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  • MPI Ethno. Forsch.  (41)
  • GBV
  • Schmukler, Sergio L.  (41)
  • Washington, D.C : The World Bank  (36)
  • Washington, D.C : World Bank  (5)
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  • MPI Ethno. Forsch.  (41)
  • GBV
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  • 1
    Online Resource
    Online Resource
    Inelastic Demand Meets Optimal Supply of Risky Sovereign Bonds (2024)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource (53 pages)
    Parallel Title: Erscheint auch als Moretti, Matias Inelastic Demand Meets Optimal Supply of Risky Sovereign Bonds
    Keywords: Economic Development ; Emerging Markets Bond Index ; Finance and Financial Sector Development ; Inelastic Financial Markets ; Institutional Investors ; International Capital Markets ; International Financial Markets ; Investment and Investment Climate ; Macroeconomics and Economic Growth ; Small Open Economies ; Sovereign Debt
    Abstract: This paper presents evidence of inelastic demand in the market for risky sovereign bonds and examines its interplay with government policies. The methodology combines bond-level evidence with a structural model featuring endogenous bond issuances and default risk. Empirically, the paper exploits monthly changes in the composition of a major bond index to identify flow shocks that shift the available bond supply and are unrelated to country fundamentals. The paper finds that a 1 percentage point reduction in the available supply increases bond prices by 33 basis points. Although exogenous, these shocks might influence government policies and expected bond payoffs. The paper identifies a structural demand elasticity by feeding the estimated price reactions into a sovereign debt model that isolates endogenous government responses. These responses account for a third of the estimated price reactions. By penalizing additional borrowing, inelastic demand acts as a commitment device that reduces default risk
    DOI: 10.1596/1813-9450-10735
    URL: Deutschlandweit zugänglich
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  • 2
    Online Resource
    Online Resource
    The Internationalization of China's Equity Markets (2023)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource (66 pages)
    Parallel Title: Erscheint auch als Cortina, Juan J The Internationalization of China's Equity Markets
    Keywords: Emerging Markets ; Equity Financing ; Equity Issuance Activity ; Equity Market Liberalization ; Firm Investment ; Foreign Direct Investment ; Foreign Investors ; International Economics and Trade ; International Investors ; Investment and Investment Climate ; Macroeconomics and Economic Growth ; Private Sector Development ; Stock Connect
    Abstract: The internationalization of China's equity markets started in the early 2000s but accelerated after 2012, when Chinese firms' shares listed in Shanghai and Shenzhen gradually became available to international investors. This paper documents the effects of the post-2012 internationalization events by comparing the evolution of equity financing and investment activities for (i) domestic listed firms relative to firms that already had access to international investors and (ii) domestic listed firms that were directly connected to international markets relative to those that were not. The paper shows significant increases in financial and investment activities for domestic listed firms and connected firms, with sizable aggregate effects. The evidence also suggests that the rise in firms' equity issuances was primarily and initially financed by domestic investors. Foreign ownership of Chinese firms increased once the locally issued shares became part of the Morgan Stanley Capital International (MSCI) Emerging Markets Index in 2018
    DOI: 10.1596/1813-9450-10513
    URL: Deutschlandweit zugänglich
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  • 3
    Online Resource
    Online Resource
    The Distribution of Crisis Credit : Effects on Firm Indebtedness and Aggregate Risk (2022)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource (74 Seiten)
    Parallel Title: Erscheint auch als Huneeus, Federico The Distribution of Crisis Credit: Effects on Firm Indebtedness and Aggregate Risk
