DDI_WLD_2019_IRC_v01_M_WB Development Data Group 2020-10-30 NADA Version 01 Survey on Interest Rate Controls 2019 IRC 2019 WLD_2019_IRC_v01_M World Bank Group - Finance, Competitiveness and Innovation Global Practice Pietro Calice Federico Diaz Kalan Oliver Masetti NADA FIRST Initiative Pietro Calice Federico Diaz Kalan Oliver Masetti Version 1.0 The interest rate controls presented in this dataset were in effect in 2019. The Survey on Interest Rate Controls 2020 was conducted as a World Bank Group study on interest rate controls (IRCs) in lending and deposit markets around the world. The study aims to identify the different types of formal (or de jure) controls, the countries that apply then, how they implement them, and the reasons for doing so. The objective of the study is to advance knowledge on this topic by providing an evidence base for investigating the impact of IRCs on economic outcomes. The survey investigates present IRCs in each surveyed country, the reasons why they have been applied, the framework and resources associated with their application and the details as to their level and functioning. The focus is on legal forms of control (i.e. codified into law) as opposed to de facto controls. The new database on interest rate controls, a popular form of financial repression is based on a survey of 108 countries, representing 88 percent of global gross domestic product. The interest rate controls presented in this dataset were in effect in 2019. Albania Algeria Anguilla Antigua and Barbuda Argentina Armenia Australia Azerbaijan Bangladesh Belgium Benin Bermuda Bosnia and Herzegovina Bolivia Brazil Bulgaria Burkina Faso Canada Chile China Colombia Costa Rica Côte D'Ivoire Croatia Cyprus Czech Republic Dominica Dominican Rep Ecuador El Salvador Estonia Ethiopia Finland France Georgia Germany Ghana Grenada Guatemala Guernsey Guinea-Bissau Guyana Hong Kong, SAR Iceland India Indonesia Iraq Israel Italy Jamaica Japan Jersey Jordan Kenya Kosovo Kyrgyz Republic Latvia Lebannon Liechtenstein Lithuania Macao, SAR Malaysia Mali Malta Marshall Islands Mauritania Mauritius Moldova Montserrat Morocco Netherlands New Zealand Nicaragua Niger North Macedonia Norway Pakistan Panama Paraguay Peru Philippines Portugal Qatar Romania Russia San Marino Senegal Serbia Seychelles South Africa Spain Sri Lanka St. Kitts And Nevis St. Lucia St. Vincent And The Grenadines Sudan Sweden Thailand Togo Ukraine United Kingdom United States Uruguay Uzbekistan Vietnam Zambia Global Survey, covering 108 countries, representing 88 percent of global GDP. Regulation at the national level. Banking supervisors and Local Banking Associations. Sample survey data [ssd] The data cover such aspects of interest rate controls as types of controls, legal basis, intended objectives, methodologies, and enforcement rules. Mail Questionnaire [mail] Bank supervisors and banking associations were provided with a standard excel file with five parts. The survey was structured in five parts, each placed in a different excel sheet. Part A: Introduction. Countries with no IRCs in place were asked to only answer this sheet and leave the rest blank. Part B: Presented the definitions of controls, institutions, products and additional aspects that will be covered in the survey. Part C: Introduced a set of qualitative questions to describe the IRCs in place. Part D: Displayed a set of tables to quantitatively describe the IRCs in place. Part E: Laid out the final set of questions, covering sanctions and control mechanisms that support the IRCs' enforcement. The questionnaire is provided in the Documentation section in pdf and excel. Not every country responded to the survey. Also, officials from the same country or even the same agency sometimes provided conflicting answers. The team followed up with the authorities that had provided inconsistent or incomplete responses. For a few countries, answers were provided by World Bank Group financial sector experts. In addition, in an attempt to reconcile any inconsistencies, the team checked the responses with Ferrari et al. (2018); with the 2017 Global Financial Inclusion and Consumer Protection Survey (GFICPS 2017); and with Reifner et al. (2010). The edition effort gave preeminence to citations to laws and regulations, creating a repository for these as a complement to the survey. World Bank Microdata Library Use of the dataset must be acknowledged using a citation which would include: - the Identification of the Primary Investigator - the title of the survey (including country, acronym and year of implementation) - the survey reference number - the source and date of download Example: Calice, Pietro, Federico A. Diaz Kalan and Oliver Masetti. Survey on Interest Rate Controls (IRC) 2019. Ref :WLD_2019_IRC_v01_M. Downloaded from [url] on [date]. Public Use Files calice_diazkalan_masetti_irc.dta Interest Rate Repression Data 133 12 ISO country code ISO country code ISO country code ISO country code ISO country code 133 Full country name Full country name Full country name Full country name Full country name 133 Type of interest rate control Type of interest rate control Type of interest rate control Type of interest rate control Type of interest rate control 88 45 1 4 1 Deposit rate cap 2 Deposit rate floor 3 Lending rate cap 4 Lending rate floor Sysmiss Financial institutions affected by IRC Financial