Details about Stijn Claessens

E-mail:
Homepage:	http://www.fee.uva.nl/fm/index.htm
Phone:	+202-623-7641
Postal address:	sclaessens@imf.org Research Department, IMF 700 19th Street NW Washington, DC 20431 phone +1-202-623-7641 fax +1-202-589-7641
Workplace:	Centre for Economic Policy Research (CEPR), (more information at EDIRC) Finance Group, Faculteit Economie en Bedrijfskunde (Faculty of Economics and Business), Universiteit van Amsterdam, (more information at EDIRC) Tinbergen Instituut (Tinbergen Institute), (more information at EDIRC) Research Department, International Monetary Fund (IMF), (more information at EDIRC)

Access statistics for papers by Stijn Claessens.

Last updated 2009-11-22. Update your information in the RePEc Author Service.

Short-id: pcl16

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Working Papers

2009

1. Being a Foreigner among Domestic Banks: Asset or Liability?
   DNB Working Papers, Netherlands Central Bank, Research Department
   Also in MPRA Paper, University Library of Munich, Germany (2009)
2. Competition in the Financial Sector: Overview of Competition Policies
   IMF Working Papers, International Monetary Fund
   See also Journal Article in World Bank Research Observer (2009)

2008

3. Additions to Market Indices and the Comovement of Stock Returns around the World
   CEPR Discussion Papers, C.E.P.R. Discussion Papers
4. Banks and Labor as Stakeholders: Impact on Economic Performance
   IMF Working Papers, International Monetary Fund View citations
5. Location Decisions of Foreign Banks and Institutional Competitive Advantage
   DNB Working Papers, Netherlands Central Bank, Research Department View citations
6. What Happens During Recessions, Crunches and Busts?
   CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations
   Also in IMF Working Papers, International Monetary Fund (2008) View citations
   See also Journal Article in Economic Policy (2009)

2007

7. Corporate Governance and Regulation: Can There Be Too Much of a Good Thing?
   CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations
   Also in Policy Research Working Paper Series, The World Bank (2007) View citations
8. Empirical Evidence on the New International Aid Architecture
   IMF Working Papers, International Monetary Fund View citations
   Also in WEF Working Papers, ESRC World Economy and Finance Research Programme, Birkbeck, University of London (2007) View citations
   Proceedings of the German Development Economics Conference, Göttingen 2007, Verein für Socialpolitik, Research Committee Development Economics (2007) View citations
9. International Financial Integration Through Equity Markets: Which Firms from Which Countries Go Global?
   IMF Working Papers, International Monetary Fund View citations
   Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2007) View citations
   Policy Research Working Paper Series, The World Bank (2007) View citations
   See also Journal Article in Journal of International Money and Finance (2007)
10. Location decisions of foreign banks and competitive advantage
    Policy Research Working Paper Series, The World Bank View citations
11. Political Connections and Preferential Access to Finance: The Role of Campaign Contributions
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations
    See also Journal Article in Journal of Financial Economics (2008)

2006

12. Competitive implications of cross-border banking
    Policy Research Working Paper Series, The World Bank View citations
13. Current challenges in financial regulation
    Policy Research Working Paper Series, The World Bank
14. Does Campaign Finance imply Political Favors?
    Tinbergen Institute Discussion Papers, Tinbergen Institute
15. Finance and hunger: empirical evidence of the agricultural productivity channel
    Policy Research Working Paper Series, The World Bank View citations
16. The Political Economy of Global Financial Governance: The Costs of Basle II for Poor Countries
    WEF Working Papers, ESRC World Economy and Finance Research Programme, Birkbeck, University of London

2005

17. Access to financial services: a review of the issues and public policy objectives
    Policy Research Working Paper Series, The World Bank View citations
    See also Journal Article in World Bank Research Observer (2006)
18. Financial dependence, banking sector competition, and economic growth
    Policy Research Working Paper Series, The World Bank View citations
    See also Journal Article in Journal of the European Economic Association (2005)
19. Taking stock of risk management techniques for sovereigns
    Policy Research Working Paper Series, The World Bank
20. The Need for Institutional Changes in the Global Financial System: An Analytical Framework
    CEPR Discussion Papers, C.E.P.R. Discussion Papers

