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Enforcement and Corporate Governance (English)

Enforcement more than regulations, laws-on-the-books, or voluntary codes is key to effective corporate governance, at least in transition and developing countries. ... See More +

Policy Research Working Paper WPS3409 SEP 01, 2004

Berglof, Erik;Claessens,Constantijn A.

Resolving systemic financial crisis : policies and institutions (English)

The authors analyze the role of institutions in resolving systemic banking crises for a broad sample of countries. Banking crises are fiscally costly, especially when policies like substantial liquidity support, explicit government guarantees on financial institutions’ liabilities, and forbearance from prudential regulations are used. ... See More +

Policy Research Working Paper WPS3377 AUG 01, 2004

Claessens,Constantijn A.; Klingebiel, Daniela; Laeven, Luc

Buildings market institutions in South Eastern Europe : comparative prospects for investment and private sector development (English)

This report studies impediments to investment and private sector development in Albania, Bosnia and Herzegovina, Bulgaria, Croatia, the former Yugoslav Republic of Macedonia, Moldova, Romania, and Serbia and Montenegro. ... See More +

Publication 29301 MAY 01, 2004

Anderson,James; Broadman,Harry G.; Claessens,Constantijn A.; Ryterman,Randi Susan; Slavova,Stefka; Vagliasindi,Maria; Andronova Vincelette,Gallina Disclosed

What drives bank competition? some international evidence (English)

Using bank-level data, the authors apply the Panzar and Rosse (1987) methodology to estimate the extent to which changes in input prices are reflected in revenues earned by specific banks in 50 countries' banking systems. ... See More +

Policy Research Working Paper WPS3113 AUG 31, 2003

Claessens,Constantijn A.; Laeven, Luc

Financial development, property rights, and growth (English)

The authors analyze how property rights affect the allocation of firms' available resources among different types of assets. In particular, they investigate empirically for a large number of countries whether firms in environments with more secure property rights allocate available resources more toward intangible assets and consequentially grow faster. ... See More +

Policy Research Working Paper WPS2924 NOV 30, 2002

Claessens,Constantijn A.; Laeven, Luc

Bankruptcy around the world - explanations of its relative use (English)

The recent literature on law and finance has drawn attention to the importance of creditor rights in influencing the development of financial systems and in affecting firm corporate governance and financing patterns. ... See More +

Policy Research Working Paper WPS2865 JUL 31, 2002

Claessens,Constantijn A.; Klapper,Leora

Explaining the migration of stocks from exchanges in emerging economies to international centers (English)

The authors study the determinants of the growing migration of stock market activity to international financial centers. They use a sample of 77 countries and document that higher economic growth and more macroeconomic stability help stock market development. ... See More +

Policy Research Working Paper WPS2816 MAR 31, 2002

Claessens,Constantijn A.; Klingebiel, Daniela; Schmukler, Sergio L.

The political economy of distress in East Asian financial institutions (English)

Politics and regulatory capture can play an important role in financial institutions' distress. East Asia's financial crisis featured many distressed and closed financial intermediaries in an environment with many links between government, politicians, supervisors, and financial institutions. ... See More +

Policy Research Working Paper WPS2265 JAN 31, 2000

Bongini, Paola; Claessens,Constantijn A.; Ferri, Giovanni

Corporate risk around the world (English)

Weaknesses in the corporate sector have increasingly been cited as important factors in financial crises in both emerging markets and industrial countries. ... See More +

Policy Research Working Paper WPS2271 JAN 31, 2000

Claessens,Constantijn A.; Djankov, Simeon; Nenova, Tatiana

Alternative frameworks for providing financial services (English)

Drawing on country experience, the authors analyze alternative frameworks for providing financial services. Scope of permissible activities: The integrated banking model (commercial banking fully integrated with other financial services, including investment banking) benefits both financial institutions and consumers. ... See More +

Policy Research Working Paper WPS2189 SEP 30, 1999

Claessens,Constantijn A.; Klingebiel, Daniela

Resolution of corporate distress - evidence from East Asia's financial crisis (English)

The widespread financial crisis in East Asia caused large economic shocks, which varied by degree across the region. That crisis provides a unique opportunity for investigating the factors that determine the use of bankruptcy processes in a number of economies. ... See More +

Policy Research Working Paper WPS2133 JUN 30, 1999

Claessens,Constantijn A.; Djankov, Simeon; Klapper, Leora

Expropriation of minority shareholders : evidence from East Asia (English)

As many East Asian countries plunged into economic decline, the structure of concentrated ownership and associated corporate governance, along with weak corporate performance, have been blamed for the crisis. ... See More +

Policy Research Working Paper WPS2088 MAR 31, 1999

Claessens,Constantijn A.; Djankov, Simeon; Joseph P. H. Fan; Lang, Larry H. P.

Corporate diversification in East Asia : the role of ultimate ownership and group affiliation (English)

Using data for more than 2,000 companies from nine East Asian economies, the authors examine the interactions between ultimate ownership, group affiliation, and corporate diversification. ... See More +

Policy Research Working Paper WPS2089 MAR 31, 1999

Claessens,Constantijn A.; Djankov, Simeon; Joseph P. H. Fan; Lang, Larry H. P.

Who controls East Asian corporations ? : Who controls East Asian corporations? (English)

The authors identify the ultimate ownership structure for 2,980 corporations in nine East Asian countries. They find that: A) More than half of those firms are controlled be a single shareholder. ... See More +

Policy Research Working Paper WPS2054 FEB 28, 1999

Claessens, Constantijn A.; Djankov, Simeon; Lang, Larry H. P.