    Keywords: Finanzkrise ; Coronavirus ; Kreditrisiko ; Kreditsicherung ; Wirkungsanalyse ; Chile ; Administrative and Civil Service Reform ; Credit Program ; De Facto Governments ; Democratic Government ; Employment Program ; Finance and Financial Sector Development ; Financial Crisis Management and Restructuring ; Financial Regulation and Supervision ; Governance ; Government ; Guaranteed Loan ; Labor Markets ; Liquidity Support To Bank ; Public Credit ; Research Group ; Return To Capital ; Risk-Sharing Arrangement ; ROC ; Social Protections and Labor ; Arbeitspapier ; Graue Literatur
    Abstract: This paper studies the distribution of credit during crisis times and its impact on firm indebtedness and macroeconomic risk. Whereas policies can help firms in need of financing, they can lead to adverse selection from riskier firms and higher default risk. The paper analyzes a large-scale program of public credit guarantees in Chile during the COVID-19 pandemic using unique transaction-level data on the demand and supply of credit, matched with administrative tax data, for the universe of banks and firms. Credit demand channels loans toward riskier firms, distributing 4.6 percent of gross domestic product and increasing firm leverage. Despite increased lending to riskier firms, macroeconomic risks remain small. Several factors mitigate aggregate risk: the small weight of riskier firms, the exclusion of the riskiest firms, bank screening, contained expected defaults, and the government absorption of tail risk. The empirical findings are confirmed with a model of heterogeneous firms and endogenous default
    DOI: 10.1596/1813-9450-9937
    URL: Deutschlandweit zugänglich
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  • 4
    Online Resource
    Online Resource
    Financing Firms in Hibernation During the COVID-19 Pandemic (2020)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: World Bank E-Library Archive
    Series Statement: Policy Notes
    Abstract: The coronavirus (COVID-19) pandemic has imposed a heavy toll on economies worldwide, nearly halting economic activity. Although most firms should be viable when economic activity resumes, cash flows have collapsed, possibly triggering inefficient bankruptcies with long-term detrimental effects. Firms' valuable relationships with workers, suppliers, customers, governments, and creditors could be broken. Hibernation could slow the economy until the pandemic is brought under control and preserve those vital relationships for a quicker recovery. If all stakeholdersshare the burden of economic inactivity, firms are more likely to survive. Financing could help cover firms' reduced operational costs until the pandemic subdues. But financial systems are not well equipped to handle this type of exogenous and synchronized systemic shock. Governments could work with the financial sector to keep firms afloat, enabling forbearance as needed and absorbing part of the firms' increased credit risk, by implementing policies with proper incentives to keep firms viable
    DOI: 10.1596/33611
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  • 5
    Online Resource
    Online Resource
    The Rise of Domestic Capital Markets for Corporate Financing (2019)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: World Bank E-Library Archive
    Series Statement: Other papers
    Abstract: During the past decades, firms from emerging economies have significantly increased the amount of financing obtained in capital markets. Whereas the literature argues that international markets have been an important contributor to this process, the role of domestic markets is mostly unknown. By examining the case of East Asia, this paper shows that domestic markets have been a key driver of the observed trends in capital market financing since the early 2000s. As domestic markets developed, more and smaller firms gained access to equity and corporate bond financing. Domestic markets also helped some corporations to diversify funding sources and obtain domestic currency financing. Policy reforms following the Asian Financial Crisis accompanied the growth of domestic markets. Part of the reforms were aimed at developing domestic capital markets for small and medium-size enterprises. Although these markets have developed significantly, they still serve relatively few corporations, albeit from new sectors
    DOI: 10.1596/32497
    URL: Deutschlandweit zugänglich
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  • 6
    Online Resource
    Online Resource
    Financial Globalization : A Glass Half Empty? (2017)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource (50 p)
    Series Statement: World Bank E-Library Archive
    Parallel Title: Erscheint auch als Abraham, Facundo Financial Globalization: A Glass Half Empty?