2004

21. Enforcement and Corporate Governance
    Policy Research Working Paper Series, The World Bank View citations
22. Resolving systemic financial crisis: policies and institutions
    Policy Research Working Paper Series, The World Bank View citations

2003

23. Government Bonds in Domestic and Foreign Currency: The Role of Macroeconomic and Institutional Factors
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations
    Also in Policy Research Working Paper Series, The World Bank (2003) View citations
24. What drives bank competition? some international evidence
    Policy Research Working Paper Series, The World Bank View citations
    See also Journal Article in Journal of Money, Credit and Banking (2004)

2002

25. Bankruptcy around the World: Explanations of its Relative Use
    CEI Working Paper Series, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University View citations
    Also in Policy Research Working Paper Series, The World Bank (2002) View citations
    See also Journal Article in American Law and Economics Review (2005)
26. Explaining the Migration of Stocks from Exchanges in Emerging Economies to International Centres
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations
    Also in Policy Research Working Paper Series, The World Bank (2002) View citations
    Working Papers, World Institute for Development Economic Research (UNU-WIDER) (2002) View citations
27. Financial Development, Property Rights and Growth
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations
    Also in Policy Research Working Paper Series, The World Bank (2002) View citations
    See also Journal Article in Journal of Finance (2003)
28. Policy Selectivity Foregone: Debt and Donor Behavior in Africa
    Working Papers, Center for Global Development View citations
    See also Journal Article in World Bank Economic Review (2003)
29. The Benefits and Costs of Group Affiliation: Evidence from East Asia
    Working Papers, World Institute for Development Economic Research (UNU-WIDER) View citations
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2002) View citations
    See also Journal Article in Emerging Markets Review (2006)
30. The Future of Stock Exchanges in Emerging Economies: Evolution and Prosepcts
    Center for Financial Institutions Working Papers, Wharton School Center for Financial Institutions, University of Pennsylvania View citations
31. Will HIPC Matter? The Debt Game and Donor Behaviour in Africa
    Working Papers, World Institute for Development Economic Research (UNU-WIDER) View citations
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2002) View citations

2001

32. Financial Restructuring in Banking and Corporate Sector Crises: What Policies to Pursue?
    NBER Working Papers, National Bureau of Economic Research, Inc View citations
33. The Benefits and Costs of Internal Markets: Evidence from Asia's Financial Crisis
    CEI Working Paper Series, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University View citations
34. The Pattern and Valuation Effects of Corporate Diversification: A Comparison of the United States, Japan, and other East Asian Economies
    Working Papers, World Institute for Development Economic Research (UNU-WIDER) View citations

2000

35. Corporate risk around the world
    Policy Research Working Paper Series, The World Bank View citations
36. Expropriation of Minority Shareholders in East Asia
    CEI Working Paper Series, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University View citations
37. The Costs of Group Affiliation: Evidence from East Asia
    CEI Working Paper Series, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University View citations
38. The political economy of distress in East Asian financial institutions
    Policy Research Working Paper Series, The World Bank View citations
    See also Journal Article in Journal of Financial Services Research (2001)

1999

39. Alternative frameworks for providing financial services
    Policy Research Working Paper Series, The World Bank View citations
40. Can Governments Mandate Hard Budget Constraints? Bank Lending and Financial Isolation in Romania
    William Davidson Institute Working Papers Series, William Davidson Institute at the University of Michigan Stephen M. Ross Business School View citations
41. Corporate diversification in East Asia: the role of ultimate ownership and group affiliation
    Policy Research Working Paper Series, The World Bank View citations
42. East Asian Corporations. Heroes or Villains?
    World Bank - Discussion Papers, World Bank View citations
43. Expropriation of minority shareholders: evidence from East Asia
    Policy Research Working Paper Series, The World Bank View citations
44. Ownership Concentration and Corporate Performance in the Czech Republic
    William Davidson Institute Working Papers Series, William Davidson Institute at the University of Michigan Stephen M. Ross Business School View citations
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (1999) View citations
    See also Journal Article in Journal of Comparative Economics (1999)
45. Resolution of corporate distress - evidence from East Asia's financial crisis
    Policy Research Working Paper Series, The World Bank View citations
46. Who controls East Asian corporations ?
    Policy Research Working Paper Series, The World Bank View citations