institutions affected by IRC Financial institutions affected by IRC Financial institutions affected by IRC Financial institutions affected by IRC 133 Commercial banks Commercial banks / Cooperative banks Commercial banks / Cooperative banks / Financing companies Commercial banks / Cooperative banks / Financing companies / Microfinance institutions Commercial banks / Cooperative banks / Savings banks Commercial banks / Cooperative banks / Savings banks / Financing companies / Microfinance institutions Commercial banks / Cooperative banks / Savings banks / Microfinance institutions Commercial banks / Cooperative banks / Savings banks / Financing companies Commercial banks / Financing companies Commercial banks / Microfinance institutions Commercial banks / Savings banks / Financing companies Commercial banks / Savings banks / Microfinance institutions Commercial banks / Cooperative banks / Microfinance institutions Cooperative banks / Financing companies Financing companies Financing companies / Microfinance institutions Microfinance institutions Lending/deposit products subject to IRC Lending/deposit products subject to IRC Lending/deposit products subject to IRC Lending/deposit products subject to IRC Lending/deposit products subject to IRC 133 All business loans / All retail loans All business loans / Retail: consumer loans / Retail: resid. real estate All deposits All retail loans Business: agricultural loans / Retail: resid. real estate / Retail: microcredit Business: com. real estate / Business: agricultural loans Business: working cap loans / Business: term loans / Business: agricultural loans / Retail: resid. real estate / Retail: small business loans / Retail: microcredit Certificates of deposits Certificates of deposits / Other accounts Retail: consumer loans Retail: consumer loans / Retail: credit card loans Retail: consumer loans / Retail: credit card loans / Retail: microcredit Retail: consumer loans / Retail: credit card loans / Retail: resid. real estate Retail: consumer loans / Retail: microcredit Retail: consumer loans / Retail: resid. real estate Retail: consumer loans / Retail: small business loans / Retail: microcredit Retail: consumer loans / Retail: credit card loans / Retail: microcredit Retail: credit card loans Retail: microcredit Retail: small business loans / Retail: microcredit Savings accounts Savings accounts / Certificates of deposits Savings accounts / Deposit: other accounts Methodology for determining IRC: Fixed, Relative (market, policy, adm. rate) Methodology for determining IRC: Fixed, Relative (market, policy, adm. rate) Methodology for determining IRC: Fixed, Relative (market, policy, adm. rate) Methodology for determining IRC: Fixed, Relative (market, policy, adm. rate) Methodology for determining IRC: Fixed, Relative (market, policy, adm. rate) 88 45 1 4 1 Absolute 2 Relative: administrative rate 3 Relative: central bank rate 4 Relative: market rate Sysmiss Currency denomination of IRC Currency denomination of IRC Currency denomination of IRC Currency denomination of IRC Currency denomination of IRC 88 45 1 2 1 All 2 Local Sysmiss Basis of IRC regulation: Regulation; Primary legislation; Court decision Basis of IRC regulation: Regulation; Primary legislation; Court decision Basis of IRC regulation: Regulation; Primary legislation; Court decision Basis of IRC regulation: Regulation; Primary legislation; Court decision Basis of IRC regulation: Regulation; Primary legislation; Court decision 133 Court decision Primary legislation Regulation Reference to the country basis of IRC regulation Reference to the country basis of IRC regulation Reference to the country basis of IRC regulation Reference to the country basis of IRC regulation Reference to the country basis of IRC regulation 133 Limits on fees associated with IRC Limits on fees associated with IRC Limits on fees associated with IRC Limits on fees associated with IRC Limits on fees associated with IRC 88 45 1 2 1 No 2 Yes Sysmiss Sanctions and enforcement mechanisms Sanctions and enforcement mechanisms Sanctions and enforcement mechanisms Sanctions and enforcement mechanisms Sanctions and enforcement mechanisms 133 Administrative sanctions Administrative sanctions / Automatic substitution of contractual provisions Administrative sanctions / Criminal sanctions Administrative sanctions / Criminal sanctions / Automatic substitution of contractual provisions Automatic substitution of contractual provisions Criminal sanctions Voidance/invalidity of contracts Voidance/invalidity of contracts / Administrative sanctions Voidance/invalidity of contracts / Administrative sanctions / Automatic substitution of contractual provisions Voidance/invalidity of contracts / Administrative sanctions / Criminal sanctions Voidance/invalidity of contracts / Administrative sanctions / Criminal sanctions / Automatic substitution of contractual provisions Voidance/invalidity of contracts / Criminal sanctions Basis of IRC regulation: Regulation; Primary legislation; Court decision Basis of IRC regulation: Regulation; Primary legislation; Court decision Basis of IRC regulation: Regulation; Primary legislation; Court decision Basis of IRC regulation: Regulation; Primary legislation; Court decision Basis of IRC regulation: Regulation; Primary legislation; Court decision 88 45 1 3 1 Court decision 2 Primary legislation 3 Regulation Sysmiss