    Abstract: Since the 1970s, the world has embarked on a new financial globalization era. Cross-country capital flows have significantly increased in developed and developing countries. However, the characteristics of financial globalization differ from what was originally expected. Various examples illustrate this point. Although the literature predicted large gains from financial globalization (such as additional funding, broad diversification, and deeper financial systems), the positive effects have been more limited. In developed and developing countries, financial globalization has manifested in increasing gross capital flows (inflows and outflows) rather than larger net flows. Capital markets are segmented and only a few large firms access international markets. International institutional investors do not seem to have played a stabilizing role, helping to exacerbate and transmit crises across countries. Although financial globalization has brought several beneficial changes, its net effects and spillovers to the overall economies participating in it have yet to be understood
    DOI: 10.1596/1813-9450-8194
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 7
    Online Resource
    Online Resource
    Corporate Debt Maturity in Developing Countries : Sources of Long- and Short-Termism (2017)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource (47 p)
    Series Statement: World Bank E-Library Archive
    Parallel Title: Erscheint auch als Cortina, Juan J Corporate Debt Maturity in Developing Countries: Sources of Long- and Short-Termism
    Abstract: This paper documents to what extent firms from developing countries borrow short versus long term, using data on corporate bond and syndicated loan markets. Contrary to claims in the literature based on firm balance sheets, firms from developing countries borrow through bonds and syndicated loans at maturities similar to those obtained by developed country firms. The composition and use of financing matters. Firms from developing countries borrow shorter term in domestic bond markets, but the differences in international issuances (accounting for most of the proceeds) are significantly smaller. Developing country firms borrow longer term in syndicated loan markets, which they partially use for infrastructure projects. However, only large firms from developing countries (similar in size to those from developed ones) issue bonds and syndicated loans. The short-termism in developing countries is partly explained by a lower proportion of firms using these markets, with more firms relying on other shorter-term instruments
    DOI: 10.1596/1813-9450-8222
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 8
    Online Resource
    Online Resource
    How Long Is the Maturity of Corporate Borrowing? Evidence from Bond and Loan Issuances across Markets (2016)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource (55 p)
    Series Statement: World Bank E-Library Archive
    Parallel Title: Erscheint auch als Cortina-Lorente, Juan Jose How Long Is the Maturity of Corporate Borrowing? Evidence from Bond and Loan Issuances across Markets
    Abstract: This paper studies the extent to which access to domestic and international bond markets and syndicated loan markets and switches across them impact corporate debt maturity. Using world issuance activity during 1991-2014, the paper shows that different markets provide financing at different terms and that the importance of each market varies over time. Thus, the type of debt issued and its composition affect corporate maturity. During the global financial crisis of 2008-09, firms issued more bonds and, in developing countries, also more domestic loans. Because these markets are of longer maturity, the substitution across them allowed the largest firms that switched markets to maintain their average borrowing maturity, even when the maturity within each market declined for switchers and non-switchers. This evidence suggests that firms use different debt markets as complements and substitutes, and that compositional effects across firms and markets have a material impact on firm-specific and aggregate maturity
    DOI: 10.1596/1813-9450-7815
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  • 9
    Online Resource
    Online Resource
    International Financial Integration of East Asia and Pacific (2016)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource (50 p)
    Series Statement: World Bank E-Library Archive
    Parallel Title: Erscheint auch als Didier, Tatiana International Financial Integration of East Asia and Pacific
    Abstract: This paper documents how economies in the East Asia and Pacific (EAP) region have integrated financially with the rest of the world since the 1990s. First, the region is increasingly more connected with itself and with other economies. Although economies in the North capture the bulk of the region's investments, EAP's connectivity with the South has grown relatively faster. Second, the largest economies in the region (China, Japan, the Republic of Korea, and Singapore) account for most of EAP's cross-border investments. Third, compared with the other South regions, EAP displays a higher level of intraregional and outward investments, reflecting the region's role as a net capital exporter. The differences with South regions are persistent over time. Although EAP lags behind as a destination of foreign investments, inflows to developing EAP economies are comparable to those to other South regions. Fourth, EAP's financial integration is related to its international trade patterns
    DOI: 10.1596/1813-9450-7772
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 10
    Online Resource
    Online Resource
    Firm Financing and Growth in the Arab Region (2016)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource (41 p)
    Series Statement: World Bank E-Library Archive
    Parallel Title: Erscheint auch als Lorente, Juan Jose Cortina Firm Financing and Growth in the Arab Region