1998

47. Capital flows to Central and Eastern Europe and the Former Soviet Union
    Policy Research Working Paper Series, The World Bank View citations
    See also Chapter (2000)
48. Corporate growth, financing, and risks in the decade before East Asia's financial crisis
    Policy Research Working Paper Series, The World Bank View citations
49. Diversification and efficiency of investment by East Asian corporations
    Policy Research Working Paper Series, The World Bank View citations
50. How does foreign entry affect the domestic banking market?
    Policy Research Working Paper Series, The World Bank View citations
51. Politicians and firms in seven central and eastern European countries
    Policy Research Working Paper Series, The World Bank View citations
52. Thailand's corporate financing and governance structures
    Policy Research Working Paper Series, The World Bank View citations
53. The internationalization of financial services in Asia
    Policy Research Working Paper Series, The World Bank View citations
54. Volatility and contagion in a financially integrated world: lessons from East Asia's recent experience
    Policy Research Working Paper Series, The World Bank View citations

1997

55. Determinants of Performance of Manufacturing Firms in Seven European Transition Economies
    William Davidson Institute Working Papers Series, William Davidson Institute at the University of Michigan Stephen M. Ross Business School View citations
56. Ownership and corporate governance: evidence from the Czech Republic
    Policy Research Working Paper Series, The World Bank View citations
57. Privatization and Restructuring in Central and Eastern Europe: Evidence and Policy Options
    Working Papers, World Bank - Technical Papers View citations

1996

58. Analytical aspects of the debt problems of heavily indebted poor countries
    Policy Research Working Paper Series, The World Bank View citations
59. Banking reform in transition countries
    Policy Research Working Paper Series, The World Bank View citations

1995

60. Corporate governance and equity prices: evidence from the Czech and Slovak Republics
    Policy Research Working Paper Series, The World Bank View citations
    See also Journal Article in Journal of Finance (1997)
61. Foreign direct investment, other capital flows, and current account deficits: what causes what?
    Policy Research Working Paper Series, The World Bank View citations
62. Portfolio Capital Flows: Hot or Cold
    Working Papers, Harvard - Institute for International Development View citations
    See also Journal Article in World Bank Economic Review (1995)
63. The cross-section of stock returns: evidence from emerging markets
    Policy Research Working Paper Series, The World Bank View citations

1994

64. Banks, capital markets, and corporate governance: lessons from Russia for Eastern Europe
    Policy Research Working Paper Series, The World Bank View citations
65. Foreing Direct Investment: What Causes What?
    Working Papers, University of Birmingham - International Financial Group View citations
66. Interest Rates, Growth and External Debt: The Macroeconomic Impact of Mexico's Brady Deal
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations
    Also in Policy Research Working Paper Series, The World Bank (1993) View citations
67. Oil price instability, hedging, and an oil stabilization fund: the case of Venezuela
    Policy Research Working Paper Series, The World Bank View citations
68. The effects of barriers on equity investment in developing countries
    Policy Research Working Paper Series, The World Bank View citations

1993

69. Equity and bond flows to Asia and Latin America: the role of global and country factors
    Policy Research Working Paper Series, The World Bank View citations
70. Equity portfolio investment in developing countries: a literature survey
    Policy Research Working Paper Series, The World Bank View citations
71. Forecasting volatility in commodity markets
    Policy Research Working Paper Series, The World Bank View citations
72. Portfolio Investment in Developing Countries
    World Bank - Discussion Papers, World Bank View citations
73. Recent estimates of capital flight
    Policy Research Working Paper Series, The World Bank View citations
74. Risk Management in Developing Countries
    Working Papers, World Bank - Technical Papers View citations
75. The Effect of Equity Barriers on Foreign Investment in Developing Countries
    NBER Working Papers, National Bureau of Economic Research, Inc View citations

