Maria Martinez Peria's Books

The Anatomy of Banks’ IT Investments: Drivers and Implications

By: Kosha Modi,Mr. Nicola Pierri,Mr. Yannick Timmer,Mr. Maria Soledad Martinez Peria

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The Anatomy of Banks’ IT Investments: Drivers and Implications

By: Kosha Modi,Mr. Nicola Pierri,Mr. Yannick Timmer,Mr. Maria Soledad Martinez Peria

This paper relies on administrative data to study determinants and implications of US banks’ Information Technology (IT) investments, which have increased six-fold over two decades. Large and small banks had similar IT expenses a decade ago. Since then, large banks sharply increased their spending, especially those which were more exposed to competition from fintech lenders. Other local-level and bank-level factors, such as county income and bank income sources, also contribute to explain the heterogeneity in IT investments. Analysis of the mortgage market reveals that fintechs’ lending behavior is more similar to that of non-bank financial intermediaries rather than IT-savvy banks, suggesting that factors other than technology are responsible for the differences between banks and other lenders. However, both IT-savvy banks and fintech lend to lower income borrowers, pointing towards benefits for financial inclusion from higher IT adoption. Banks’ IT investments are also shown to matter for the responsiveness of bank lending to monetary policy.

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International Monetary Fund

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ISBN 13

9798400226076

The Internationalization of China’s Equity Markets

By: Juan J. Cortina,Mr. Maria Soledad Martinez Peria,Mr. Sergio L. Schmukler,Jasmine Xiao

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The Internationalization of China’s Equity Markets

By: Juan J. Cortina,Mr. Maria Soledad Martinez Peria,Mr. Sergio L. Schmukler,Jasmine Xiao

China’s equity markets internationalization process started in the early 2000s but accelerated after 2012, when Chinese firms’ shares listed in Shanghai and Shenzhen gradually became available to international investors. This paper studies the effects of the post-2012 internationalization events by comparing the evolution of equity financing and investment activities for: (i) domestic listed firms relative to firms that already had access to international investors and (ii) domestic listed firms that were directly connected to international markets relative to those that were not. The paper finds large increases in financial and investment activities for domestic listed and for connected firms, with significant aggregate effects. The evidence also suggests the rise in firms’ equity issuances was primarily and initially financed by domestic investors. International investors’ portfolio holdings in Chinese equity markets and ownership in firms increased markedly only once Chinese firms’ locally issued shares became part of the MSCI Emerging Markets Index.

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International Monetary Fund

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ISBN 13

9798400233876

Trade-offs in Bank Resolution

By: Mr.Giovanni Dell'Ariccia,Mr.Maria Soledad Martinez Peria,Ms.Deniz O Igan,Elsie Addo Awadzi,Marc Dobler,Mr.Damiano Sandri

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Trade-offs in Bank Resolution

By: Mr.Giovanni Dell'Ariccia,Mr.Maria Soledad Martinez Peria,Ms.Deniz O Igan,Elsie Addo Awadzi,Marc Dobler,Mr.Damiano Sandri

This SDN revisits the debate on bank resolution regimes, first by presenting a simple model of bank insolvency that transparently describes the trade-off involved between bail-outs, bail-ins, and larger capital buffers. The note then looks for empirical evidence to assess the moral hazard consequences of bail-outs and the systemic spillovers from bail-ins.

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International Monetary Fund

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ISBN 10

1484341007

ISBN 13

9781484341001

Bank Ownership

Trends and Implications

By: Robert Cull,Mr.Maria Soledad Martinez Peria,Jeanne Verrier

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Bank Ownership

Trends and Implications

By: Robert Cull,Mr.Maria Soledad Martinez Peria,Jeanne Verrier

This paper presents recent trends in bank ownership across countries and summarizes the evidence regarding the implications of bank ownership structure for bank performance and competition, financial stability, and access to finance. The evidence reviewed suggests that foreign-owned banks are more efficient than domestic banks in developing countries, promote competition in host banking sectors, and help stabilize credit when host countries face idiosyncratic shocks. But there are tradeoffs, since foreign-owned banks can transmit external shocks and might not always expand access to credit. The record on the impact of government bank ownership suggests few benefits, especially for developing countries.

