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Author: Mr.Jorge Roldos
Publisher: International Monetary Fund
ISBN: 1451922779
Category : Business & Economics
Languages : en
Pages : 26
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Book Description
In this paper we explore some of the informational problems that constrain the development of credit markets in transition economies. We characterize investment patterns under uncertainty and high costs of entry, when agents learn about the ultimate value of enterprises through production in a Bayesian way. Inefficiencies due to the lack of public information reduce the average return to capital. Under asymmetric information, credit would go to activities that can provide enough co-finance. Credit markets may fail to develop for a while if there is not enough individual wealth to complement credit. Once they operate, credit markets may magnify distortions in equity markets, such as those due to spontaneous privatization. An argument for the sequencing of capital market liberalization is provided.
Author: Mr.Jorge Roldos
Publisher: International Monetary Fund
ISBN: 1451922779
Category : Business & Economics
Languages : en
Pages : 26
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Book Description
In this paper we explore some of the informational problems that constrain the development of credit markets in transition economies. We characterize investment patterns under uncertainty and high costs of entry, when agents learn about the ultimate value of enterprises through production in a Bayesian way. Inefficiencies due to the lack of public information reduce the average return to capital. Under asymmetric information, credit would go to activities that can provide enough co-finance. Credit markets may fail to develop for a while if there is not enough individual wealth to complement credit. Once they operate, credit markets may magnify distortions in equity markets, such as those due to spontaneous privatization. An argument for the sequencing of capital market liberalization is provided.
Author: Mr.Michael G. Spencer
Publisher: International Monetary Fund
ISBN: 1451849656
Category : Business & Economics
Languages : en
Pages : 50
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Book Description
Financial institutions intermediate between savers and investors and contribute to corporate governance. Equity and bond markets in the former centrally planned economies are not yet in a position adequately to provide these services. It is not yet clear that investment funds will provide the necessary financing and corporate management. Therefore the first priority for financial sector reforms must be to establish a healthy commercial banking sector. Banks are the most promising source of financing, provide payment services which are crucial to both the real and financial sectors and, by monitoring the use of loaned funds, will be the primary source of corporate governance during the transformation to a market economy.
Author: Kenneth Kletzer
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
Author: Juliette Levy
Publisher: Penn State Press
ISBN: 0271052147
Category : History
Languages : en
Pages : 176
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Book Description
During the nineteenth century, Yucat&án moved effectively from its colonial past into modernity, transforming from a cattle-ranching and subsistence-farming economy to a booming export-oriented agricultural economy. Yucat&án and its economy grew in response to increasing demand from the United States for henequen, the local cordage fiber. This henequen boom has often been seen as another regional and historical example of overdependence on foreign markets and extortionary local elites. In The Making of a Market, Juliette Levy argues instead that local social and economic dynamics are the root of the region&’s development. She shows how credit markets contributed to the boom before banks (and bank crises) existed and how people borrowed before the creation of institutions designed specifically to lend. As the intermediaries in this lending process, notaries became unwitting catalysts of Yucat&án&’s capitalist transformation. By focusing attention on the notaries&’ role in structuring the mortgage market rather than on formal institutions such as banks, this study challenges the easy compartmentalization of local and global relationships and of economic and social relationships.
Author: Kenneth M. Kletzer
Publisher:
ISBN:
Category :
Languages : en
Pages : 26
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Book Description
In this paper we explore some of the informational problems that constrain the development of credit markets in transition economies. We characterize investment patterns under uncertainty and high costs of entry, when agents learn about the ultimate value of enterprises through production in a Bayesian way. Inefficiencies due to the lack of public information reduce the average return to capital. Under asymmetric information, credit would go to activities that can provide enough co-finance. Credit markets may fail to develop for a while if there is not enough individual wealth to complement credit. Once they operate, credit markets may magnify distortions in equity markets, such as those due to spontaneous privatization. An argument for the sequencing of capital market liberalization is provided.
Author: International Monetary Fund. External Relations Dept.
Publisher: International Monetary Fund
ISBN: 145193744X
Category : Business & Economics
Languages : en
Pages : 458
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Book Description
The Web edition of the IMF Survey is updated several times a week, and contains a wealth of articles about topical policy and economic issues in the news. Access the latest IMF research, read interviews, and listen to podcasts given by top IMF economists on important issues in the global economy. www.imf.org/external/pubs/ft/survey/so/home.aspx
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 9781557758606
Category : Business & Economics
Languages : en
Pages : 124
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Book Description
A selective index of major research papers prepared by IMF staff in 1991-98.
Author:
Publisher:
ISBN:
Category : Finance
Languages : en
Pages : 700
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Book Description
Author: Stefano Manzocchi
Publisher: Springer
ISBN: 1349276200
Category : Business & Economics
Languages : en
Pages : 213
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Book Description
The object of this volume is to evaluate the pattern and the function of foreign capital in developing countries in a long-run perspective. The main conceptual instruments employed are the theory of economic growth, and the techniques associated with recent advances in growth econometrics. This empirical work points out that there is no mechanical trade-off between the short-term dangers and the long-run gains from capital market integration, but the growth benefits of foreign capital in transforming economies are conditional on an effective destination of the resources. Over-borrowing and excessive consumption are the main pitfalls in the short- as in the long-run. Nevertheless, foreign capital can be conducive to faster growth and possibly higher welfare.
Author: Alexander Fleming
Publisher: World Bank Publications
ISBN: 9780821348147
Category : Business & Economics
Languages : en
Pages : 302
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Book Description
This book contains 21 papers focusing on a wide range of issues concerning financial sector transition in the countries of Europe and Central Asia (ECA). It places the transition economies in the context of recent and prospective developments in global financial markets. This book also evaluates the experience of the last 10 years and reviews the progress from a command financial system to a market-based one, identifying some of the key characteristics of the financial transition.
