Capital Market Imperfections Before And After Financial Liberalization PDF Download
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Author | : Fidel Jaramillo |
Publisher | : World Bank Publications |
Total Pages | : 33 |
Release | : 1993 |
Genre | : Mercado de capitales - Ecuador |
ISBN | : |
Download Capital Market Imperfections Before and After Financial Liberalization Book in PDF, ePub and Kindle
Author | : José Antonio Ocampo |
Publisher | : OUP Oxford |
Total Pages | : 388 |
Release | : 2008-05-01 |
Genre | : Business & Economics |
ISBN | : 0191528153 |
Download Capital Market Liberalization and Development Book in PDF, ePub and Kindle
Capital market liberalization has been a key battle in the debate on globalization for much of the previous two decades. Many developing countries, often at the behest of international financial institutions such as the IMF, opened their capital accounts and liberalized their domestic financial markets as part of the wave of liberalization that characterized the 1980s and 1990s and in doing so exposed their economies to increased risk and volatility. Now with even the IMF acknowledging the risks inherent in capital market liberalization, the central intellectual battle over the effects of capital market liberalization has for the most part ended. Though this new understanding of the consequences of capital market liberalization is reshaping many policy discussions among academics and international institutions, ideological and vested interests remain. Critical policy debates also remain, such as how much government should intervene and what tools are available. Although capital market liberalization might not produce the promised benefits, many economists and policymakers still worry about the costs of intervention. Do these costs exceed the benefits? What are the best kinds of interventions, under what circumstances? To answer these questions, we have to understand why capital market liberalization has failed to enhance growth, why it has resulted in greater instability, why the poor appear to have borne the greatest burden, and why the advocates of capital market liberalization were so wrong. Bringing together some of the leading researchers and practitioners in the field, this volume provides an analysis of both the risks associated with capital market liberalization and the alternative policy options available to enhance macroeconomic management.
Author | : Yoon-Je Cho |
Publisher | : |
Total Pages | : 34 |
Release | : 1984 |
Genre | : Capital market |
ISBN | : |
Download Capital Market Structure and Barriers to Financial Liberalization Book in PDF, ePub and Kindle
Author | : Abdullahi Dahir Ahmed |
Publisher | : Springer Science & Business Media |
Total Pages | : 303 |
Release | : 2009-10-03 |
Genre | : Business & Economics |
ISBN | : 3790821683 |
Download Financial Liberalization in Developing Countries Book in PDF, ePub and Kindle
The recent global ?nancial crisis has made ?nancial liberalization a topic of great academic and practical interest. This book makes new contributions to the topic by combining fact-?nding, empirical analysis, and theory to examine the relationship between ?nancial liberalization and economic growth. Among its contributions, the book provides detailed country assessments on the effects of ?nancial liberalization, including its striking impact on the banking sector. Although an important goal of ?nancial deregulation has been to help ?nancial institutions better perform their role in intermediating resources, the book models how deregulation may fail to achieve that goal in countries with underdeveloped ?nancial markets and institutions. For that purpose, the book draws on actual experience in Kenya, Malawi, Botswana, and Thailand. This book should constitute important reading for students of ?nancial economics, researchers and general academics, ?nancial practitioners, policymakers, and teachers of economics. North Carolina, USA Steven L. Schwarcz December 2008 Stanley A. Star Professor of Law & Business, Duke University Founding Director, Duke Global Capital Markets Center Durham vii Abstract and Preface The latest global ?nancial and economic crisis of 2008 shows the need to - examine the desirability of ?nancial liberalization and the basis for the view that ?nancial deregulation by itself cannot be considered as a substitute for better economic management. The literature on ?nancial liberalization has identi?ed various mechanisms through which removing controls on interest rates may impact economic growth.
