Stock Market Development and Financial Deepening in Developing Countries PDF Download
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Author: Dong He
Publisher: World Bank Publications
ISBN:
Category : Mercado de valores - Paises en desarrollo
Languages : en
Pages : 45
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Book Description
Author: Dong He
Publisher: World Bank Publications
ISBN:
Category : Mercado de valores - Paises en desarrollo
Languages : en
Pages : 45
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Book Description
Author: Steve H. Hanke
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 416
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Book Description
Author: Mansoor Dailami
Publisher: World Bank Publications
ISBN:
Category : Capital market
Languages : en
Pages : 54
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Book Description
With foreign capital funds dwindling, governments in many developing countries-- with increased Bank support-- are looking to develop capital markets to provide risk capital for the corporate sector. But first, some basic issues must be empirically explored.
Author: Mr.Kangni R Kpodar
Publisher: International Monetary Fund
ISBN: 1498303560
Category : Business & Economics
Languages : en
Pages : 35
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Book Description
This paper contributes to the literature by looking at the possible relevance of the structure of the financial system—whether financial intermediation is performed through banks or markets—for macroeconomic volatility, against the backdrop of increased policy attention on strengthening growth resilience. With low-income countries (LICs) being the most vulnerable to large and frequent terms of trade shocks, the paper focuses on a sample of 38 LICs over the period 1978-2012 and finds that banking sector development acts as a shock-absorber in poor countries, dampening the transmission of terms of trade shocks to growth volatility. Expanding the sample to 121 developing countries confirms this result, although this role of shock-absorber fades away as economies grow richer. Stock market development, by contrast, appears neither to be a shock-absorber nor a shock-amplifier for most economies. These findings are consistent across a range of econometric estimators, including fixed effect, system GMM and local projection estimates.
Author: Ms.Ratna Sahay
Publisher: International Monetary Fund
ISBN: 1475570198
Category : Business & Economics
Languages : en
Pages : 41
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Book Description
The global financial crisis experience shone a spotlight on the dangers of financial systems that have grown too big too fast. This note reexamines financial deepening, focusing on what emerging markets can learn from the advanced economy experience. It finds that gains for growth and stability from financial deepening remain large for most emerging markets, but there are limits on size and speed. When financial deepening outpaces the strength of the supervisory framework, it leads to excessive risk taking and instability. Encouragingly, the set of regulatory reforms that promote financial depth is essentially the same as those that contribute to greater stability. Better regulation—not necessarily more regulation—thus leads to greater possibilities both for development and stability.
Author: Ejaz Ghani
Publisher: World Bank Publications
ISBN:
Category : Economic development
Languages : en
Pages : 34
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Book Description
A country with a more developed financial system tends to grow faster because it can make more efficient use of resources. Policy reform that fosters financial development also fosters a better growth rate real GDP.
Author: Ross Levine
Publisher: World Bank Publications
ISBN: 6101919153
Category : Aumentoa de la produccion
Languages : en
Pages : 32
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Book Description
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.
Author: Aslı Demirgüç-Kunt
Publisher: World Bank Publications
ISBN:
Category : Capital market
Languages : en
Pages : 39
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Book Description
The relationship between the development of stock markets and the functioning of financial intermediaries may be complementary.
Author: Charles Amo Yartey
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 38
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Book Description
This paper examines the institutional and macroeconomic determinants of stock market development using a panel data of 42 emerging economies for the period 1990 to 2004. The paper finds that macroeconomic factors such as income level, gross domestic investment, banking sector development, private capital flows, and stock market liquidity are important determinants of stock market development in emerging market countries. The results also show that political risk, law and order, and bureaucratic quality are important determinants of stock market development because they enhance the viability of external finance. This result suggests that the resolution of political risk can be an important factor in the development of emerging stock markets. The analysis also shows the factors identified above as determining stock market development in emerging economies can also explain the development of the stock market in South Africa.
