AcknowledgementsWe gratefully ackno

Acknowledgements
We gratefully acknowledge research assistance and background
work by Pejman Abedifar, Jelizaveta Baranova and Jumana Poo-
nawala as well as comments and suggestions by an anonymous
referee, Martin Cihak, Heiko Hesse, Harry Huizinga, and workshop
participants at the ECB. Ouarda Merrouche completed this paper,
while working at the World Bank. This paper’s findings, interpreta-
tions, and conclusions are entirely those of the authors and do not
necessarily represent the views of the World Bank, its Executive
Directors, or the countries they represent or the views of the Euro-
pean Securities and Markets Authority.

Hasil (Bahasa Indonesia) 2:

Ucapan Terima Kasih
Kami berterima kasih bantuan penelitian dan latar belakang
bekerja dengan Pejman Abedifar, Jelizaveta Baranova dan Jumana Poo-
Nawala serta komentar dan saran oleh anonim
wasit, Martin Cihak, Heiko Hesse, Harry Huizinga, dan workshop
peserta ECB. Ouarda Merrouche menyelesaikan makalah ini,
saat bekerja di Bank Dunia. Temuan ini kertas, interpretasi
tions, dan kesimpulan sepenuhnya dari penulis dan tidak
mewakili pandangan dari Bank Dunia, Eksekutif
Direktur, atau negara-negara yang mereka wakili atau pandangan dari Euro
pean Efek dan Pasar Authority.