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Christmas trees --- Producer prices --- Profitability --- Belgium
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Bovin laitier --- Production laitière --- Qualité --- Rentabilité --- Génisse --- Traite --- Alimentation des animaux --- Santé animale --- Logement des animaux --- France --- Cattle --- Breeding --- Breeding. --- Dairy cattle --- Milk production --- Quality --- Profitability --- Heifers --- milking --- Animal feeding --- Animal health --- Animal housing
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In the aftermath of the Lehman Brothers collapse in September 2008, drop in the supply of trade finance, a critical engine for trade transactions, has become an acute concern for the development community. Banks were increasing pricing on trade finance transactions to cover increased funding costs and higher credit risks, and trade was dropping drastically in most countries, with global trade projected to decline in 2009 for the first time in decades. Yet, little was known about the real impact of the crisis on developing country's capacity to export. The World Bank has commissioned a firm and bank survey on trade and trade finance developments in developing countries during the first quarter of 2009 to collect field information. In total, 425 firms and 78 banks were surveyed in 14 developing countries across five regions. This paper summarizes the findings of the survey as well as discusses the type of policies governments and international organizations put in place to mitigate the impact of the crisis. In sum, the survey findings confirmed that the global financial crisis has constrained trade finance for exporters and importers in developing countries. But the impact varied by the firm size, sectoral activity, and countries' integration into the global economy. In particular, SMEs were particularly affected, and export diversification was made more difficult, especially in low income countries. Nevertheless, drop in demand has emerged as the top concern of firms at the time when the survey was conducted in March-April 2009.
Access to Finance --- Banking sector --- Banking system --- Banks --- Banks and Banking Reform --- Capital base --- Capital markets --- Commercial banks --- Debt Markets --- Down payments --- Economic conditions --- Economic Theory and Research --- Emerging Markets --- Emerging markets --- Export Import Banks --- Finance and Financial Sector Development --- Financial systems --- Foreign exchange --- Insurance --- Interest Rates --- Inventory --- Investment banking --- Private Sector Development --- Profitability --- Retained earnings --- Trade flows --- Working capital
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This paper briefly reviews the main theories of state versus private ownership and empirical evidence on the impact of privatization in developing countries (including transition economies). The paper draws some lessons for policy and offers some suggestions on how to assess privatization, at least in countries where there is still scope for it. The paper suggests that although understanding of the efficiency gains of privatization has increased significantly in recent years, there is an important area about which little is known: the distributional effects of privatization. Whether arguing from the standpoint of welfare economics or political economy, distributional effects are critical to the outcome, or the perceived outcome, of privatization. Thus, there is a need to fully evaluate the ex ante and ex post impacts of privatization, the most effective types of regulation and ownership regimes, and the way in which losers, when there are any, can be compensated. This is a need that must be met by academics and development agencies, including the World Bank and regional development banks.
Bank Privatization --- Bankruptcy and Resolution of Financial Distress --- Banks and Banking Reform --- Budget constraints --- Capitalization --- Economics --- Economies in transition --- Emerging Markets --- Employment --- Externalities --- Finance and Financial Sector Development --- Financial performance --- Fixed costs --- Infrastructure Economics and Finance --- Infrastructure Regulation --- Investment spending --- Laws --- Local governments --- Municipalities --- Operating efficiency --- Private Sector Development --- Privatization --- Productivity --- Profitability --- Public enterprises --- Regional development banks --- Transition economies
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Regulation allows microfinance institutions to evolve more fully into banks, particularly for institutions aiming to take deposits. But there are potential trade-offs. Complying with regulation and supervision can be costly. The authors examine the implications for the institutions' profitability and their outreach to small-scale borrowers and women. The tests draw on a new database that combines high-quality financial data on 245 of the world's largest microfinance institutions with newly-constructed data on their prudential supervision. Ordinary least squares regressions show that supervision is negatively associated with profitability. Controlling for the non-random assignment of supervision via treatment effects and instrumental variables regressions, the analysis finds that supervision is associated with substantially larger average loan sizes and less lending to women than in ordinary least squares regressions, although it is not significantly associated with profitability. The pattern is consistent with the notion that profit-oriented microfinance institutions absorb the cost of supervision by curtailing outreach to market segments that tend to be more costly per dollar lent. By contrast, microfinance institutions that rely on non-commercial sources of funding (for example, donations), and thus are less profit-oriented, do not adjust loan sizes or lend less to women when supervised, but their profitability is significantly reduced.
Access to Finance --- Banks --- Banks and Banking Reform --- Debt Markets --- Depositors --- Deposits --- Economies of scale --- Finance and Financial Sector Development --- Financial institutions --- Financial services --- Financial system --- International bank --- Loan --- Loan sizes --- MFI --- MFIS --- Microfinance --- Microfinance institution --- Microfinance institutions --- Outreach --- Profitability --- Repayment --- Repayment rates --- Start-up
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Using two new datasets, the authors examine whether the presence of banks affects the profitability and outreach of microfinance institutions. They find evidence that competition matters. Greater bank penetration in the overall economy is associated with microbanks pushing toward poorer markets, as reflected in smaller average loans sizes and greater outreach to women. The evidence is particularly strong for microbanks relying on commercial funding and using traditional bilateral lending contracts (rather than the group lending methods favored by microfinance nongovernmental organizations). The analysis considers plausible alternative explanations for the correlations, including relationships that run through the nature of the regulatory environment and the structure of the banking environment; but it fails to find strong support for these alternative hypotheses.