    Abstract: This paper documents how firms in Arab countries issue equity, corporate bonds, and syndicated loans in domestic and international markets to obtain financing and grow. Using a new data set on issuance activity and firm performance, the paper finds that capital raising through these markets has grown rapidly since the early 1990s and involved an increasing number of issuing firms. Whereas the amounts raised (relative to gross domestic product) in equity and loan markets stand well with respect to international standards, bond issuance activity lags behind. Yet, bond financing has gained importance over time. Equity issuances primarily take place domestically, while bonds and loans are mostly issued internationally, display long maturities, and entail low levels of credit risk. Issuing firms are larger, grow faster, and are more leveraged than non-issuers. While issuers tend to be larger ex ante than non-issuers, the size gap between them seems to widen over time
    DOI: 10.1596/1813-9450-7756
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 11
    Online Resource
    Online Resource
    The Changing Patterns of Financial Integration in Latin America (2015)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource (48 p)
    Series Statement: World Bank E-Library Archive
    Parallel Title: Erscheint auch als Didier, Tatiana The Changing Patterns of Financial Integration in Latin America
    Abstract: This paper describes how Latin America and the Caribbean has been integrating financially with countries in the North and South since the 2000s. The paper shows that the region is increasingly more connected with the rest of the world, even relative to gross domestic product. The region's connections with South countries have been growing faster than with North countries, especially during the second half of the 2000s. Nevertheless, North countries continue to be the region's principal source and receiver of flows. The changes reflect significant increases in portfolio investments, syndicated loans, and mergers and acquisitions. Growth of greenfield investments has been more subdued after the initial high level. Greenfield investments in the region have been in sectors in which the source country has a comparative advantage, not where the receiver country has an advantage. Mergers and acquisitions have been in sectors in which the receiver country has a comparative advantage
    DOI: 10.1596/1813-9450-7190
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 12
    Online Resource
    Online Resource
    Capital Market Financing, Firm Growth, and Firm Size Distribution (2015)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource (54 p)
    Series Statement: World Bank E-Library Archive
    Parallel Title: Erscheint auch als Didier, Tatiana Capital Market Financing, Firm Growth, and Firm Size Distribution
    Abstract: How many and which firms issue equity and bonds in domestic and international markets, how do these firms grow relative to non-issuing firms, and how does firm performance vary along the firm size distribution? To evaluate these questions, a new data set is constructed by matching data on firm-level capital raising activity with balance sheet data for 45,527 listed firms in 51 countries. Three main patterns emerge from the analysis. (1) Only a few large firms issue equity or bonds, and among them a small subset has raised a large proportion of the funds raised during the 1990s and 2000s. (2) Issuers grow faster than non-issuers in assets, sales, and employment, that is, firms do not simply use securities markets to adjust their financial accounts. (3) The firm size distribution of issuers evolves differently from that of non-issuers, tightening among issuers and widening among non-issuers
    DOI: 10.1596/1813-9450-7353
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  • 13
    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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  • 14
    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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  • 15
    Online Resource
    Online Resource
    Institutional Investors and Long-Term Investment : Evidence from Chile (2014)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (65 p)
    Edition: 2014 World Bank eLibrary
    Parallel Title: Opazo, Luis Institutional Investors and Long-Term Investment
    Abstract: Developing countries are trying to develop long-term financial markets and institutional investors are expected to play a key role. This paper uses unique evidence on the universe of institutional investors from the leading case of Chile to study to what extent mutual funds, pension funds, and insurance companies hold and bid for long-term instruments, and which factors affect their choices. The paper uses monthly asset-level portfolios to show that, despite the expectations, mutual and pension funds invest mostly in short-term assets relative to insurance companies. The significant difference across maturity structures is not driven by the supply side of debt or tactical behavior. Instead, it seems to be explained by manager incentives (related to short-run monitoring and the liability structure) that, combined with risk factors, tilt portfolios toward short-term instruments, even when long-term investing yields higher returns. Thus, the expansion of large institutional investors does not necessarily imply longer-term markets
    DOI: 10.1596/1813-9450-6922
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 16
    Online Resource
    Online Resource
    Financial Development in Asia : Beyond Aggregate Indicators (2014)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (46 p)
    Edition: 2014 World Bank eLibrary
    Parallel Title: Didier, Tatiana Financial Development in Asia
    Abstract: This paper documents the major trends in financial development in Asia since the early 1990s and the spillovers to firms. It compares Asia with advanced and emerging countries and uses both aggregate and disaggregate indicators. Financial systems in Asia remain less developed than in advanced countries but more developed than in Eastern Europe and Latin America. Bond and stock markets play a larger role and institutional investors have gained importance. Nonetheless, capital-raising activity has not expanded. A few large companies capture most of the issuances. Many secondary markets remain illiquid. The public sector captures a significant share of bond markets. The largest advancements in Asia occurred in China and India. But still in these countries, few large companies use capital markets to expand and grow, becoming much larger than nonuser firms. In sum, Asia's financial systems remain less developed than aggregate measures suggest, with few spillovers to many firms
