KEY ASPECTS OF LONG-TERM FINANCE

문서에서 Long-Term Finance (페이지 185-200)

Average duration of the last bank loan by

small fi rms (months)

Average duration of the last bank loan by

large fi rms (months)

Adults with loans

for home purchase

(%)

Adults with loans for school fees

(%)

Issuance volume of corporate bonds by private nonfi nancial fi rms to GDP

(%)

Average maturity of issued corporate bonds by private nonfi nancial fi rms (years)

Nonresident holding of long-term

debt securities to

GDP (%)

Bank loans to nonfi nancial fi rms with maturity at origination equal to or above 1 year

(%)

Afghanistan 8.9 8.2 0.7 0.00

Albania 16.2 58.5 58.9 2.2 2.1 2.0

Algeria 15.2 6.0 2.1 0.1

Andorra 7.0

Angola 7.0 38.1 41.0 3.6 17.7 0.1

Antigua and Barbuda 33.5 0 94.6

Argentina 18.1 34.6 35.1 0.4 1.4 0.6 4.6 2.5

Armenia 49.6 1.0 3.8 1.6

Aruba 55.0

Australia 37.2 2.2 8.6 34.7

Austria 25.3 1.3 9.4 86.0 78.3

Azerbaijan 24.0 0.3 5.3 1.4 10.0 1.3 78.4

Bahamas, The 13.9 2.8 23.1 62.4 91.1

Bahrain 4.0 12.8 2.0 7.0 6.6

Bangladesh 18.4 2.4 1.8 0.1

Barbados 13.6 4.7 4.6 59.1 90.3

Belarus 26.1 9.6 2.4 0.04 3.0 1.8

Belgium 33.3 3.0 9.1 56.9 66.8

Belize 23.2 14.9

Benin 2.3 0.4 7.0 0.1 18.5

Bermuda 22.5 8.3

Bhutan 44.3 0

Bolivia 24.5 67.1 50.3 4.0 5.8 0.8

Bosnia and Herzegovina 41.6 3.5 3.3 2.1 58.1

Botswana 28.2 59.8 62.4 1.4 2.3 0.1 1.5 0.2

Brazil 34.1 1.3 1.5 1.9 7.5 11.1 40.8

Brunei Darussalam 0.1

Bulgaria 27.6 38.9 32.7 1.9 1.8 1.0 5.0 5.2 69.7

Burkina Faso 18.0 0.4 11.6 0 9.8

Burundi 15.5 43.5 29.0 0.5 10.6 3.6

Cambodia 6.1 1.7 5.0 1.5

(appendix continued next page)

APPENDIX B

KEY ASPECTS OF LONG-TERM FINANCE

TABLE B.1 Economies and Their Maturity Structure of Finance, 2013

TABLE B.1 Economies and Their Maturity Structure of Finance, 2013 (continued)

Firms Households Providers

Economy

Proportion of fi xed investment fi nanced by banks, equity,

or stock sales

(%)

Average duration of the last bank loan by

small fi rms (months)

Average duration of the last bank loan by

large fi rms (months)

Adults with loans

for home purchase

(%)

Adults with loans for school fees

(%)

Issuance volume of corporate bonds by private nonfi nancial fi rms to GDP

(%)

Average maturity of issued corporate bonds by private nonfi nancial fi rms (years)

Nonresident holding of long-term

debt securities to

GDP (%)

Bank loans to nonfi nancial fi rms with maturity at origination equal to or above 1 year

(%)

