Documents & Reports

Deniz Anginer

Economist

DENIZ ANGINER is a Financial Economist in the Development Research Group at the World Bank. His research focuses on liquidity and credit risk in capital markets and the banking sector. Prior to coming to the Bank, he worked as a consultant for Oliver Wyman in their New York office advising financial institutions on risk strategy. He holds a Ph.D. in Finance from the Ross School of Business at the University of Michigan.

The list below is of World Bank working papers and publications. You can also see (and in some cases download) other publications by this author.

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Foreign bank subsidiaries' default risk during the global crisis : what factors help insulate affiliates from their parents ? (English)

This paper examines the association between the default risk of foreign bank subsidiaries and their parents during the global financial crisis, with the purpose of understanding what factors can help insulate affiliates from their parents. ... See More +

Policy Research Working Paper WPS7053 OCT 01, 2014

Anginer, Deniz; Cerutti, Eugenio; Martinez Peria, Maria Soledad

Corporate governance and bank insolvency risk : international evidence (English)

This paper finds that shareholder-friendly corporate governance is positively associated with bank insolvency risk, as proxied by the Z-score and the Merton's distance to default measure, for an international sample of banks over the 2004-08 period. ... See More +

Policy Research Working Paper WPS7017 SEP 01, 2014

Anginer, Deniz; Demirguc-Kunt, Asli; Huizinga, Harry; Ma, Kebin

Bank capital and systemic stability (English)

This paper distinguishes among various types of capital and examines their effect on system-wide fragility. The analysis finds that higher quality forms of capital reduce the systemic risk contribution of banks, whereas lower quality forms can have a destabilizing impact, particularly during crisis periods. ... See More +

Policy Research Working Paper WPS6948 JUN 01, 2014

Anginer, Deniz; Demirguc-Kunt, Asli

Emerging issues in financial development : lessons from Latin America (English)

Since the 1990s, financial systems around the world, and especially those in developing countries, have gained in soundness, depth, and diversity, prompted in part by a series of financial sector and macroeconomic reforms aimed at fostering a market-driven economy in which finance plays a central role. ... See More +

Publication 83498 DEC 17, 2013

Didier, Tatiana; Schmukler, Sergio L.; Anginer, Deniz; Auqui, Martin; Calderon, Cesar; Ceballos, Francisco; Cortes, Mariano; De la Torre, Augusto; D'Hulster, Katia; Dijkman, Miquel; Feyen, Erik; Gutierrez, Eva; Heysen, Socorro; Ize, Alain; Levy-Yeyati, Eduardo; Peria, Maria Soledad Martinez; Raddatz, Claudio; Seelig, Steven A.; Serven, Luis; Williams, Thomas

How does corporate governance affect bank capitalization strategies ? (English)

This paper examines how corporate governance and executive compensation affected bank capitalization strategies for an international sample of banks in 2003-2011. ... See More +

Policy Research Working Paper WPS6636 OCT 01, 2013

Anginer, Deniz; Demirguc-Kunt, Asli; Huizinga, Harry; Ma, Kebin

How does deposit insurance affect bank risk ? evidence from the recent crisis (English)

Deposit insurance is widely offered in a number of countries as part of a financial system safety net to promote stability. An unintended consequence of deposit insurance is the reduction in the incentive of depositors to monitor banks, which leads to excessive risk-taking. ... See More +

Policy Research Working Paper WPS6289 DEC 01, 2012

Anginer, Deniz; Zhu, Min; Demirguc-Kunt, Asli

How does bank competition affect systemic stability ? (English)

Using bank level measures of competition and co-dependence, the authors show a robust positive relationship between bank competition and systemic stability. ... See More +

Policy Research Working Paper WPS5981 FEB 01, 2012

Anginer, Deniz; Zhu, Min; Demirguc-Kunt, Asli

Risk absorption by the state: when is it good public policy ? (English)

The global financial crisis brought public guarantees to the forefront of the policy debate. Based on a review of the theoretical foundations of public guarantees, this paper concludes that the commonly used justifications for public guarantees based solely on agency frictions (such as adverse selection or lack of collateral) and/or un-internalized externalities are flawed. ... See More +

Policy Research Working Paper WPS5893 DEC 01, 2011

Anginer, Deniz; de la Torre, Augusto; Ize, Alain

Has the global banking system become more fragile over time ? (English)

This paper examines time-series and cross-country variations in default risk co-dependence in the global banking system. The authors construct a default risk measure for all publicly traded banks using the Merton contingent claim model, and examine the evolution of the correlation structure of default risk for more than 1,800 banks in more than 60 countries. ... See More +

Policy Research Working Paper WPS5849 OCT 01, 2011

Anginer, Deniz; Demirguc-Kunt, Asli

The Chrysler effect : the impact of the Chrysler bailout on borrowing costs (English)

Did the U.S. government's intervention in the Chrysler reorganization overturn bankruptcy law? Critics argue that the government-sponsored reorganization impermissibly elevated claims of the auto union over those of Chrysler's other creditors. ... See More +

Policy Research Working Paper WPS5462 OCT 01, 2010

Anginer, Deniz; Warburton, A. Joseph

Liquidity clienteles : transaction costs and investment decisions of individual investors (English)

Theoretical papers link the liquidity premium to the optimal trading decisions of investors facing transaction costs. In particular, investors' holding periods determine how transaction costs are amortized and priced in asset returns. ... See More +

Policy Research Working Paper WPS5318 MAY 01, 2010

Anginer, Deniz

Is there a distress risk anomaly ? pricing of systematic default risk in the cross section of equity returns (English)

The standard measures of distress risk ignore the fact that firm defaults are correlated and that some defaults are more likely to occur in bad times. ... See More +

Policy Research Working Paper WPS5319 JAN 01, 2010

Anginer, Deniz; Yildizhan, Celim

Title Document Date Report No. Document Type Also available in
Foreign bank subsidiaries' default risk during the global crisis : what factors help insulate affiliates from their parents ? (English)
See More +
OCT 01, 2014 WPS7053 Policy Research Working Paper
Corporate governance and bank insolvency risk : international evidence (English)
See More +
SEP 01, 2014 WPS7017 Policy Research Working Paper
Bank capital and systemic stability (English)
See More +
JUN 01, 2014 WPS6948 Policy Research Working Paper
Emerging issues in financial development : lessons from Latin America (English)
See More +
DEC 17, 2013 83498 Publication
How does corporate governance affect bank capitalization strategies ? (English)
See More +
OCT 01, 2013 WPS6636 Policy Research Working Paper
How does deposit insurance affect bank risk ? evidence from the recent crisis (English)
See More +
DEC 01, 2012 WPS6289 Policy Research Working Paper
How does bank competition affect systemic stability ? (English)
See More +
FEB 01, 2012 WPS5981 Policy Research Working Paper
Risk absorption by the state: when is it good public policy ? (English)
See More +
DEC 01, 2011 WPS5893 Policy Research Working Paper
Has the global banking system become more fragile over time ? (English)
See More +
OCT 01, 2011 WPS5849 Policy Research Working Paper
The Chrysler effect : the impact of the Chrysler bailout on borrowing costs (English)
See More +
OCT 01, 2010 WPS5462 Policy Research Working Paper
Liquidity clienteles : transaction costs and investment decisions of individual investors (English)
See More +
MAY 01, 2010 WPS5318 Policy Research Working Paper
Is there a distress risk anomaly ? pricing of systematic default risk in the cross section of equity returns (English)
See More +
JAN 01, 2010 WPS5319 Policy Research Working Paper