    DOI: 10.1596/1813-9450-6761
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  • 17
    Online Resource
    Online Resource
    International Asset Allocations and Capital Flows : The Benchmark Effect (2014)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (59 p)
    Edition: 2014 World Bank eLibrary
    Parallel Title: Raddatz, Claudio International Asset Allocations and Capital Flows
    Keywords: 1996 - 2012 ; Index ; Ansteckungseffekt ; Internationale Wirtschaftspolitik ; Indexderivat ; Portfolio-Investition ; Investmentfonds
    Abstract: This paper studies channels through which well-known benchmark indexes impact asset allocations and capital flows across countries. The study uses unique monthly micro-level data of benchmark compositions and mutual fund investments during 1996-2012. Benchmarks have important effects on equity and bond mutual fund portfolios across funds with different degrees of activism. Benchmarks explain, on average, around 70 percent of country allocations and have significant impact even on active funds. Benchmark effects are important after controlling for industry, macroeconomic, and country-specific, time-varying effects. Reverse causality does not drive the results. Exogenous, pre-announced changes in benchmarks result in movements in asset allocations mostly when these changes are implemented (not when announced). By impacting country allocations, benchmarks affect capital flows across countries through direct and indirect channels, including contagion. They explain apparently counterintuitive movements in capital flows, generating outflows from countries when upgraded and with large market capitalization and better relative performance
    DOI: 10.1596/1813-9450-6866
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  • 18
    Online Resource
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    Emerging issues in financial development : lessons from Latin America (2013)
    Washington, D.C : The World Bank
    Details
    ISBN: 9780821398289
    Language: English
    Pages: Online-Ressource
    Edition: 2014 World Bank eLibrary
    DDC: 332.098
    Keywords: Finance ; Financial institutions ; Monetary policy ; Finance ; Financial institutions ; Monetary policy ; Finance ; Financial institutions ; Monetary policy
    Note: Includes bibliographical references and index
    DOI: 10.1596/978-0-8213-9828-9
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  • 19
    Online Resource
    Online Resource
    The Financing and Growth of Firms in China and India : Evidence from Capital Markets (2013)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (63 p)
    Edition: 2013 World Bank eLibrary
    Parallel Title: Didier, Tatiana The Financing and Growth of Firms in China and India
    Keywords: Unternehmensfinanzierung ; Finanzmarkt ; Unternehmenswachstum ; China ; Indien
    Abstract: This paper studies the extent to which firms in China and India use capital markets to obtain financing and grow. Using a unique data set on domestic and international capital raising activity and firm performance, it finds that the expansion of financial market activity since the 1990s has been more limited than what the aggregate figures suggest. Relatively few firms raise capital. Even fewer firms capture the bulk of the financing. Moreover, firms that issue equity or bonds are different and behave differently from other publicly listed firms. Among other things, they are typically larger and grow faster. The differences between users and non-users exist before the capital raising activity, are associated with the probability of raising capital, and become more accentuated afterward. The distribution of issuing firms shifts more over time than the distribution of those that do not issue, suggesting little convergence in firm size among listed firms
    DOI: 10.1596/1813-9450-6401
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  • 20
    Online Resource
    Online Resource
    Financial Development in Latin America and the Caribbean : Stylized Facts and the Road Ahead (2013)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (61 p)
    Edition: 2013 World Bank eLibrary
    Parallel Title: Didier, Tatiana Financial Development in Latin America and the Caribbean
    Abstract: The paper documents the major trends in financial development in Latin America and the Caribbean since the early 1990s. The paper compares trends in Latin America and the Caribbean with those in Asia, Eastern Europe, and advanced countries and compares countries within Latin America and the Caribbean. The findings show that financial systems in the Latin America and the Caribbean region have become more diversified and more complex. In particular, domestic financial systems have become less bank-based, with bond and stock markets playing a larger role; institutional investors have gained some space in channeling domestic savings, thus increasing the availability of funds for investment in capital markets; and several economies in the region have started to reduce currency and maturity mismatches. Nonetheless, a few large companies continue to capture most of the domestic savings. And because these trends have unfolded more slowly than pro-market reformers had envisioned, broad, market-based financial systems with dispersed ownership have yet to materialize fully in the region. As a result, convergence is still largely failing to happen and the region's financial systems remain less developed than those of the advanced economies and several other emerging economies, most notably those in Asia
    DOI: 10.1596/1813-9450-6582
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 21
    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
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  • 22
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    Financial Globalization in Emerging Countries : Diversification vs. Offshoring (2012)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (38 p)
    Edition: 2012 World Bank eLibrary
    Parallel Title: Francisco Ceballos Financial Globalization in Emerging Countries
