent literature points to a number of factors as obstacles to growth. Inefficient functioning of financial...
Banking Services for Everyone? Barriers to Bank Access and Use around the World (2008)
Beck, Thorsten, Demirgüç-Kunt, Asli, Martinez Peria, Maria Soledad
Information from 209 banks in 62 countries is used to develop new indicators of barriers to banking services around the world, show their correlation with measures of outreach, and explore their...
Access to Finance: An Unfinished Agenda (2008)
Beck, Thorsten, Demirgüç-Kunt, Asli
Recent data compilations show that many poor and nonpoor people in many developing countries face a high degree of financial exclusion and high barriers in access to finance. Theory and empirical...
Firms as Financial Intermediaries: Evidence from Trade Credit Data (2007)
Asli Demirgüç-kunt, Vojislav Maksimovic, Jerry Caprio, Simeon Djankov, Luc Laeven
In this paper, we argue that non-financial firms act as intermediaries channeling short-term funds from the financial institutions in an economy to the their greatest use. Non-financial firms act in...
Law, Politics, and Finance (2007)
Thorsten Beck, Asli Demirgüç-kunt, Ross Levine
Abstract: This paper assesses three established theories regarding the historical determinants of financial development and also proposes an augmented version of one of these theories. The law and...
Alberto R. Musalem, Gregorio Impavido, Gregorio Impavido, Financial Economist, Alberto Roque, Musalem Advisor, ...
This paper analyzes the relationship between the development of contractual savings (pension funds and life insurance) and stock and asset markets. We sketch a three-asset model explaining how the...
2001a, Financial and Legal Constraints to Firm Growth: Does Size Matter? World Bank Mimeo (2007)
Thorsten Beck, Asli Demirgüç-kunt, Vojislav Maksimovic, George Clarke, Simeon Djankov, Luc Laeven
Abstract: Using a unique firm-level survey data base covering 54 countries, we investigate whether different financial, legal and corruption issues firms report as constraints actually affect their...
Thorsten Beck, Asli Demirgüç-kunt, Ross Levine
Abstract: A growing body of work suggests that cross-country differences in legal origin help explain differences in financial development. This paper empirically assesses two theories of why legal...
FINANCING PATTERNS AROUND THE WORLD: THE ROLE OF INSTITUTIONS (2007)
Thorsten Beck, Asli Demirgüç-kunt, Vojislav Maksimovic
Abstract: Using a firm-level survey database covering 48 countries, this paper investigates whether differences in financial and le gal development affect the way firms finance their investment. Our...
Law, Endowments, and Finance (2007)
Thorsten Beck, Asli Demirgüç-kunt, Ross Levine
This paper assesses two theories regarding the historical determinants of international differences in financial development. The law and finance theory holds that legal traditions differ in terms of...
How Well Do Institutional Theories Explain Firms' Perceptions of Property Rights? (2006)
Ayyagari, Meghana, Demirgüç-Kunt, Asli, Maksimovic, Vojislav
We examine how well several institutional- and firm-level factors explain firms’ perceptions of property rights protection. The institutional theories we investigate account for approximately 50...
Bank regulation and supervision: what works best (2003)
James R. Barth, Gerard Caprio, Ross Levine, Jel Classification, Asli Demirgüç-kunt, Simeon Djankov, ...
the help of Iffath Sharif and Cindy Lee, as well as financial support from the World Bank. Xin Chen provided extraordinary research assistance. We received helpful comments from
Small and Medium Enterprises across the Globe: A New Database.” World Bank mimeo (2003)
Meghana Ayyagari, Thorsten Beck, Asli Demirgüç-kunt
Abstract: This paper describes a new cross-country database on the importance of Small and Medium Enterprises (SME). This database is unique in that it presents consistent and comparable information...
Bank regulation and supervision: what works best (2003)
James R. Barth, Gerard Caprio, Ross Levine, Jel Classification, Asli Demirgüç-kunt, Simeon Djankov, ...
the help of Iffath Sharif and Cindy Lee, as well as financial support from the World Bank. Xin Chen provided extraordinary research assistance. We received helpful comments from
Small and Medium Enterprises across the Globe: A New Database.” World Bank mimeo (2003)
Meghana Ayyagari, Thorsten Beck, Asli Demirgüç-kunt
This paper describes a new cross-country database on the importance of Small and Medium Enterprises (SME). This database is unique in that it presents consistent and comparable information on the...