Access to Finance --- Bank branch --- Banking system --- Banks --- Banks and Banking Reform --- Collateral --- Commercial banks --- Debt Markets --- Deposit --- Economic Theory and Research --- Finance and Financial Sector Development --- Financial Access --- Financial depth --- Financial institutions --- Financial services --- Group lending --- International Bank --- Loan --- Loan sizes --- Low-income borrowers --- Microfinance --- Microfinance institutions --- Outreach --- Profitability --- Repayment
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This paper describes important trade-offs that microfinance practitioners, donors, and regulators navigate. Drawing evidence from large, global surveys of microfinance institutions, the authors find a basic tension between meeting social goals and maximizing financial performance. For example, non-profit microfinance institutions make far smaller loans on average and serve more women as a fraction of customers than do commercialized microfinance banks, but their costs per dollar lent are also much higher. Potential trade-offs therefore arise when selecting contracting mechanisms, level of commercialization, rigor of regulation, and the extent of competition. Meaningful interventions in microfinance will require making deliberate choices - and thus embracing and weighing tradeoffs carefully.
Access to Finance --- Banks --- Banks and Banking Reform --- Collateral --- Debt Markets --- Deposit --- Emerging Markets --- Entrepreneurs --- Finance and Financial Sector Development --- Financial Access --- Financial services --- Information asymmetries --- Interest rates --- International Bank --- Loan --- Loan size --- Loan sizes --- Microfinance --- Microfinance institutions --- Operating costs --- Private Sector Development --- Profitability --- Remittance --- Rural Development --- Rural Finance --- Savings --- Transaction costs --- Transactions costs
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This paper briefly reviews the main theories of state versus private ownership and empirical evidence on the impact of privatization in developing countries (including transition economies). The paper draws some lessons for policy and offers some suggestions on how to assess privatization, at least in countries where there is still scope for it. The paper suggests that although understanding of the efficiency gains of privatization has increased significantly in recent years, there is an important area about which little is known: the distributional effects of privatization. Whether arguing from the standpoint of welfare economics or political economy, distributional effects are critical to the outcome, or the perceived outcome, of privatization. Thus, there is a need to fully evaluate the ex ante and ex post impacts of privatization, the most effective types of regulation and ownership regimes, and the way in which losers, when there are any, can be compensated. This is a need that must be met by academics and development agencies, including the World Bank and regional development banks.
Bank Privatization --- Bankruptcy and Resolution of Financial Distress --- Banks and Banking Reform --- Budget constraints --- Capitalization --- Economics --- Economies in transition --- Emerging Markets --- Employment --- Externalities --- Finance and Financial Sector Development --- Financial performance --- Fixed costs --- Infrastructure Economics and Finance --- Infrastructure Regulation --- Investment spending --- Laws --- Local governments --- Municipalities --- Operating efficiency --- Private Sector Development --- Privatization --- Productivity --- Profitability --- Public enterprises --- Regional development banks --- Transition economies
Choose an application
In the aftermath of the Lehman Brothers collapse in September 2008, drop in the supply of trade finance, a critical engine for trade transactions, has become an acute concern for the development community. Banks were increasing pricing on trade finance transactions to cover increased funding costs and higher credit risks, and trade was dropping drastically in most countries, with global trade projected to decline in 2009 for the first time in decades. Yet, little was known about the real impact of the crisis on developing country's capacity to export. The World Bank has commissioned a firm and bank survey on trade and trade finance developments in developing countries during the first quarter of 2009 to collect field information. In total, 425 firms and 78 banks were surveyed in 14 developing countries across five regions. This paper summarizes the findings of the survey as well as discusses the type of policies governments and international organizations put in place to mitigate the impact of the crisis. In sum, the survey findings confirmed that the global financial crisis has constrained trade finance for exporters and importers in developing countries. But the impact varied by the firm size, sectoral activity, and countries' integration into the global economy. In particular, SMEs were particularly affected, and export diversification was made more difficult, especially in low income countries. Nevertheless, drop in demand has emerged as the top concern of firms at the time when the survey was conducted in March-April 2009.
Access to Finance --- Banking sector --- Banking system --- Banks --- Banks and Banking Reform --- Capital base --- Capital markets --- Commercial banks --- Debt Markets --- Down payments --- Economic conditions --- Economic Theory and Research --- Emerging Markets --- Emerging markets --- Export Import Banks --- Finance and Financial Sector Development --- Financial systems --- Foreign exchange --- Insurance --- Interest Rates --- Inventory --- Investment banking --- Private Sector Development --- Profitability --- Retained earnings --- Trade flows --- Working capital
Choose an application
Using two new datasets, the authors examine whether the presence of banks affects the profitability and outreach of microfinance institutions. They find evidence that competition matters. Greater bank penetration in the overall economy is associated with microbanks pushing toward poorer markets, as reflected in smaller average loans sizes and greater outreach to women. The evidence is particularly strong for microbanks relying on commercial funding and using traditional bilateral lending contracts (rather than the group lending methods favored by microfinance nongovernmental organizations). The analysis considers plausible alternative explanations for the correlations, including relationships that run through the nature of the regulatory environment and the structure of the banking environment; but it fails to find strong support for these alternative hypotheses.
Access to Finance --- Bank branch --- Banking system --- Banks --- Banks and Banking Reform --- Collateral --- Commercial banks --- Debt Markets --- Deposit --- Economic Theory and Research --- Finance and Financial Sector Development --- Financial Access --- Financial depth --- Financial institutions --- Financial services --- Group lending --- International Bank --- Loan --- Loan sizes --- Low-income borrowers --- Microfinance --- Microfinance institutions --- Outreach --- Profitability --- Repayment
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