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Although Bosnia and Herzegovina (BiH) has experienced rapid growth in credit to households in recent years, most individuals are still credit constrained. This paper analyzes the determinants of household credit demand and credit constraints in BiH. To our knowledge, it is the first study on this topic employing household survey data (2001 and 2004) from Emerging Europe. Our results highlight the impact of the post-conflict and transitional nature of the country on the behavior of borrowers and lenders. As expected, age, income, wealth and education qualifications are the main factors driving credit market participation, while high income and high wealth lower credit constraints. In BiH, the probability of credit market participation peaks at 45 years old, considerably higher than in the advanced countries. At the same time, older individuals are significantly more constrained than their peers in the advanced countries. The results imply that the current credit boom may largely reflect the overall post-war demand, and indicate the worse-off position of the older generation in transition economy. Moreover, the results underscore the structural nature of unemployment as well as the mismatch between education qualifications and earning prospects in BiH. Education variables have no significant effect on the likelihood of being constrained, while, unlike in the advanced countries, being unemployed significantly increases the likelihood.

Labor --- Macroeconomics --- Money and Monetary Policy --- Personal Income, Wealth, and Their Distributions --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Education: General --- Employment --- Unemployment --- Wages --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- Labor Demand --- Monetary economics --- Education --- Labour --- income economics --- Personal income --- Credit --- Public employment --- Self-employment --- Income --- Economic theory --- Self-employed --- United States

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This paper assesses the scope and coverage of quasi-fiscal activities (QFAs) in Ghana. We find that while QFAs have been reduced recently, they remain significant. The extensive nature of these activities has several macroeconomic and structural policy implications. An extended measure of public sector operations, including QFAs, presents a clearer picture of Ghana's fiscal stance and fiscal adjustment from one for the central government alone; QFAs have led to serious distortions in energy and water consumption; and they have distorted the investment decisions of both public enterprises and the private sector.

Electronic books. -- local. --- Finance, Public -- Ghana. --- Fiscal policy -- Ghana. --- Government business enterprises -- Ghana. --- Fiscal policy --- Finance, Public --- Government business enterprises --- Nationalized companies --- Parastatals --- Public enterprises --- State-owned enterprises --- Cameralistics --- Public finance --- Tax policy --- Taxation --- Government policy --- Business enterprises --- Currency question --- Economic policy --- Public finances --- Banks and Banking --- Macroeconomics --- Public Finance --- Nonprofit Organizations and Public Enterprise: General --- Central Banks and Their Policies --- Public Enterprises --- Public-Private Enterprises --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Public Administration --- Public Sector Accounting and Audits --- Public ownership --- nationalization --- Banking --- Civil service & public sector --- Public finance & taxation --- Quasi-fiscal operations --- Public sector --- Contingent liabilities --- Banks and banking --- Ghana

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Widespread implicit guarantees and interest ceilings were major distortions in China’s financial system, contributing to a misallocation of resources. We analyze the impact of removing such frictions in a general equilibrium setting. The results show that comprehensive reforms generate better outcomes than partial ones: removing the deposit rate ceiling alone increases output, but the efficiency of capital allocation does not improve. Removing implicit guarantees improves output through lower cost of capital for private companies and better resource allocation.

Banks and Banking --- Money and Monetary Policy --- Production and Operations Management --- General Equilibrium and Disequilibrium: General --- Interest Rates: Determination, Term Structure, and Effects --- Economic History: Macroeconomics --- Growth and Fluctuations: Asia including Middle East --- Financial Institutions and Services: Government Policy and Regulation --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Production --- Cost --- Capital and Total Factor Productivity --- Capacity --- Finance --- Banking --- Monetary economics --- Macroeconomics --- Deposit rates --- Interest rate ceilings --- Commercial banks --- Credit --- Financial services --- Money --- Financial institutions --- Total factor productivity --- Interest rates --- Banks and banking --- Industrial productivity --- China, People's Republic of