Being a foreigner among domestic banks: Asset or liability? (2009)
Claessens, Stijn, Van Horen, Neeltje
Do foreign banks have an advantage operating abroad? The existing literature has come up with different answers. Studying the performance of foreign banks relative to domestic banks in a large number...
Being a foreigner among domestic banks: Asset or liability? (2009)
Claessens, Stijn, Van Horen, Neeltje
When do foreign banks have an advantage operating abroad and when not? Studying the performance of foreign banks in a large number of countries between 1999 and 2006, we find that this crucially...
Competition in the Financial Sector: Overview of Competition Policies (2009)
Competition in the financial sector, as in other sectors, matters for allocative, productive, and dynamic efficiency. Theory suggests, however, that unfettered competition is not necessarily best...
Evidence on Changes in Aid Allocation Criteria (2009)
Claessens, Stijn, Cassimon, Danny, Van Campenhout, Bjorn
Have donors changed their aid-allocation criteria over the past three decades toward greater selectivity, a frequently stated goal of the international development community? Using data on how 22...
Stijn Claessens, Thomas Glaessner, Daniela Klingebiel
Foreword v Abstract vii Acknowledgments ix
Strategic Risk Management for Developing Countries: The Colombia Case Study 1 (2008)
Stijn Claessens, Jerome Kreuser
Uncertainty makes economic and project management more difficult for any entity.
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,...
Stijn Claessens, Daniela Klingebiel, Sergio Schmukler
The development of government bond markets and in particular their currency composition have recently received much interest, partly because of their relation with financial crises. This paper...
Stijn Claessens, Stijn Claessens, Daniela Klingebiel, Daniela Klingebiel, Sergio Schmukler, Sergio Schmukler, ...
This Discussion Paper is issued under the auspices of the Centre’s research programme in FINANCIAL ECONOMICS. Any opinions expressed here are those of the author(s) and not those of the Centre for...
Stijn Claessens, Simeon Djankov, Lixin Colin Xu, World Bank
The performance of East Asian corporations, often considered stellar before the 1997 financial crisis, sharply deteriorated following the crisis. This decline has sparked an intense debate. Some have...
Stijn Claessens, Stijn Claessens, Daniela Klingebiel, Daniela Klingebiel, Sergio Schmukler, Sergio Schmukler, ...
www.cepr.org Available online at: www.cepr.org/pubs/dps/DP3789.asp www.ssrn.com/xxx/xxx/xxx
Stijn Claessens, Daniela Klingebiel, Sergio L. Schmukler
We study the determinants of stock market development and the growing migration of capital raising, listing, and trading activity to international exchanges. Economies with better fundamentals have...
Ross Levine, Sergio L. Schmukler, Luca Benzoni, Stijn Claessens, Valery Polknichenko, Helene Rey
What is the impact of firms that cross-list, issue depositary receipts, or raise capital in international stock markets on the liquidity of remaining firms in domestic markets? Using a panel of over...
Luca Benzoni, Stijn Claessens, Helene Rey, Monica Erpen, Dori Flanagan, Angela Marshall, ...
grateful for generous financial support from the BSI Gamma Foundation. Schmukler thanks the World Bank Latin American Regional Studies Program and Research Support Budget for financial support. The...
The World Bank Office of the Senior Vice President Development Economics (2007)
system is al owed o emrn jre than it doe. wher- tne government tries-: irnply to reform exis 7ng state-owrd(i banks. Banking reror-m snould stress decentralized institutionr-building arnd penadties...
Stijn Claessens, Caniial Asia, Middl Eas, Afrixa Regins, Tecimica Deprment
The 1992 Czechoslovakia mass privatization program cxpect that two firms with different shareholding involving about 1,500 enterprises and implemented structures, but otherwise identical, would trade...
World Bank Comments Welcome (2007)
Luc Laeven, Jerry Caprio, Stijn Claessens, Gaston Gelos, Inessa Love, Pieter Van Oijen, ...
We use panel data on a large number of firms in 13 developing countries to find out whether financial liberalization relaxes financing constraints of firms. We find that liberalization affects small...
The Role and Functioning of Business Groups in (2007)
Stijn Claessens, Simeon Djankov, East Asia
We compare group affiliation in seven East Asian countries and Chile, using data for more than 1,000 publicly traded firms. We document that 75 % of listed firms are associated with groups in East...
Stijn Claessens, Daniela Klingebiel, World Bank
Contingent government liabilities in the banking sector arise from explicit government
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...
Corporate governance and regulation: Can there be too much of a good thing? (2006)
Bruno, Valentina G., Claessens, Stijn
For a large number of companies from different countries, we analyze how company corporate governance practices and country regulatory regimes interact in terms of company valuation. We confirm that...