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International Monetary Fund

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ISBN 10

1475588135

ISBN 13

9781475588132

What Policy Combinations Worked? The Effect of Policy Packages on Bank Lending During COVID-19

By: Mr. Divya Kirti,Mr. Maria Soledad Martinez Peria,Ms. Prachi Mishra,Jan Strasky

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What Policy Combinations Worked? The Effect of Policy Packages on Bank Lending During COVID-19

By: Mr. Divya Kirti,Mr. Maria Soledad Martinez Peria,Ms. Prachi Mishra,Jan Strasky

This paper analyzes the impact of fiscal, monetary, and prudential policies during the COVID-19 pandemic on bank lending across a broad sample of countries. We combine a comprehensive announcementlevel dataset of policy actions with bank and firm-level information to analyze the effectiveness of different types of policies. We document that different types of policies were introduced together and hence accounting for policy combinations, or packages, is crucial. Lending grew faster at banks in countries that announced packages combining fiscal, monetary, and prudential measures relative to those that relied on some, but not all, policy dimensions. Within packages including all three types of policy measures, banks in countries with more and larger measures saw faster loan growth. The impact was larger among more constrained banks with low equity levels. Large packages combining fiscal, monetary and prudential policies also increased liquidity for bank dependent firms, but did not disproportionately benefit unviable firms.

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International Monetary Fund

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ISBN 13

9798400233913

Casting Light on Central Bank Digital Currencies

By: Mr.Tommaso Mancini Griffoli,Mr.Maria Soledad Martinez Peria,Mr.Itai Agur,Mr.Anil Ari,Mr.John Kiff,Ms.Adina Popescu,Ms.Celine Rochon

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Casting Light on Central Bank Digital Currencies

By: Mr.Tommaso Mancini Griffoli,Mr.Maria Soledad Martinez Peria,Mr.Itai Agur,Mr.Anil Ari,Mr.John Kiff,Ms.Adina Popescu,Ms.Celine Rochon

Digitalization is reshaping economic activity, shrinking the role of cash, and spurring new digital forms of money. Central banks have been pondering wheter and how to adapt. One possibility is central bank digital currency (CBDC)-- a widely accessible digital form of fiat money that could be legal tender. This discussion note proposes a conceptual framework to assess the case for CBDC adoption from the perspective of users and central banks. It discusses possible CBDC designs, and explores potential benefits and costs, with a focus on the impact on monetary policy, financial stability, and integrity. This note also surveys research and pilot studies on CBDC by central banks around the world.

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International Monetary Fund

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ISBN 10

1484384571

ISBN 13

9781484384572

Foreign Bank Subsidiaries’ Default Risk during the Global Crisis

What Factors Help Insulate Affiliates from their Parents?

By: Deniz Anginer,Mr.Eugenio M Cerutti,Mr.Maria Soledad Martinez Peria

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Foreign Bank Subsidiaries’ Default Risk during the Global Crisis

What Factors Help Insulate Affiliates from their Parents?

By: Deniz Anginer,Mr.Eugenio M Cerutti,Mr.Maria Soledad Martinez Peria

This paper examines the association between the default risk of foreign bank subsidiaries in developing countries and their parents during the global financial crisis, with the purpose of determining the size and sign of this correlation and, more importantly, understanding what factors can help insulate affiliates from their parents. We find evidence of a significant and robust positive correlation between parent banks’ and foreign subsidiaries’ default risk. This correlation is lower for subsidiaries that have a higher share of retail deposit funding and that are more independently managed from their parents. Host country bank regulations also influence the extent to which shocks to the parents affect the subsidiaries’ default risk. In particular, the correlation between the default risk of subsidiaries and their parents is lower for subsidiaries operating in countries that impose higher capital, reserve, provisioning, and disclosure requirements, and tougher restrictions on bank activities.

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International Monetary Fund

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ISBN 10

1475535414

ISBN 13

9781475535419

Foreign Banks and Credit Dynamics in CESEE

By: Maria Arakelyan

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Foreign Banks and Credit Dynamics in CESEE

By: Maria Arakelyan

We use bank-level data on 16 CESEE economies over 2005-2014 to assess the role of foreign banks in the region’s credit dynamics. We confirm that macroeconomic fundamentals of both host and home countries matter, as do the bank and parent bank characteristics. Moreover, we take a new approach by studying the drivers of differential credit growth between parent banks and their foreign subsidiaries. Host country macroeconomic fundamentals cease to play a significant role, while bank-level characteristics and in particular parent bank-level characteristics remain important. From policymakers’ perspective, the paper provides further empirical evidence on the importance of monitoring the health of foreign parent banks as well as the potential regulatory changes in their home jurisdictions.

