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Este informe aclara y actualiza la perspectiva del Banco Mundial acerca de la reforma de pensiones, incorporando las lecciones aprendidas de la experiencia reciente y de la investigacion, las cuales han permitido avanzar en la comprension acerca de la mejor manera de proceder en el futuro. El documento ha sido desarrollado como una nota de politica, no como un documento de investigacion. Como tal, mas que presentar nuevos resultados de investigacion o de dar a conocer un nuevo enfoque, se intenta conceptualizar y explicar el pensamiento de la politica actual en el Banco. Esta presentacion de politicas y de prioridades esta destinada a ayudar, a los clientes del Banco y al publico internacional en general, a entender y a apreciar el marco del pensamiento del Banco en cuanto a las reformas de pensiones. De igual forma, busca facilitar la capacidad del Banco para trabajar efectivamente con los paises clientes en enfrentar los retos que se avecinan. El informe contiene dos secciones principales. La primera seccion presenta el marco de pensamiento del Banco acerca de las reformas de pensiones, incluyendo sus origenes y su alcance, y la estructura prestataria del Banco en esta area. La segunda parte destaca elementos clave de diseno y de implementacion.

Aging Population --- Bank Lending --- Capicity Building --- Pension --- Spanish Translation

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This study investigates the existence of political rents in bank lending, using a comprehensive loan-level data set of the universe of commercial loans in Mexico from 2003 to 2012. Identification relies on changes in the state of origin of a senate committee chairman as a source of exogenous variation in firms' political relationship. The study finds that banks offer favorable loan terms to politically connected firms with larger loan quantities, lower loan spreads, longer maturities, and lower collateral requirements. Furthermore, political loans exhibit higher default rates. To isolate the bank supply channel, a rich set of fixed-effects is included with various specifications. The favorable lending increases with the strength of a firm's political connection, varies gradually along the political cycle, and is mainly offered by large and domestic banks. Consistent with the quid pro quo hypothesis, the study finds that banks that extend political loans receive significantly more government borrowings with better credit quality. The study also shows that the greater credit supply due to political connection leads to a large and significant increase in firm-level employment and assets. The study provides estimates of the total social cost of political lending and net revenue for banks that are engaged in rent provision activity. Finally, a series of robustness tests are performed to rule out alternative mechanisms and explanations.

Access to Finance. --- Bank Lending. --- Bankruptcy and Resolution of Financial Distress. --- Banks and Banking Reform. --- Debt Markets. --- Finance and Financial Sector Development. --- Political Economy. --- Privatization. --- Rent Seeking.

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The objective of this paper is to shed light on current trends and policy challenges in the financing of small- and medium-sized enterprises (SMEs) by banks in Colombia. The paper is motivated by the well-documented financing gap for SMEs, whose causes are complex and multi-dimensional. Based on data collection and interviews with the authorities, a representative sample of banks, and other relevant entities, the authors analyze the evolution and characteristics of this market in recent years. Bank financing to SMEs is becoming a strategic segment for Colombian credit institutions. The current business and risk management models for SME lending are still relatively underdeveloped, but greater sophistication is expected as the market matures. Important institutional and policy constraints to SME lending remain, but are not yet binding. In order to address these constraints before they "begin to bite", the authors identify and describe a potential policy reform agenda.

Access to Finance --- Bank Financing --- Bank Lending --- Bankruptcy and Resolution of Financial Distress --- Banks --- Banks and Banking Reform --- Credit Institutions --- Debt Markets --- Finance and Financial Sector Development --- Finance Companies --- International Bank --- Loan --- Microfinance --- Private Credit --- Public Policy --- Risk Management

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This paper analyzes the lending behavior of foreign-owned banks during the recent global crisis. Using bank-level panel data for countries in Central and Eastern Europe, East Asia, and Latin America, the paper explores the role of affiliate and parent financial characteristics, host location, as well as the impact of parent geographic origin and reach on foreign banks' credit growth. Overall, the analysis finds robust evidence that foreign banks curtailed the growth of credit relative to other banks, independent of the host region. Banks from the United States reduced loan growth less than other parent banks. Neither the global nor regional reach of parent banks influenced the lending growth of foreign affiliates. However, the funding structure of foreign bank affiliates and the capitalization of parent banks do help explain the lending behavior of foreign banks during the global crisis. Although not the focus of the paper, it also finds that government-owned banks played a countercyclical role in all regions.

Access to Finance --- Bank Lending --- Bankruptcy and Resolution of Financial Distress --- Banks & Banking Reform --- Crisis --- Debt Markets --- Finance and Financial Sector Development --- Financial Globalization --- Financial Intermediation --- Foreign Banks --- Private Sector Development

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One of the persistent policy problems faced by governments contemplating financial liberalizations is the question of whether to allow foreign banks entry into the domestic economy. This question has become ever more urgent in recent times, due to rapid financial globalization, coupled with the credit contractions experienced as a result of the 2007/08 financial crisis. This paper examines the question of whether opening the financial sector to foreign participation is a good idea for developing countries, using a unique bank-level database of foreign ownership. In particular, the authors examine whether the credit supply of majority foreign-owned financial institutions differ systematically conditional on a crisis event in their home economies. They show that foreign banks that were exposed to crises in their home countries exhibit changes in lending patterns that are lower by between 13 and 42 percent than their non-crisis counterparts.

Access to Finance --- Bank lending --- Bankruptcy and Resolution of Financial Distress --- Banks & Banking Reform --- Debt Markets --- Financial crisis --- Financial Crisis Management & Restructuring --- Foreign bank ownership --- Macroeconomics and Economic Growth