2012年-世界发展银行全球_Global_Survey_of_Development_Banks_41页_1mb

Summary of the Global Survey of Development Banks

Core Content

This working paper presents a comprehensive global survey of 90 national development banks (DBs) across 61 countries, conducted by the World Bank and the World Federation of Development Financial Institutions (WFDFI). The survey aimed to understand the operations, mandates, financial products, governance, regulation, and challenges faced by DBs, particularly in the context of the 2008-2010 financial crisis.

Main Points

1. Definition and Scope of Development Banks

• A development bank is defined as a bank or financial institution with at least 30% state-owned equity and an explicit legal mandate to achieve socioeconomic goals in a region, sector, or market segment.
• The survey excludes multilateral, regional, and sub-regional development banks, focusing only on national development banks.
• DBs are state-owned, but the degree of government involvement varies. Some are fully state-controlled, while others allow private sector participation as minority shareholders.

2. Establishment and Size

• Historical Context: DBs have been used by governments globally to promote economic development, especially in sectors like infrastructure, housing, and agriculture.
• Timeline of Establishment:
  • 12% were established before 1946.
  • 49% between 1946 and 1989 (post-WWII).
  • 39% between 1990 and 2011.
• Size Distribution:
  • 51% are small (assets < $1 billion).
  • 33% are medium ($1 to $9.9 billion).
  • 11% are large ($10 to $99 billion).
  • 5% are mega-banks (> $100 billion in assets).
• Some DBs, such as the Development Bank of the Cook Islands, Fiji Development Bank, and Rwanda Development Bank, account for 11% to 12% of their country’s banking system assets. In larger economies, some DBs also hold a significant market share, such as the Agriculture Bank of Turkey (15%), Brazil National Development Bank (10%), and Land Bank of the Philippines (9%).

3. Countercyclical Role During the Financial Crisis

• During the 2008-2010 financial crisis, DBs played a countercyclical role by increasing lending to private firms, especially those facing refinancing difficulties.
• Between 2007 and 2009, the combined loan portfolio of DBs increased from $1.16 trillion to $1.58 trillion, a 36% growth compared to 10% growth in private banks.
• Regional Performance:
  • Asia had the highest growth rate (72%).
  • Americas (70%), Africa (60%), and Europe (12%) followed.
• Key Institutions:
  • Bulgarian Development Bank (275% growth).
  • Corporacion Financiera Nacional of Ecuador (174%).
  • Slovene Export and Development Bank (145%).
  • Agencia Financiera de Desarrollo of Paraguay (128%).
  • Banco del Estado of Ecuador (122%).

4. Funding Mechanisms

• DBs use a variety of funding sources:
  • Public deposits (41% of DBs).
  • Borrowing from other financial institutions (89%).
  • Government budget transfers (40%).
  • Government debt guarantees (64%).
• Some DBs, like Financiera Rural (Mexico), are restricted from borrowing and are funded solely through their own capital.
• Government guarantees help DBs borrow at lower costs, which they can then pass on to borrowers.

5. Mandates and Business Models

• DBs have two main types of mandates:
  • Specific mandates (53%): Targeted at particular sectors or clients, such as agriculture (13%), SMEs (12%), international trade (9%), housing (6%), infrastructure (4%), local governments (3%), and other sectors (6%).
  • Broad mandates (47%): Aimed at general economic development, such as the Development Bank of the Philippines and Uganda Development Bank.
• Lending Models:
  • First-tier lending: Direct lending to end-users.
  • Second-tier lending: Lending to other financial institutions to reach end-users.
• Financial Products:
  • Include loans, guarantees, and advisory services.
  • Some DBs offer specialized products, such as interest rate subsidies or credit guarantees.

6. Corporate Governance and Regulation

• DBs generally have distinct governance frameworks.
• Regulatory and supervisory oversight varies by region, but transparency is a concern in some cases.
• Corporate governance is an important area for improvement, with only 35% of DBs rated as highly transparent in their operations.

7. Challenges Faced by DBs

• Key Challenges:
  • Financial sustainability.
  • Governance and transparency.
  • Balancing policy goals with market efficiency.
  • Avoiding unfair competition with private banks.
• Dependence on government transfers is a major issue, with 18% of DBs stating they would not be able to operate sustainably without them.
• Negative interest rate spreads are common in some DBs, such as the Vietnam Bank for Social Policies, which offers below-market interest rates.

Key Information

• The survey provides new data on DBs, highlighting their role in economic development and countercyclical lending.
• DBs are important in low- and middle-income countries, often filling gaps left by private financial institutions.
• The data collection was conducted voluntarily and included 72 questions grouped into seven categories.
• Further research is needed to evaluate the effectiveness of DBs and their impact on local financial systems.
• The survey findings are expected to inform policy discussions and improve DB operations globally.

Conclusion

This survey offers a detailed overview of global development banks, their roles, mandates, and challenges, emphasizing their countercyclical function during the financial crisis and their importance in supporting strategic sectors. The results highlight the need for better governance, financial sustainability, and transparency in DB operations to ensure their continued effectiveness in promoting economic development.