    Abstract: Financial globalization has gathered attention since the early 1990s because of its macro-financial implications and growing importance. But financial globalization has taken shape via different forms over time. This paper examines two important, concurrent dimensions of financial globalization: diversification and offshoring. The diversification dimension refers to the increase in foreign assets and liabilities in countries' portfolios. Offshoring is related to the reallocation of financial activities to international markets. The former focuses on who holds the assets, the latter on where transactions take place. The authors find that globalization via the diversification channel expanded throughout the world during the 2000s, as domestic residents invested more abroad and foreigners increased their investments at home, generating more cross-border holdings. However, financial globalization via offshoring displays more mixed patterns, with variations across markets and countries. The paper also shows that the nature of financing through both diversification and offshoring has improved for emerging countries
    DOI: 10.1596/1813-9450-6105
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  • 23
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    On the International Transmission of Shocks : Micro-Evidence from Mutual Fund Portfolios (2012)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (52 p)
    Edition: 2012 World Bank eLibrary
    Parallel Title: Claudio Raddatz On the International Transmission of Shocks
    Abstract: Using micro-level data on mutual funds from different financial centers investing in equity and bonds, this paper analyzes how investors and managers behave and transmit shocks across countries. The paper shows that the volatility of mutual fund investments is quantitatively driven by investors through injections of capital into, or redemptions out of, each fund, and by managers changing the country weights and cash in their portfolios. Both investors and managers respond to returns and crises, and substantially adjust their investments accordingly. These mechanisms generated large capital reallocations during the global financial crisis. Their behavior tends to be pro-cyclical, reducing their exposure to countries experiencing crises and increasing it when conditions improve. Managers actively change country weights over time, although there is significant short-run "pass-through," meaning that price changes affect country weights. Consequently, capital flows from mutual funds do not seem to stabilize markets and instead expose countries to foreign shocks
    DOI: 10.1596/1813-9450-6072
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  • 24
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    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
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  • 25
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    Financial development in Latin America and the Caribbean : the road ahead (2011)
    Washington, D.C : World Bank
    Details
    ISBN: 9780821388471 , 9780821389362
    Language: English
    Pages: Online-Ressource (xvi, 256 p) , col. ill , 27 cm
    Edition: 2015 World Bank eLibrary
    Series Statement: World Bank Latin American and Caribbean studies
    Keywords: Economic development ; Economic development ; Economic development ; Economic development ; Economic development ; Economic development
    Description / Table of Contents: OverviewFinancial development : bright side, patterns, paths, and dark side -- Domestic financial development : where does LAC stand? -- Financial globalization : where does LAC stand? -- Financial inclusion : where does LAC stand? -- The banking gap -- The equity gap -- Going long -- Risk bearing by the state : a collective action perspective -- Prudential oversight : where does LAC stand? -- Macroprudential policies over the cycle in LAC -- Microsystemic regulation -- Systemic supervision -- Summary of policy directions for the road ahead.
    Note: Includes bibliographical references (p. 243-256)
    DOI: 10.1596/978-0-8213-8847-1
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  • 26
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    Deconstructing Herding : Evidence from Pension Fund Investment Behavior (2011)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (54 p)
    Edition: 2011 World Bank eLibrary
    Parallel Title: Raddatz, Claudio Deconstructing Herding
    Abstract: Pension funds have been expected to invest in a wide range of securities and provide liquidity to domestic capital markets since they are the most sophisticated investors, with plenty of resources to gather private information and manage portfolios professionally. However, by analyzing unique, monthly asset-level data from the pioneer case of Chile, this paper shows that pension funds tend to herd. This is consistent with pension funds copying each other in their investment strategies as a way to extract information, boost returns, and reduce risk. The authors compute measures of herding across asset classes (equities, government bonds, and private sector bonds) and at different pension fund industry levels. The results show that pension funds herd more in assets for which they have less market information and when risk increases. Moreover, herding is more prevalent across funds that narrowly compete with each other, that is, when comparing funds of the same type across pension fund administrators. There is much less herding within pension fund administrators and across pension fund administrators as a whole. This herding pattern is consistent with incentives for managers to be close to industry benchmarks, which might be driven by both market forces and regulation
    DOI: 10.1596/1813-9450-5700
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  • 27
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    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
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  • 28
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    How Resilient Were Emerging Economies to the Global Crisis? (2011)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (58 p)
    Edition: 2011 World Bank eLibrary
    Parallel Title: Didier, Tatiana How Resilient Were Emerging Economies to the Global Crisis?