Cameroon 16.5 1.5 15.2 0.04 36.8

Canada 28.5 3.7 12.1 34.3 72.5

Cabo Verde 37.8 0

Central African Republic 13.0 0.7 6.5 0 28.1

Chad 4.8 7.4 10.0 0.00 25.6

Chile 33.8 29.4 54.9 3.5 4.1 3.2 16.1 9.1 64.6

China 7.7 5.0 3.6 4.1 4.7 0.7

Colombia 23.8 23.2 22.6 2.6 6.2 2.2 11.0 6.1

Comoros 0.7 12.1 0

Congo, Dem. Rep. 2.6 22.0 63.3 0.4 7.2 1.3

Congo, Rep. 5.2 6.0 15.5 0.3 7.8 2.2 50.6

Costa Rica 21.0 62.0 39.8 3.2 2.5 1.0 30.0 2.4

Côte d’Ivoire 3.7 15.6 17.8 6.5 19.8

Croatia 42.1 4.3 2.8 2.9 6.6 15.4 78.9

Cuba 0.4

Cyprus 23.4 2.4 7.3 26.8 77.5

Czech Republic 19.2 8.1 1.2 1.3 8.7 15.8 70.3

Denmark 47.2 1.3 9.6 41.0

Djibouti 5.1 6.9 0

Dominica 25.8 0.8 93.2

Dominican Republic 25.8 1.6 7.1 0.9 7.0 5.3

Ecuador 24.2 23.1 27.2 2.0 4.8 0.5

Egypt, Arab Rep. 6.0 1.8 4.9 0.3 4.9 0.8

El Salvador 23.1 71.8 56.4 1.6 3.3 1.3 10.0 9.3

Equatorial Guinea 0

Eritrea 2.4 0

Estonia 26.3 16.2 5.9 0.6 5.4 4.0 92.2

Ethiopia 13.0 0

Faeroe Islands 38.5

Fiji 38.5 4.1

Finland 29.7 2.6 6.6 63.5 86.6

France 26.7 3.5 7.2 63.4 80.9

Gabon 3.6 36.0 19.0 0.5 9.3 1.8 25.6

Gambia, The 10.0 3.9 6.5 0.02

(appendix continued next page) TABLE B.1 Economies and Their Maturity Structure of Finance, 2013 (continued)

Firms Households Providers

Economy

Proportion of fi xed investment fi nanced by banks, equity,

or stock sales

(%)

Average duration of the last bank loan by

small fi rms (months)

Average duration of the last bank loan by

large fi rms (months)

Adults with loans

for home purchase

(%)

Adults with loans for school fees

(%)

Issuance volume of corporate bonds by private nonfi nancial fi rms to GDP

(%)

Average maturity of issued corporate bonds by private nonfi nancial fi rms (years)

Nonresident holding of long-term

debt securities to

GDP (%)

Bank loans to nonfi nancial fi rms with maturity at origination equal to or above 1 year

(%)

Georgia 37.1 0.6 1.2 4.7 8.4 8.9 76.1

Germany 31.9 20.8 2.7 6.8 52.3 84.5

Ghana 10.2 11.6 31.6 2.5 7.8 6.6

Greece 19.4 6.2 1.4 2.4 5.8 14.5 62.9

Grenada 31.7 0.4 92.8

Guatemala 24.1 60.8 68.8 1.5 4.0 0.8 9.7 0.8

Guinea 0.5 10.0 102.0 0.5 10.8 0 20.3

Guinea-Bissau 0.8 26.9 0 26.4

Guyana 0.1

Haiti 2.4 28.6 0

Honduras 15.1 57.1 28.4 1.5 4.3 1.6

Hong Kong SAR, China 11.2 4.6 7.5 11.7

Hungary 37.8 12.6 1.6 0.2 7.0 44.3 70.4

Iceland 1.6 7.0 50.8

India 28.8 2.3 5.5 1.3 8.2 1.7 63.7

Indonesia 9.0 0.7 10.7 0.9 8.3 5.5

Iran, Islamic Rep. 15.1 0.7 4.0 0.01

Iraq 2.5 14.8 12.9 0.7

Ireland 28.9 32.4 3.3 8.9 244.7 67.7

Isle of Man 33.0

Israel 15.3 9.8 0.7 8.2 8.6

Italy 10.2 1.8 12.9 45.5 62.6

Jamaica 22.9 3.2 3.1 12.6 7.8 2.4

Japan 16.0 1.6 6.9 7.0

Jordan 15.1 2.7 5.6 0.8 3.5 1.4

Kazakhstan 23.9 4.5 3.1 1.9 18.9 4.7

Kenya 15.6 0.9 8.5 1.0 10.7 0.7

Kiribati 0

Korea, Rep. 28.1 20.2 3.8 5.9 10.9

Kosovo 14.8 1.6 1.4 0

Kuwait 21.6 19.1 0.1 5.0 0.4

Kyrgyz Republic 35.3 0.4 1.1 0.03 2.0 1.9

Lao PDR 13.2 1.2 8.1 0.5

Latvia 33.1 8.1 3.8 0.03 3.3 12.4 77.9

TABLE B.1 Economies and Their Maturity Structure of Finance, 2013 (continued)

Firms Households Providers

Economy

Proportion of fi xed investment fi nanced by banks, equity,

or stock sales

(%)

Average duration of the last bank loan by

small fi rms (months)