1992

76. Commodity stabilization funds
    Policy Research Working Paper Series, The World Bank View citations
77. Deriving developing country repayment capacity from the market prices of sovereign debt
    Policy Research Working Paper Series, The World Bank View citations
78. Recent experience with commercial bank debt reduction
    Policy Research Working Paper Series, The World Bank View citations

1991

79. Alternative forms of external finance: a survey
    Policy Research Working Paper Series, The World Bank View citations
    See also Journal Article in World Bank Research Observer (1993)
80. Hedging commodity price risks in Papua New Guinea
    Policy Research Working Paper Series, The World Bank View citations
81. Hedging crude oil imports in developing countries
    Policy Research Working Paper Series, The World Bank
82. Risk management in sub-Saharan Africa
    Policy Research Working Paper Series, The World Bank View citations

1990

83. An option - pricing approach to secondary market debt: applied to Mexico
    Policy Research Working Paper Series, The World Bank View citations
84. Methodological issues in evaluating debt - reducing deals
    Policy Research Working Paper Series, The World Bank View citations
85. Pricing average price options for the 1990 Mexican and Venezuelan recapture clauses
    Policy Research Working Paper Series, The World Bank
86. Secondary Market Prices Under Alternative Debt Reduction Schemes: An Option Pricing Approach with an Application to Mexico
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations

1989

87. An analysis of debt-reduction schemes initiated by debtor countries
    Policy Research Working Paper Series, The World Bank View citations
88. Conditionality and debt relief
    Policy Research Working Paper Series, The World Bank View citations
89. Improving the currency composition of external debt: applications in Indonesia and Turkey
    Policy Research Working Paper Series, The World Bank

1988

90. The optimal currency composition of external debt
    Policy Research Working Paper Series, The World Bank

Undated

91. Enterprise Performance and Managers' Profiles
    William Davidson Institute Working Papers Series, William Davidson Institute at the University of Michigan Stephen M. Ross Business School

Journal Articles

2009

1. Competition in the Financial Sector: Overview of Competition Policies
   World Bank Research Observer, 2009, 24, (1), 83-118
   See also Working Paper (2009)
2. Evidence on Changes in Aid Allocation Criteria
   World Bank Economic Review, 2009, 23, (2), 185-208
3. What happens during recessions, crunches and busts?
   Economic Policy, 2009, 24, 653-700
   See also Working Paper (2008)

2008

4. Political connections and preferential access to finance: The role of campaign contributions
   Journal of Financial Economics, 2008, 88, (3), 554-580 View citations
   See also Working Paper (2007)
5. The Political Economy of Basle II: The Costs for Poor Countries
   The World Economy, 2008, 31, (3), 313-344

2007

6. Finance and inequality: Channels and evidence
   Journal of Comparative Economics, 2007, 35, (4), 748-773 View citations
7. Government Bonds in Domestic and Foreign Currency: the Role of Institutional and Macroeconomic Factors
   Review of International Economics, 2007, 15, (2), 370-413
8. International financial integration through equity markets: Which firms from which countries go global?
   Journal of International Money and Finance, 2007, 26, (5), 788-813 View citations
   See also Working Paper (2007)

