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Author: Peter Blair Henry Publisher: ISBN: Category : Capital market Languages : en Pages : 64
Book Description
"Contrary to the predictions of standard economic theory, capital market liberalization has been a mixed blessing for many countries. Liberalization of debt inflows exposes economies to the risk of crises stemming from sudden changes in investor sentiment. Equity market liberalizations, on the other hand, have promoted growth in almost every liberalizing country. Yet equity market liberalizations have not had as strong an effect as might be expected. To convince outsiders to invest, countries must put in place laws and supporting institutions to protect the rights of minority shareholders. Countries with such protections tend to have larger, more efficient, and more stable stock markets than those that do not"--NBER website
Author: Peter Blair Henry Publisher: ISBN: Category : Capital market Languages : en Pages : 64
Book Description
"Contrary to the predictions of standard economic theory, capital market liberalization has been a mixed blessing for many countries. Liberalization of debt inflows exposes economies to the risk of crises stemming from sudden changes in investor sentiment. Equity market liberalizations, on the other hand, have promoted growth in almost every liberalizing country. Yet equity market liberalizations have not had as strong an effect as might be expected. To convince outsiders to invest, countries must put in place laws and supporting institutions to protect the rights of minority shareholders. Countries with such protections tend to have larger, more efficient, and more stable stock markets than those that do not"--NBER website
Author: Augusto de la Torre Publisher: World Bank Publications ISBN: 0821365444 Category : Business & Economics Languages : en Pages : 232
Book Description
Back in the early 1990s, economists and policy makers had high expectations about the prospects for domestic capital market development in emerging economies, particularly in Latin America. Unfortunately, they are now faced with disheartening results. Stock and bond markets remain illiquid and segmented. Debt is concentrated at the short end of the maturity spectrum and denominated in foreign currency, exposing countries to maturity and currency risk. Capital markets in Latin America look particularly underdeveloped when considering the many efforts undertaken to improve the macroeconomic environment and to reform the institutions believed to foster capital market development. The disappointing performance has made conventional policy recommendations questionable, at best. 'Emerging Capital Markets and Globalization' analyzes where we stand and where we are heading on capital market development. First, it takes stock of the state and evolution of Latin American capital markets and related reforms over time and relative to other countries. Second, it analyzes the factors related to the development of capital markets, with particular interest on measuring the impact of reforms. And third, in light of this analysis, it discusses the prospects for capital market development in Latin America and emerging economies and the implications for the reform agenda.
Author: Robert E. Litan Publisher: Rowman & Littlefield ISBN: 0815796102 Category : Business & Economics Languages : en Pages : 543
Book Description
The Future of Domestic Capital Markets in Developing Countries addresses the challenges that countries face as they develop and strengthen capital markets. Based on input from the world's most prominent capital market experts and leading policymakers in developing countries, this volume represents the latest thinking in capital market development. It captures the views of a global gathering of experts, with perspectives from developing and developed countries, from all regions of the world, from the public and private sector. This volume should be of interest to senior financial sector policymakers from developed and developing countries in securities and exchange commissions, regulators, central banks, ministries of finance, and monetary authorities; private sector executives in stock exchanges, bond markets, venture capital markets, and investment funds; and researchers and academicians with an interest in capital market development in emerging markets. What are the key factors threatening the development and survival of stock exchanges in developing countries? What domestic strategies are needed to protect the future of local markets? Should exchanges consider linkages or alliances? Merging with, or buying up, other exchanges? Demutualization? The volume provides practical guidance on strategies such as nurturing issuers, improving rules and institutions, addressing regulatory challenges, and sequencing reforms. The contributors address a variety of country experiences, and suggest steps that policymakers and practitioners in emerging markets can take to promote an orderly transition toward efficient, well-regulated, and accessible capital markets. Contributors include Reena Aggarwal (Georgetown University), Alexander S. Berg (World Bank), Alan Cameron (Sydney Futures Exchange), Olivier Fremond (PSACG), Amar Gill (Credit Lyonnais Securities Asia), Gerd Hausler (IMF), Jack Glen (International Finance Corporation), Peter Blair Henry (Stanf
Author: Augusto de la Torre Publisher: Stanford University Press ISBN: 9780804757195 Category : Social Science Languages : en Pages : 232
Book Description
Emerging Capital Markets and Globalization analyzes where we stand and where we are heading on capital market development, the state and evolution of Latin American capital markets and related reforms, measuring the impact of reforms, and discusses the prospects for capital market development in Latin America and emerging economies and the implications for the reform agenda
Author: Mr.Luc Laeven Publisher: International Monetary Fund ISBN: 1498372201 Category : Business & Economics Languages : en Pages : 25
Book Description
Capital markets can improve risk sharing and the efficiency with which capital is allocated to the real economy, boosting economic growth and welfare. However, despite these potential benefits, not all countries have well developed capital markets. Moreover, government-led initiatives to develop local capital markets have had mixed success. This paper reviews the literature on the benefits and costs of developing local capital markets, and describes the challenges faced in the development of such markets. The paper concludes with a set of policy recommendations emerging from this literature.