Average duration of the last bank loan by

large fi rms (months)

Adults with loans

for home purchase

(%)

Adults with loans for school fees

(%)

Issuance volume of corporate bonds by private nonfi nancial fi rms to GDP

(%)

Average maturity of issued corporate bonds by private nonfi nancial fi rms (years)

Nonresident holding of long-term

debt securities to

GDP (%)

Bank loans to nonfi nancial fi rms with maturity at origination equal to or above 1 year

(%)

Lebanon 42.6 5.9 16.6 0.9 5.0 4.1

Lesotho 29.9 1.0 11.3 0

Liberia 9.5 4.5 4.6 3.6 15.4 128.0

Libya 0

Liechtenstein 5.5 7.6 2.4

Lithuania 46.7 5.6 2.0 0.6 5.1 25.7 77.6

Luxembourg 34.1 9.6 9.4 994.5 61.5

Macao SAR, China 3.8 7.5 0.3

Macedonia, FYR 34.0 3.9 5.2 2.0 65.7

Madagascar 8.1 9.3 30.6 0.8 5.4 0.00

Malawi 16.3 5.3 9.0 0.04

Malaysia 36.0 12.7 5.5 5.5 7.6 17.6 96.4

Maldives 0

Mali 15.0 24.6 24.0 0.6 8.1 0.03 16.9

Malta 18.4 5.6 77.4

Mauritania 7.3 20.8 106.3 5.3 16.5 0.01

Mauritius 30.8 43.2 22.9 4.5 3.2 6.4

Mexico 17.3 18.0 40.8 2.7 8.6 3.0 10.8 12.1 71.7

Micronesia, Fed. Sts. 5.8 0

Moldova 32.6 0.6 4.8 0.5

Monaco 0.03

Mongolia 21.8 3.0 7.0 0.2 5.0 13.9

Montenegro 65.2 4.5 8.5 4.9

Morocco 13.3 4.8 3.7 2.1

Mozambique 4.9 7.7 20.9 0.9 8.3 0.3

Namibia 15.7 62.7 86.7 5.5

Nepal 16.3 5.1 12.5 0

Netherlands 40.1 3.6 11.4 177.8 68.5

New Zealand 35.3 1.3 5.9 17.6

Nicaragua 17.2 34.2 218.9 0.4 1.8 1.6

Niger 8.8 1.5 5.8 0.01 30.1

Nigeria 1.4 0.6 4.7 0.1 5.0 0.8

Norway 4.2 9.8 37.2

Oman 14.5 0.4 5.0 0.1

(appendix continued next page) TABLE B.1 Economies and Their Maturity Structure of Finance, 2013 (continued)

Firms Households Providers

Economy

Proportion of fi xed investment fi nanced by banks, equity,

or stock sales

(%)

Average duration of the last bank loan by

small fi rms (months)

Average duration of the last bank loan by

large fi rms (months)

Adults with loans

for home purchase

(%)

Adults with loans for school fees

(%)

Issuance volume of corporate bonds by private nonfi nancial fi rms to GDP

(%)

Average maturity of issued corporate bonds by private nonfi nancial fi rms (years)

Nonresident holding of long-term

debt securities to

GDP (%)

Bank loans to nonfi nancial fi rms with maturity at origination equal to or above 1 year

(%)

