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  • Macroeconomics and Growth  (6)
  • Gozzi, Juan Carlos  (5)
  • Broner, Fernando  (2)
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  • 1
    Online Resource
    Online Resource
    Capital Market Development : Whither Latin America ? (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (27 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Schmukler, Sergio L Capital Market Development
    Keywords: Bank Policy ; Bond ; Bond Market ; Bond Market Development ; Capital Market ; Capital Market Development ; Capital Market Reforms ; Capital Markets ; Debt Markets ; Domestic Capital ; Domestic Capital Markets ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Macroeconomics and Economic Growth ; Markets and Market Access ; Private Sector Development ; Bank Policy ; Bond ; Bond Market ; Bond Market Development ; Capital Market ; Capital Market Development ; Capital Market Reforms ; Capital Markets ; Debt Markets ; Domestic Capital ; Domestic Capital Markets ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Macroeconomics and Economic Growth ; Markets and Market Access ; Private Sector Development ; Bank Policy ; Bond ; Bond Market ; Bond Market Development ; Capital Market ; Capital Market Development ; Capital Market Reforms ; Capital Markets ; Debt Markets ; Domestic Capital ; Domestic Capital Markets ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Macroeconomics and Economic Growth ; Markets and Market Access ; Private Sector Development
    Abstract: Over the past decades, many countries have implemented significant reforms to foster capital market development. Latin American countries were at the forefront of this process. The authors analyze where Latin American capital markets stand after these reforms. They find that despite the intense reform effort, capital markets in Latin America remain underdeveloped relative to markets in other regions. Furthermore, stock markets are below what can be expected, given Latin America's economic and institutional fundamentals. The authors discuss alternative ways of interpreting this evidence. They argue that it is difficult to pinpoint which policies Latin American countries should pursue to overcome their poor capital market development. Moreover, they argue that expectations about the outcome of the reform process may need to be revisited to take into account intrinsic characteristics of emerging economies. The latter may limit the scope for developing deep domestic capital markets in a context of international financial integration
    URL: Volltext  (Deutschlandweit zugänglich)
    Library Location Call Number Volume/Issue/Year Availability
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    Online Resource
    MPI Ethno. Forsch.
  • 2
    Online Resource
    Online Resource
    Stock Market Development Under Globalization : Whither The Gains From Reforms ? (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (38 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Schmukler, Sergio L Stock Market Development Under Globalization
    Keywords: Bank Policy ; Capital Market Development ; Capital Market Reforms ; Capital Markets ; Capital Raising ; Debt Markets ; Domestic Capital ; Domestic Capital Market ; Domestic Market ; Domestic Markets ; Emerging Markets ; Equity ; Finance and Financial Sector Development ; Macroeconomics and Economic Growth ; Markets and Market Access ; Private Sector Development ; Bank Policy ; Capital Market Development ; Capital Market Reforms ; Capital Markets ; Capital Raising ; Debt Markets ; Domestic Capital ; Domestic Capital Market ; Domestic Market ; Domestic Markets ; Emerging Markets ; Equity ; Finance and Financial Sector Development ; Macroeconomics and Economic Growth ; Markets and Market Access ; Private Sector Development ; Bank Policy ; Capital Market Development ; Capital Market Reforms ; Capital Markets ; Capital Raising ; Debt Markets ; Domestic Capital ; Domestic Capital Market ; Domestic Market ; Domestic Markets ; Emerging Markets ; Equity ; Finance and Financial Sector Development ; Macroeconomics and Economic Growth ; Markets and Market Access ; Private Sector Development
    Abstract: Over the past decades, many countries have implemented significant reforms to foster domestic capital market development. These reforms included stock market liberalization, privatization programs, and the establishment of regulatory and supervisory frameworks. Despite the intense reform efforts, the performance of capital markets in several countries has been disappointing. To study whether reforms have had the intended effects on capital markets, the authors analyze the impact of six capital market reforms on domestic stock market development and internationalization using event studies. They find that reforms tend to be followed by significant increases in domestic market capitalization, trading, and capital raising. Reforms are also followed by an increase in the share of activity in international equity markets, with potential negative spillover effects on domestic markets