    Abstract: This paper studies the cross-country incidence of the 2008-2009 global crisis and documents a structural break in the way emerging economies responded to the global shock. Contrary to popular perceptions, emerging market economies suffered growth collapses comparable, or even larger, to those experienced by advanced economies during the crisis. With such large financial and real shock, most of the world economy came to a halt when the crisis hit, with most countries resuming their pre-crisis growth rates afterwards. While emerging economies were not able to avoid the crisis collapse, they grew at a higher rate during the post crisis, relative to before and, as usual, to advanced countries. Moreover, emerging economies initiated their recovery sooner. Breaking with the past, emerging economies were able to conduct countercyclical policies, and became more similar to developed countries in softening the impact of the crisis and in their ability to pursue expansionary policies
    DOI: 10.1596/1813-9450-5637
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  • 29
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    The Long and the Short of Emerging Market Debt (2009)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (54 p)
    Edition: 2009 World Bank eLibrary
    Parallel Title: Opazo, Luis The Long and the Short of Emerging Market Debt
    Abstract: Emerging economies have tried to promote long-term debt because it reduces maturity mismatches and the probability of crises. This paper uses unique evidence from the leading case of Chile to study to what extent there is domestic demand for long-term instruments. The authors analyze monthly asset-level portfolios of Chilean institutional investors (mutual funds, pension funds, and insurance companies) and compare their maturity structure to that of US bond mutual funds. Despite being thought to invest long term, Chilean asset-management institutions (mutual and pension funds) hold large amounts of short-term assets relative to US mutual funds and Chilean insurance companies. Short-termism is not driven by lack of instrument availability or tactical behavior. Instead, it seems to be explained by the desire to minimize inflation risk and, more importantly, by manager incentives that tilt demand toward short-term instruments. Extending the maturity of emerging market debt may require reducing risk and reshaping investor incentives
    DOI: 10.1596/1813-9450-5056
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  • 30
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    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
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  • 31
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    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
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  • 32
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    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
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  • 33
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    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
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  • 34
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    International Financial Integration Through Equity Markets : Which Firms From Which Countries Go Global ? (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (49 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Claessens, Stijn International Financial Integration Through Equity Markets
    Keywords: Access To Capital ; Bank Policy ; Budget ; Capital Markets ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Equity ; Equity Markets ; Exchange ; Finance ; Finance and Financial Sector Development ; Financial Literacy ; Financial Markets ; Financial Support ; Globalization ; International Economy ; Macroeconomics and Economic Growth ; Markets and Market Access ; Microfinance ; Private Sector Development ; Small Scale Enterprises ; Access To Capital ; Bank Policy ; Budget ; Capital Markets ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Equity ; Equity Markets ; Exchange ; Finance ; Finance and Financial Sector Development ; Financial Literacy ; Financial Markets ; Financial Support ; Globalization ; International Economy ; Macroeconomics and Economic Growth ; Markets and Market Access ; Microfinance ; Private Sector Development ; Small Scale Enterprises ; Access To Capital ; Bank Policy ; Budget ; Capital Markets ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Equity ; Equity Markets ; Exchange ; Finance ; Finance and Financial Sector Development ; Financial Literacy ; Financial Markets ; Financial Support ; Globalization ; International Economy ; Macroeconomics and Economic Growth ; Markets and Market Access ; Microfinance ; Private Sector Development ; Small Scale Enterprises
    Abstract: The authors study international financial integration analyzing firms from various countries raising capital, trading equity, and cross-listing in major world stock markets. Using a large sample of 39,517 firms from 111 countries covering the period 1989-2000, they find that, although international financial integration increases substantially over this period, only relatively few countries and firms actively participate in international markets. Firms more likely to internationalize are from larger and more open economies, with higher income, better macroeconomic policies, and worse institutional environments. These firms tend to be larger, grow faster, and have higher returns and more foreign sales. While changes occur with internationalization, these firm attributes are present before internationalization takes place. The results suggest that international financial integration will likely remain constrained by country and firm characteristics
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  • 35
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    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
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  • 36
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    The International Financial Integration of China And India (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (55 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Lane, Philip R The International Financial Integration of China And India
