LEADER 07160oam 22015134 450 001 9910828282303321 005 20240402045152.0 010 $a1-4755-2280-0 010 $a1-4755-6413-9 035 $a(CKB)2550000000107089 035 $a(EBL)1606759 035 $a(SSID)ssj0000952967 035 $a(PQKBManifestationID)11504678 035 $a(PQKBTitleCode)TC0000952967 035 $a(PQKBWorkID)10905938 035 $a(PQKB)11515332 035 $a(MiAaPQ)EBC1606759 035 $a(Au-PeEL)EBL1606759 035 $a(CaPaEBR)ebr10574682 035 $a(OCoLC)870245008 035 $a(IMF)WPIEE2012140 035 $a(IMF)WPIEA2012140 035 $a(EXLCZ)992550000000107089 100 $a20020129d2012 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aFinancial Intermediation Costs in Low-Income Countries : $eThe Role of Regulatory, Institutional, and Macroeconomic Factors /$fTigran Poghosyan 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2012. 215 $a1 online resource (36 p.) 225 1 $aIMF Working Papers 300 $a"Fiscal Affairs Department and Strategy, Policy, and Review Department." 300 $a"May 2012." 311 $a1-4755-9234-5 311 $a1-4755-0393-8 320 $aIncludes bibliographical references. 327 $aCover; Contents; I. Introduction; II. Interest Margin Decomposition; A. Conceptual Framework; B. Decomposition Results; III. Econometric Analysis of Bank- and Country-Specific Determinants of Interest Margins; A. Model Specification; B. Variables; C. Descriptive Statistics; D. Results; IV. Robustness Checks; V. Conclusions; References; Figures; 1. Comparison of Implicit Net Interest Margins in LICs and EMs; 2. Percentile Distribution of Net Interest Margin Determinants in LICs and EMs; 3. Median Interest Margins in LICs and EMs by Countries; Tables; 1. Variable Definition and Sources 327 $a2. Descriptive Statistics3. Correlations Matrix; 4. Estimation Results Controlling for Bank-Specific Determinants; 5. Estimation Results Controlling for Macroeconomic Variables; 6. Estimation Results Controlling for Institutional Variables; 7. Estimation Results Controlling for Regulatory Variables; 8. Robustness Check for LICs: Using Market Share Instead of Market Concentration; 9. Robustness Check for LICs: Using Loan Market Concentration; 10. Robustness Check for LICs: Using Deposit Market Concentration 327 $a11. Robustness Check for LICs: Using Interaction of Market Concentration with Regional Dummies12. Robustness Check for LICs: Using Annual Average Variables 330 3 $aWe analyze factors driving persistently higher financial intermediation costs in low-income countries (LICs) relative to emerging market (EMs) country comparators. Using the net interest margin as a proxy for financial intermediation costs at the bank level, we find that within LICs a substantial part of the variation in interest margins can be explained by bank-specific factors: margins tend to increase with higher riskiness of credit portfolio, lower bank capitalization, and smaller bank size. Overall, we find that concentrated market structures and lack of competition in LICs banking systems and institutional weaknesses constitute the key impediments preventing financial intermediation costs from declining. Our results provide strong evidence that policies aimed at fostering banking competition and strengthening institutional frameworks can reduce intermediation costs in LICs. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2012/140 606 $aIntermediation (Finance)$zDeveloping countries$xEconometric models 606 $aBanks and Banking$2imf 606 $aFinance: General$2imf 606 $aMoney and Monetary Policy$2imf 606 $aInflation$2imf 606 $aBanks$2imf 606 $aDepository Institutions$2imf 606 $aMicro Finance Institutions$2imf 606 $aMortgages$2imf 606 $aFinancial Institutions and Services: Government Policy and Regulation$2imf 606 $aEconomic Development: Financial Markets$2imf 606 $aSaving and Capital Investment$2imf 606 $aCorporate Finance and Governance$2imf 606 $aFinancing Policy$2imf 606 $aFinancial Risk and Risk Management$2imf 606 $aCapital and Ownership Structure$2imf 606 $aValue of Firms$2imf 606 $aGoodwill$2imf 606 $aMonetary Policy$2imf 606 $aGeneral Financial Markets: General (includes Measurement and Data)$2imf 606 $aPrice Level$2imf 606 $aDeflation$2imf 606 $aBanking$2imf 606 $aFinancial services law & regulation$2imf 606 $aMonetary economics$2imf 606 $aFinance$2imf 606 $aMacroeconomics$2imf 606 $aCredit risk$2imf 606 $aReserve requirements$2imf 606 $aLoan loss provisions$2imf 606 $aCompetition$2imf 606 $aFinancial regulation and supervision$2imf 606 $aMonetary policy$2imf 606 $aPrices$2imf 606 $aFinancial markets$2imf 606 $aBanks and banking$2imf 606 $aFinancial risk management$2imf 606 $aState supervision$2imf 607 $aGhana$2imf 615 0$aIntermediation (Finance)$xEconometric models. 615 7$aBanks and Banking 615 7$aFinance: General 615 7$aMoney and Monetary Policy 615 7$aInflation 615 7$aBanks 615 7$aDepository Institutions 615 7$aMicro Finance Institutions 615 7$aMortgages 615 7$aFinancial Institutions and Services: Government Policy and Regulation 615 7$aEconomic Development: Financial Markets 615 7$aSaving and Capital Investment 615 7$aCorporate Finance and Governance 615 7$aFinancing Policy 615 7$aFinancial Risk and Risk Management 615 7$aCapital and Ownership Structure 615 7$aValue of Firms 615 7$aGoodwill 615 7$aMonetary Policy 615 7$aGeneral Financial Markets: General (includes Measurement and Data) 615 7$aPrice Level 615 7$aDeflation 615 7$aBanking 615 7$aFinancial services law & regulation 615 7$aMonetary economics 615 7$aFinance 615 7$aMacroeconomics 615 7$aCredit risk 615 7$aReserve requirements 615 7$aLoan loss provisions 615 7$aCompetition 615 7$aFinancial regulation and supervision 615 7$aMonetary policy 615 7$aPrices 615 7$aFinancial markets 615 7$aBanks and banking 615 7$aFinancial risk management 615 7$aState supervision 676 $a332.152 700 $aPoghosyan$b Tigran$01600315 712 02$aInternational Monetary Fund.$bStrategy, Policy, and Review Dept. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910828282303321 996 $aFinancial Intermediation Costs in Low-Income Countries$93963958 997 $aUNINA