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  • 1
    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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    MPI Ethno. Forsch.
  • 2
    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.
  • 3
    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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    MPI Ethno. Forsch.
  • 4
    Online Resource
    Online Resource
    Emerging Market Liquidity And Crises (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (23 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Yeyati, Eduardo Levy Emerging Market Liquidity And Crises
    Keywords: Bid ; Debt Markets ; Emerging Economies ; Emerging Market ; Emerging Markets ; Finance and Financial Sector Development ; Illiquidity ; Levy ; Macroeconomics and Economic Growth ; Market Liquidity ; Markets and Market Access ; Mutual Funds ; Portfolio ; Private Sector Development ; Securities ; Trading ; Trading Costs ; Bid ; Debt Markets ; Emerging Economies ; Emerging Market ; Emerging Markets ; Finance and Financial Sector Development ; Illiquidity ; Levy ; Macroeconomics and Economic Growth ; Market Liquidity ; Markets and Market Access ; Mutual Funds ; Portfolio ; Private Sector Development ; Securities ; Trading ; Trading Costs ; Bid ; Debt Markets ; Emerging Economies ; Emerging Market ; Emerging Markets ; Finance and Financial Sector Development ; Illiquidity ; Levy ; Macroeconomics and Economic Growth ; Market Liquidity ; Markets and Market Access ; Mutual Funds ; Portfolio ; Private Sector Development ; Securities ; Trading ; Trading Costs
    Abstract: Whereas conventional wisdom argues that markets shut down during crises, with sellers struggling to find buyers, we find that markets continue to operate during financial turmoil, even in narrow and volatile emerging economies. Simple event studies indicate that both trading volume and trading costs increase in crisis times. Prices change more with each dollar transacted (pushing the Amihud illiquidity measure up) and bid-ask spreads widen. More generally, econometric estimates show that large price downturns, typical of crises, are associated with higher trading activity and increased trading costs, with trading activity declining only later as crises progress. Thus, while trading activity tends to be negatively related to trading costs during tranquil times (and across securities), this relation appears to break down during crises. These results are consistent with the analytical literature on portfolio rebalancing by heterogeneous agents in times of crises
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 5
    Online Resource
    Online Resource
    Crisis and contagion in East Asia : nine lessons (2001)
    Washington, D.C : The World Bank, East Asia and Pacific Region, Office of the Regional Vice President and 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 2610
    Parallel Title: Kawai, Masahiro Crisis and contagion in East Asia
    Note: "An earlier version of this paper ... was presented at the seminar on ASEAN Macroeconomic Outlook and Economic Recovery ... held in Manila in February 1999"--P. [2] of cover , "June 2001"--Cover , Includes bibliographical references (p. 49-54) , Title from title screen as viewed on Sept. 09, 2002 , Also available in print.
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 6
    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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  • 7
    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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  • 8
    Online Resource
    Online Resource
    Financial globalization : unequal blessings (2002)
    Washington, D.C : World Bank, Office of the Chief Economist, Latin America and the Caribbean Region, and the Investment Climate Team, Development Research Group
    Details
    Language: English
    Pages: Online-Ressource
    Edition: Online-Ausg. World Bank E-Library Archive Also available in print
    Series Statement: Policy research working paper 2903
    Parallel Title: Torre, Augusto de la Financial globalization
    Keywords: Globalization ; International finance ; Globalization ; International finance
    Note: "October 7, 2002 , Includes bibliographical references , Title from title screen as viewed on October 11, 2002 , Also available in print.
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 9
    Online Resource
    Online Resource
    Living and dying with hard pegs : rise and fall of Argentina's Currency Board (2003)
    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 2980
    Parallel Title: Torre, Augusto de la Living and dying with hard pegs
    Keywords: Currency boards ; Monetary policy ; Currency boards ; Monetary policy
    Note: "February 24, 2003 , Includes bibliographical references , Title from title screen as viewed on February 26, 2003 , Also available in print.
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 10
    Online Resource
    Online Resource
    Distributional effects of crises : / the role of financial transfers (2003)
    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 3173
    Parallel Title: Halac, Marina Distributional effects of crises
    Keywords: Financial crises ; Income distribution ; Transfer payments ; Financial crises ; Income distribution ; Transfer payments
    Note: "November 20, 2003 , Includes bibliographical references , Title from title screen as viewed on November 24, 2003 , Also available in print.
    URL: Volltext  (Deutschlandweit zugänglich)
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