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 | IMF–World Bank Conference on Managing Systemic Crises
On May 26, 2009, Stijn Claessens (IMF) and Asli Demirguc-Kunt (World Bank) jointly organized a one-day conference on “Managing Systemic Crises and Redesigning Financial Systems,” featuring several experts in the field. Some of the issues were hotly debated, but several policy recommendations emerged from the discussion.
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 | The Use of Bankruptcy in the Resolution of Corporate Distress
Prospects of illiquidity and potential insolvency are becoming more likely around the world--and one of the important concerns for policymakers is the effectiveness of existing bankruptcy regimes. |
 | How to Bring Banks Back to Life: Q&A with Asli Demirguc-Kunt
The current distress of large international banks in the US and Europe is spurring a rethinking of banking system regulations both in rich countries and in emerging markets. Asli Demirguc-Kunt, Senior Research Manager for Finance and Private Sector Development in the World Bank’s Development Research Group, offers her thoughts on some of today’s most pressing questions |
 | Our conference on Measurement, Promotion and Impact of Access to Financial Services took place March 12-13 2009. Summary |
 | Are All the Sacred Cows Dead? Implications of the Financial Crisis for Macro and Financial Policies
Massive liquidity injections, blanket guarantees for deposits, large government ownership stakes in banks--has the recent crisis killed all the sacred cows of financial policy advice? We think not. |
 | Financial Stability and Access: The Importance of Financial Literacy
We are just beginning to understand the linkages between financial literacy and financial sector development and stability. Read here to find out more about recent research, including efforts to establish a causal link between financial literacy training and financial sector outcomes. |
| The Ongoing Financial Crisis
Our recent conference on "Risk Analysis and Management" was the scene of a lively discussion on securitization, contagion, and implications for bank regulation, all framed within the context of the current financial crisis. |
 | The Promise of Index Insurance Is index-based insurance an effective tool to hedge production risk? A series of papers explore the introduction of index-based insurance and its widespread use among smallholder farmers in developing countries. |
 | Microfinance Meets the Market When Muhammad Yunus and Grameen Bank won the Nobel Peace Prize in 2006, the world community celebrated the ways that expanding financial access can improve the lives of the poor. A new paper clarifies what's at stake when the worlds of non-profit microfinance and commercial banking intersect. |
 | Small Business Finance – What Works, What Doesn't? A conference held at the World Bank's headquarters on May 5 and 6 brought together academics, practitioners, and policy makers for an interesting discussion on small business finance. |
 | Using Surveys to Measure Households' Access to and Use of Financial Services, March 2008
To get a picture of how households are dealing with their need for financial services, there is really no substitute for surveying household members directly, and so World Bank researchers are ramping up efforts in this area.
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 | Returns to Capital in Microenterprises: New Experimental Evidence from Sri Lanka and Mexico, January 2008
Do small informal firms hold the potential for income growth for their owners, or are they merely a source of subsistence income for low-productivity individuals unable to find alternative work? Firms were randomly chosen to receive additional capital ($100-$200) grants and the returns to those infusions were much higher than market interest rates. Since microenterprises could pay high interest rates, it appears that it is not the cost of capital, but limited access to it that is the issue.
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| | Finance for All? Policies and Pitfalls in Expanding Access, a new Policy Research Report by the Finance and Private Sector Development Unit, takes stock of our current knowledge in the area of access to financial services. It presents indicators to measure access to finance, analyzes its determinants, and evaluates its impact on growth, equity and poverty reduction, drawing on research utilizing data both at the firm and household level. It discusses the role of government in advancing financial inclusion and concludes with policy implications and a research agenda for future work.
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| | Entrepreneurship and Firm Formation across Countries
September, 2007
How different is entrepreneurial activity and around the world? How important is it for development? New data and analysis start answering some of these questions. The 2007 World Bank Group Entrepreneurship Survey measures entrepreneurial activity in 84 developing and industrial countries around the world over the period 2003-2005. This study finds significant relationships between entrepreneurial activity and indicators of economic and financial development and growth, the quality of the legal and regulatory environment, and governance. More....
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| Access to Finance: The Unfinished Agenda
Without access to external finance, firms cannot realize their full growth potential. This can slow down economic growth for a country as a whole. There have been many recent advances in understanding how to measure access to financial services; what determines the level of access; and the impact of access to finance. But a substantial and exciting agenda remains to be explored in this key area of development, concluded experts at a recent conference in Washington, DC.
Featured article Conference website Data on access to finance
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 | Bank Regulation and Corporate Finance: Challenges for the Future
A recent conference on bank regulation and corporate finance discussed Basel II—a new regulatory framework aimed at ensuring the solvency and viability of banks—and the roles of capital requirements, supervisory powers, and market discipline. This October 2006 event was hosted in Washington DC by the World Bank and the Journal of Financial Intermediation.
Full story Conference papers and presentations
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 | Strengthen Access to Finance for SMEs while improving business environment for all firms
New research findings break away from the traditional view that subsidizing small and medium-size enterprises (SMEs) fosters growth and poverty alleviation. Researchers Beck and Demirgüç-Kunt recommend that countries focus on improving the overall business climate for all firms, while also expanding access to finance for SMEs. Full article
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 | Good Governance and Institutions Improve Access to Finance in Emerging Countries
At a recent conference on the Financing of Corporations in Emerging Countries (organized by the World Bank, the University of Virginia’s Darden School of Business, and the Journal of Financial Economics), researchers highlighted the importance of growth-promoting financial policies, which are a critical part of the investment climate facing firms and households. Full article
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 | New Research Shows that Supervision that Relies on Market Monitoring and Transparency Lowers Corruption in Bank Lending
New World Bank research finds that firms in countries with powerful supervisory agencies—which directly monitor and supervise banks—face greater obstacles to obtaining bank loans because of corruption among bank officials. Full article
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 | Better Data Needed for Policy Research on Access to Financial Services
Although financial sector data is generally complete and readily available, serious gaps exist in financial access data. Recognizing the need for improved data in this important area, the World Bank is seeking to develop better indicators of access to financial services, particularly for small firms and poor households. Full article
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| New Research shows Financial Development is not only Pro-Growth, but also Pro-Poor
New World Bank research reveals that a high level of financial development (where private credit given by financial institutions to households and private firms accounts for a high percentage of GDP) is a powerful driver of poverty reduction. Full article |
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