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...
World Bank and at the Irish Economic Association Annual Meeting, (2008)
Patrick Honohan, Jel O, Especially Gerry Boyle, Ronald Findlay, Alan Heston, Robert Summers
Although their paper stresses the potential merits of a particular financial innovation—a form of shared-ownership indexed contract—Miles and Pillonca surprisingly neglect the role of...
Strengthening Incentives for Private Sector Performance (2007)
Biagio Bossone, Larry Promisel, Masood Ahmed, Gerard Caprio, Stijn Claessens, Patrick Honohan, ...
The East Asian crisis has underscored the importance of strong domestic policies and institutions in enabling countries to integrate successfully into the global financial community. From the crisis,...
Chapter 13 THE ACCIDENTAL TAX: INFLATION AND THE FINANCIAL SECTOR (2007)
Although first and foremost a monetary phenomenon, inflation has wider implications for macroeconomic stability, competitiveness and contracting, notably by virtue of the fact that many contracts,...
Chapter 1 AVOIDING THE PITFALLS IN TAXING FINANCIAL INTERMEDIATION (2007)
Because it keeps systematic accounts and acts as a gatekeeper of liquid resources, the financial sector provides many useful tax ‘handles ’ for the fiscal authorities. In many countries, a...
Chapter 9 THE TAX TREATMENT OF BANK LOAN LOSSES (2007)
Emil M. Sunley, Patrick Honohan
earlier draft. The tax treatment of bank loan losses has been a contentious issue in a number of developing and transition countries. Banks and bank regulators generally want the tax rules for...
Small- and Medium-Size Enterprise Financing in Eastern Europe (2007)
Victor Sulla, Rodrigo Chaves, Thorsten Beck, Asli Demirguc-kunt, Patrick Honohan, Inessa Love
ideas about development issues. An objective of the series is to get the findings out quickly, even if the presentations are less than fully polished. The papers carry the names of the authors and...
AVOIDING THE PITFALLS IN TAXING FINANCIAL INTERMEDIATION (2007)
to encourage the exchange of ideas about development issues. An objective of the series is to get the findings out quickly, even if the presentations are less than fully polished. The papers carry...
Xin Chen provided extraordinary research assistance. We received helpful comments from (2007)
James R. Barth, Gerard Caprio, Ross Levine, Asli Demirguc-kunt, Simeon Djankov, Patrick Honohan, ...
the help of Iffath Sharif and Cindy Lee, as well as financial support from the World Bank.
Sergio L. Schmukler, Paul Collier, Uri Dadush, David Dollar, Patrick Honohan
This chapter discusses the opportunities and challenges that financial globalization entail for developing countries. Financial globalization can come with crises and contagion. But financial...
William Easterly, World Bank, Patrick Honohan, Ross Levine, Frederic Mishkin
Abstract: The worldwide growth slowdown after 1975 was a major negative fiscal shock; lower growth lowers the present value of tax revenues and primary surpluses and thus makes a given level of debt...
Patrick Honohan, Millard Long, Hana Polackova Brixi, Andre Ryba, Patrick Honohan Decrg
In the aftermath of a banking crisis, most attention is rightly focused on the allocation of losses, on rebuilding properly managed institutions and on debt recovery. But when the authorities have...
Giovanni Ferri Ð, Giovanni Majnoni, Fabrizio Coricelli, Jerry Caprio, Patrick Honohan, ...
We test for emerging economies the hypothesis — previously verified for G-10 countries only — that the enforcement of bank capital asset requirements (CARs) exerts a detrimental effect on the...
Gerard Caprio, Patrick Honohan
This research could not have been completed without the help of Xin Chen and Anqing Shi, both of whom provided extraordinary research assistance. We are grateful to Ross Levine for helpful comments.
Patrick Honohan, Daniela Klingebiel, Gerard Caprio, Stijn Claessens, Asli Demirguç-kunt, ...
In recent decades, a majority of countries—rich and poor alike—have experienced a systemic banking crisis requiring a major—and expensive—overhaul of their banking system. Not only do banking...
INEQUALITY AND POVERTY GO TOGETHER -- AND IT'S NOT A TAUTOLOGY Patrick Honohan (2007)
In Their Recent, Patrick Honohan, Tim Besley, Robin Burgess
le there are going to be. A similar relationship also exists if, instead of looking at the poverty headcount, we examine the relationship between top and bottom decile shares. In other words, there...
SMEs, Growth and Poverty: Crosscountry Evidence (2005)
Thorsten Beck, Asli Demirguc-kunt, Ross Levine, Maria Carkovic, George Clarke, Simeon Djankov, ...