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International Monetary Fund

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ISBN 10

1484336895

ISBN 13

9781484336892

Insolvency Prospects Among Small-and-Medium-Sized Enterprises in Advanced Economies

Assessment and Policy Options

By: Mr.Federico J Diez,Mr.Romain A Duval,Jiayue Fan,José Garrido,Sebnem Kalemli-Ozcan,Chiara Maggi,Ms.Maria Soledad Martinez Peria,Mr.Nicola Pierri

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Insolvency Prospects Among Small-and-Medium-Sized Enterprises in Advanced Economies

Assessment and Policy Options

By: Mr.Federico J Diez,Mr.Romain A Duval,Jiayue Fan,José Garrido,Sebnem Kalemli-Ozcan,Chiara Maggi,Ms.Maria Soledad Martinez Peria,Mr.Nicola Pierri

The COVID-19 pandemic has increased insolvency risks, especially among small and medium enterprises (SMEs), which are vastly overrepresented in hard-hit sectors. Without government intervention, even firms that are viable a priori could end up being liquidated—particularly in sectors characterized by labor-intensive technologies, threatening both macroeconomic and social stability. This staff discussion note assesses the impact of the pandemic on SME insolvency risks and policy options to address them. It quantifies the impact of weaker aggregate demand, changes in sectoral consumption patterns, and lockdowns on firm balance sheets and estimates the impact of a range of policy options, for a large sample of SMEs in (mostly) advanced economies.

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International Monetary Fund

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ISBN 10

1513574566

ISBN 13

9781513574561

The Micro Impact of Macroprudential Policies: Firm-Level Evidence

By: Meghana Ayyagari,Thorsten Beck,Mr.Maria Soledad Martinez Peria

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The Micro Impact of Macroprudential Policies: Firm-Level Evidence

By: Meghana Ayyagari,Thorsten Beck,Mr.Maria Soledad Martinez Peria

Combining balance sheet data on 900,000 firms from 48 countries with information on the adoption of macroprudential policies during 2003-2011, we find that these policies are associated with lower credit growth. These effects are especially significant for micro, small and medium enterprises (MSMEs) and young firms that, according to the literature, are more financially constrained and bank dependent. Among MSMEs and young firms, those with weaker balance sheets exhibit lower credit growth in conjunction with the adoption of macroprudential policies, suggesting that these policies can enhance financial stability. Finally, our results show that macroprudential policies have real effects, as they are associated with lower investment and sales growth.

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International Monetary Fund

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ISBN 10

1484390504

ISBN 13

9781484390504

Understanding the Use of Long-term Finance in Developing Economies

By: Mr.Maria Soledad Martinez Peria,Mr.Sergio L. Schmukler

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Understanding the Use of Long-term Finance in Developing Economies

By: Mr.Maria Soledad Martinez Peria,Mr.Sergio L. Schmukler

This short paper reviews recent literature on the use of long-term finance in developing economies (relative to advanced ones) to identify where long-term financing occurs, and what role different financial intermediaries and markets play in extending this type of financing. Although banks are the most important providers of credit, they do not seem to offer long-term financing. Capital markets have grown since the 1990s and can provide financing at fairly long terms. But few firms use these markets. Only some institutional investors provide funding at long-term maturities. Governments might help to expand long-term financing, although with limited policy tools.

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International Monetary Fund

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ISBN 10

1475595751

ISBN 13

9781475595758

Debt Maturity and the Use of Short-Term Debt

Evidence form Sovereigns and Firms

By: Sophia Chen,Mrs.Paola Ganum,Lucy Qian Liu,Mr.Leonardo Martinez,Mr.Maria Soledad Martinez Peria

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Debt Maturity and the Use of Short-Term Debt

Evidence form Sovereigns and Firms

By: Sophia Chen,Mrs.Paola Ganum,Lucy Qian Liu,Mr.Leonardo Martinez,Mr.Maria Soledad Martinez Peria

The maturity structure of debt can have financial and real consequences. Short-term debt exposes borrowers to rollover risk (where the terms of financing are renegotiated to the detriment of the borrower) and is associated with financial crises. Moreover, debt maturity can have an impact on the ability of firms to undertake long-term productive investments and, as a result, affect economic activity. The aim of this paper is to examine the evolution and determinants of debt maturity and to characterize differences across countries.