Access to Financial Services: A Review of the Issues and Public Policy Objectives (2006)
This article reviews the evidence on the importance of finance for economic well-being. It provides data on the use of basic financial services by households and firms across a sample of countries,...
Enforcement and Good Corporate Governance in Developing Countries and Transition Economies (2006)
Berglöf, Erik, Claessens, Stijn
More than regulations, laws on the books, or voluntary codes, enforcement is key to creating an effective business environment and good corporate governance, at least in developing countries and...
Corporate Governance and Development (2006)
The literature shows that good corporate governance generally pays—for firms, for markets, and for countries. It is associated with a lower cost of capital, higher returns on equity, greater...
Corporate Governance and Development (2006)
The literature shows that good corporate governance generally pays--for firms, for markets, and for countries. It is associated with a lower cost of capital, higher returns on equity, greater...
Enforcement and Good Corporate Governance in Developing Countries and Transition Economies (2006)
Berglöf, Erik, Claessens, Stijn
More than regulations, laws on the books, or voluntary codes, enforcement is key to creating an effective business environment and good corporate governance, at least in developing countries and...
Access to Financial Services: A Review of the Issues and Public Policy Objectives (2006)
This article reviews the evidence on the importance of finance for economic well-being. It provides data on the use of basic financial services by households and firms across a sample of countries,...
Bankruptcy around the World: Explanations of Its Relative Use (2005)
Claessens, Stijn, Klapper, Leora F.
The law and finance literature highlights the role of investor rights in financial development, firm corporate governance, and financing patterns. For a panel of 35 countries, we investigate how...
Financial development, property rights, and growth (2003)
This paper analyzes how property rights affect the allocation of firms ’ available resources among different types of assets. In particular, we investigate empirically for a large number of...
Resolution of corporate distress in East Asia (2003)
Stijn Claessens, Simeon Djankov
The financial crisis in East Asia in 1997-1998 led to financial distress of firms with different financial and ownership structures and happened across countries with very diverse institutional...
Resolution of corporate distress in East Asia (2003)
Stijn Claessens, Simeon Djankov
The financial crisis in East Asia in 1997-1998 led to financial distress of firms with different financial and ownership structures and happened across countries with very diverse institutional...
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...
Policy Selectivity Forgone: Debt and Donor Behavior in Africa (2003)
Birdsall, Nancy, Claessens, Stijn, Diwan, Ishac
We assess the dynamics behind the high net resource transfers by donors and creditors to Sub-Saharan African countries. Analyzing the determinants of overall net transfers for a panel of 37 recipient...
Corporate Governance, Investor Protection and Performance in Emerging Markets (2002)
Inessa Love, Stijn Claessens, Asli Demirguc-kunt, Simeon Djankov
Fremond, Christian Harm and Charles Himmelberg for useful discussions. We also thank Victor Sulla for providing excellent research assistance. The opinions expressed do not necessarily represent the...
Competition and Scope of Activities in Financial Services (2001)
Stijn Claessens, Daniela Klingebiel
This article analyzes the costs and benefits of different degrees of competition and different configurations of permissible activities in the financial sector and discusses the related implications...
Stijn Claessens, Simeon Djankov, Ashoka Mody
this paper on fundamental economic principles, the term bankruptcy is used somewhat loosely and interchangeably with insolvency and default. Also, some distinctions of significance for purposes of...
NBER WORKING PAPER SERIES DEPOSIT INSURANCE AROUND THE GLOBE: WHERE DOES IT WORK? (2001)
Edward J. Kane, Jerry Caprio, Stijn Claessens, Ross Levine, Edward J. Kane, ...
discussions. The findings, interpretations, and conclusions expressed in this paper are entirely those of the authors. The views expressed herein are those of the authors and not necessarily those of...
Stijn Claessens, Thomas Glaessner, Daniela Klingebiel
The findings, interpretations, and conclusions expressed in this paper are entirely those of the authors and should not be attributed in any manner to the World Bank, to its affiliated organizations,...
Competition and Scope of Activities in Financial Services (2001)
Claessens, Stijn, Klingebiel, Daniela
This article analyzes the costs and benefits of different degrees of competition and different configurations of permissible activities in the financial sector and discusses the related implications...
Contagion: Understanding How It Spreads (2000)
Dornbusch, Rudiger, Park, Yung Chul, Claessens, Stijn
Much of the current debate on reforming the international financial architecture is aimed at reducing the risks of contagion—best defined as a significant increase in cross-market linkages after a...
Corporate Performance in the East Asian Financial Crisis (2000)
Claessens, Stijn, Djankov, Simeon, Xu, Lixin Colln
The sharp decline in the once-stellar performance of East Asian corporations following the 1997 financial crisis has sparked an intense debate. Some observers argue that external shocks, including a...
Pedro Alba, Amar Bhattacharya, Stijn Claessens, Swati Ghosh, Leonardo Hern
Recent events in East Asia have highlighted the risks of financial structures in a financially integrated world. This paper documents that the buildup of vulnerabilities in East Asia was mainly the...
