The audit rates the outcome of the project as satisfactory, sustainability as likely, institutional development impact as substantial, and Bank performance as satisfactory, agreeing with the Implementation Completion Report ratings - the exception being that of the Borrower's performance, which is downgraded to a satisfactory rating, due to the perception of weak political commitments regarding the downsizing of the Banco de la Nacion Argentina (BNA), which included the use of targeted interest rate subsidies for two special credit facilities. Lessons drawn from the project suggest the need of including specific outcome descriptions, such as quantitative targets whenever possible, since it would have been beneficial in this case, that the goal of reducing the state's role in the financial system, be associated with specific size dimension, for instance percentage of assets, or deposits. The need for a strong government commitment is re-emphasized as critical to a project's success, as the strong support to reforms, proved crucial to the effective management of the 1995 liquidity crisis. The simple project design, conforming to just two key policy areas, particularly for adjustment lending, continues to prove success. However, due to time pressures, fewer reforms were agreed, maybe precluding downsizing options for the role of the state in the financial sector.
Detalhes
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Data do documento
2000/05/23
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TIpo de documento
Relatório sobre Avaliação do Desempenho do Projeto
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No. do relatório
20476
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Nº do volume
1
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Total Volume(s)
1
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País
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Região
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Data de divulgação
2017/11/20
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Disclosure Status
Disclosed
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Nome do documento
Argentina - Financial Sector Adjustment Loan Project
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Palavras-chave
banking system;provincial bank;Financial Sector;Debt and Debt Service Reduction;Special Structural Adjustment Loan;commercial bank;lender of last resort;banking regulation and supervision;fixed exchange rate regime;financial sector adjustment;volatility of interest rate;increase in interest rate;economic and sector work;number of banks;international financial market;financial system;public sector bank;Privatization;interest rate subsidy;interest rate risk;interest rate liberalization;degrees of freedom;private sector bank;financial sector reform;institutional development impact;trade policy reform;Banking Supervision;external shock;local capital market;asset and liability;economic reform program;cost of capital;savings and investment;financial intermediation activities;public sector deficit;competitive private sector;implementation of regulation;macroeconomic policy framework;adequate regulatory framework;financial sector review;interest rate policy;quality at entry;social security reform;concerns about liquidity;cooperation and assistance;international financial community;interest rate volatility;management of asset;banks' balance sheet;inflow of capital;financial sector development;restrictive monetary policy;role of bank;development financing institution;bank liquidity crisis;outflow of deposit;lack of resource;institutional development strategy;mortgage backed securities;payment system risk;domestic interest rate;domestic banking system;banking system stability;issuance of bond;private sector counterpart;monetary policy rule;introducing new products;borrower performance;private bank;liquidity problem;capital requirement;banking sector;
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