    Keywords: Balance Sheets ; Bank Policy ; Borrowers ; Capital Flows ; Currencies and Exchange Rates ; Debt ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Equity ; Exchange ; Exchange Rate ; External Assets ; Finance and Financial Sector Development ; Financial Developments ; Financial Liberalization ; Financial Literacy ; Holdings ; Investment and Investment Climate ; Macroeconomics and Economic Growth ; Private Sector Development ; Balance Sheets ; Bank Policy ; Borrowers ; Capital Flows ; Currencies and Exchange Rates ; Debt ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Equity ; Exchange ; Exchange Rate ; External Assets ; Finance and Financial Sector Development ; Financial Developments ; Financial Liberalization ; Financial Literacy ; Holdings ; Investment and Investment Climate ; Macroeconomics and Economic Growth ; Private Sector Development ; Balance Sheets ; Bank Policy ; Borrowers ; Capital Flows ; Currencies and Exchange Rates ; Debt ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Equity ; Exchange ; Exchange Rate ; External Assets ; Finance and Financial Sector Development ; Financial Developments ; Financial Liberalization ; Financial Literacy ; Holdings ; Investment and Investment Climate ; Macroeconomics and Economic Growth ; Private Sector Development
    Abstract: Three main features characterize the international financial integration of China and India. First, while only having a small global share of privately-held external assets and liabilities (with the exception of China's foreign direct investment liabilities), these countries are large holders of official reserves. Second, their international balance sheets are highly asymmetric: both are "short equity, long debt." Third, China and India have improved their net external positions over the past decade although, based on their income level, neoclassical models would predict them to be net borrowers. Domestic financial developments and policies seem essential in understanding these patterns of integration. These include financial liberalization and exchange rate policies, domestic financial sector policies, and the impact of financial reform on savings and investment rates. Changes in these factors will affect the international financial integration of China and India (through shifts in capital flows and asset and liability holdings) and, consequently, the international financial system
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  • 37
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    Whither Latin American Capital Markets? (2004)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Other papers
    Series Statement: World Bank E-Library Archive
    Abstract: In this study, the authors analyze where we stand and where we are heading on capital market development. More specifically, this study has three main goals. First, the authors take stock of the state and evolution of Latin American capital markets and related reforms, over time and relative to other countries. Second, authors analyze the factors driving the development of capital markets, with particular interest on measuring the impact of reforms. Third, in light of this analysis, authors discuss the prospects for capital market development in Latin America and emerging economies in general, and the implications for the reform agenda going forward. To understand the state and future of capital markets in developing countries, the report consists of three additional chapters. Chapter two documents the main developments in international financial markets and the increasing globalization process. The chapter also describes the influence of these worldwide trends on Latin America, with particular attention to the effects on the policies and reforms adopted. Chapter three evaluates the factors behind the development (or lack of development) of capital markets. The chapter first studies how different macroeconomic and institutional variables affect the development of domestic stock and bond markets and their internationalization. The second part of chapter three analyzes the effects of reforms on capital markets. The chapter finishes by examining whether the experience of Latin America is similar to that of other regions. Finally, chapter four discusses the future of capital markets in developing countries, the policy implications, and the lessons for the reform agenda
    DOI: 10.1596/25933
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  • 38
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    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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    MPI Ethno. Forsch.
  • 39
    Online Resource
    Online Resource
    Government bonds in domestic and foreign currency : the role of macroeconomic and institutional factors (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 2986
    Parallel Title: Klingebiel, Daniela Government bonds in domestic and foreign currency
    Keywords: Bond market ; Government securities ; Bond market ; Government securities
    Note: "February 27, 2003 , Includes bibliographical references , Title from title screen as viewed on March 4, 2003 , Also available in print.
    URL: Volltext  (Deutschlandweit zugänglich)
    Library Location Call Number Volume/Issue/Year Availability
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    Online Resource
    MPI Ethno. Forsch.
  • 40
    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)
    Library Location Call Number Volume/Issue/Year Availability
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    MPI Ethno. Forsch.
  • 41
    Online Resource
    Online Resource
    Migration, spillovers, and trade diversion : the impact of internationalization on stock market liquidity (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 3046
    Parallel Title: Levine, Ross Migration, spillovers, and trade diversion
    Keywords: International finance Case studies ; International liquidity Case studies ; Stock exchanges Case studies ; International finance Case studies ; International liquidity Case studies ; Stock exchanges Case studies
    Note: "May 6, 2003 , Includes bibliographical references , Title from title screen as viewed on May 14, 2003 , Also available in print.
    URL: Volltext  (Deutschlandweit zugänglich)
    Library Location Call Number Volume/Issue/Year Availability
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    Online Resource
    MPI Ethno. Forsch.
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