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Georgia:Financial Sector Assessment Program-Detailed Assessment of Observance of the Basel Core Principles for Effective Banking Supervision-Technical Note
There have been significant improvements in both the quality of regulation and the supervisory approach since the 2007 FSAP. Many amendments to existing laws, new laws, and regulations have been introduced, aimed at addressing shortfalls identified in the 2007 FSAP. These improvements will be evident throughout this assessment. At the same time, a number of weaknesses have been identified. Among these is an operational risk within the NBG's own Banking Supervisory Department. There has been a very high level of staff turnover in recent years due to a lack of salary competitiveness vis-à-vis the commercial banks, and there appears to be over-reliance on key personnel. Also, the level and type of staff training need to be expanded. While the NBG puts significant effort into understanding the risk profile of each individual bank and the banking system as a whole, more attention is needed to improve the quality of risk management of the banks. In a number of areas, notably bank licensing, the NBG relies on its broad supervisory powers to carry out its functions in the absence of detailed explicit powers. While this regime generally seems to work well in practice, it could leave the NBG open to challenge where these broad powers are not supported by more granular powers. Recently, several amendments to the legislation have been introduced in order to address these shortcomings.
eBook
Georgia
There have been significant improvements in both the quality of regulation and thesupervisory approach since the 2007 FSAP. Many amendments to existing laws, new laws, and regulations have been introduced, aimed at addressing shortfalls identified in the 2007 FSAP. These improvements will be evident throughout this assessment. At the same time, a number of weaknesses have been identified. Among these is an operational risk within the NBG's own Banking Supervisory Department. There has been a very high level of staff turnover in recent years due to a lack of salary competitiveness vis-à-vis the
Publication
Access to 4-year public colleges and degree completion
Does access to 4-year colleges affect degree completion for students who would otherwise attend 2-year colleges? Admission to Georgia’s 4-year public sector requires minimum SAT scores. Regression discontinuity estimates show that access to this sector increases 4-year college enrollment and college quality, largely by diverting students from 2-year colleges. Access substantially increases bachelor’s degree completion rates for these relatively low-skilled students. SAT-retaking behavior suggests students value access to 4-year public colleges, though perhaps less than they should. Our results imply that absolute college quality matters more than match quality, and they suggest potential unintended consequences of free community college proposals.
Journal Article
BANKING REGULATION IN ENSURING BANK'S EFFICIENCY: LOOKING THROUGH DIFFERENT FORMS OF OWNERSHIP
The study is aimed to investigate the impact of banking regulation intensity on the efficiency of banks with different forms of capital ownership. To test the hypothesis about the different level of influence of banking regulation instruments on state, private and foreign banks, the GLS-modeling tool was used. The study sample includes data on the banks from six countries (Ukraine, Poland, Kazakhstan, Georgia, Estonia and Belarus) within the research period of 2001–2014. Empirical calculations indicate that there is no need to introduce differentiated regulatory regimes depending on the form of ownership and the origin of bank's capital, since there are no significant differences in the impact of different components of the regulatory mechanism on the banks of different ownership forms and different origins of capital. Particularly noteworthy is the formulation of a strategy for regulating state-owned banks, with slight differences in the effectiveness in the use of indicative and administrative instruments, while at the same time the importance of institutional environment indicates the need to reform the principles of state-owned banks operations.
Journal Article
Capital Destruction and Economic Growth
Using General Sherman’s March through Georgia, South Carolina, and North Carolina during the Civil War, we study the effect of capital destruction on medium- and long-run local economic activity, and the role of financial markets in recovery. We show that the march’s capital destruction led to a large contraction in agricultural investment, farming asset prices, and manufacturing activity compared to neighboring counties. Elements of the decline in agriculture persisted through 1920. Exploiting variation in local access to antebellum credit, we argue that the underdevelopment of financial markets played a role in weakening the recovery.
Journal Article
Risk Management of Dollarization in Banking: Case of Post-Soviet Countries
Dollarization of bank assets and liabilities is a typical phenomenon with multi-faceted effects. Primarily, this phenomenon raises risks of imbalance in assets and liabilities following a sharp local currency devaluation. However, dollarization may deliver additional returns. This calls for development and implementation of strategies for dollarization risk management. This study aims at designing risk management strategies for ensuring optimal currency structure of loan and deposit portfolio under an extremely high level of devaluation risk in six post-Soviet countries. The study is based on risk modeling methods and asset liability management techniques. The value-at-risk methodology is applied to measure and identify main risks banks face under dollarization. Two types of risk are identified: the strategic risk measured as a ratio of deposits in foreign currency; and the tactical risk measured as a ratio of foreign currency deposits transformed into local currency loans. Suggested effective risk management strategies are based on the optimization of these two types of risks. The first strategy deals with deposit dedollarization and non-transformation of foreign currency deposits into local currency loans. Under the second strategy, increased deposit dollarization is complemented with non-transformation of foreign currency deposits into local currency loans. The third strategy involves deposit de-dollarization and conducting transformation of foreign currency deposits into local currency loans. Each strategy entails maximization of return with subsequent minimization of risk. The study concludes that the first strategy is appropriate for Ukraine and Belarus, the second one suits Azerbaijan and Moldova, and the third one fits Armenia and Georgia.