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 3
    Online Resource
    Online Resource
    Innovative Experiences In Access To Finance : Market Friendly Roles For The Visible Hand ? (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (82 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: de la Torre, Augusto Innovative Experiences In Access To Finance
    Keywords: Access to Finance ; Banks and Banking Reform ; Credit Guarantee ; Debt Markets ; Emerging Markets ; Environment ; Environmental Economics and Policies ; Finance and Financial Sector Development ; Financial development ; Financial markets ; International Bank ; Investment projects ; Market Infrastructure ; Private Sector Development ; Public banks ; Return ; Transaction ; Transaction Cost ; Access to Finance ; Banks and Banking Reform ; Credit Guarantee ; Debt Markets ; Emerging Markets ; Environment ; Environmental Economics and Policies ; Finance and Financial Sector Development ; Financial development ; Financial markets ; International Bank ; Investment projects ; Market Infrastructure ; Private Sector Development ; Public banks ; Return ; Transaction ; Transaction Cost ; Access to Finance ; Banks and Banking Reform ; Credit Guarantee ; Debt Markets ; Emerging Markets ; Environment ; Environmental Economics and Policies ; Finance and Financial Sector Development ; Financial development ; Financial markets ; International Bank ; Investment projects ; Market Infrastructure ; Private Sector Development ; Public banks ; Return ; Transaction ; Transaction Cost
    Abstract: Interest in access to finance has increased significantly in recent years, as growing evidence suggests that lack of access to credit prevents lower-income households and small firms from financing high return investment projects, having an adverse effect on growth and poverty alleviation. This study describes some recent innovative experiences to broaden access to credit. These experiences are consistent with an emerging new view that recognizes a limited role for the public sector in financial markets, but contends that there might be room for well-designed, restricted interventions in collaboration with the private sector to foster financial development and broaden access. The authors illustrate this view with several recent experiences in Latin America and then discuss some open policy questions about the role of the public and private sectors in driving these financial innovations
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 4
    Online Resource
    Online Resource
    Patterns of international capital raisings (2008)
    [Washington, D.C] : World Bank
    Details
    Language: English
    Pages: Online-Ressource
    Edition: Online-Ausg. World Bank E-Library Archive Also available in print
    Series Statement: Policy research working paper 4687
    Parallel Title: Gozzi, Juan Carlos Patterns of international capital raisings
    Keywords: Investments, Foreign ; Investments, Foreign
    Abstract: "This paper documents several new patterns associated with firms issuing securities in foreign markets that motivate the need for and help guide future research. Besides noting that these international capital raisings grew almost four-fold from 1991 to 2005, accounting for 35 percent of all capital raised through security issuances, the paper has three main findings. First, a large and growing fraction of capital raisings, especially debt issuances, occurs in international markets, but a very small number of firms accounts for the bulk of international capital raisings, highlighting the distributional implications of financial globalization. Second, changes in firm performance following equity and debt issuances in international markets are qualitatively similar to those following domestic issuances, suggesting that capital raisings abroad are not intrinsically different from domestic ones. Third, after firms start accessing international markets, they significantly increase the amount raised in domestic markets, suggesting that international and domestic markets are complements. "--World Bank web site
    Note: Includes bibliographical references , Title from PDF file as viewed on 5/20/2009 , Also available in print.
