Martin Melecky's Books

Risks and Returns

Managing Financial Trade-Offs for Inclusive Growth in Europe and Central Asia

By: David Michael Gould,Martin Melecky

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Risks and Returns

Managing Financial Trade-Offs for Inclusive Growth in Europe and Central Asia

By: David Michael Gould,Martin Melecky

During the 1990s, Emerging Europe and Central Asia (ECA) opted for a model of rapid financial development focused on bank credit expansion often funded by foreign capital. This model helped boost the financial inclusion of firms and households, but was also accompanied by lower financial efficiency and increased vulnerability to banking crises. The need for financial sector reforms has become more urgent as stagnating income growth, particularly of middle- to lower-income earners, is leading to increased dissatisfaction with the status quo of low productivity growth and limited access to opportunities. This demand for change can be the impetus for rebalancing financial policies to support higher and more inclusive growth. A healthy and balanced financial sector is needed to support structural adjustment in the oil dependent economies of the eastern side ECA and greater innovation in the countries of the western part of ECA. This report argues that financial development must reach beyond increasing access to credit. ECA countries should strive to build balanced financial systems integrating both bank and non-bank markets, enabling prudent financial inclusion. Most importantly, ECA falls significantly behind other world regions in the use of saving products. Striking the right balance across all dimensions of financial development (stability, efficiency, inclusion, and overall depth) is crucial for achieving and sustaining inclusive growth.

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Page Count

427

Publisher

World Bank Publications

Published Date

ISBN 10

1464809682

ISBN 13

9781464809682

Braced for Impact

Reforming Kazakhstan's National Financial Holding for Development Effectiveness and Market Creation

By: Martin Melecky,Pasquale Di Benedetta,Ismael Ahmad Fontan,Ganbaatar Jambal

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Braced for Impact

Reforming Kazakhstan's National Financial Holding for Development Effectiveness and Market Creation

By: Martin Melecky,Pasquale Di Benedetta,Ismael Ahmad Fontan,Ganbaatar Jambal

Braced for Impact: Reforming Kazakhstan’s National Financial Holding for Development Effectiveness and Market Creation offers a framework for assessing the readiness of development finance institutions (DFIs) and their conglomerates to deliver credible development impact and create financial markets. The framework focuses on accountability for impact, responsible leveraging of entrusted capital, holistic risk management, and proper governance. It is used to assess Baiterek, Kazakhstan’s national financial holding—a conglomerate of DFIs—and to derive policy options and practical recommendations for the given country context. If the recommended reforms are implemented, Baiterek will be braced for positive impact on Kazakhstani firms, households, and the environment while also helping create deeper financial markets through robust mobilization of private capital. A reformed Baiterek could become a leading global DFI conglomerate and a role model for similar institutions in other countries. However, if too few or none of the recommended reforms are undertaken, Baiterek will need to brace for further criticism from unhappy stakeholders.

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Page Count

125

Publisher

World Bank Publications

Published Date

ISBN 10

1464820163

ISBN 13

9781464820168

Hidden Debt

Solutions to Avert the Next Financial Crisis in South Asia

By: Martin Melecky

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Hidden Debt

Solutions to Avert the Next Financial Crisis in South Asia

By: Martin Melecky

The COVID-19 crisis, which has sent economies in South Asia and around the world into a deep recession, has highlighted South Asia’s rising debt levels and sizable hidden liabilities. State-owned enterprises, state-owned commercial banks, and public-private partnerships have been at the center of the rising debt wave and the latest pandemic response. Historically,South Asia has relied on these direct public interventions more than other regions. The interventions have helped governments tackle key development challenges and rapidly deliver relief measures during crises. However, because of their inefficiencies and weak governance, the interventions are also a significant source of public indebtedness and macrofinancial risks. Hidden Debt examines the trade-off between tackling development challenges through direct state presence in the market and avoiding unsustainable debt due to economic inefficiencies of such off†“balance sheet operations, which greatly leverage public capital. The study recommends a reform agenda based on the four interrelated principles of purpose, incentives, transparency, and accountability (PITA). The reforms can mitigate the risks that off†“balance sheet operations will become the source of the next financial crisis in South Asia.

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Page Count

271

Publisher

World Bank Publications

Published Date

ISBN 10

1464816689

ISBN 13

9781464816680

Finance and Inequality

By: Mr.Martin Cihak,Ms.Ratna Sahay

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Finance and Inequality

By: Mr.Martin Cihak,Ms.Ratna Sahay

The study examines empirical relationships between income inequality and three features of finance: depth (financial sector size relative to the economy), inclusion (access to and use of financial services by individuals and firms), and stability (absence of financial distress). Using new data covering a wide range of countries, the analysis finds that the financial sector can play a role in reducing inequality, complementing redistributive fiscal policy. By expanding the provision of financial services to low-income households and small businesses, it can serve as a powerful lever in helping create a more inclusive society but—if not well managed—it can amplify inequalities.