Pakistan 9.1 1.8 3.0 0.01 3.6 0.3

Panama 6.4 50.2 41.6 11.5 13.3 1.6 15.6 23.0

Papua New Guinea 2.0

Paraguay 23.3 18.4 18.9 1.3 9.1 1.2 10.0 1.2

Peru 40.1 19.6 32.2 1.1 5.5 2.1 10.1 8.7

Philippines 15.0 3.6 20.7 1.8 9.4 8.7

Poland 30.0 2.7 0.5 0.4 6.7 19.6 69.7

Portugal 15.3 23.2 3.3 5.7 43.7 73.4

Qatar 18.5 1.1 12.7 3.8

Romania 34.1 3.7 0.8 0 2.0 7.2 62.9

Russian Federation 9.1 1.4 0.8 2.8 8.5 2.0 72.7

Rwanda 18.0 23.6 82.2 1.9 10.1 1.6

Samoa 41.7 0

São Tomé and Príncipe 0.05

Saudi Arabia 12.3 10.0 1.1 11.5 0.1 46.2

Senegal 15.0 20.8 48.3 0.1 2.6 3.0 34.3

Serbia 37.8 1.4 2.6 1.5 7.0 8.2 56.9

Seychelles 4.1

Sierra Leone 8.9 5.6 12.8 0.4 10.6 1.8

Singapore 18.9 5.7 2.9 5.2 16.6 72.0

Slovak Republic 25.8 7.5 1.3 3.7 16.1 23.4 62.1

Slovenia 37.6 10.3 1.1 6.6 37.1 71.5

Solomon Islands 0.01

South Africa 25.8 31.6 39.0 4.3 6.0 1.6 6.8 11.4

Spain 23.7 31.6 2.4 8.2 47.8 81.5

Sri Lanka 37.1 3.6 2.2 0.5 5.0 8.6

St. Kitts and Nevis 38.1 15.4 93.1

St. Lucia 22.7 1.4 94.0

St. Vincent and the Grenadines 34.6 2.5 96.0

Sudan 6.2 22.9 0

Suriname 33.0 0.05

Swaziland 12.0 57.3 25.8 6.0 15.2 0.3

Sweden 53.5 3.2 5.5 61.6 24.2

Switzerland 3.5 7.7 10.0

Firms Households Providers

Economy

Proportion of fi xed investment fi nanced by banks, equity,

or stock sales

(%)

Average duration of the last bank loan by

small fi rms (months)

Average duration of the last bank loan by

large fi rms (months)

Adults with loans

for home purchase

(%)

Adults with loans for school fees

(%)

Issuance volume of corporate bonds by private nonfi nancial fi rms to GDP

(%)

Average maturity of issued corporate bonds by private nonfi nancial fi rms (years)

Nonresident holding of long-term debt securities to

GDP (%)

Bank loans to nonfi nancial fi rms with maturity at origination equal to or above 1 year

(%)

Syrian Arab Republic 5.3 3.6 0.05

Tajikistan 29.6 0.4 4.1 1.1

Tanzania 8.0 19.4 26.9 4.4 11.6 1.0

Thailand 62.7 5.1 11.2 3.8 6.6 5.0

Timor-Leste 0.8 0

Togo 14.9 2.1 11.4 0.04 27.1

Tonga 36.5 0

Trinidad and Tobago 21.3 1.5 3.3 4.4 10.0 6.7

Tunisia 2.4 4.3 4.0 67.5

Turkey 42.0 1.4 3.1 0.4 7.3 11.6

Turkmenistan 0.7 0.6

Tuvalu 0

Uganda 13.2 14.6 41.0 1.0 11.5 0.7

Ukraine 31.0 1.0 1.3 1.6 5.5 7.5 48.1

United Arab Emirates 17.9 20.2 1.7 10.8 6.8

United Kingdom 31.0 4.2 12.9 55.8 70.0

United States 31.2 4.6 11.1 29.3 3.7

Uruguay 15.8 32.0 33.8 1.9 1.3 0.2 6.1 17.5

Uzbekistan 8.0 0 0.5 0.02 2.7 0

Vanuatu 37.7 0

Venezuela, RB 0.5 3.6 1.0 13.0 5.8

Vietnam 15.8 3.0 10.1 0.1 4.5 1.3

West Bank and Gaza 6.2 5.3 19.8 0.00

Yemen, Rep. 2.5 1.0 1.5 0 4.4

Zambia 6.2 22.7 27.5 1.2 2.8 2.4

Zimbabwe 9.0 0.8 9.9 0.4

TABLE B.1 Economies and Their Maturity Structure of Finance, 2013 (continued)

NOTES

Additional data: The above table presents information from various databases, includ-ing the World Bank Global Financial Inclu-sion (Global Findex) Database, World Bank Enterprise Surveys, World Bank Global Syn-dicated Loans and Bonds Database (FinDebt), IMF Coordinated Portfolio Investment Survey (CPIS), as well as from central banks of indi-vidual member countries. More information can be found at

Global Findex: http://www.worldbank.org /globalfi ndex

Enterprise Surveys: http://www.enterprise surveys.org/

IMF CPIS: http://cpis.imf.org/Default.aspx Period covered: The table shows 2013 or the most recent data for individuals, formal fi rms, and providers.

Proportion of fixed investment financed by banks, equity, or stock sales (%): Estimated proportion of total purchases of fi xed assets fi nanced from bank loans, owners’ contribu-tion, or issuance of new equity shares. The data are from Enterprise Surveys, World Bank.

