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  • de la Torre, Augusto  (7)
  • Broner, Fernando  (2)
  • 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)
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    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
    America Latina y el ascenso del Sur : Nuevas prioridades en un mundo cambiante (2015)
    Washington, D.C : The World Bank
    Details
    ISBN: 9781464803567
    Language: Spanish
    Pages: Online-Ressource (1 online resource (256 p.))
    Edition: Online-Ausg.
    Series Statement: World Bank E-Library Archive
    Parallel Title: Druckausg.
    Keywords: Spanish translation ; FDI ; Foreign direct investment ; Domestic savings ; Financial integration
    Abstract: Este reporte explora la restructuracion de la economia global ocasionada por el ascenso del Sur y destaca la transformacion en los patrones de integracion global de ALC y las consecuencias de esta transformacion en la dinamica del desarrollo de la region. En particular, se analiza de forma sistematica los aspectos concernientes al comercio y las finanzas internacionales, la macroeconomia y el mercado laboral latinoamericano
    Note: Description based on print version record
    DOI: 10.1596/978-1-4648-0431-1
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 4
    Online Resource
    Online Resource
    Bank Involvement With SMES : Beyond Relationship Lending (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (75 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: de la Torre, Augusto Bank Involvement With SMES
    Keywords: Access to Finance ; Bank ; Banks and Banking Reform ; Debt Markets ; Emerging markets ; Enterprises ; Finance ; Finance and Financial Sector Development ; Financial Intermediation ; Foreign banks ; Governments ; Lending ; Risk ; Risk management ; Services ; Access to Finance ; Bank ; Banks and Banking Reform ; Debt Markets ; Emerging markets ; Enterprises ; Finance ; Finance and Financial Sector Development ; Financial Intermediation ; Foreign banks ; Governments ; Lending ; Risk ; Risk management ; Services ; Access to Finance ; Bank ; Banks and Banking Reform ; Debt Markets ; Emerging markets ; Enterprises ; Finance ; Finance and Financial Sector Development ; Financial Intermediation ; Foreign banks ; Governments ; Lending ; Risk ; Risk management ; Services
    Abstract: The "conventional wisdom" in academic and policy circles argues that, while large and foreign banks are generally not interested in serving SMEs, small and niche banks have an advantage in doing so because they can overcome SME opaqueness through relationship lending. This paper shows that there is a gap between this view and what banks actually do. Banks perceive SMEs as a core and strategic business and seem well positioned to expand their links with SMEs. The recent intensification of bank involvement with SMEs in various emerging markets documented in this paper is neither led by small or niche banks nor highly dependent on relationship lending. Rather, all types of banks are catering to SMEs and larger, multiple-service banks have in fact a comparative advantage in offering a wide range of products and services on a large scale, through the use of new technologies, business models, and risk management systems
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 5
    Online Resource
    Online Resource
    Latin America and the Rising South : Changing World, Changing Priorities (2015)
    Washington, D.C : The World Bank
    Details
    ISBN: 9781464803567
    Language: English
    Pages: Online-Ressource (1 online resource (248 p.))
    Edition: Online-Ausg.
