Posted: April 15th, 2015

Critically examine impact of supervision on bank corruption in bank lending

 

MA Financial Development

 

The coursework consists of an assessed essay of max 3,000 words, which requires students to apply different theories and concepts covered in curriculum to the analysis of financial development in transition economies and beyond by undertaking an empirical exploration of a research problem. Ideally, students should use some of the skills learned in quantitative and qualitative study methods courses.

 

 

Criteria for assessment

Analysis and argument

 Clear, well organised structure

 Relevance to question

 Main issues and themes identified and explored

 Evidence of critical analysis and execution

 Ability to relate evidence to theory

2

 

 

 Good referencing with bibliography

 

Communication skills

 Clear expression

 Accurate grammar and syntax

 Accurate typing

 

Referencing: It is essential that you take your time to reference and source material cited correctly. Students should be familiar with the regulations on ‘plagiarism’ which can be found in the UCL Student Handbook.

Plagiarism

Please pay particular attention in all work you do to the issue of plagiarism.

(a) Plagiarism (Excerpted from the UCL Academic Manual)

  1. The College is subject to the University of London’s General Regulations for Internal Students and the policy detailed below has been drawn up in accordance with those Regulations.
  2. Plagiarism is defined as the presentation of another person’s thoughts or words or artefacts or software as though they were a student’s own.
  3. Any quotation from the published or unpublished works of other persons must, therefore, be clearly identified as such by being placed inside quotation marks, and students should identify their sources as accurately and fully as possible.
  4. A series of short quotations from several different sources, if not clearly identified as such, constitutes plagiarism just as much as does a single unacknowledged long quotation from a single source. Equally, if a student summarises another person’s ideas, judgements, figures, diagrams or software, a reference to that person in the text must be made and the work referred to must be included in the bibliography.
  5. Recourse to the services of “ghost-writing” agencies (for example in the preparation of essays or reports) or of outside word-processing agencies which offer “correction/improvement of English” is strictly forbidden, and students who make use of the services of such agencies render themselves liable for an academic penalty.
  6. Where part of an examination consists of “take-away” papers, essays or other work written in the student’s own time, or a coursework assessment, the work submitted must be the candidate’s own.
  7. Some departments give specific advice about non-originality, plagiarism and the use of material by others, and students must make themselves aware of such departmental guidelines and abide by them. For such assessments it is also illicit to reproduce material which a student has used in other work/assessment for the course or programme concerned. Students should make themselves aware of their department’s rules on this “self-plagiarism”. If in doubt, students should consult their Personal Tutor or an appropriate other Tutor.
  8. Failure to observe any of the provisions of this policy or of approved departmental guidelines constitutes an examination offence under the University Regulations. Examination offences will normally be treated as cheating or irregularities under the regulations for Proceedings in respect of Examination Irregularities. Under these Regulations students found to have committed an offence may be excluded from all further examinations of the University and/or the College.

 

Referencing in the text: the author and date of publication should be cited within the text of the essay. For example, if discussing Levine’s views on finance and growth, cite him at the end of the discussion as (Levine 2003). If directly quoting him then include the page number (Levine 2003, p. 25).

Bibliography: The publications used should be included in a bibliography at the end of the essay, in the following format:

Book:

Mishkin, F.S. 2007. The Economics of Money, Banking, and Financial Markets. 8th edition. Pearson: London.

Book chapter:

Calari, C. 2006. “Benefits and Risks of Financial Integration”, in Liebscher, K., J. Christl, P. Mooslechner and D. Ritzberger-Grunwald (eds.) Financial Development, Integration and Stability: Evidence from Central, Eastern and South-Eastern Europe, Edward Elgar, Cheltenham, UK, pp. 9-16.

Internet source:

Haiss, P. and Fink, G., 2006. The Finance-Growth-Nexus Revisited: New Evidence and the Need for Broadening the Approach. Europainstitut, Working Paper, 63, available from http://epub.wu-wien.ac.at/dyn/virlib/wp/eng/mediate/epub-wu-01_a8c.pdf?ID=epub-wu-01_a8c [accessed date]

Journal article:

Levine, R. and Zervos, S., 1998. Stock markets, banks and economic growth. American Economic Review, 88 (3): 537-58.

 

Useful Databases:

Datastream is installed on one of the desktops in the library’s media room (last desktop, third raw). This database contains: more than two million instruments, securities and indicators for over 175 countries in 60 markets, up to 50 years of history, and over one hundred million time series. More information is available at http://www.datastream.com/. The instructions on using the database are placed on Moodle.

The Global Financial Development Database (builds on, updates, and extends previous efforts, in particular the data collected for the Database on Financial Development and Structure) (updated April 2013)

The Global Financial Development Database is an extensive dataset of financial system characteristics for 203 economies. It contains annual data, starting from 1960. It has been last updated in April 2013 and now contains data through 2011.

The Global Financial Development Database is based on a “4×2 framework”. Specifically, it includes measures of (1) depth, (2) access, (3) efficiency, and (4) stability of financial systems. Each of these characteristics captures both (1) financial institutions (banks, insurance companies, and so on), and (2) financial markets (such as stock markets and bond markets). It also provides other useful indicators, such as measures of concentration and competition in the banking sector, financial structure etc. 4

 

You can access the Global Financial Development Database via http://econ.worldbank.org/WBSITE/EXTERNAL/EXTDEC/EXTGLOBALFINREPORT/0,,contentMDK:23492070~pagePK:64168182~piPK:64168060~theSitePK:8816097,00.html

For discussion of the dataset and empirical work done on it see the following sources:

Thorsten Beck, Asli Demirgüç-Kunt and Ross Levine, (2000), “A New Database on Financial Development and Structure,” World Bank Economic Review 14, 597-605.