Industry Growth and Capital Allocation: Does Having a Market- or Bank-Based System Matter (2002)
Thorsten Beck, Ross Levine, Jel Classification, Nicola Cetorelli, Robert Cull, Patrick Honohan, ...
Abstract: Are market-based or bank-based financial systems better at financing the expansion of industries that depend heavily on external finance, facilitating the formation of new establishments,...
Legal Theories of Financial Development (2001)
Beck, Thorsten, Demirgüç-Kunt, Asli, Levine, Ross
This paper examines legal theories of international differences in financial development. The law and finance theory stresses that legal traditions differ in terms of (i) their emphasis on the rights...
Monitoring Banking Sector Fragility: A Multivariate Logit Approach (2000)
Demirgüç-Kunt, Asli, Detragiache, Enrica
This article explores how a multivariate logit model of the probability of a banking crisis can be used to monitor banking sector fragility. The proposed approach relies on readily available data,...
A New Database on the Structure and Development of the Financial Sector (2000)
Beck, Thorsten, Demirgüç-Kunt, Asli, Levine, Ross
This article introduces a new database of indicators of financial structure and financial development across countries and over time. The database is unique in that it combines a wide variety of...
A new database on financial development and structure (1999)
Thorsten Beck, Asli Demirgüç-kunt, Ross Levine
Abstract: This paper introduces a new database of indicators of financial development and structure across countries and over time. This database is unique in that it unites a wide variety of...
Market Discipline and Financial Safety Net Design (1999)
Asli Demirgüç-Kunt, Harry Huizinga
this paper is to fill this gap in our knowledge. First, we investigate empirically to what extent market discipline exists around the world. There is a considerable body of literature on market...
Law, finance, and firm growth (1998)
Asli Demirgüç-kunt, Vojislav Maksimovic
World Bank Conference on Term Financing for their comments. The views expressed here are the authors ’ own and not necessarily those of the World Bank or its member countries. Law, finance and firm...
Stock Market Development and Financial Intermediaries: Stylized Facts (1996)
Demirgüç-Kunt, Asli, Levine, Ross
World stock markets are booming, and emerging stock markets account for a disproportionate share of this growth. Yet economists lack a common concept or measure of stock market development. This...
Stock Market Development and Financing Choices of Firms (1996)
Demirgüç-Kunt, Asli, Maksimovic, Vojislav
In many developing countries with emerging stock markets, banks are fearful of stock market development because they think that stock markets will reduce the volume of their business. This article...
Legal Theories of Financial Development
Thorsten Beck, Asli Demirgüç-Kunt, Ross Levine
This paper examines legal theories of international differences in financial development. The law and finance theory stresses that legal traditions differ in terms of (i) their emphasis on the rights...
Finance, inequality and the poor
Thorsten Beck, Asli Demirgüç-Kunt, Ross Levine
Financial development disproportionately boosts incomes of the poorest quintile and reduces income inequality. About 40% of the long-run impact of financial development on the income growth of the...
Asli Demirgüç-Kunt, Vojislav Maksimovic
We investigate how differences in legal and financial systems affect firms' use of external financing to fund growth. We show that in countries whose legal systems score high on an efficiency index,...
Deposit-institution failures: a review of empirical literature
A review of the current literature on deposit-institution failures, emphasizing the various methods used to model the determinants of insolvent and failed institutions.
Testing for speculative bubbles in stock prices
Asli Demirgüç-Kunt, Hashem Dezhbakhsh
A modification of Kenneth West's method for investigating speculative bubbles in stock prices, in which a direct test of the "no bubble" hypothesis is applied to long-term annual U.S. stock-market...
Using SMVAM as a linear approximation to a nonlinear function: a note
Asli Demirgüç-Kunt, James B. Thomson
A study contending that the linear statistical market-value accounting model (SMVAM) is a reasonable approximation of the relationship between market and book equity for firms with positive balance...
Modeling large commercial-bank failures: a simultaneous-equation analysis
The development of a model of large-bank failures that studies insolvency and failure simultaneously and that recognizes economic, political, and bureaucratic constraints faced by regulators.