Abstract: This paper explores the relationship between the relative size of the Small and Medium Enterprise (SME) sector, economic growth, and poverty alleviation using a new database on the share of...
Contrastando con el entusiasmo de ciertos observadores por las reformas profundas a la tributación del sector financiero (como abolir los impuestos a la renta del capital o imponer un tributo...
Contrastando con el entusiasmo de ciertos observadores por las reformas profundas a la tributación del sector financiero (como abolir los impuestos a la renta del capital o imponer un tributo...
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
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
Governance and bank valuation (2003)
Gerard Caprio, Luc Laeven, Ross Levine, Thorsten Beck, George Benston, Sugato Bhattacharyya, ...
Which public policies and ownership structures enhance the governance of banks? This paper constructs a new database on the ownership of banks internationally and then assesses the ramifications of...
Catching Up with the Leaders: The Irish Hare (2002)
Honohan, Patrick., Walsh, Brendan.
Brookings Papers on Economic Activity - 2002, 1
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,...
Finance for Growth: Policy Choices in a Volatile World (2001)
Caprio, Gerard, Honohan, Patrick
Understanding just how finance contributes to development—and how good policy can help guarantee its contribution—has been the focus of a major research effort in recent years. This research has...
Does financial reform raise or reduce saving? (2000)
Bandiera, Oriana, Caprio, Gerard, Honohan, Patrick, Schiantarelli, Fabio
Does financial reform raise or reduce saving? (2000)
Bandiera, Oriana, Caprio, Gerard, Honohan, Patrick, Schiantarelli, Fabio
Ilker Domaç, Maria Soledad, Martinez Peria, Carlos Serrano, Data On, Barry Eichengreen, ...
This paper empirically investigates the linkages between banking crises and exchange rate regimes, using a comprehensive data set including developed and developing countries over the last two...
PEGGING TO THE DOLLAR AND THE EURO (1999)
Patrick Honohan, Philip R. Lane
The newly-launched euro is bound to attract some “trackers ” – that is, countries that attempt to maintain exchange rate stability against the euro. In this paper, we ask whether the existence...
Does Financial Reform Raise or Reduce Savings? (1998)
Bandiera , Oriana, Caprio , Gerard, Honohan , Patrick, Schiantarelli , Fabio
The effect of financial liberalization on private saving is theoretically ambiguous, not only because the link between interest rate levels and saving is itself ambiguous, but also because financial...
Banking System Failures In Developing And Transition Countries: Diagnosis And Prediction (1997)
Patrick Honohan, Patrick Honohan
Understanding what caused the recent costly wave of banking system failures in developing and transition economies is the key to preventing a recurrence. It is important to distinguish between...
MONEY DEMAND DURING HYPERINFLATION AND STABILIZATION: BOLIVIA, 1980/1988 (1993)
ASILIS, CARLOS M., HONOHAN, PATRICK, MCNELIS, PAUL O.
This paper examines the demand for money in Bolivia during the 1980s, a decade of extreme instability with annual inflation rates reaching over 20,000 percent, and a subsequent stabilization, with...
The flow of funds 1972-1977 (1982)
Read before the Society, 22 April 1982
Ireland in EMU: More Shocks, Less Insulation?
Honohan, Patrick, Leddin, Anthony J
Despite anchoring the Irish monetary system to a common zone-wide exchange rate and interest rate, EMU has triggered sizable exchange rate and especially interest rate shocks to the Irish economy...
Can the unsophisticated market provide discipline?
Caprio, Gerard, Honohan, Patrick
The authors question the widespread belief that market discipline on banks cannot be effective in less developed financial environments. There is no systematic tendency for low-income countries to...
Honohan, Patrick, Vittas, Dimitri
Current issues in banking policy range from the need to construct basic institutions and incentive structures in transition economies, to the challenges posed by the increasingly complex interactions...
Recapitalizing banking systems : implications for incentives and fiscal and monetary policy
In the aftermath of a banking crisis, most attention is rightly focused on allocating losses, rebuilding properly managed institutions, and achieving debt recovery. But the authorities'decision to...
Beyond capital ideals : restoring banking stability
The authors examine why emerging markets, in particular, are susceptible to and affected by financial difficulties. They show that these difficulties have a richer, more complex structure than they...
Avoiding the pitfalls in taxing financial intermediation
Enthusiasts for financial sector tax reform typically come either with some form of"flat tax"(including value added tax on financial services, zero taxation on capital income, or a universal...