Thorsten Beck, Asli Demirgüç-Kunt and Ross Levine, (2009)

Financial Institutions and Markets across Countries and Over time: Data and analysis, available from

http://siteresources.worldbank.org/INTRES/Resources/469232-1107449512766/Financial_Institutions_and_Markets_across_Countries.pdf

Čihàk, M., A. Demirgüç-Kunt, E. Feyen, and R. Levine. 2012. Benchmarking Financial Systems around the World. World Bank Policy Research Working Paper, WPS6175, available from http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-6175. World Bank. 2014.

Global Financial Development Report 2014: Financial Inclusion. The World Bank: Washington, D.C., available from http://econ.worldbank.org/WBSITE/EXTERNAL/EXTDEC/EXTGLOBALFINREPORT/0,,menuPK:8816192~pagePK:64168176~piPK:64168140~theSitePK:8816097,00.html – see also links on this web-site to other working papers based on this dataset.

Bank Regulation database

This database is supplied on a CD-ROM jointly with the book entitled ‘Rethinking Bank Regulation: Till Angels Govern’ (by J. Barth, G. Caprio, Jr. Ross Levine (2006)).

More up-to-data are available through World Bank web-site “Bank Regulation and Supervision Survey”:

http://econ.worldbank.org/WBSITE/EXTERNAL/EXTDEC/EXTGLOBALFINREPORT/0,,contentMDK:23267421~pagePK:64168182~piPK:64168060~theSitePK:8816097,00.html

Some other data related to financial regulation include:

Organisation of financial sector supervision (World Bank). This database captures the development of institutional structures for prudential and business conduct supervision of financial services over the past decade for 98 economies in 1999–2010, accessible via http://econ.worldbank.org/WBSITE/EXTERNAL/EXTDEC/EXTGLOBALFINREPORT/0,,contentMDK:23267422~pagePK:64168182~piPK:64168060~theSitePK:8816097,00.html

Survey of National Development Banks (World Bank)

This survey fills some important gaps in information on development banks around the world. The survey contains new data collected from 90 national development banks in 61 countries. The combined assets of these institutions as of December 2009 were approximately US$2 trillion.

The survey examines how development banks operate, what their policy mandates are, what financial services they offer, which type of clients they target, how they are regulated and supervised, what business models they have adopted, what governance framework they have, and what challenges they face. It also examines the countercyclical role played by development banks during the recent financial crisis.

The survey defines development banks as financial institutions with a public mandate and more than 30 percent of their shares owned by the state. 5

 

For more, see De Luna-Martínez, José, and Carlos L. Vicente. 2012. “Global Survey of Development Banks.” Policy Research Working Paper 5969, World Bank, Washington, DC.

The dataset is accessible via http://econ.worldbank.org/WBSITE/EXTERNAL/EXTDEC/EXTGLOBALFINREPORT/0,,contentMDK:23267426~pagePK:64168182~piPK:64168060~theSitePK:8816097,00.html

Credit reporting database

This dataset provides information on credit reporting systems (credit registries and credit bureaus) in 195 countries around the world, building on the Doing Business Indicators database. To provide an overview of the state of public and private credit reporting around the world, this database presents data on the ownership structure and extent of information collected by credit bureaus and registries. For more, see Bruhn, Miriam, Subika Farazi, and Martin Kanz. 2012. “Bank Concentration and Credit Reporting.” Policy Research Working Paper, World Bank, Washington, DC.

The Chinn-Ito index of financial integration (KAOPEN), which is constructed on the basis of the IMF data measuring the extent and intensity of capital controls, is publicly available and can be downloaded from http://web.pdx.edu/~ito/Chinn-Ito_website.htm. The Chinn-Ito index of financial integration covers 182 countries for 1970-2012.

Amadeus, a database of comparable financial information for public and private companies across Europe (available electronically through UCL library service – Metalib, http://metalib-a.lib.ucl.ac.uk/V/NH9XLYG3M1EMQ9NK4FMGNECY42Y8RVUP6SP28RQAJXLIRC5PDT-02367?func=find-db-1-title&mode=titles&azlist=Y&scan_utf=A&scan_start=lata&search_type=contains&restricted=all

Other data sources:

EBRD Transition Reports Various Issues – contains macroeconomic and transition indicators, including index of banking reform and securities markets development, http://www.ebrd.com/pages/research/publications/flagships/transition/archive.shtml.

World Bank World Development Indicators (available electronically through UCL library web-site), http://www.esds.ac.uk/international/

IMF International Statistics Indicators (available electronically through UCL library web-site), http://www.esds.ac.uk/international/

Milken Institute Capital Access Index, http://www.milkeninstitute.org/publications/publications.taf?function=indexes

World Bank Doing Business Indicators, Evaluation of Credit Accessibility, http://www.doingbusiness.org/ExploreTopics/GettingCredit/

Heritage Foundation, Index of Economic Freedom, http://www.heritage.org/index/Default.aspx (can be used for measuring institutions)

Business Environment and Enterprise Performance Survey (BEEPS) http://www.ebrd.com/country/sector/econo/surveys/beeps.htm (firm-level dataset; can be used for examining firm access to finance and firm capital structure). 6

 

Global Entrepreneurship Monitor (GEM) dataset, http://www.gemconsortium.org/about.aspx?page=gem_datasets (individual-level dataset; can be used for exploring entrepreneurship financing patterns).

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