Diversification and efficiency of investment by East Asian corporations (English)

The East Asian financial crisis has been attributed in part to the corporate diversification associated with the misallocation of capital investment toward less profitable and more risky business segments. ... See More +

Policy Research Working Paper WPS2033 DEC 31, 1998

Claessens, Constantijn A.; Djankov, Simeon; Joseph P. H. Fan; Lang, Larry H. P.

Thailand's corporate financing and governance structures (English)

The authors assess Thailand's policy options for reducing large corporations' vulnerability to economic shocks and improving their corporate governance - and for providing smaller firms a more stable funding structure. ... See More +

Policy Research Working Paper WPS2003 NOV 30, 1998

Alba, Pedro; Claessens,Constantijn A.; Djankov, Simeon

Volatility and contagion in a financially integrated world : lessons from East Asia's recent experience (English)

The buildup of vulnerabilities in East Asia is shown here to be mainly the result of weaknesses in financial intermediation, poor corporate governance, and deficient government policies, including pro-cyclical macroeconomic policy responses to large capital inflows. ... See More +

Policy Research Working Paper WPS2008 NOV 30, 1998

Alba, Pedro; Bhattacharya, Amar; Claessens,Constantijn A.; Ghosh, Swati; Hernandez, Leonardo

Corporate growth, financing, and risks in the decade before East Asia's financial crisis (English)

East Asia's financial crisis has been attributed in part to the weak performance and risky financial structures of Asian corporations. In the period before Asia's financial crisis, however, analysts were not suggesting that the financial structure of many East Asian corporations would be unable to withstand the combined shocks of increased interest rates, depreciated currencies, and large drops in domestic demand. ... See More +

Policy Research Working Paper WPS2017 NOV 30, 1998

Claessens,Constantijn A.; Djankov, Simeon; Lang, Larry

How does foreign entry affect the domestic banking market? (English)

Banking markets are becoming increasingly international through financial liberalization and general economic integration. Using bank-level data for 80 countries for 1988-95, the authors examine the extent of foreign ownership in national banking markets. ... See More +

Policy Research Working Paper WPS1918 MAY 01, 1998

Claessens,Constantijn A.; Demirguc-Kunt, Asli; Huizinga, Harry Disclosed

The internationalization of financial services in Asia (English)

The internationalization of financial services -- eliminating discrimination between the treatment of foreign and domestic providers of financial services and removing barriers to the cross-border provision of financial services -- is of global interest, especially in Asia. ... See More +

Policy Research Working Paper WPS1911 APR 30, 1998

Claessens,Constantijn A.; Glaessner, Tom

Title Document Date Report No. Document Type Also available in
Enforcement and Corporate Governance (English)
See More +
SEP 01, 2004 WPS3409 Policy Research Working Paper
Resolving systemic financial crisis : policies and institutions (English)
See More +
AUG 01, 2004 WPS3377 Policy Research Working Paper
Buildings market institutions in South Eastern Europe : comparative prospects for investment and private sector development (English)
See More +
MAY 01, 2004 29301 Publication
What drives bank competition? some international evidence (English)
See More +
AUG 31, 2003 WPS3113 Policy Research Working Paper
Financial development, property rights, and growth (English)
See More +
NOV 30, 2002 WPS2924 Policy Research Working Paper
Bankruptcy around the world - explanations of its relative use (English)
See More +
JUL 31, 2002 WPS2865 Policy Research Working Paper
Explaining the migration of stocks from exchanges in emerging economies to international centers (English)
See More +
MAR 31, 2002 WPS2816 Policy Research Working Paper
The political economy of distress in East Asian financial institutions (English)
See More +
JAN 31, 2000 WPS2265 Policy Research Working Paper
Corporate risk around the world (English)
See More +
JAN 31, 2000 WPS2271 Policy Research Working Paper
Alternative frameworks for providing financial services (English)
See More +
SEP 30, 1999 WPS2189 Policy Research Working Paper
Resolution of corporate distress - evidence from East Asia's financial crisis (English)
See More +
JUN 30, 1999 WPS2133 Policy Research Working Paper
Expropriation of minority shareholders : evidence from East Asia (English)
See More +
MAR 31, 1999 WPS2088 Policy Research Working Paper
Corporate diversification in East Asia : the role of ultimate ownership and group affiliation (English)
See More +
MAR 31, 1999 WPS2089 Policy Research Working Paper
Who controls East Asian corporations ? : Who controls East Asian corporations? (English)
See More +
FEB 28, 1999 WPS2054 Policy Research Working Paper
Diversification and efficiency of investment by East Asian corporations (English)
See More +
DEC 31, 1998 WPS2033 Policy Research Working Paper
Thailand's corporate financing and governance structures (English)
See More +
NOV 30, 1998 WPS2003 Policy Research Working Paper
Volatility and contagion in a financially integrated world : lessons from East Asia's recent experience (English)
See More +
NOV 30, 1998 WPS2008 Policy Research Working Paper
Corporate growth, financing, and risks in the decade before East Asia's financial crisis (English)
See More +
NOV 30, 1998 WPS2017 Policy Research Working Paper
How does foreign entry affect the domestic banking market? (English)
See More +
MAY 01, 1998 WPS1918 Policy Research Working Paper
The internationalization of financial services in Asia (English)
See More +
APR 30, 1998 WPS1911 Policy Research Working Paper