Dollarization of the banking system : good or bad?
De Nicolo, Gianni, Honohan, Patrick, Ize, Alain
De Nicol? Honohan, and Ize assess the benefits and risks associated with dollarization of the banking system. The authors provide novel empirical evidence on the determinants of dollarization, its...
Monetary cooperation in the CFA zone
The CFA or franc zone in Africa is the largest and most enduring of currency blocs. This paper is designed as a guide to understanding how the zone works as a mechanism for monetary cooperation....
Price and monetary convergence in currency unions : the Franc and Rand zones
Theory suggests that a currency union will impose significant macroeconomic disciplines on its members. This paper examines the two main surviving currency zones - the franc and rand zones in Africa...
Chamley, Christophe, Honohan, Patrick
The purpose of this study is to set out a practical method for analyzing how inflation, interest ceilings, reserve requirements and like impositions have had tax-like effects and how they can be...
How interest rates changed under financial liberalization - a cross-country review
Financial liberalization was expected to make interest rates, and asset prices more volatile, with distributional consequences, such as reduced, or relocated rents, and increased competition in...
Controlling the fiscal costs of banking crises
Honohan, Patrick, Klingebiel, Daniela
In recent decades, a majority of countries have experienced a systemic banking crisis requiring a major-and expensive-overhaul of their banking system. Not only do banking crises hit the budget with...
Dollarization and exchange rate fluctuations
Although the worldwide growth in dollarization of bank deposits has recently slowed, it has already reached very high levels in dozens of countries. Building on earlier findings that allowed the main...
Dollarization and Exchange Rate Fluctuations
Although the worldwide growth in dollarization of bank deposits has recently slowed, it has already reached very high levels in dozens of countries. Building on earlier findings that allowed the main...
Alternative Approaches to Taxing the Financial Sector: Which is Best and Where Does Chile Stand?
In contrast to the enthusiasm of some observers for sweeping reforms to financial sector taxation (such as abolishing taxation of capital income or introducing a universal transactions tax), this...
Divergent Inflation Rates in EMU
Philip R. Lane, Patrick Honohan
We analyse the sources of divergent national inflation rates among EMU member countries. At one level, we review the Irish 'outlier' experience; at another, we estimate panel regressions for the...
Banking system failures in developing and transition countries: Diagnosis and predictions
Understanding what caused the recent costly wave of banking system failures in developing and transition economies is the key to preventing a recurrence. It is important to distinguish between...
Dollarization of the Banking System: Good or Bad?
Gianni De Nicoló, Alain Ize, Patrick Honohan
This paper assesses the benefits and risks associated with dollarization of the banking system. We provide novel empirical evidence on the determinants of dollarization, its role in promoting...
Partial Credit Guarantees: Principles and Practice
Partial credit guarantee schemes have experienced renewed interest from governments keen to promote financial access for small enterprises. While the market can find used for partial credit...
Catching Up with the Leaders: The Irish Hare
Patrick Honohan, Brendan Walsh
macroeconomics, leaders, international, Ireland
Intersectoral financial flows in developing countries
Honohan, Patrick, Atiyas, Izak
This paper is about financial flows in developing countries. It reviews the evidence on who the borrowers and lenders are. Apart from collecting and summarizing available data from some seventeen...
Does financial reform increase or reduce savings ?
Bandiera, Oriana, Caprio, Gerard, Honohan, Patrick, Schiantarelli, Fabio
Using Principal Components, the authors construct a 25-year time series index of financial liberalization for each of eight developing countries: Chile, Ghana, Indonesia, the Republic of Korea,...
Fiscal contingency planning for banking crises
There is constant demand for an estimate of the likely fiscal costs of future banking crises, but little precision can be expected in such an estimate. The author shows how information that is...
Perverse effects of a ratings-related capital adequacy system
It has recently been proposed that banks be allowed to hold less capital against loans to borrowers who have received a favorable rating by an approved rating agency. But a plausible model of...
Will the Euro trigger more monetary unions in Africa?
Honohan, Patrick, Lane, Philip R.
The authors analyze the prospects for greater monetary integration in Africa, in the wake of the European Monetary Union. They argue that the structural characteristics of African economies, are...
Deposit dollarization and the financial sector in emerging economies
Analyzing new data, the authors find that the general trend toward increased use of foreign-currency-denominated bank deposits in emerging markets has continued, despite declines in a few countries....