Average duration of the last bank loan by small fi rms (months): Original term to matu-rity of the most recent outstanding loan or line of credit, averaged over small fi rms (with employee size less than 20). The data are from Enterprise Surveys, World Bank.

Average duration of the last bank loan by large fi rms (months): Original term to matu-rity of the most recent outstanding loan or line of credit, averaged over large fi rms (with employee size equal to or above 100). The data are from Enterprise Surveys, World Bank.

Adults with loans for home purchase (%):

Percentage of adult respondents (age 15+) who report having an outstanding loan to purchase their home or apartment. The data are from Global Findex (Demirgüç-Kunt and Klapper 2012).

Adults with loans for school fees (%): Per-centage of adult respondents (age 15+) who

report having an outstanding loan to pay for school fees. The data are from Global Findex (Demirgüç-Kunt and Klapper 2012).

Issuance volume of corporate bonds by pri-vate nonfinancial firms to GDP (%): Ratio of newly issued corporate bonds by nonpub-lic sector in industries other than finance, holding companies, and insurance to gross domestic product (GDP). The data are from the World Bank FinDebt Database with underlying information from DCM Analyt-ics, Dealogic.

Average maturity of issued corporate bonds by private nonfinancial firms (years): Vol-ume weighted average of corporate bond maturity for all issuances by the nonpublic sector in industries other than fi nance, hold-ing companies, and insurance. The data are from the World Bank FinDebt Database with underlying information from DCM Analyt-ics, Dealogic.

Nonresident holding of long-term debt secu-rities to GDP (%): Bonds, debentures, and notes with original terms to maturity of more than one year, held by nonresidents.

The data are based on the IMF Coordinated Portfolio Investment Survey, table 16.2.A, on long-term debt securities. Strictly positive amounts smaller than 0.005 percent of GDP are reported as 0.00. Countries covered in the database but with no issuances in 2013 are reported as 0.

Bank loans to nonfi nancial fi rms with matu-rity at origination equal to or above 1 year (%): Percentage of bank loans to nonfi nan-cial firms with original maturity equal to or above one year. The data are available from national central banks and supervisory authorities.

REFERENCE

Demirgüç-Kunt, Aslı, and Leora Klapper.

2012. “Measuring Financial Inclusion:

The Global Findex.” Policy Research Working Paper 6025, World Bank, Wash-ington, DC.

G L O B A L F I N A N C I A L D E V E L O P M E N T R E P O R T 2 0 1 5 / 2 0 1 6 173 Abel, Martin, Shawn Cole, and Bilal Zia. 2015.

“Debiasing on a Roll: Changing Gambling Behavior through Experiential Learning.” Pol-icy Research Working Paper 7013, World Bank, Washington, DC.

Acemoglu, Daron, Michael Kremer, and Atif Mian.

2008. “Incentives in Markets, Firms, and Gov-ernments.” Journal of Law, Economics, and Organization 24 (2): 273–306.

Acharya, Sushant, and Alvaro Pedraza. 2015.

“Asset Price Effects of Peer Benchmarking:

Evidence from a Natural Experiment.” Staff Report 727, Federal Reserve Bank of New York, New York.

Adelino, Manuel, Antoinette Schoar, and Felipe Severino. 2013. “House Prices, Collateral and Self-Employment.” NBER Working Paper 18868, National Bureau of Economic Research, Cambridge, MA.

Agénor, Pierre R. 2011. “Schooling and Public Capital in a Model of Endogenous Growth.”

Economica 78: 108–32.

———. 2013. Public Capital, Growth and Wel-fare. Princeton, NJ: Princeton University Press.

Aggarwal, Reena, Isil Erel, Miguel Ferreira, and Pedro Matos. 2011. “Does Governance Travel around the World? Evidence from Institutional Investors.” Journal of Financial Economics 100 (1): 154–81.

Aghion, Philippe, Peter Howitt, and David Mayer.

2005. “The Effect of Financial Development on Convergence.” Quarterly Journal of Economics 120 (1): 173–222.

Alfaro, Laura, and Fabio Kanczuk. 2009. “Debt Maturity: Is Long-Term Debt Optimal?”

Review of International Economics 17 (5):

890–905.

Allen, T. 1990. “Developments in the International Syndicated Loan Market in the 1980s.” Bank of England Quarterly Bulletin (February): 71–77.

Almeida, Heitor, Murillo Campello, Bruno Laran-jeira, and Scott Weisbenner. 2011. “Corpo-rate Debt Maturity and the Real Effect of the 2007 Credit Crisis.” Critical Finance Review 1: 3–58.