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International Monetary Fund

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ISBN 10

1484380533

ISBN 13

9781484380536

The Effects of Higher Bank Capital Requirements on Credit in Peru

By: Xiang Fang,David Jutrsa,Mr.Maria Soledad Martinez Peria,Andrea Presbitero,Mr.Lev Ratnovski,Mr.Felix J Vardy

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The Effects of Higher Bank Capital Requirements on Credit in Peru

By: Xiang Fang,David Jutrsa,Mr.Maria Soledad Martinez Peria,Andrea Presbitero,Mr.Lev Ratnovski,Mr.Felix J Vardy

This paper offers novel evidence on the impact of raising bank capital requirements in the context of an emerging market: Peru. Using quarterly bank-level data and exploiting the adoption of bank-specific capital buffers, we find that higher capital requirements have a short-lived, negative impact on bank credit in Peru, although this effect becomes statistically insignificant in about half a year. This finding is robust to estimating different specifications to address concerns about the exogeneity of capital requirements. The fact that the reform was gradual and pre-announced and that banks were highly profitable at the time could explain the short-lived effects on credit.

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International Monetary Fund

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ISBN 10

1484378369

ISBN 13

9781484378366

What Policy Combinations Worked? The Effect of Policy Packages on Bank Lending During COVID-19

By: Mr. Divya Kirti,Mr. Maria Soledad Martinez Peria,Ms. Prachi Mishra,Jan Strasky

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What Policy Combinations Worked? The Effect of Policy Packages on Bank Lending During COVID-19

By: Mr. Divya Kirti,Mr. Maria Soledad Martinez Peria,Ms. Prachi Mishra,Jan Strasky

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ISBN 13

9798400233913

The Micro Impact of Macroprudential Policies: Firm-Level Evidence

By: Meghana Ayyagari,Thorsten Beck,Mr.Maria Soledad Martinez Peria

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The Micro Impact of Macroprudential Policies: Firm-Level Evidence

By: Meghana Ayyagari,Thorsten Beck,Mr.Maria Soledad Martinez Peria

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International Monetary Fund

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1484390504

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9781484390504

Understanding the Use of Long-term Finance in Developing Economies

By: Mr.Maria Soledad Martinez Peria,Mr.Sergio L. Schmukler

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Understanding the Use of Long-term Finance in Developing Economies

By: Mr.Maria Soledad Martinez Peria,Mr.Sergio L. Schmukler

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International Monetary Fund

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1475595751

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9781475595758

Book's by Maria Martinez Peria

The Anatomy of Banks’ IT Investments: Drivers and Implications

The Anatomy of Banks’ IT Investments: Drivers and Implications

The Internationalization of China’s Equity Markets

The Internationalization of China’s Equity Markets

Trade-offs in Bank Resolution

Trade-offs in Bank Resolution

Bank Ownership

Bank Ownership

What Policy Combinations Worked? The Effect of Policy Packages on Bank Lending During COVID-19

What Policy Combinations Worked? The Effect of Policy Packages on Bank Lending During COVID-19

Casting Light on Central Bank Digital Currencies

Casting Light on Central Bank Digital Currencies

Foreign Bank Subsidiaries’ Default Risk during the Global Crisis

Foreign Bank Subsidiaries’ Default Risk during the Global Crisis

Foreign Banks and Credit Dynamics in CESEE

Foreign Banks and Credit Dynamics in CESEE

Insolvency Prospects Among Small-and-Medium-Sized Enterprises in Advanced Economies

Insolvency Prospects Among Small-and-Medium-Sized Enterprises in Advanced Economies

The Micro Impact of Macroprudential Policies: Firm-Level Evidence

The Micro Impact of Macroprudential Policies: Firm-Level Evidence

Understanding the Use of Long-term Finance in Developing Economies

Understanding the Use of Long-term Finance in Developing Economies

Debt Maturity and the Use of Short-Term Debt

Debt Maturity and the Use of Short-Term Debt

The Effects of Higher Bank Capital Requirements on Credit in Peru

The Effects of Higher Bank Capital Requirements on Credit in Peru

What Policy Combinations Worked? The Effect of Policy Packages on Bank Lending During COVID-19

What Policy Combinations Worked? The Effect of Policy Packages on Bank Lending During COVID-19

The Micro Impact of Macroprudential Policies: Firm-Level Evidence

The Micro Impact of Macroprudential Policies: Firm-Level Evidence

Understanding the Use of Long-term Finance in Developing Economies

Understanding the Use of Long-term Finance in Developing Economies

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