Banking policy and macroeconomic stability - an exploration
Caprio, Gerard Jr., Honohan, Patrick
Whether and when does banking serve to stabilize the economy? The authors view the banking system as a filter through which foreign and domestic shocks feed through to the domestic economy. The...
Financial development, growth, and poverty: how close are the links?
The causal link between finance and growth is one of the most striking empirical macroeconomic relationships uncovered in the past decade. As this branch of the literature matures, the focus shifts...
Measuring microfinance access : building on existing cross-country data
Given the acknowledged need for a new effort to expand the set of available data on direct access to financial services, including a focus on access by those at low income, Honohan provides a...
Banking sector crises and inequality
An apparent temporary narrowing of income inequality has been observed during several recent banking crises. But it would be a mistake to conclude that such crises don't matter for the poor. For one...
Household financial assets in the process of development
Systematic information on household financial asset holdings in developing countries is very sparse. The author reviews some available data and current policy debates. Although financial asset...
Financial sector policy in Thailand : a macroeconomic perspective
Easterly, William, Honohan, Patrick
The recent Thai boom has been accomplished in an economy with considerable openness to external forces. Despite the fiscal correction achieved during 1986-89, the domestic demand expansion has made...
Monetary policy instruments for developing countries
Caprio, Gerard, Honohan, Patrick
In developing countries, the evolution of financial markets and growing disenchantment with directed credit programs and bank-by-bank credit ceilings have increased the interest in examining and...
Excess liquidity and monetary overhangs
Caprio, Gerard, Honohan, Patrick
The term"excess liquidity"may refer to the share of liquid assets in bank portfolios (the result of a retrenchment in bank lending, or a"credit crunch") or to money holdings of the nonbank public....
Divergent Inflation Rates in EMU
We analyze the sources of divergent national inflation rates among EMU member countries. At one level, we review the Irish ‘outlier’ experience; at another, we estimate panel regressions for the...
Ireland in EMU: more shocks, less insulation?
Patrick Honohan, Anthony Leddin
Despite anchoring the Irish monetary system to a common zone-wide exchange rate and interest rate, EMU has triggered sizable exchange rate and especially interest rate shocks to the Irish economy...
Dollarization and Exchange Rate Fluctuations
Although the worldwide growth in dollarization of bank deposits has recently slowed, it has already reached very high levels in dozens of countries. Building on earlier findings that allowed the main...
Pegging to the Dollar and the Euro.
Honohan, Patrick, Lane, Philip R
The newly launched euro has already accumulated some "trackers"--that is, countries that attempt to maintain exchange rate stability with it. In this paper, we ask whether the existence of trackers...
Catching Up with the Leaders: The Irish Hare
Patrick Honohan, Brendan Walsh
macroeconomics, leaders, international, Ireland
With increasing monetary integration in Europe, Ireland?s Banking system has become increasingly influenced by monetary policy actions in other EMS countries. The purpose of this paper is to review...
Excess Returns on Irish Pound Assets in the EMS
Patrick Honohan, Charles Conroy
This paper examines the relation between Irish and foreign short-term interest rates from the perspective of the expectations approach to understanding interest rate determination. In particular it...
Expectations and Risk Premia in the Determination of Long-Term Interest Rates in Ireland
Patrick Honohan, Charles Conroy
The role of expectations in influencing long-term interest rates in Ireland is examined. In the case of long-term securities, interest rate risk is added to exchange rate risk as a barrier to...
The Fiscal Approach to Financial Intermediation Policy
Against the background of increasing financial depth and international financial integration, not least in the EU, the trend towards analyzing financial system policy in fiscal terms is reviewed....
Integration of Financial Markets in Europe: Implications for the Irish Banking System
Even if the single currency of EMU looks less likely than it did to come on stream before the end of the century, there are still strong forces of integration in the European financial markets. These...
Liquidity and Irish Interest Rates
Patrick Honohan, Charles Conroy
In recent papers (1993a and b) we have focused on the role of expectations in influencing Irish interest rates during the EMS period. Here we examine the role of monetary policy actions more...
Don't Overdo PPP Adjustment of Real Output
Conventional PPP-adjusted real output measures, invaluable for making international comparisons of living standards, may greatly exaggerate the productive capacity of poor countries. The equilibrium...
Catching Up with the Leaders: The Irish Hare
Patrick Honohan, Brendan Walsh
macroeconomics, leaders, international, Ireland
Should Bank Supervisors in Developing Countries Exercise More or Less Forbearance?
Although forbearance has been associated with more costly financial crises, a triggerhappy approach to closing weak banks could also precipitate an avoidable systemic collapse. In sophisticated...