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Publisher

International Monetary Fund

Published Date

ISBN 10

1513526545

ISBN 13

9781513526546

Financial Inclusion

Can it Meet Multiple Macroeconomic Goals?

By: Ms.Ratna Sahay,Martin Cihak,Mr.Papa N'Diaye,Mr.Adolfo Barajas,Ms.Srobona Mitra,Ms.Annette Kyobe,MissYen Mooi,Mr.Reza Yousefi

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Financial Inclusion

Can it Meet Multiple Macroeconomic Goals?

By: Ms.Ratna Sahay,Martin Cihak,Mr.Papa N'Diaye,Mr.Adolfo Barajas,Ms.Srobona Mitra,Ms.Annette Kyobe,MissYen Mooi,Mr.Reza Yousefi

Using several recently available global datasets, this Staff Discussion Note examines macroeconomic effects of financial inclusion. It finds significant benefits to economic growth from financial inclusion, but the benefits diminish as financial inclusion and depth become large. Broadening access to credit can compromise economic and bank stability in countries with weak bank supervision. Other forms of financial inclusion—such as access to and use of bank accounts, branches, and ATMs—do not hurt stability, and can be promoted extensively. The note finds that gaps in financial inclusion are associated with economic inequality, but the association appears relatively weak.

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International Monetary Fund

Published Date

ISBN 10

1513585150

ISBN 13

9781513585154

Golden Growth

Restoring the Lustre of the European Economic Model

By: Indermit S. Gill,Martin Raiser

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Golden Growth

Restoring the Lustre of the European Economic Model

By: Indermit S. Gill,Martin Raiser

The public debt crisis in Europe has shaken the confidence not just in the Euro, but in the European model. Aging and uneconomical Europeans are being squeezed between innovative Americans and efficient Asians, it is said. With debt and demographics dragging down them down, one hears that European economies will not grow much unless radically new ways are discovered. The end of complacency in Europe is a good thing, but this loss of confidence could be dangerous. The danger is that in a rush to rejuvenate growth, the attractive attributes of the European development model could be abandoned along with the weak. In fact, the European growth model has many strong points and enviable accomplishments. One can say without exaggeration that Europe had invented a convergence machine , taking in poor countries and helping them become high income economies. World Bank research has identified 27 countries that have grown from middle-income to high income since 1987: a few thanks to the discovery and exploitation of massive natural resources (e.g.: oil in Oman and Trinidad and Tobago), several others like Japan, Hong Kong, Singapore, Taiwan, and South Korea, embracing aggressive export-led strategies which involved working and saving a lot, postponing political liberties, and looking out only for themselves. But half of the countries that have grown from middle income to high income Croatia, Cyprus, Czech Republic, Estonia, Greece, Hungary, Latvia, Malta, Poland, Portugal, Slovak Republic, and Slovenia are actually in Europe. This is why the European model was so attractive and unique, and why with some well designed efforts it ought to be made right again.

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Page Count

515

Publisher

World Bank Publications

Published Date

ISBN 10

0821389661

ISBN 13

9780821389669

Risks and Returns

Managing Financial Trade-Offs for Inclusive Growth in Europe and Central Asia

By: David Michael Gould,Martin Melecky

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Risks and Returns

Managing Financial Trade-Offs for Inclusive Growth in Europe and Central Asia

By: David Michael Gould,Martin Melecky

Average ratings

N/A

Write a review

Solve jigsaw puzzle

Age

Page Count

427

Publisher

World Bank Publications

Published Date

ISBN 10

1464809682

ISBN 13

9781464809682

Braced for Impact

Reforming Kazakhstan's National Financial Holding for Development Effectiveness and Market Creation

By: Martin Melecky,Pasquale Di Benedetta,Ismael Ahmad Fontan,Ganbaatar Jambal

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Braced for Impact

Reforming Kazakhstan's National Financial Holding for Development Effectiveness and Market Creation

By: Martin Melecky,Pasquale Di Benedetta,Ismael Ahmad Fontan,Ganbaatar Jambal

Average ratings

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Solve jigsaw puzzle

Age

Page Count

125

Publisher

World Bank Publications

Published Date

ISBN 10

1464820163

ISBN 13

9781464820168

Hidden Debt

Solutions to Avert the Next Financial Crisis in South Asia

By: Martin Melecky

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Hidden Debt

Solutions to Avert the Next Financial Crisis in South Asia

By: Martin Melecky

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Solve jigsaw puzzle

Age

Page Count

271

Publisher

World Bank Publications

Published Date

ISBN 10

1464816689

ISBN 13

9781464816680

Book's by Martin Melecky

Risks and Returns

Risks and Returns

Braced for Impact

Braced for Impact

Hidden Debt

Hidden Debt

Finance and Inequality

Finance and Inequality

Financial Inclusion

Financial Inclusion

Golden Growth

Golden Growth

Risks and Returns

Risks and Returns

Braced for Impact

Braced for Impact

Hidden Debt

Hidden Debt

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