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 5
    Online Resource
    Online Resource
    Gross Capital Flows : Dynamics and Crises (2011)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (50 p)
    Edition: 2011 World Bank eLibrary
    Parallel Title: Broner, Fernando Gross Capital Flows
    Abstract: This paper analyzes the joint behavior of international capital flows by foreign and domestic agents-gross capital flows-over the business cycle and during financial crises. The authors show that gross capital flows are very large and volatile, especially relative to net capital flows. When foreigners invest in a country, domestic agents tend to invest abroad, and vice versa. Gross capital flows are also pro-cyclical, with foreigners investing more in the country and domestic agents investing more abroad during expansions. During crises, especially during severe ones, there is retrenchment, that is, a reduction in both capital inflows by foreigners and capital outflows by domestic agents. This evidence sheds light on the nature of shocks driving capital flows and helps discriminate among existing theories. The findings seem consistent with shocks that affect foreign and domestic agents asymmetrically, such as sovereign risk and asymmetric information
    DOI: 10.1596/1813-9450-5768
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 6
    Online Resource
    Online Resource
    How Firms use Domestic and International Corporate Bond Markets (2012)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (46 p)
    Edition: 2012 World Bank eLibrary
    Parallel Title: Gozzi, Juan Carlos How Firms use Domestic and International Corporate Bond Markets
    Abstract: This paper provides the first comprehensive documentation of how firms use domestic and international corporate bond markets. Debt issues in domestic and international markets have different characteristics, not explained by differences across firms or countries. International issues tend to be larger, of shorter maturity, denominated in foreign currency, include more fixed rate contracts, and entail lower yields. These patterns remain when analyzing issues by firms from countries with more developed domestic markets and higher financial integration, and even when comparing issues conducted by the same firm in different markets. These findings are consistent with the views that (1) frictions limit the ability of investors and firms to enter into certain contracts in certain markets, (2) domestic and international markets provide distinct financial services and firms use them as complements, and (3) firms with access to domestic and international markets enjoy advantages relative to those that rely solely on domestic markets
    DOI: 10.1596/1813-9450-6209
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 7
    Online Resource
    Online Resource
    Short and long-run integration : do capital controls matter? (2001)
    Washington, D.C : World Bank, Development Research Group, Macroeconomics and Growth
    Details
    Language: English
    Pages: Online-Ressource
    Edition: Online-Ausg. World Bank E-Library Archive Also available in print
    Series Statement: Policy research working paper 2660
    Parallel Title: Kaminsky, Graciela Laura Short and long-run integration
    Keywords: Capital market ; Capital movement ; Capital market ; Capital movement
    Abstract: Do controls on capital flows persistently isolate domestic markets from international markets? Or is the insulation they provide just ephemeral?
    Note: "August 2001 , Includes bibliographical references (p. 24-26) , Title from title screen as viewed on Sept. 03, 2002 , Also available in print.
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 8
    Online Resource
    Online Resource
    Emerging markets instability : do sovereign ratings affect country risk and stock returns? (2001)
    Washington, D.C : World Bank, Development Research Group, Macroeconomics and Growth
    Details
    Language: English
    Pages: Online-Ressource
    Edition: Online-Ausg. World Bank E-Library Archive Also available in print
    Series Statement: Policy research working paper 2678
    Parallel Title: Kaminsky, Graciela Laura Emerging markets instability
    Keywords: Country risk ; Credit ratings ; Financial crises ; Financial institutions Ratings ; Rate of return ; Country risk ; Credit ratings ; Financial crises ; Financial institutions Ratings ; Rate of return
    Abstract: Changes in sovereign ratings affect country risk and stock returns. And these changes are transmitted across countries, with neighbor-country effects being more significant
    Note: "September 2001 , Includes bibliographical references (p. 21-22) , Title from title screen as viewed on Aug. 29, 2002 , Also available in print.
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 9
    Online Resource
    Online Resource
    Country funds and asymmetric information (1998)
    Washington, DC : World Bank, Development Research Group, Macroeconomics and Growth
    Details
    Language: English
    Pages: Online-Ressource (30 p) , ill , 28 cm
    Edition: Online-Ausg. World Bank E-Library Archive
    Series Statement: Policy research working paper 1886
    Parallel Title: Frankel, Jeffrey A Country funds and asymmetric information
    Keywords: Country funds ; Information theory in economics ; Country funds ; Information theory in economics
    Note: "February 1998"--Cover , Includes bibliographical references (p. 27-28)
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 10
    Online Resource
    Online Resource
    Mutual fund investment in emerging markets : an overview (2001)
    Washington, DC : World Bank, Development Research Group, Macroeconomics and Growth
    Details
    Language: English
    Pages: Online-Ressource
    Edition: Online-Ausg. World Bank E-Library Archive Also available in print
    Series Statement: Policy research working paper 2529
    Parallel Title: Kaminsky, Graciela Laura Mutual fund investment in emerging markets
    Keywords: Investments ; Mutual funds ; Investments ; Mutual funds
    Note: Title from title screen as viewed on Sept. 23, 2002 , Also available in print.
    URL: Volltext  (Deutschlandweit zugänglich)
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