2006

9. Access to Financial Services: A Review of the Issues and Public Policy Objectives
   World Bank Research Observer, 2006, 21, (2), 207-240 View citations
   Also in Journal of Financial Transformation, 2006, 17, 16-19 (2006) View citations
   See also Working Paper (2005)
10. Corporate Governance and Development
    World Bank Research Observer, 2006, 21, (1), 91-122 View citations
11. Enforcement and Good Corporate Governance in Developing Countries and Transition Economies
    World Bank Research Observer, 2006, 21, (1), 123-150 View citations
12. Insolvency laws around the world - a statistical analysis and rules for their design
    CESifo DICE Report, 2006, 4, (1), 9-15
13. Ownership and Financing Structures of Listed and Large Non-listed Corporations
    Corporate Governance: An International Review, 2006, 14, (4), 266-276
14. Stock market development and internationalization: Do economic fundamentals spur both similarly?
    Journal of Empirical Finance, 2006, 13, (3), 316-350 View citations
15. The benefits and costs of group affiliation: Evidence from East Asia
    Emerging Markets Review, 2006, 7, (1), 1-26 View citations
    See also Working Paper (2002)

2005

16. Bankruptcy around the World: Explanations of Its Relative Use
    American Law and Economics Review, 2005, 7, (1), 253-283 View citations
    See also Working Paper (2002)
17. Financial Dependence, Banking Sector Competition, and Economic Growth
    Journal of the European Economic Association, 2005, 3, (1), 179-207 View citations
    See also Working Paper (2005)
18. The Basel II Reform and Retail Credit Markets
    Journal of Financial Services Research, 2005, 28, (1), 5-13 View citations

2004

19. What Drives Bank Competition? Some International Evidence
    Journal of Money, Credit and Banking, 2004, 36, (3), 563-83 View citations
    Also in Proceedings, 2004, 563-592 (2004) View citations
    See also Working Paper (2003)

2003

20. Designing Financial Systems in Transition Economies
    The Economics of Transition, 2003-03, 11, (1), 197-199
21. Financial Development, Property Rights, and Growth
    Journal of Finance, 2003, 58, (6), 2401-2436 View citations
    See also Working Paper (2002)
22. Policy Selectivity Forgone: Debt and Donor Behavior in Africa
    World Bank Economic Review, 2003, 17, (3), 409-435 View citations
    See also Working Paper (2002)
23. Resolution of corporate distress in East Asia
    Journal of Empirical Finance, 2003, 10, (1-2), 199-216 View citations
24. When does corporate diversification matter to productivity and performance? Evidence from East Asia
    Pacific-Basin Finance Journal, 2003, 11, (3), 365-392 View citations

2002

25. Corporate Governance in Asia: A Survey
    International Review of Finance, 2002, 3, (2), 71-103 View citations
26. Disentangling the Incentive and Entrenchment Effects of Large Shareholdings
    Journal of Finance, 2002, 57, (6), 2741-2771 View citations
27. Electronic Finance: Reshaping the Financial Landscape Around the World
    Journal of Financial Services Research, 2002, 22, (1), 29-61 View citations
28. Privatization benefits in Eastern Europe
    Journal of Public Economics, 2002, 83, (3), 307-324 View citations

2001

29. Developments in global e-finance
    Journal of Financial Transformation, 2001, 2, 53-59
30. How does foreign entry affect domestic banking markets?
    Journal of Banking & Finance, 2001, 25, (5), 891-911 View citations
31. The Political Economy of Distress in East Asian Financial Institutions
    Journal of Financial Services Research, 2001, 19, (1), 5-25 View citations
    See also Working Paper (2000)

2000

32. Contagion: Understanding How It Spreads
    World Bank Research Observer, 2000, 15, (2), 177-97 View citations
33. Corporate Performance in the East Asian Financial Crisis
    World Bank Research Observer, 2000, 15, (1), 23-46 View citations
34. THE ROLE AND FUNCTIONING OF BUSINESS GROUPS IN EAST ASIA AND CHILE
    Abante, 2000, 3, (1), 91 -107 View citations
35. The separation of ownership and control in East Asian Corporations
    Journal of Financial Economics, 2000, 58, (1-2), 81-112 View citations

1999

36. Corporate growth and risk around the world
    Proceedings, 1999, (Sep) View citations
37. Enterprise performance and management turnover in the Czech Republic
    European Economic Review, 1999, 43, (4-6), 1115-1124 View citations
38. Ownership Concentration and Corporate Performance in the Czech Republic
    Journal of Comparative Economics, 1999, 27, (3), 498-513 View citations
    See also Working Paper (1999)