The impact of the single financial market process was expected in the peripheral countries. This report, which concentrates on Greece, Ireland and Portugal, examines the process of financial...
Restoring Banking Stability: Beyond Supervised Capital Requirements
Gerard Caprio, Patrick Honohan
Emerging economies have been particularly prone to financial sector crises, reflecting marked information asymmetries and political interference, as well as the substantial volatility in underlying...
Controlling fiscal costs of banking crises
Patrick Honohan, Daniela Klingebiel
Bank failures ; Financial crises
Does Financial Reform Raise or Reduce Savings?
Oriana Bandiera, Gerard Caprio Jr., Patrick Honohan, Fabio Schiantarelli
The effect of financial liberalization on private saving is theoretically ambiguous, not only because the link between interest rate levels and saving is itself ambiguous, but also because financial...
The European Monetary System and the Theory of Target Zones
In credible target zone regimes, exchange rates should, according to Krugman's 1991 theory, spend a disproportionate amount of time near the edges of the fluctuation band. The major application of...
Currency Board or Central Bank? Lessons from the Irish Pound's Link with Sterling, 1928-79
There has been a resurgence of interest in currency boards as a possible approach to achieving a stable currency in newly established or hyperinflationary financial systems. This paper draws...
Miniblocs and Fringe Currencies of the EMU
Like all major currencies, the euro will attract a fringe of hangers-on. Though this need not influence overall policy with regard to the value of the euro, important policy questions arise. Can EMU...
Does PPP-Adjusted Data Exaggerate the Relative Size of Poor Economies
Conventional PPP-adjusted real output measures, invaluable for making international comparisons of living standards, may greatly exaggerate the productive capacity of poor countries. The equilibrium...
Exchange Rates and Inflation Under EMU: An Update
Honohan, Patrick, Lane, Philip R.
In our recent Economic Policy article (Honohan and Lane, 2003), we argued that the strength of the US dollar 1999-2001 had an important impact on inflation divergence within the EMU and in particular...
Does PPP-Adjusted Data Exaggerate the Relative Size of Poor Economies?
Though excellent for comparing living standards, conventional PPP-adjusted real income measures may be a poor basis for ranking economies by total size. They assign a far larger share of World output...
Does Financial Reform Raise or Reduce Saving?
Oriana Bandiera, Gerard Caprio, Patrick Honohan, Fabio Schiantarelli
The effect of financial liberalization on private saving is theoretically ambiguous, not only because the link between interest rate levels and saving is itself ambiguous, but also because financial...
Exchange Rates and Inflation under EMU: An Update
In our recent Economic Policy article(Honohan and Lane, 2003), we argued that the strength of the US dollar 1999-2001 had an important impact on inflation divergence within the EMU and in particular...
Contrasting Monetary Regimes in Africa
Patrick Honohan, Stephen A. O'Connell
Monetary policy , Africa , Central Banks ,
Money Demand during Hyperinflation and Stabilization: Bolivia, 1980-88.
Asilis, Carlos M, Honohan, Patrick, McNelis, Paul D
This paper examines the demand for money in Bolivia during the 1980s, a decade of extreme instability with annual inflat ion rates reaching over 20,000 percent, and a subsequent stabilization, with...
Budget Perspectives: Proceedings of Conference held on the 9 October 2001
Duffy, David, Honohan, Patrick, Hore, Jonathan, Keeney, Mary J., MacCoille, Conall, Walsh, John R., ...
The Macroeconomic Context and Appropriate Fiscal Stance for Budget 2002: The changing macroeconomic background in which Budget 2002 must be framed is set out. The appropriate stance for budgetary...
Finance for Growth: Policy Choices in a Volatile World
Caprio, Gerard, Honohan, Patrick
Understanding just how finance contributes to development—and how good policy can help guarantee its contribution—has been the focus of a major research effort in recent years. This research has...
Ireland in EMU - More Shocks, Less Insulation?
Patrick Honohan, Anthony J. Leddin
Despite anchoring the Irish monetary system to a common zone-wide exchange rate and interest rate, EMU has triggered sizeable exchange rate and especially interest rate shocks to the Irish economy...
Key issues of Cost-Benefit Methodology for Irish Industrial Policy
CONTENTS 1 INTRODUCTION AND SUMMARY 2 THE FALL AND RISE OF COST-BENEFIT 2.1 Role of Cost-Benefit Analysis 2.2 Reasons for the Decline in the Use of Cost-benefit 2.3 The Come-back 2.4 Layers of...