Altunbas, Yener, and Blaise Gadanecz. 2004.

“Developing Country Economic Structure and the Pricing of Syndicated Credits.” Journal of Development Studies 40 (5): 143–73.

Altunbas, Yener, Alper Kara, and David Marques-Ibañez. 2010. “Large Debt Financing: Syn-dicated Loans versus Corporate Bonds.”

European Journal of Finance 16 (5): 437–58.

Alvarez de la Campa, Alejandro. 2011. “Increas-ing Access to Credit through Reform“Increas-ing Secured Transactions in the MENA Region.” Policy Research Working Paper 5613, World Bank, Washington, DC.

Barclay, Michael J., and Clifford W. Smith Jr.

1995. “The Maturity Structure of Corporate Debt.” Journal of Finance 50 (2): 609–31.

Barnea, Amir N., Robert A. Haugen, and Lemma W. Senbet. 1980. “A Rationale for Debt Matu-rity Structure and Call Provisions in the Agency Theoretic Framework.” Journal of Finance 35:

1223–34.

Barro, Robert, J. 1990. “Government Spending in a Simple Model of Exogenous Growth.” Jour-nal of Political Economy 98: 103–25.

Barth, James R., Gerard Caprio Jr., and Ross Levine. 2001. “The Regulation and Supervision of Banks around the World: A New Database.”

Policy Research Working Paper 2588, World Bank, Washington, DC.

———. 2004. “Bank Regulation and Supervision:

What Works Best?” Journal of Financial Inter-mediation 13 (2): 205–48.

Beck, Thorsten, Aslı Demirgüç-Kunt, and Ross Levine. 2010. “Financial Institutions and Markets across Countries and over Time: The Updated Financial Development and Structure Database.” World Bank Economic Review 24 (1): 77–92.

Beck, Thorsten, Aslı Demirgüç-Kunt, and Vojislav Maksimovic. 2005. “Financial and Legal Con-straints to Growth: Does Firm Size Matter?”

Journal of Finance 60 (1): 137–77.

———. 2008. “Financing Patterns around the World: Are Small Firms Different?” Journal of Financial Economics 89: 467–87.

Beck, Thorsten, Leora Klapper, and Juan Car-los Mendoza. 2010. “The Typology of Partial Credit Guarantee Funds around the World.”

Journal of Financial Stability 6 (1): 10–25.

Beck, Thorsten, Samuel Munzele Maimbo, Issa Faye, and Thouraya Triki. 2011. Financing Africa: Through the Crisis and Beyond. Wash-ington, DC: World Bank.

Beck, Thorsten, and Ian Webb. 2003. “Economic, Demographic, and Institutional Determinants of Life Insurance Consumption across Coun-tries.” World Bank Economic Review 17 (1):

51–88.

Beegle, Kathleen, Rajeev Dehejia, and Roberta Gatti. 2003. “Child Labor, Crop Shocks, and Credit Constraints.” NBER Working Paper w10088, National Bureau of Economic Research, Cambridge, MA.

Anderson, Phillip R. D., Anderson Caputo Silva, and Antonio Velandia-Rubiano. 2010. “Public Debt Management in Emerging Market Econo-mies: Has This Time Been Different?” Policy Research Working Paper 2399, World Bank, Washington, DC.

Anginer, Deniz, Aslı Demirgüç-Kunt, Vojislav Maksimovic, and Mete Tepe. 2015. “Is Short-Term Debt a Substitute or a Complement to Good Governance?” World Bank, Washington, DC.

Antolín, Pablo, Stéphanie Payet, Edward R. White-house, and Juan Yermo. 2011. “The Role of Guarantees in Defi ned Contribution Pensions.”

OECD Working Papers on Finance, Insur-ance and Private Pensions 11, Organisation for Economic Co-operation and Development, Paris.

Antolín, Pablo, and Waldo Tapia, 2010. “Invest-ment Performance of Privately Managed Pen-sion Funds: Overview of the Available Data.”

In Evaluating the Financial Performance of Pension Funds, edited by R. Hinz, H. Rudolph, P. Antolín, and J. Yermo, 25–37. Washington, DC: World Bank.

Arrow, Kenneth, and Mordecai Kurz. 1970. Pub-lic Investment, the Rate of Return and Optimal Fiscal Policy. Baltimore, MD: The Johns Hop-kins University.

Arun, Thankom, Mirko Bendig, and Shoba Arun.

