The Development of Securities Markets in the Republics of the Former Soviet Union PDF Download

Author:
Publisher:
ISBN:
Category : Capital market
Languages : en
Pages : 56

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Author: J. Robert Brown
Publisher:
ISBN:
Category :
Languages : en
Pages : 0

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In the aftermath of the fall of the Soviet Union, Russia emerged as the largest of the newly independent states. As part of the transformation process, Russia sought to implement capitalist style securities markets. Russian financial markets have been in constant turmoil since the demise of the command economy. Almost overnight, the country faced the challenge of developing a system for privately financing Russian enterprises. A plethora of banks, brokers, and stock exchanges sprang to life, most of which were undercapitalized, disorganized, and poorly policed. The absence of effective regulatory regimes resulted in marginal compliance at best. The most critical question for the development of the markets, however, concerns the market intermediaries responsible for the capital-formation process. In developed markets, the capital-raising process is dominated either by banks or by securities firms. The type of intermediary has important implications. Bank-dominated economies possess a number of inherent attributes that can impede the capital-raising process, including less dynamic capital markets, a reduced supply of funding for domestic companies, and a greater degree of government interference. Japan and Germany are examples. Those dominated by securities firms are more receptive to the capital needs of less established companies. The development of robust securities markets remains critical to Russia's economic recovery. In order for adequate markets to emerge, Russia must develop an aggressive class of intermediaries with the ability to place shares of privatized companies. Comparative analysis suggests that, absent deliberate government policies to the contrary, bank-dominated systems will emerge. A bank-dominated system will stall economic development by creating inadequately vibrant capital markets. Consequently, insufficient funds will be available for capital, reducing the number of companies that can obtain long-term financing.

Author: Doughas Steven Lloyd
Publisher:
ISBN:
Category :
Languages : en
Pages : 200

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Author: Michel Noël
Publisher: World Bank Publications
ISBN:
Category : Business & Economics
Languages : en
Pages : 180

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This study reviews the recent developments in capital markets and institutional investors in Russia, and examines the policy challenges ahead for the development of the sector. The analysis covers key impediments for further development and policy challenges for securities markets, in particular legal and regulatory framework, market infrastructure, government bonds, sub-sovereign bonds, corporate bonds, and equities. The analysis also covers key impediments for furhter development and policy challenges for mutual funds, pension funds, and insurance companies.

Author: François Perquel
Publisher: Woodhead Publishing
ISBN: 9781855733404
Category : Business & Economics
Languages : en
Pages : 180

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The banking systems of eastern Europe and the states of the former Soviet Union have undergone dramatic change in recent years. This is the first book to provide a practical overview of the banking systems in the region. It describes the changes that have occurred and the differences that still remain. The author provides a full account of the various financial centres and the diversity of products that are available, including currencies, bonds, stocks, futures, coupons and certificates. The book covers financial internediaries, savings protection and corporate governance and concludes with a look at potential future developments. It will be essential reading for corporates, bankers, fund managers, investors and advisers involved in the region.

Author: Lodewijk Petram
Publisher: Columbia University Press
ISBN: 0231537328
Category : Business & Economics
Languages : en
Pages : 305

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This account of the sophisticated financial hub that was 17th-century Amsterdam “does a fine job of bringing history to life” (Library Journal). The launch of the Dutch East India Company in 1602 initiated Amsterdam’s transformation from a regional market town into a dominant financial center. The Company introduced easily transferable shares, and within days buyers had begun to trade them. Soon the public was engaging in a variety of complex transactions, including forwards, futures, options, and bear raids, and by 1680 the techniques deployed in the Amsterdam market were as sophisticated as any we practice today. Lodewijk Petram’s award-winning history demystifies financial instruments by linking today’s products to yesterday’s innovations, tying the market’s operation to the behavior of individuals and the workings of the world around them. Traveling back in time, Petram visits the harbor and other places where merchants met to strike deals. He bears witness to the goings-on at a notary’s office and sits in on the consequential proceedings of a courtroom. He describes in detail the main players, investors, shady characters, speculators, and domestic servants and other ordinary folk, who all played a role in the development of the market and its crises. His history clarifies concerns that investors still struggle with today—such as fraud, the value of information, trust and the place of honor, managing diverging expectations, and balancing risk—and does so in a way that is vivid, relatable, and critical to understanding our contemporary world.

Author: Merritt B. Fox
Publisher: Columbia University Press
ISBN: 023154393X
Category : Business & Economics
Languages : en
Pages : 612

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The U.S. stock market has been transformed over the last twenty-five years. Once a market in which human beings traded at human speeds, it is now an electronic market pervaded by algorithmic trading, conducted at speeds nearing that of light. High-frequency traders participate in a large portion of all transactions, and a significant minority of all trade occurs on alternative trading systems known as “dark pools.” These developments have been widely criticized, but there is no consensus on the best regulatory response to these dramatic changes. The New Stock Market offers a comprehensive new look at how these markets work, how they fail, and how they should be regulated. Merritt B. Fox, Lawrence R. Glosten, and Gabriel V. Rauterberg describe stock markets’ institutions and regulatory architecture. They draw on the informational paradigm of microstructure economics to highlight the crucial role of information asymmetries and adverse selection in explaining market behavior, while examining a wide variety of developments in market practices and participants. The result is a compelling account of the stock market’s regulatory framework, fundamental institutions, and economic dynamics, combined with an assessment of its various controversies. The New Stock Market covers a wide range of issues including the practices of high-frequency traders, insider trading, manipulation, short selling, broker-dealer practices, and trading venue fees and rebates. The book illuminates both the existing regulatory structure of our equity trading markets and how we can improve it.

Author: International Monetary Fund
Publisher: Washington, D.C. : World Bank
ISBN:
Category : Business & Economics
Languages : en
Pages : 66

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Book Description
The transformation of the Soviet economy is bound to be extraordinarily complex and will take many years to complete. Three closely related areas require action at the outset of the process: macroeconomic stabilization, including fiscal, monetary, trade and payments, and incomes policies; price reform in an environment of increased domestic and external competition; and ownership reform, involving the rapid privatization of retail trade and small enterprises, along with the commercialization of large, state-owned enterprises. Many measures are needed to support policy actions in these three areas. A social safety net will be needed to protect the most vulnerable from the short-term adverse consequences of the reform process. Other measures include completion of the legal framework for a market economy, the creation of a market system for banking and finance, the demonopolization and restructuring of many enterprises, the reconstruction of the transport and communications infrastructure, the development of a system of labor relations, the process of privatization of state enterprises and collective farms, and the addressing of serious environmental problems. These and other issues, and the close relationships between them, are discussed in this study.

Author: Pradeep Mitra
Publisher: World Bank Publications
ISBN: 9780821350386
Category : Business & Economics
Languages : en
Pages : 164

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The wide variation in transition economies raises questions about differences in economic growth, the applicability of transition policies, and the advantages of economic reform. This report seeks to answer these questions.

Author: Augusto de la Torre
Publisher: World Bank Publications
ISBN: 0821365444
Category : Business & Economics
Languages : en
Pages : 232

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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.