Patrick Honohan, J. Peter Neary
William Moore Gorman, known to all as Terence, died in Oxford on 12 January 2003. The greatest Irish economist since Edgeworth, he was, like Edgeworth, totally unknown to the general public, both in...
Risk Management and the Costs of the Banking Crisis
The 2007-8 banking crisis in the advanced economies has exposed deficiencies in risk management and prudential regulation approaches that rely too heavily on mechanical, albeit sophisticated, risk...
Bank Failures: The Limitations of Risk Modelling
Overconfidence on the part of bankers and regulators in mechanical risk management models is an important and distinctive driver of bank failures in the current crisis. This paper illustrates the...
Don't Overdo PPP Adjustment of Real Output
Conventional PPP-adjusted real output measures, invaluable for making international comparisons of living standards, may greatly exaggerate the productive capacity of poor countries. The equilibrium...
The impact of the single financial market process was expected in the peripheral countries. This report, which concentrates on Greece, Ireland and Portugal, examines the process of financial...
Liquidity and Irish Interest Rates
Patrick Honohan, Charles Conroy
In recent papers (1993a and b) we have focused on the role of expectations in influencing Irish interest rates during the EMS period. Here we examine the role of monetary policy actions more...
Integration of Financial Markets in Europe: Implications for the Irish Banking System
Even if the single currency of EMU looks less likely than it did to come on stream before the end of the century, there are still strong forces of integration in the European financial markets. These...
The Fiscal Approach to Financial Intermediation Policy
Against the background of increasing financial depth and international financial integration, not least in the EU, the trend towards analyzing financial system policy in fiscal terms is reviewed....
Expectations and Risk Premia in the Determination of Long-Term Interest Rates in Ireland
Patrick Honohan, Charles Conroy
The role of expectations in influencing long-term interest rates in Ireland is examined. In the case of long-term securities, interest rate risk is added to exchange rate risk as a barrier to...
Excess Returns on Irish Pound Assets in the EMS
Patrick Honohan, Charles Conroy
This paper examines the relation between Irish and foreign short-term interest rates from the perspective of the expectations approach to understanding interest rate determination. In particular it...
With increasing monetary integration in Europe, Ireland?s Banking system has become increasingly influenced by monetary policy actions in other EMS countries. The purpose of this paper is to review...
The Public Policy Role of the European Investment Bank within the EU
Despite the increasing sophistication of private financial markets in Europe, the European Investment Bank (EIB) has been expanding as never before. Is the Bank just one among many large banks...
Household Financial Assets in the Process of Development
household behaviour, asset holding, credit, income distribution, poverty
Cross-country variation in household access to financial services
This paper presents estimates, for more than 160 countries, of the fraction of the adult population using formal financial intermediaries. The estimates are constructed by combining information on...
Gerard Caprio, Patrick Honohan
The history of banking around the world has been punctuated by frequent systemic crises. As with Tolstoy’s ‘unhappy families,’ not all crises are the same; distinct roles have been played at...
The Retreat of Deposit Dollarization*
After growing rapidly during the 1990s, the scale of deposit dollarization has slowed or even reversed since 2001. This paper employs an expanded cross-country data set on the share of bank deposits...
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...
Resolving Ireland’s Banking Crisis
The Irish banking system has been, in effect, on a life-support system since September 2008. Complacency resulted in the banks fuelling the late stage of an obvious construction bubble with massive...
Containment and Resolution in the Financial Crisis: Too Little, Too Late
Finanzmarktkrise, Internationaler Finanzmarkt, Geldpolitik, Kapitalmarktliberalisierung, Wirtschaftspolitische Wirkungsanalyse, Vereinigte Staaten, Welt, Financial crisis, International financial...
Faced with a systemic financial sector crisis, policymakers need to make difficult choices under pressure. Based on the experience of many countries in recent years, few have been able to achieve a...
Caprio,Gerard, Honohan,Patrick, Stiglitz,Joseph E.
The goal of this volume is to bring a more broad-based empirical experience than has been customary to the theoretical debate on how financial systems should be managed. This is achieved not only...
Caprio,Gerard, Honohan,Patrick, Stiglitz,Joseph E.
The goal of this volume is to bring a more broad-based empirical experience than has been customary to the theoretical debate on how financial systems should be managed. This is achieved not only...
Deadweight Loss Measurement with Generalized Gorman Polar Forms
This paper presents a method of estimating the deadweight loss of a tax system for economies in which the bulk of revenue comes from labor and commodity taxes. It shares many of the desirable...