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Author: Asl? Demirgüç-Kunt
Publisher: World Bank Publications
ISBN:
Category : Financial institutions
Languages : en
Pages : 64
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Book Description
Author: Asl? Demirgüç-Kunt
Publisher: World Bank Publications
ISBN:
Category : Financial institutions
Languages : en
Pages : 64
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Book Description
Author: Ross Levine
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
May 1995 The three most developed stock markets are in Japan, the United Kingdom, and the United States, and the most underdeveloped markets are in Colombia, Nigeria, Venezuela, and Zimbabwe. Markets tend to be more developed in richer countries, but some markets commonly labeled emerging (for example, in Malaysia, the Republic of Korea, and Thailand) are systematically more developed than some markets commonly labeled developed (for example, in Australia, Canada, and many European countries). World stock markets are booming. Between 1982 and 1993, stock market capitalization grew from $2 trillion to $10 trillion, an average 15 percent a year. A disproportionate amount of this growth was in emerging stock markets, which rose from 3 percent of world stock market capitalization to 14 percent in the same period. Yet there is little empirical evidence about how important stock markets are to long-term economic development. Economists have neither a common concept nor a common measure of stock market development, so we know little about how stock market development affects the rest of the financial system or how corporations finance themselves. Demirgüç-Kunt and Levine collected and compared many different indicators of stock market development using data on 41 countries from 1986 to 1993. Each indicator has statistical and conceptual shortcomings, so they used different measures of stock market size, liquidity, concentration, and volatility, of institutional development, and of international integration. Their goal: to summarize information about a variety of indicators for stock market development, in order to facilitate research into the links between stock markets, economic development, and corporate financing decisions. They highlight certain important correlations: * In the 41 countries they studied, there are enormous cross-country differences in the level of stock market development for each indicator. The ratio of market capitalization to GDP, for example, is greater than 1 in five countries and less than 0.10 in five others. * There are intuitively appealing correlations among indicators. For example, big markets tend to be less volatile, more liquid, and less concentrated in a few stocks. Internationally integrated markets tend to be less volatile. And institutionally developed markets tend to be large and liquid. * The three most developed markets are in Japan, the United Kingdom, and the United States. The most underdeveloped markets are in Colombia, Nigeria, Venezuela, and Zimbabwe. Malaysia, the Republic of Korea, and Switzerland seem to have highly developed stock markets, whereas Argentina, Greece, Pakistan, and Turkey have underdeveloped markets. Markets tend to be more developed in richer countries, but many markets commonly labeled emerging (for example, in Korea, Malaysia, and Thailand) are systematically more developed than markets commonly labeled developed (for example, in Australia, Canada, and many European countries). * Between 1986 and 1993, some markets developed rapidly in size, liquidity, and international integration. Indonesia, Portugal, Turkey, and Venezuela experienced explosive development, for example. Case studies on the reasons for (and economic consequences of) this rapid development could yield valuable insights. * The level of stock market development is highly correlated with the development of banks, nonbank financial institutions (finance companies, mutual funds, brokerage houses), insurance companies, and private pension funds. This paper -- a product of the Finance and Private Sector Development Division, Policy Research Department -- is part of a larger effort in the department to study stock market development. The study was funded by the Bank's Research Support Budget under the research project Stock Market Development and Financial Intermediary Growth (RPO 678-37).
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: G. Mavrotas
Publisher: Springer
ISBN: 0230594018
Category : Business & Economics
Languages : en
Pages : 286
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Book Description
This book provides insights into the evolving debate regarding the mobilization of domestic resources and the crucial role that financial development can and should play in this regard, exploring aspects of the financial development–domestic resource mobilization nexus, including country case studies.
Author: Ross Levine
Publisher:
ISBN:
Category : Economic development
Languages : en
Pages : 130
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Book Description
"This paper reviews, appraises, and critiques theoretical and empirical research on the connections between the operation of the financial system and economic growth. While subject to ample qualifications and countervailing views, the preponderance of evidence suggests that both financial intermediaries and markets matter for growth and that reverse causality alone is not driving this relationship. Furthermore, theory and evidence imply that better developed financial systems ease external financing constraints facing firms, which illuminates one mechanism through which financial development influences economic growth. The paper highlights many areas needing additional research"--NBER website
Author: Aslı Demirgüç-Kunt
Publisher: MIT Press
ISBN: 9780262541794
Category : Business & Economics
Languages : en
Pages : 452
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Book Description
CD-ROM contains: World Bank data.
Author: Jeremy Atack
Publisher: Cambridge University Press
ISBN: 1139477048
Category : Business & Economics
Languages : en
Pages : 497
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Book Description
Collectively, mankind has never had it so good despite periodic economic crises of which the current sub-prime crisis is merely the latest example. Much of this success is attributable to the increasing efficiency of the world's financial institutions as finance has proved to be one of the most important causal factors in economic performance. In a series of insightful essays, financial and economic historians examine how financial innovations from the seventeenth century to the present have continually challenged established institutional arrangements, forcing change and adaptation by governments, financial intermediaries, and financial markets. Where these have been successful, wealth creation and growth have followed. When they failed, growth slowed and sometimes economic decline has followed. These essays illustrate the difficulties of co-ordinating financial innovations in order to sustain their benefits for the wider economy, a theme that will be of interest to policy makers as well as economic historians.
Author: Asli Demirgüç-Kunt
Publisher:
ISBN: 9781785367427
Category : Economic development
Languages : en
Pages : 1616
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Book Description
This two-volume collection brings together major contributions to the study of finance and growth. It includes conceptual and empirical papers that use a range of methodologies to discover the connections between financial systems - including financial contracts, markets, and intermediaries - and the functioning of the economy - including economic growth, entrepreneurship, technological innovation, poverty alleviation, the distribution of income, and the structure and volatility of economies. It also discusses contributions to the study of the legal, political, institutional, social capital and policy determinants of financial development. With an original introduction by the editors, this collection is an important resource for students, academics and practitioners.
Author: Augusto de la Torre
Publisher: World Bank Publications
ISBN: 9780821365441
Category : Business & Economics
Languages : en
Pages : 228
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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: Franklin Allen
Publisher: MIT Press
ISBN: 9780262011778
Category : Business & Economics
Languages : en
Pages : 524
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Book Description
Why do different countries have such different financial systems? Is one system better than the other? This text argues that the view that market-based systems are best is simplistic, and suggests that a more nuanced approach is necessary.