1998

39. Comment on "Banking in Transition Economies."
    Journal of Money, Credit and Banking, 1998, 30, (3), 651-55 View citations
40. Equity and bond flows to Latin America and Asia: the role of global and country factors
    Journal of Development Economics, 1998, 55, (2), 439-463 View citations

1997

41. Conceptual and Methodological Issues in the Measurement of Capital Flight
    International Journal of Finance & Economics, 1997, 2, (2), 101-19 View citations
42. Corporate Governance and Equity Prices: Evidence from the Czech and Slovak Republics
    Journal of Finance, 1997, 52, (4), 1641-58 View citations
    See also Working Paper (1995)
43. HIPCs' Debt Review of the Issues
    Journal of African Economies, 1997, 6, (2), 231-54 View citations
44. State enterprise performance and soft budget constraints: The case of Bulgaria
    The Economics of Transition, 1997, 5, (2), 305-322 View citations

1996

45. Estimating the Likelihood of Mexican Default from the Market Prices of Brady Bonds
    Journal of Financial and Quantitative Analysis, 1996, 31, (01), 109-126 View citations

1995

46. Bootstrapping options: An application to recapture clauses
    Economics Letters, 1995, 47, (3-4), 377-384
47. Portfolio Capital Flows: Hot or Cold?
    World Bank Economic Review, 1995, 9, (1), 153-74 View citations
    See also Working Paper (1995)
48. Pricing externalities in the world financial markets: Theory and policy implications
    Pacific-Basin Finance Journal, 1995, 3, (1), 31-55 View citations
49. Return Behavior in Emerging Stock Markets
    World Bank Economic Review, 1995, 9, (1), 131-51 View citations
50. The Emergence of Equity Investment in Developing Countries: Overview
    World Bank Economic Review, 1995, 9, (1), 1-17 View citations

1994

51. Recent experience with commercial bank debt reduction: Has the "menu" outdone the market?
    World Development, 1994, 22, (2), 201-213

1993

52. Alternative Forms of External Finance: A Survey
    World Bank Research Observer, 1993, 8, (1), 91-117 View citations
    See also Working Paper (1991)
53. Secondary Market Prices and Mexico's Brady Deal
    The Quarterly Journal of Economics, 1993, 108, (4), 967-82 View citations
54. The 1990 Mexico and Venezuela recapture clauses: An application of average price options
    Journal of Banking & Finance, 1993, 17, (4), 733-745

1992

55. The Optimal Currency Composition of External Debt: Theory and Applications to Mexico and Brazil
    World Bank Economic Review, 1992, 6, (3), 503-28 View citations

1991

56. Balance of payments crises in an optimal portfolio model
    European Economic Review, 1991, 35, (1), 81-101 View citations
57. Optimal dynamic hedging portfolios and the currency composition of external debt
    Journal of International Money and Finance, 1991, 10, (1), 131-148 View citations
58. The LDC debt crisis: Who gains from debt reductions?
    Japan and the World Economy, 1991, 3, (2), 181-202

1990

59. Investment Incentives: New Money, Debt Relief, and the Critical Role of Conditionality in the Debt Crisis
    World Bank Economic Review, 1990, 4, (1), 21-41 View citations
60. The debt laffer curve: Some estimates
    World Development, 1990, 18, (12), 1671-1677 View citations

1988

61. Balance-of-payments crises in a perfect foresight optimizing model
    Journal of International Money and Finance, 1988, 7, (4), 363-372 View citations

Chapters

2000

1. Capital Flows to Central and Eastern Europe and the Former Soviet Union
   A chapter in Capital Flows and the Emerging Economies: Theory, Evidence, and Controversies, 2000, pp 299-340 View citations
   See also Working Paper (1998)

1994

2. The Effect of Barriers to Equity Investment in Developing Countries
   A chapter in The Internationalization of Equity Markets, 1994, pp 231-275 View citations