Author: Facundo Abraham Publisher: ISBN: Category : Languages : en Pages : 61
Book Description
During the past decades, firms from emerging economies have significantly increased the amount of financing obtained in capital markets. Whereas the literature argues that international markets have been an important contributor to this process, the role of domestic markets is mostly unknown. By examining the case of East Asia, this paper shows that domestic markets have been a key driver of the observed trends in capital market financing since the early 2000s. As domestic markets developed, more and smaller firms gained access to equity and corporate bond financing. Domestic markets also helped some corporations to diversify funding sources and obtain domestic currency financing. Policy reforms following the Asian Financial Crisis accompanied the growth of domestic markets. Part of the reforms were aimed at developing domestic capital markets for small and medium-size enterprises. Although these markets have developed significantly, they still serve relatively few corporations, albeit from new sectors.
Author: Masahiro Kawai Publisher: Brookings Institution Press ISBN: 0815704895 Category : Business & Economics Languages : en Pages : 441
Book Description
"In the wake of the global financial crisis that began in 2008, offers a systematic overview of recent developments in regulatory frameworks in advanced and emerging-market countries, outlining challenges to improving regulation, markets, and access in developing economies"--Provided by publisher.
Author: Thorsten Beck Publisher: World Bank Publications ISBN: Category : Capital market Languages : en Pages : 43
Book Description
Financial sector development fosters economic growth and reduces poverty by widening and broadening access to finance and allocating society's savings more efficiently. The author first discusses three pillars on which sound and efficient financial systems are built: macroeconomic stability and effective and reliable contractual and informational frameworks. He then describes three different approaches to government involvement in the financial sector: the laissez-faire view, the market-failure view and the market-enabling view. Finally, the author analyzes the sequencing of financial sector reforms and discusses the benefits and challenges that emerging markets face when opening their financial systems to international capital markets.
Author: Masahiro Kawai Publisher: Sage Publications Pvt. Limited ISBN: 9789353289621 Category : Languages : en Pages : 396
Book Description
Capital Market Reform in Asia is a compilation of selected papers that captures the essence of the issues and challenges that contributed to capital market reform in the Asian region. The central theme of this volume is to chart the progress of capital market development in Asia after the 1997-1998 Asian financial crisis, to understand the complex process of capital market deepening in emerging market economies, and to acknowledge that in the aftermath of the global financial crisis of 2007-2009, robust Asian capital markets are crucial for mobilizing domestic savings for investments in Asia, both nationally and regionally. The book provides new insights into several important themes in capital market reforms in asia and is written by Asian financial policymakers, practitioners, scholars and experts invited by the organisation for Economic Co-operation and Development (OECD) and the Asian Development Bank Institute (ADBI).
Author: Masahiro Kawai Publisher: Brookings Institution Press ISBN: 0815704909 Category : Business & Economics Languages : en Pages : 441
Book Description
A Brookings Institution Press and Asian Development Bank Institute publication The rapid spread and far-reaching impact of the global financial crisis have highlighted the need for strengthening financial systems in advanced economies and emerging markets. Emerging markets face particular challenges in developing their nascent financial systems and making them resilient to domestic and external shocks. Financial reforms are critical to these economies as they pursue programs of high and sustainable growth. In this timely volume Masahiro Kawai, Eswar Prasad, and their contributors offer a systematic overview of recent developments in—and the latest thinking about—regulatory frameworks in both advanced countries and emerging markets. Their analyses and observations clearly point out the challenges to improving regulation, efficiency of markets, and access to the fi nancial system. Policymakers and financial managers in emerging markets are struggling to learn from the crisis and will need to grapple with some key questions as they restructure and reform their financial markets: • What lessons does the global financial crisis of 2007–09 offer for the establishment of efficient and flexible regulatory structures? • How can policymakers develop broader financial markets while managing the associated risks? • How—or should—they make the formal financial system more accessible to more people? • How might they best contend with multinational financial institutions? This book is an important step in getting a better grasp of these issues and making progress toward solutions that strike a balance between promoting financial market development and efficiency on the one hand, and ensuring financial stability on the other.
Author: Peter Blair Henry
Author: Peter Blair Henry
Author: Augusto de la Torre
Author: Robert E. Litan
Author: Augusto de la Torre
Author: Mr.Luc Laeven
Author: Facundo Abraham
Author: Masahiro Kawai
Author: Thorsten Beck
Author: Masahiro Kawai
Author: Masahiro Kawai