2012. “Bequest Motives and Determinants of Micro Life Insurance in Sri Lanka.” World Development 40 (8): 1700–11.

Badev, Anton, Thorsten Beck, Ligia Vado, and Simon Walley. 2014. “Housing Finance across Countries: New Data and Analysis.” Policy Research Working Paper 6756, World Bank, Washington, DC.

Bae, Kee-Hong, and Vidhan K. Goyal. 2009.

“Creditor Rights, Enforcement, and Bank Loans.” Journal of Finance 64 (2): 823–60.

Baland, Jean Marie, and James A. Robinson. 2000.

“Is Child Labor Ineffi cient?” Journal of Politi-cal Economy 108 (4): 663–79.

Banerjee, Abhijit V., and Esther Dufl o. 2007. “The Economic Lives of the Poor.” Journal of Eco-nomic Perspectives 21 (1): 141–68.

Bank Negara Malaysia. 2014. “A Landmark Year for Global Islamic Finance Industry.” Islamic Financial Centre (MIFC), Kuala Lumpur.

Bolton, Patrick, and Olivier Jeanne. 2009. “Struc-turing and Restruc“Struc-turing Sovereign Debt: The Role of Seniority.” Review of Economic Studies 76 (3): 879–902.

Bond, Philip, Alex Edmans, and Itay Goldstein.

2012. “The Real Effects of Financial Markets.”

Annual Review of Financial Economics 4 (2):

1–22.

Booth, Laurence, Varouj Aivazian, Aslı Demirgüç-Kunt, and Vojislav Maksimovic. 2001. “Capital Structures in Developing Countries.” Journal of Finance 56 (1): 87–130.

Borensztein, Eduardo, Marcos Chamon, Olivier Jeanne, Paolo Mauro, and Jeromin Zettelmeyer.

2005. “Sovereign Debt Structure for Crisis Pre-vention.” IMF Occasional Paper 237, Interna-tional Monetary Fund, Washington, DC.

Borensztein, Eduardo, Kevin Cowan, Barry Eichengreen, and Ugo Panizza. 2008. “Bond Markets in Latin America: On the Verge of a Big Bang?” Journal of Economic Literature 47 (4): 1146–49.

Bortolotti, Bernardo, Veljko Fotak, William Meg-ginson, and William Miracky. 2009. “Sovereign Wealth Fund Investment Patterns and Perfor-mance.” Working Paper, Fondazione Eni Enrico Mattei (FEEM), Milan.

Bottazzi, Laura, Marco Da Rin, and Thomas Hellmann. 2004. “The Changing Face of the European Venture Capital Industry: Facts and Analysis.” Journal of Private Equity 7 (2):

26–53.

Bougheas, Spiros, Panicos Demetriades, and Theo-fanis Mamuneas. 2000. “Infrastructure, Spe-cialization and Economic Growth.” Canadian Journal of Economics 33(2): 506–22.

Bradley, Michael, and Michael Roberts. 2004.

“The Structure and Pricing of Corporate Debt Covenants.” Working Paper, Duke University, Durham, NC.

Breza, Emily, Martin Kanz, and Leora Klapper.

2015. “The Real Effects of Electronic Wage Payments.” World Bank, Washington, DC.

Broner, Fernando, Gaston Gelos, and Carmen Reinhart. 2006. “When in Peril, Retrench: Test-ing the Portfolio Channel of Contagion.” Jour-nal of InternatioJour-nal Economics 69 (1): 203–30.

Broner, Fernando, Guido Lorenzoni, and Ser-gio Schmukler. 2013. “Why Do Emerging Economies Borrow Short Term?” Journal of Benavente, José Miguel, Alexander Galetovic,

and Ricardo Sanhueza. 2006. “FOGAPE: An Economic Analysis.” Working Paper 222, Department of Economics, University of Chile, Santiago.

Berg, Gunhild, and Bilal Zia. 2013. “Harnessing Emotional Connections to Improve Financial Decisions: Evaluating the Impact of Finan-cial Education in Mainstream Media.” Policy Research Working Paper 6407, World Bank, Washington, DC.

Bernstein, Shai, Josh Lerner, and Antoinette Schoar. 2013. “The Investment Strategies of Sovereign Wealth Funds.” Journal of Economic Perspectives 27 (2): 219–38.

Bernstein, Shai, Josh Lerner, Morten Sorensen, and Per Strömberg. 2010. “Private Equity and Industry Performance.” NBER Working Paper 15632, National Bureau of Economic Research, Cambridge, MA.

