Impavido, GregorioMusalem, Alberto R.Tressel, Thierry2014-08-142014-08-142001-12https://hdl.handle.net/10986/19339The authors analyze the relationship between the development of contractual savings institutions and banks' efficiency, credit, and liquidity risks. They discuss the potential mechanisms through which the development of contractual savings institutions may affect the banking sector. They show that the development of contractual savings institutions has a significant impact on bank spreads and loan maturity. After controlling for banks' characteristics, macroeconomic factors, and more standard indicators of financial development, they show that the development of contractual savings institutions is associated with increased efficiency of the banking system and greater resilience to credit and liquidity risks.en-USCC BY 3.0 IGOACCOUNTING STANDARDSASYMMETRIC INFORMATIONBALANCE SHEETBALANCE SHEETSBANK DEPOSITSBANK LENDINGBANK LIABILITIESBANK LOANSBANK MONITORINGBANK PROFITSBANK REGULATIONBANK RUNSBANKING PANICSBANKING SECTORBANKING SUPERVISIONBANKING SYSTEMBANKING SYSTEMSBANKRUPTCYBANKSBOND MARKETSBONDSBOOK VALUECAPITAL ALLOCATIONCAPITAL FLOWSCAPITAL MARKETSCAPITALIZATIONCOMMERCIAL BANKSCOMPARATIVE ADVANTAGECONTRACTUAL SAVINGCONTRACTUAL SAVINGSCONTRACTUAL SAVINGS INSTITUTIONSCORPORATE FINANCECORPORATE GOVERNANCECOST OF CAPITALCOUNTRY COMPARISONSCOVERAGECREDIT RISKCREDIT RISKSDEBTDEPOSIT INSURANCEDEPOSITSECONOMETRIC ANALYSISECONOMIC GROWTHECONOMICSEMERGING MARKETSEQUITY INVESTMENTSEXTERNALITIESFINANCIAL ASSETSFINANCIAL CRISISFINANCIAL INSTITUTIONSFINANCIAL INTERMEDIARIESFINANCIAL INTERMEDIATIONFINANCIAL MARKETSFINANCIAL RISKFINANCIAL SECTORFINANCIAL STABILITYFINANCIAL STRUCTUREFINANCIAL SYSTEMSFOREIGN ENTRYGDPGDP PER CAPITAIMPERFECT INFORMATIONINCENTIVES TO SAVEINFLATIONINFLATION RATEINFORMATION ACQUISITIONINFORMATION DISCLOSUREINFORMATION DISCLOSURE REQUIREMENTSINSURANCEINSURANCE COMPANIESINSURANCE INDUSTRYINSURANCE PRODUCTSINTEREST INCOMEINTEREST RATEINTEREST RATESLARGE SHAREHOLDERSLAWSLENDING BEHAVIORLIBERALIZATIONLIFE INSURANCELIFE INSURANCE COMPANIESLIQUIDITYLOAN LOSS PROVISIONSLOAN MATURITYMARKET EQUILIBRIUMMARKET TRANSPARENCYMONETARY POLICYMORAL HAZARDNARROW BANKINGNET INTEREST MARGINOPPORTUNITY COSTPENSION FUNDSPOLITICAL ECONOMYPRIMARY MARKETSPROFIT RATEPROFITABILITYPROFITABILITY MEASURESREAL GDPREGRESSION ANALYSISRISK DIVERSIFICATIONRISK MANAGEMENTSAVINGSSAVINGS INSTRUMENTSSECURITIESSTOCK MARKETSSYSTEMIC RISKTERM FINANCETRANSPARENCYUNDERINSURANCEUNDERWRITING10.1596/1813-9450-2751