Author | : Cemile Sancak |
Publisher | : International Monetary Fund |
Total Pages | : 40 |
Release | : 2002-06 |
Genre | : Business & Economics |
ISBN | : |
Download Financial Liberalization and Real Investment Book in PDF, ePub and Kindle
There is increasing emphasis on the importance of efficient financial markets for sustained real investment and economic growth, yet limited empirical research on the effects of the deregulation of financial markets on the firm's investment decisions. The purpose of this paper is to model the impact of financial reforms on borrowing constraints faced by firms and to test the impact of financial reforms on the investment decisions of firms in Turkey. To do so, the paper builds a dynamic investment model, where financial variables and real investment are linked through the net present value of the firm. The derived investment model is employed to test whether Turkey's efforts at financial liberalization in 1980 were able to relax the borrowing constraints faced by Turkish firms. A dynamic panel data methodology is used on a panel data set of 1036 Turkish firms over the 1983-86 period. In addition, time-series analysis is employed on Turkish aggregate data over the 1971-91 period.
Author | : Parag Chandra |
Publisher | : |
Total Pages | : |
Release | : 2015 |
Genre | : |
ISBN | : |
Download Capital-Market Liberalization is Certainly No Paragon of Virtues Book in PDF, ePub and Kindle
The theory of capital market liberalization is based on two central assumptions- convex technologies and concave preference functions faced by agents. Standard models employed by the economists of the International Monetary Fund (which we simply call the Fund) justifiably reveal that more the financial market is globally integrated, the better are the risks dispersed, based on the above mentioned assumptions. So, the Fund's economists deliberately claim that full capital market liberalization helps cross-country smoothing of any adverse shock. However, ironically, the above-mentioned proposition is true when capital flows are counter cyclical. In reality, capital flows pro-cyclically because of the credit market imperfections, giving rise to a natural set of non-convexities. In this paper, we have made a modest attempt to review why capital market liberalization leads to economic instability instead of accelerating economic growth.
Author | : Mr.Luc Laeven |
Publisher | : International Monetary Fund |
Total Pages | : 25 |
Release | : 2014-12-19 |
Genre | : Business & Economics |
ISBN | : 1498372201 |
Download The Development of Local Capital Markets Book in PDF, ePub and Kindle
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 | : Luc Laeven |
Publisher | : |
Total Pages | : 56 |
Release | : 2000 |
Genre | : Business enterprises |
ISBN | : |
Download Does Financial Liberalization Relax Financing Constraints on Firms? Book in PDF, ePub and Kindle
Financial liberalization reduces imperfections in financial markets by reducing the agency costs of financial leverage. Small firms gain most from liberalization, because the favoritism of preferential credit directed to large firms tends to disappear under liberalization.
Author | : Aaron Tornell |
Publisher | : MIT Press |
Total Pages | : 206 |
Release | : 2005 |
Genre | : Business & Economics |
ISBN | : |
Download Boom-bust Cycles and Financial Liberalization Book in PDF, ePub and Kindle
Analysis and evidence of how the factors that give rise to boom-bust cycles in fast-growing developing economies also enhance long-run growth. The volatility that has hit many middle-income countries (MICs) after liberalizing their financial markets has prompted critics to call for new policies to stabilize these boom-bust cycles. But, as Aaron Tornell and Frank Westermann point out in this book, over the last two decades most of the developing countries that have experienced lending booms and busts have also exhibited the fastest growth among MICs. Countries with more stable credit growth, by contrast, have exhibited, on average, lower growth rates. Factors that contribute to financial fragility thus appear, paradoxically, to be a source of long-run growth as well. Tornell and Westermann analyze boom-bust cycles in the developing world and discuss how these cycles are generated by credit market imperfections. They explain why the financial liberalization that allows countries to overcome imperfections impeding rapid growth also generates the financial fragility that leads to greater volatility and occasional crises. The conceptual framework they present illustrates this linkage and allows Tornell and Westermann to address normative questions regarding liberalization policies.The authors also characterize key macroeconomic regularities observed across MICs, showing that credit markets play a key role not only in boom-bust episodes but in the strong "credit channel" observed during tranquil times. A theoretical framework is then presented that explains how credit market imperfections can account for these empirical patterns. Finally, Tornell and Westermann provide microeconomic evidence on the credit market imperfections that drive the results of the theoretical framework, finding that asymmetries between tradables and nontradables are key to understanding the patterns in MIC data.
Author | : Augusto de la Torre |
Publisher | : World Bank Publications |
Total Pages | : 232 |
Release | : 2006-10-20 |
Genre | : Business & Economics |
ISBN | : 0821365444 |
Download Emerging Capital Markets and Globalization Book in PDF, ePub and Kindle
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.