Journal Article
Assembling International Competitiveness: The Republic of Georgia, USAID, and the Doing Business Project
Global indices of economic competitiveness, such as the World Bank's Ease of Doing Business Index (EDBI), score and rank states according to the quality of local business regulations. Quantifying and indexing regulatory quality to a singular ranking constructs a \"best practice\" model that characterizes regulation in the highest-ranked states. States that outcompete others in transferring regulatory best practices from higher-ranked states are rewarded with an improved international reputation for having investor-friendly policies. By helping to attract the interest of foreign investors, the production of higher competitiveness rankings serves as an extraterritorial state strategy for gaining from globalization. This article details the reform strategy that was used to produce the (post-Soviet) Republic of Georgia's 2006-2009 vault up the EDBI rankings. These higher rankings were the centerpiece of an investment-promotion campaign that accompanied strong inflows of foreign direct investment. Making full use of EDBI as a strategic resource for promoting increased foreign investment involved the composition of an institutional assemblage of the Georgian government, USAID, and the World Bank's Doing Business project. Ethnographic research revealed how power geometries emerged among the assembled organizations to enable the transfer of EDBI's best practice regulations in some areas, and to impede it in others. The case study reveals how limits to policy transfer are created by geographic context and how EDBI rankings can be exploited to obfuscate problematic business conditions that are overlooked by its measurement methodology.
Journal Article
THE IMPACT OF THE ECONOMY FINANCIALIZATION ON THE LEVEL OF ECONOMIC DEVELOPMENT OF THE ASSOCIATE EU MEMBER STATES
Dynamic development of the financial system has an increasing impact on the state and development of both national economies and the world economy. This problem is especially acute in developing countries and is predetermined by their economic, social and political development. It also requires constant evaluation and control over the level of their economic development in terms of financialization. Within the framework of the European Neighborhood Policy, the EU cooperates with the countries of the region to deepen and strengthen the relations and helps to increase the stability and sustainability of its Eastern neighbors. Ukraine, Moldova, and Georgia today are currently Associated Eastern Partnership members. Using the panel data for these countries over the period of 2007–2017, the relationship between economic growth and indicators of financialization of the economies was determined. To this end, a fixed-effect regression model, the statistical adequacy of which was confirmed by many indicators (significance levels, R-squared coefficients, the Breusch-Pagan test), is also used. It was determined that employment, exports of goods and services, added value created in the industrial sector, the ratio of bank capital and reserves to total assets, the share of М1 monetary aggregate in GDP, deposit rate, and Gini index had a positive influence on economic growth of the countries in question.
Journal Article
GÜRCİSTAN BANKACILIK SEKTÖRÜNDE ETKİNLİK ANALİZİ: VERİ ZARFLAMA ANALİZİ UYGULAMASI
Bankacılık sektörü, dünyanın birçok ülkesinde olduğu gibi, Gürcistan’da da finans piyasalarının en önemli bileşenlerinden biridir. Bu çalışmanın amacı, 2013–2017 yılları arasında Gürcistan bankacılık sektöründe faaliyet gösteren 15 ticari bankanın etkinliğini Veri Zarflama Analizi yöntemiyle incelemektir. Çalışmada, üç girdi (toplam mevduat, toplam sermaye, toplam giderler) ve üç çıktı (toplam krediler, toplam gelirler, net kâr) değişkenleri kullanılarak, ölçeğe göre sabit getiri varsayımı altında girdiye yönelik CCR modeline göre bankaların etkinlik skorları hesaplanmıştır. Çalışmanın bulguları, genel olarak bankaların etkinlik düzeylerinin yüksek olduğunu, beş bankanın analiz döneminin her yılında tam etkinlik düzeyine sahip olduğunu göstermektedir. Çalışmanın bulguları değerlendirildiğinde, Gürcistan bankacılık sektöründe etkinliğin 2013-2015 yıllarında bir artma eğilimi gösterdiği, 2016-2017 yıllarında yeniden düşüşe geçtiği görülmüştür. Diğer bir deyişle, ortalama etkinlik skorları açısından, bankaların etkinlik düzeyleri %96,71 ila %84,51 arasında değişirken, 2013 yılından 2015 yılına kadar %12,2 oranında bir artış, 2015 yılından 2017 yılına kadar ise %6,6 oranında düşüş göstermiştir.
Journal Article