Berstein, Solange, Olga Fuentes, and Felix Villa-toro. 2013. “Default Investment Strategies in a Defi ned Contribution Pension System: a Pension Risk Model Application for the Chilean Case.”

Journal of Pension Economics and Finance 12 (4): 379–414.

BIS (Bank for International Settlements). 2007a.

“Institutional Investors, Global Savings and Asset Allocation.” CGFS Paper 27, BIS, Basel.

———. 2007b. “Financial Stability and Local Currency Bond Markets.” CGFS Paper 28, BIS, Basel.

Blackwell, David, and David S. Kidwell. 1988.

“An Investigation of Cost Differences between Public Sales and Private Placements of Debt.”

Journal of Financial Economics 22: 253–78.

Blanc-Brude, Frederic, and Omneia R. H. Ismail.

2013. “Who Is Afraid of Construction Risk?”

EDHEC-Risk Institute, Paris (July).

Bloom, Nick, Raffaella Sadun, and John Van Reenen. 2009. “Do Private Equity-Owned Firms Have Better Management Practices?” In Globalization of Alternative Investments: Work-ing Papers. Vol. 2 of The Global Economic Impact of Private Equity 2009, edited by A.

Gurung and J. Lerner, 3–23. New York: World Economic Forum.

Bloom, Nick, and John Van Reenen. 2007. “Mea-suring and Explaining Management Practices across Firms and Countries.” Quarterly Journal of Economics 122 (4): 1351–408.

Distribution of Income: An Empirical Inves-tigation.” Review of Income and Wealth 50:

87–105.

Calderón, Cesar, Enrique Moral-Benito, and Luis Servén. 2015. “Is Infrastructure Capital Produc-tive? A Panel Heterogeneous Approach.” Jour-nal of Applied Econometrics 30 (2): 177–98.

Calderón, Cesar, and Luis Servén. 2004. “The Effects of Infrastructure Development on Growth and Income Distribution.” Policy Research Working Paper 3400, World Bank, Washington, DC.

———. 2010a. “Infrastructure and Economic Development in Sub-Saharan Africa.” Journal of African Economies 19 (S1): 13–87.

———. 2010b. “Infrastructure in Latin America.”

In The Oxford Handbook of Latin American Economies, edited by J. Ocampo and J. Ros.

Oxford: Oxford University Press.

———. 2014. “Infrastructure, Growth, and Inequality: An Overview.” Policy Research Working Paper 7034, World Bank, Washing-ton, DC.

Campbell, John Y. 2006. “Household Finance.”

Journal of Finance 61 (4): 1553–604.

Canning, David. 1999. “The Contribution of Infrastructure to Aggregate Output.” Policy Research Working Paper 2246, World Bank, Washington, DC.

Caprio, Gerard, and Aslı Demirgüç-Kunt. 1998.

“The Role of Long-Term Finance: Theory and Evidence.” World Bank Research Observer 13 (2): 171–89.

Caprio, Gerard, and María Soledad Martínez Pería. 2002. “Avoiding Disaster: Policies to Reduce the Risk of Banking Crisis.” In Mon-etary Policy and Exchange Rate Regimes:

Options for the Middle East, edited by E. Car-doso and A. Galal, 193–230. Cairo: Egyptian Center for Economic Studies.

Carneiro, Pedro, and James J. Heckman. 2002.

“The Evidence on Credit Constraints in Post-Secondary Schooling.” Economic Journal 112:

705–34.

Carvalho, Daniel. 2014. “The Real Effects of Government-Owned Banks: Evidence from an Emerging Market.” Journal of Finance 69 (2):

577–609.

Case, Karl E., John M. Quigley, and Robert J. Shiller. 2013. “Wealth Effects Revisited the European Economic Association 11 (1):

67–100.

Brown, Gregory W., Larry W. Chavis, and Leora F. Klapper. 2010. “A New Lease on Life: Insti-tutions, External Financing, and Business Growth.” Paper presented at the 2008 Annual Meeting of the American Finance Association, New Orleans, LA.

Browne, Mark J., and Kihong Kim. 1993. “An International Analysis of Life Insurance Demand.” Journal of Risk and Insurance 60

Browne, Mark J., and Kihong Kim. 1993. “An International Analysis of Life Insurance Demand.” Journal of Risk and Insurance 60

문서에서 Long-Term Finance (페이지 185-200)