Bank deleveraging, the move from bank to market-based financing, and SME financing

Wehinger, Gert

doi:10.1787/fmt-2012-5k91hbvfh9g3

Cited by 28 publications

(13 citation statements)

References 2 publications

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“…Ceteris paribus, this should facilitate access to external funds, either directly on the financial markets and/or indirectly via financial intermediaries. Wehinger (2012) shows that in the United Kingdom, bank loans have been increasing since the early 2000s and relates this general trend to the policy efforts made in the United Kingdom to promote lending to SMEs.…”

Section: Introductionmentioning

confidence: 93%

Corporate insolvency procedures in England: the uneasy case for liquidations

Blazy

Nigam²

2018

Eur J Law Econ

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Our paper investigates a comprehensive sample of 574 English corporate insolvency cases, including direct liquidation cases. In contrast to other insolvency procedures, liquidations perform poorly on average and fail to produce satisfactory repayments to creditors. We run multinomial Logit regressions to explain the choice between liquidation and reorganization. We obtain three main results. First, we confirm that size matters: distressed firms owning low assets have higher chances of being liquidated immediately. Second, the presence of secured creditors decreases the risk of direct liquidation. This provides a clue that in England, the most-informed creditors adapt their strategies and turn away from the less-performing procedures. Third, we find that the likelihood of administrationwhich appears nowadays as the main alternative to direct liquidation-significantly depends on the proportion of fixed/current assets owned by the firms.

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Section: Introductionmentioning

confidence: 93%

Corporate insolvency procedures in England: the uneasy case for liquidations

Blazy

Nigam²

2018

Eur J Law Econ

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“…Nebankarske institucije su u mogućnosti da iskoriste ukazanu priliku kreiranu novim regulatornim zahtevima, ali sa druge strane nemaju dovoljno kapaciteta za upravljanje rizicima kao što je to slučaj sa tradicionalnim bankarskim institucijama. Efekat prelaska sa kreditiranja putem bankarskih proizvoda na alternativne izvore nansiranja, imaće izražen uticaj na Evropu, čija se privreda 75-80% nansira bankarskim sredstvima i gde je prelazak na druge oblike nansiranja još u početnoj fazi, sa tendencijom rasta (Wehinger, 2012). Poređenja radi, privredna društva u SAD 25% svojih aktivnosti nansiraju putem banaka, i u ovoj zemlji je prelazak na alternativne oblike nansiranja već u poodmakloj fazi.…”

Section: Osnovna Obeležja Bankarstva U Senciunclassified

Bankarstvo u senci kao potencijalni faktor nestabilnosti finansijskih sistema

Dudić¹

2016

Proceedings of the International Scientific Conference FINIZ 2016

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Poslednju deceniju XXI veka, naročito nakon globalne finansijske krize, karakteriše intenziviranje procesa prelaska sa tradicionalnih bankarskih institucija na nebankarske institucije, odnosno na tzv. "bankarstvo iz senke" (shadow banking). Odbor za finansijsku stabilnost (Financial Stability Board-FSB) je definisao pojam "bankarstva iz senke" i time značajno doprineo identifikovanju osnovnih pokretača promena, koje sa sobom nose prisustvo nebankarskih institucija u segmentima tradicionalnog bankarstva. Osnovni pokretači promena se mogu identifikovati u sferama: regulatornih zahteva, tehnološkog napretka i povoljnog makroekonomskog okruženja. "Bankarstvo u senci" je prisutno na tržištima razvijenih zemalja i ostvaruje natprosečne volumene ukazujući na njihov značaj. Iako su prema Zakonu o bankama Republike Srbije, banke jedine institucije koje se mogu baviti davanjem kredita i izdavanjem platnih kartica kao i prikupljanjem depozita, postoji verovatnoća da će "bankarstvo u senci" biti prisutno i na domaćem tržištu. U ovom radu biće prikazane karakteristike "bankarstva u senci", trendovi u kretanjima i analiza njegovog potencijalnog uticaja na stabilnost finansijskih sistema. Rad je namenjen stručnjacima iz oblasti bankarskog i finansijskog menadžmenta, kao i široj naučnoj zajednici koja se bavi pitanjem regulative oblasti koje su trenutno izvan dometa zvaničnih regulatornih organa (poput "bankarstva u senci").

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“…In the United States, the economy is only 25% bank-financed, while in Europe this fraction is about 75-80%. In the literature one can find recommendations to shift towards a market-based system, especially in the context of stricter capital regulations for banks and potential deleveraging after the financial crisis [Wehinger, 2012]. This is a sophisticated, multi-level and crucial issue for modern debate in Europe.…”

Section: Financial Systems and Corporate Governance In Amable's Finalmentioning

confidence: 99%

Comparative Models of Capitalism in the Areas of Financial System and Corporate Governance – the Diversity of Capitalism Approach Perspective

Pisany

2016

International Journal of Management and Economics

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This article presents and assesses the methodology and results of a comparative analysis conducted by Bruno Amable in financial systems and corporate governance in the context of current policy and regulatory challenges. The article, which is based on a literature review and game theory examples, first describes and evaluates the methodology and final classification given by Amable. The role of Amable's core concept; namely, institutional complementarity, is underlined. A game theory application in comparative institutional studies is then presented, including the author's own "institutional game. " Finally, we assess Amable's achievements in financial systems and corporate governance, concluding that they are valuable, innovative and useful despite some (perhaps justified) criticisms of the framework Amable used. In particular, the value of introducing institutional complementarity into comparative studies should not be underestimated. The analysis presented here suggests that Amable's methodology may also be applicable when designing current financial reforms in the EU, especially European Capital Markets Union (CMU), because it can broaden policy maker's horizons and promote consistent solutions.

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Bank deleveraging, the move from bank to market-based financing, and SME financing

Cited by 28 publications

References 2 publications

Corporate insolvency procedures in England: the uneasy case for liquidations

Corporate insolvency procedures in England: the uneasy case for liquidations

Bankarstvo u senci kao potencijalni faktor nestabilnosti finansijskih sistema

Comparative Models of Capitalism in the Areas of Financial System and Corporate Governance – the Diversity of Capitalism Approach Perspective

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