HIPCs' Debt Review of the Issues (1997)
Claessens, Stijn, Detragiache, Enrica, Kanbur, Ravi, Wickham, Peter
A group of low-income countries (the HIPCs), most of which are in Sub-Saharan Africa, has continued to experience external debt problems. Because the economic characteristics and the external...
The Emergence of Equity Investment in Developing Countries: Overview (1995)
Equity flows to developing countries have increased sharply in recent years. Foreign equity investment can be beneficial to developing countries because of its risk-sharing characteristics and...
Return Behavior in Emerging Stock Markets (1995)
Claessens, Stijn, Dasgupta, Susmita, Glen, Jack
This article investigates the behavior of stock returns in the twenty stock markets represented in the International Finance Corporation's Emerging Markets Data Base. The aim is to test for return...
Portfolio Capital Flows: Hot or Cold? (1995)
Claessens, Stijn, Dooley, Michael P., Warner, Andrew
A distinction is often made between short-term and long-term capital flows: the former are deemed unstable hot money and the latter are deemed stable cold money. Using time-series analysis of balance...
ALTERNATIVE FORMS OF EXTERNAL FINANCE: A SURVEY (1993)
For many developing countries, alternative forms of external finance—all forms of finance that are not guaranteed by or mediated through the public sector—have become increasingly important as...
Claessens, Stijn, Diwan, Ishac
External debt depresses investment and lowers economic growth below its potential through its negative effect on liquidity and expected profitability. These effects can pull a country into a downward...
Additions to Market Indices and the Comovement of Stock Returns around the World
Claessens, Stijn, Yafeh, Yishay
We investigate company additions to stock market indices over a six-year period in 39 developed and emerging markets around the world. For most markets, we find a post-inclusion increase in beta and...
What Happens During Recessions, Crunches and Busts?
Claessens, Stijn, Kose, Ayhan, Terrones, Marco E.
We provide a comprehensive empirical characterization of the linkages between key macroeconomic and financial variables around business and financial cycles for 21 OECD countries over the period...
Luc Laeven, Anonymous Referees, Thorsten Beck, Jerry Caprio, Stijn Claessens, Asli Demirg-kunt
Arguing that a relatively high cost of deposit insurance indicates that a bank takes excessive risks, this article estimates the cost of deposit insurance for a large sample of banks in 14 economies...
Competition in the Financial Sector: Overview of Competition Policies
As in other sectors, competition in finance matters for allocative, productive and dynamic efficiency. Theory suggests, however, that unfettered competition is not first best given the special...
Competition in the Financial Sector: Overview of Competition Policies
Competition in the financial sector, as in other sectors, matters for allocative, productive, and dynamic efficiency. Theory suggests, however, that unfettered competition is not necessarily best...
Estimating the Likelihood of Mexican Default from the Market Prices of Brady Bonds
Claessens, Stijn, Pennacchi, George
Market prices of developing country debt reflect investors' views of country repayment capacity as well as other debt-specific factors. To extract a measure of repayment capacity from debt prices,...
Insolvency laws around the world - a statistical analysis and rules for their design
Stijn Claessens, Leora Klapper
Insolvenzrecht, Welt, Konkurs, Bankruptcy law, World, Bankruptcy
Access to financial services: a review of the issues and public policy objectives
Finance is an important component of development, including for the poor. Indeed, much recent empirical evidence has shown that a more developed financial system can help reduce poverty and lower...
State enterprise performance and soft budget constraints: The case of Bulgaria
Stijn Claessens, R. Kyle Peters
This paper analyses the performance of state enterprises in Bulgaria during 1992-94. Consistent with the literature on other transitional economies, this paper finds that one key factor underlying...
Evidence on Changes in Aid Allocation Criteria
Stijn Claessens, Danny Cassimon, Bjorn Van Campenhout
Have donors changed their aid-allocation criteria over the past three decades toward greater selectivity, a frequently stated goal of the international development community? Using data on how 22...
Developments in global e-finance
Claessens, Stijn, Glaessner, Tom, Klingebiel, Daniela
This paper provides an overview of the recent developments in electronic commerce and assesses how they impact the traditional financial services businesses. Focusing primarily on emerging markets,...
What happens during recessions, crunches and busts?
Stijn Claessens, M. Ayhan Kose, Marco E. Terrones
"We provide a comprehensive empirical characterization of the linkages between key macroeconomic and financial variables around business and financial cycles, for 21 OECD countries over the period...
Being a Foreigner among Domestic Banks: Asset or Liability?
Stijn Claessens, Neeltje Van Horen
Do foreign banks have an advantage operating abroad? The existing literature has come up with different answers. Studying the performance of foreign banks relative to domestic banks in a large number...