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| Author | : Kofi A. Osei |
| Publisher | : |
| Total Pages | : 94 |
| Release | : 1998 |
| Genre | : Business & Economics |
| ISBN | : |
| Author | : Augusto de la Torre |
| Publisher | : World Bank Publications |
| Total Pages | : 232 |
| Release | : 2006-10-20 |
| Genre | : Business & Economics |
| ISBN | : 0821365444 |
Back in the early 1990s, economists and policy makers had high expectations about the prospects for domestic capital market development in emerging economies, particularly in Latin America. Unfortunately, they are now faced with disheartening results. Stock and bond markets remain illiquid and segmented. Debt is concentrated at the short end of the maturity spectrum and denominated in foreign currency, exposing countries to maturity and currency risk. Capital markets in Latin America look particularly underdeveloped when considering the many efforts undertaken to improve the macroeconomic environment and to reform the institutions believed to foster capital market development. The disappointing performance has made conventional policy recommendations questionable, at best. 'Emerging Capital Markets and Globalization' analyzes where we stand and where we are heading on capital market development. First, it takes stock of the state and evolution of Latin American capital markets and related reforms over time and relative to other countries. Second, it analyzes the factors related to the development of capital markets, with particular interest on measuring the impact of reforms. And third, in light of this analysis, it discusses the prospects for capital market development in Latin America and emerging economies and the implications for the reform agenda.
| Author | : Charles Amo Yartey |
| Publisher | : International Monetary Fund |
| Total Pages | : 38 |
| Release | : 2008-02 |
| Genre | : Business & Economics |
| ISBN | : |
This paper examines the institutional and macroeconomic determinants of stock market development using a panel data of 42 emerging economies for the period 1990 to 2004. The paper finds that macroeconomic factors such as income level, gross domestic investment, banking sector development, private capital flows, and stock market liquidity are important determinants of stock market development in emerging market countries. The results also show that political risk, law and order, and bureaucratic quality are important determinants of stock market development because they enhance the viability of external finance. This result suggests that the resolution of political risk can be an important factor in the development of emerging stock markets. The analysis also shows the factors identified above as determining stock market development in emerging economies can also explain the development of the stock market in South Africa.
| Author | : Archil Makaridze |
| Publisher | : |
| Total Pages | : 0 |
| Release | : 2021 |
| Genre | : Capital market |
| ISBN | : |
The impact of capital market development on economic growth is a subject of a controversial discussion in the financial literature. Many economists argue that well-functioning capital markets are promoting long-run economic growth. In contrast, some economists suggest that the high volatility and the existence of asymmetric information in the capital markets, especially in emerging economies may have a negative impact on economic growth. Using three different statistical data analysis techniques: panel data regression, correlation matrix and Granger causality test on 21 emerging markets for the period 2000-2018, the relationship was tested between capital market development and economic growth. The empirical findings of this study suggest that the capital market development has a positive impact on economic growth in emerging economies, if the overall macroeconomic conditions are stable. The stock market capitalization Granger caused the economic growth. However, the results also suggest some stock market proxies, such as stock market liquidity is correlated negatively with real GDP growth rate.
| Author | : National Research Council |
| Publisher | : National Academies Press |
| Total Pages | : 230 |
| Release | : 2013-01-10 |
| Genre | : Social Science |
| ISBN | : 0309261961 |
The United States is in the midst of a major demographic shift. In the coming decades, people aged 65 and over will make up an increasingly large percentage of the population: The ratio of people aged 65+ to people aged 20-64 will rise by 80%. This shift is happening for two reasons: people are living longer, and many couples are choosing to have fewer children and to have those children somewhat later in life. The resulting demographic shift will present the nation with economic challenges, both to absorb the costs and to leverage the benefits of an aging population. Aging and the Macroeconomy: Long-Term Implications of an Older Population presents the fundamental factors driving the aging of the U.S. population, as well as its societal implications and likely long-term macroeconomic effects in a global context. The report finds that, while population aging does not pose an insurmountable challenge to the nation, it is imperative that sensible policies are implemented soon to allow companies and households to respond. It offers four practical approaches for preparing resources to support the future consumption of households and for adapting to the new economic landscape.
| Author | : Robert E. Litan |
| Publisher | : Rowman & Littlefield |
| Total Pages | : 548 |
| Release | : 2003-09-05 |
| Genre | : Business & Economics |
| ISBN | : 9780815796107 |
The Future of Domestic Capital Markets in Developing Countries addresses the challenges that countries face as they develop and strengthen capital markets. Based on input from the world's most prominent capital market experts and leading policymakers in developing countries, this volume represents the latest thinking in capital market development. It captures the views of a global gathering of experts, with perspectives from developing and developed countries, from all regions of the world, from the public and private sector. This volume should be of interest to senior financial sector policymakers from developed and developing countries in securities and exchange commissions, regulators, central banks, ministries of finance, and monetary authorities; private sector executives in stock exchanges, bond markets, venture capital markets, and investment funds; and researchers and academicians with an interest in capital market development in emerging markets. What are the key factors threatening the development and survival of stock exchanges in developing countries? What domestic strategies are needed to protect the future of local markets? Should exchanges consider linkages or alliances? Merging with, or buying up, other exchanges? Demutualization? The volume provides practical guidance on strategies such as nurturing issuers, improving rules and institutions, addressing regulatory challenges, and sequencing reforms. The contributors address a variety of country experiences, and suggest steps that policymakers and practitioners in emerging markets can take to promote an orderly transition toward efficient, well-regulated, and accessible capital markets. Contributors include Reena Aggarwal (Georgetown University), Alexander S. Berg (World Bank), Alan Cameron (Sydney Futures Exchange), Olivier Fremond (PSACG), Amar Gill (Credit Lyonnais Securities Asia), Gerd Hausler (IMF), Jack Glen (International Finance Corporation), Peter Blair Henry (Stanf
| Author | : Mr.Luc Laeven |
| Publisher | : International Monetary Fund |
| Total Pages | : 25 |
| Release | : 2014-12-19 |
| Genre | : Business & Economics |
| ISBN | : 1498372201 |
Capital markets can improve risk sharing and the efficiency with which capital is allocated to the real economy, boosting economic growth and welfare. However, despite these potential benefits, not all countries have well developed capital markets. Moreover, government-led initiatives to develop local capital markets have had mixed success. This paper reviews the literature on the benefits and costs of developing local capital markets, and describes the challenges faced in the development of such markets. The paper concludes with a set of policy recommendations emerging from this literature.
| Author | : Maurice Obstfeld |
| Publisher | : Cambridge University Press |
| Total Pages | : 386 |
| Release | : 2004 |
| Genre | : Business & Economics |
| ISBN | : 9780521671798 |
This book is an economic survey of international capital mobility from the late nineteenth century to the present.
| Author | : J. Jay Choi |
| Publisher | : Praeger |
| Total Pages | : 368 |
| Release | : 1998-11-19 |
| Genre | : Business & Economics |
| ISBN | : |
This is a collection of articles on financial and investment issues in emerging capital markets. It offers coverage of major emerging countries as well as topics related to emerging market finance
| Author | : Augusto De la Torre |
| Publisher | : |
| Total Pages | : |
| Release | : 2005 |
| Genre | : Electronic book |
| ISBN | : |
