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Public Financial Institutions in Developed Countries

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  • Lev Ratnovski
  • Aditya Narain

Abstract

While public financial institutions (such as public development banks) are commonly associated with developing countries, in fact they are prevalent in the developed world as well. We study a sample of public financial institutions in industrialized countries and identify dominant trends in their organization and oversight. While practices in developed countries may be a useful reference point, a more nuanced approach, accounting for the disparity of institutional environment, regulatory capacity, and government accountability and effectiveness, may be required in developing countries. Further investment in the accumulation of evidence and formulation of best practices in the organization and oversight of public financial institutions seems warranted and necessary. This paper was prepared while Mr. Ratnovski was working in the Financial Supervision and Regulation Division during January-April 2006. The authors are grateful to Jonathan Fiechter, David Marston, and participants of an MCM seminar in April 2006 for their helpful comments.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 07/227.

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Length: 28
Date of creation: 01 Sep 2007
Date of revision:
Handle: RePEc:imf:imfwpa:07/227

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Keywords: Financial institutions; Developed countries; Bank supervision; sme; financial services; financial markets; venture capital; financial system; financial instruments; financial market; corporate governance; sme finance; financial stability; microfinance; finance institutions; venture capital funds; financial sector; hedging; deposit insurance; regional venture capital; interest rate derivatives; small firms; business development; financial regulation; small business; financial institution; financial market development; hedge; capital markets; interest rate risk; nonprofit corporations; sme lending; sme sector; liquidity support; derivatives markets; financial intermediation; medium enterprise; bonds; present value; hedging instruments; net present value; financial liberalizations; financial statements; competition policy; small businesses; financial intermediaries; financial corporations; moral hazard; bond markets; guaranteed bonds; microfinance programs; local businesses; bond;

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