    Series Statement: Latin America and Caribbean Studies
    Series Statement: World Bank E-Library Archive
    Parallel Title: Druckausg. Latin America and the rising South
    DDC: 332.098
    RVK:
    QG 630
    Keywords: Entwicklung ; Wirtschaftswachstum ; Wirtschaftslage ; Lateinamerika ; Karibischer Raum ; Wirtschaftliche Integration ; Weltwirtschaft ; Sozioökonomischer Wandel ; Süden ; Emerging Market ; Wirtschaftswachstum ; Außenhandel ; Finanzwirtschaft ; Investition ; domestic savings ; FDI ; Financial integration ; Foreign direct investment ; Global financial network ; Global trade network ; Global value chains ; Globalization ; International Economics and Trade ; Labor market dynamics ; Macroeconomics and Economic Growth ; Private Sector Development ; Real exchange rate dynamics ; Rise of the south ; Trade Integration ; Trade structure ; Erde ; Lateinamerika
    Abstract: The world economy is not what it used to be twenty years ago. For most of the 20th century, the world economy was characterized by developed (North) countries acting as 'center' to a 'periphery' of developing (South) countries. However, the recent rise of developing economies suggests the need to go beyond this North-South dichotomy. This tectonic re-configuration of the global landscape has brought about significant changes to countries in the Latin America and Caribean (LAC) region. The time is ripe for an in-depth analysis of the dynamics and nature of LAC's external connections.This latest volume in the World Bank Latin American and Caribbean Studies series will focus on the implications of these trends for the economic development of LAC countries. In particular, trade, financial, macroeconomic, and sectoral shifts, as well as labor-market aspects will be systematically analyzed
    Note: Description based on print version record
    DOI: 10.1596/978-1-4648-0355-0
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 6
    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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  • 7
    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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  • 8
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    Online Resource
    El Desarrollo Financiero en America Latina Y El Caribe : El Camino por Delante (2012)
    Washington, D.C : The World Bank
    Details
    ISBN: 9780821389362
    Language: Spanish
    Pages: 1 Online-Ressource (294 p)
    Series Statement: Latin America and Caribbean Studies
    Series Statement: World Bank E-Library Archive
    Parallel Title: Erscheint auch als
    Abstract: Durante las decadas de 1980 y 1990, el sector financiero constituyo el talon de Aquiles del desarrollo economico en America Latina y el Caribe (ALC). Desde entonces, el sector ha crecido y se ha profundizado, volviendose mas integrado y competitivo, con nuevos actores, mercados e instrumentos y una ampliacion de la inclusion financiera. Para coronar estos logros, los sistemas financieros de la region han atravesado la crisis global de 2008-2009 en gran medida ilesos. Ahora que los beneficios de la estabilidad macrofinanciera de ALC estan siendo ampliamente reconocidos y puestos a prueba, parece ser el momento ideal para hacer un balance y analizar lo que resta por hacer. El Desarrollo Financiero en America Latina y el Caribe: El Camino por Delante provee un analisis balanceado, con miras al futuro, sobre el desarrollo financiero de la region. En lugar de perderse en discusiones sectoriales especificas, el reporte se enfoca en los principales elementos estructurales, perspectivas generales y sus interconexiones. El valor agregado de este reporte descansa entonces en su vision holistica del proceso de desarrollo; en su cobertura amplia de la industria de servicios financieros (tomada como un todo, sin centrarse exclusivamente en el sector bancario); en su enfasis en un enfoque comparativo, relativo a valores de referencia; en su perspectiva sistemica; y en su esfuerzo explicito de incorporar las lecciones de la crisis financiera internacional de 2008-2009. El Desarrollo Financiero en America Latina y el Caribe: El Camino por Delante a su vez expande y complementa la vision global de una serie de estudios publicados durante la ultima decada sobre el desarrollo financiero, tanto sobre los paises de ALC como sobre otros paises en vias de desarrollo. Este reporte resultara de especial interes para hacedores de politica y analistas financieros interesados en impulsar el desarrollo del sector financiero de la region
    DOI: 10.1596/978-0-8213-9490-8
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 9
    Online Resource
    Online Resource
    Bilateral international investments : the big sur? (2020)
    [Washington, DC, USA] : World Bank Group, Equitable Growth, Finance and Institutions, Office of the Chief Economist & Development Economics, Development Research Group
    Details
    Language: English
    Pages: 1 Online-Ressource (circa 67 Seiten) , Illustrationen
    Series Statement: Policy research working paper 9501
    Series Statement: Policy research working paper
    Parallel Title: Erscheint auch als Print Version: Broner, Fernando Bilateral International Investments: The Big Sur?
    Keywords: international capital flows ; emerging economies ; international financial integration ; foreign direct investment ; portfolio investment ; Graue Literatur
    Abstract: Using country-to-country data, this paper documents a set of novel stylized facts about the rise of the South in global finance. The paper assembles comprehensive bilateral data on cross-border bank loans and deposits, portfolio investment in debt and equity, foreign direct investment, and international reserves. The main finding is that global financial integration with and especially within the South (countries outside the G7 and Western Europe) has grown faster than within the North. By 2018, the South accounted for 24 to 40 percent of international loans and deposits, portfolio investment, and foreign direct investment, an increase of roughly 10 percentage points since 2001. The growing importance of the South is reflected in the intensive and extensive margins, with fast growth in the number of bilateral links. Although China weighs heavily in these trends, international investment in the rest of the South has increased to a similar extent
    DOI: 10.1596/1813-9450-9501
    URL: lizenzpflichtig
    URL: Deutschlandweit zugänglich
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