On the valuation of deposit institutions
The author develops an empirical model to value a financial institution's capital for regulatory purposes, which when estimated for a sample of failed and nonfailed institutions, reveals the need for...
Principal-agent problems in commercial-bank failure decisions
The author develops a model that examines the regulator's role in the bank failure decision process, with attention given to the regulator's constraints and incentives.
Introduction: Bank concentration and competition: an evolution in the making
Allen N. Berger, Asli Demirgüç-Kunt, Ross Levine, Joseph G. Haubrich
The consolidation of banks around the world in recent years is intensifying public policy debates on the influences of concentration and competition on the performance of banks. In light of these...
Regulations, market structure, institutions, and the cost of financial intermediation
Asli Demirgüç-Kunt, Luc Laeven, Ross Levine
This paper examines the impact of bank regulations, market structure, and national institutions on bank net interest margins and overhead costs using data on over 1400 banks across 72 countries while...
Bank competition and access to finance: international evidence
Thorsten Beck, Asli Demirgüç-Kunt, Vojislav Maksimovic
Using a unique database for 74 countries and for firms of small, medium, and large size we assess the effect of banking market structure on the access of firms to bank finance. We find that bank...
Capital positions of Japanese banks
Edward J. Kane, Haluk Unal, Asli Demirgüç-Kunt
Banks and banking - Japan ; Japan ; Bank capital
Deposit insurance and moral hazard
Asli Demirgüç-Kunt, Enrica Detragiache
Deposit insurance ; Bank liquidity ; Financial crises
Banking on the principles: Compliance with Basel Core Principles and bank soundness
Demirgüç-Kunt, AslI, Detragiache, Enrica, Tressel, Thierry
This study finds that banks receive more favorable Moody's financial strength ratings in countries with better compliance with Basel Core Principles related to information provision. The results are...
Determinants of deposit-insurance adoption and design
Demirgüç-Kunt, Asli, Kane, Edward J., Laeven, Luc
This paper identifies factors that influence decisions about a country's financial safety net, using a comprehensive data set covering 180 countries during the 1960-2003 period. Our analysis focuses...
Financing patterns around the world: Are small firms different?
Beck, Thorsten, Demirgüç-Kunt, Asli, Maksimovic, Vojislav
Using a firm-level survey database covering 48 countries, we investigate how financial and institutional development affects financing of large and small firms. Our database is not limited to large...
Finance et opportunité économique
Asli Demirgüç-Kunt, Ross Levine
An influential body of theoretical research and an emerging line of empirical work suggest that the operation of the formal financial system affects the degree to which economic opportunities are...
The 2007 Meltdown in Structured Securitization: Searching for Lessons not Scapegoats
Gerard Caprio, Asli Demirgüç-Kunt, Edward Kane
The intensity of recent turbulence in financial markets has surprised nearly everyone. This paper searches out the root causes of the crisis, distinguishing them from scapegoating explanations that...
Access to Financial Services: Measurement, Impact, and Policies
Thorsten Beck, Asli Demirgüç-Kunt, Patrick Honohan
In many developing countries less than half the population has access to formal financial services, and in most of Africa less than one in five households has access. Lack of access to finance is...
SMEs, growth, and poverty: Cross-Country Evidence
Thorsten Beck, Asli Demirgüç-Kunt, Ross Levine
Citation: Thorsten Beck; Asli Demirgüç-Kunt ; Ross Levine, "SMEs, growth, and poverty: Cross-Country Evidence", hdl:1902.1/12886
Access to Finance: An Unfinished Agenda
Thorsten Beck, Asli Demirgüç-Kunt
Recent data compilations show that many poor and nonpoor people in many developing countries face a high degree of financial exclusion and high barriers in access to finance. Theory and empirical...
Banking Services for Everyone? Barriers to Bank Access and Use around the World
Thorsten Beck, Asli Demirgüç-Kunt
Information from 209 banks in 62 countries is used to develop new indicators of barriers to banking services around the world, show their correlation with measures of outreach, and explore their...
How Important Are Financing Constraints? The Role of Finance in the Business Environment
Meghana Ayyagari, Asli Demirgüç-Kunt, Vojislav Maksimovic
What role does the business environment play in promoting or restraining firm growth? Recent literature points to a number of factors as obstacles to growth. Inefficient functioning of financial...