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International Financial Systems And Stock Volatility
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Book Synopsis International Financial Systems and Stock Volatility by : Nidal Rashid Sabri
Download or read book International Financial Systems and Stock Volatility written by Nidal Rashid Sabri and published by Elsevier. This book was released on 2002-02-28 with total page 404 pages. Available in PDF, EPUB and Kindle. Book excerpt: The financial crises are not confined to a financial market or a financial institution, or a country or a region. The financial crises moved from one market to another, across geographical locations, as well as across segments of financial systems. This volume is devoted to exploring various aspects of this issue.
Author :Roger Walton Ferguson Publisher :Centre for Economic Policy Research ISBN 13 :1898128979 Total Pages :217 pages Book Rating :4.8/5 (981 download)
Book Synopsis International Financial Stability by : Roger Walton Ferguson
Download or read book International Financial Stability written by Roger Walton Ferguson and published by Centre for Economic Policy Research. This book was released on 2007 with total page 217 pages. Available in PDF, EPUB and Kindle. Book excerpt: This new Geneva Report examines the main threats to international financial stability, focusing on the implications of major changes that have occurred in the global financial system in the past two decades.
Download or read book Volatility written by Robert A. Schwartz and published by Springer Science & Business Media. This book was released on 2010-11-18 with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt: Volatility is very much with us in today's equity markets. Day-to-day price swings are often large and intra-day volatility elevated, especially at market openings and closings. What explains this? What does this say about the quality of our markets? Can short-period volatility be controlled by better market design and a more effective use of electronic technology? Featuring insights from an international array of prominent academics, financial markets experts, policymakers and journalists, the book addresses these and other questions concerning this timely topic. In so doing, we seek deeper knowledge of the dynamic process of price formation, and of the market structure and regulatory environment within which our markets function. The Zicklin School of Business Financial Markets Series presents the insights emerging from a sequence of conferences hosted by the Zicklin School at Baruch College for industry professionals, regulators, and scholars. Much more than historical documents, the transcripts from the conferences are edited for clarity, perspective and context; material and comments from subsequent interviews with the panelists and speakers are integrated for a complete thematic presentation. Each book is focused on a well delineated topic, but all deliver broader insights into the quality and efficiency of the U.S. equity markets and the dynamic forces changing them.
Book Synopsis Risk Management in Volatile Financial Markets by : Franco Bruni
Download or read book Risk Management in Volatile Financial Markets written by Franco Bruni and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 374 pages. Available in PDF, EPUB and Kindle. Book excerpt: intense competition on banks and other financial institutions, as a period of oligopoly ends: more rather than less innovation is needed to help share undi versifiable risks, with more attention to correlations between different risks. Charles Goodhart of the London School of Economics (LSE), while ques tioning the idea that volatility has increased, concludes that structural changes have made regulation more problematic and calls for improved information availability on derivatives transactions. In a thirteen country case study of the bond market turbulence of 1994, Bo rio and McCauley of the BIS pin the primary causes of the market decline on the market's own dynamics rather than on variations in market participants' apprehensions about economic fundamentals. Colm Kearney of the Univer sity of Western Sydney, after a six country study of volatility in economic and financial variables, concludes that more international collaboration in man aging financial volatility (other than in foreign exchange markets) is needed in Europe. Finally, Stokman and Vlaar of the Dutch central bank investigate the empirical evidence for the interaction between volatility and international transactions in real and financial assets for the Netherlands, concluding that such influence depends on the chosen volatility measure. The authors sug gest that there are no strong arguments for international restrictions to reduce volatility. INSTITUTIONAL ISSUES AND PRACTICES The six papers in Part C focus on what market participants are doing to manage risk.
Book Synopsis Creating an Efficient Financial System by : Thorsten Beck
Download or read book Creating an Efficient Financial System written by Thorsten Beck and published by World Bank Publications. This book was released on 2006 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial sector development fosters economic growth and reduces poverty by widening and broadening access to finance and allocating society's savings more efficiently. The author first discusses three pillars on which sound and efficient financial systems are built: macroeconomic stability and effective and reliable contractual and informational frameworks. He then describes three different approaches to government involvement in the financial sector: the laissez-faire view, the market-failure view and the market-enabling view. Finally, the author analyzes the sequencing of financial sector reforms and discusses the benefits and challenges that emerging markets face when opening their financial systems to international capital markets.
Book Synopsis Market Volatility As a Financial Soundness Indicator by : MissLiliana Schumacher
Download or read book Market Volatility As a Financial Soundness Indicator written by MissLiliana Schumacher and published by International Monetary Fund. This book was released on 2003-03-01 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial decisions of economic agents are based on volatility considerations. However, no aggregate indicators have been used by policymakers and regulators to assess the market risk environment. This paper applies a market volatility indicator to analyze the Israeli's transition toward inflation targeting. Unlike conventional measures of volatility, it shows a substantial decline once volatility is measured against the minimum variance for the same returns on assets. Using a conventional Multivariate GARCH model, we find that interest rates sensitivity to changes in the risk environment may be important for a correct identification of volatility patterns of individual assets.
Book Synopsis Financial Market Volatility and the Implications for Market Regulation by : Louis O. Scott
Download or read book Financial Market Volatility and the Implications for Market Regulation written by Louis O. Scott and published by International Monetary Fund. This book was released on 1990-11-01 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: Volatility in financial markets has forced economists to reexamine the validity of the efficient markets hypothesis, and new empirical approaches have been applied to the study of this important issue in recent years. Many of the recent studies have found evidence of excessive volatility. In the aftermath of the stock market crash of 1987 and the perceived increase in market volatility, some economists have advocated additional market regulations. Are these proposed regulations necessary and would they serve to reduce market volatility? This paper presents a review of recent studies on financial market volatility and examines the proposed regulations.
Author :International Monetary Fund. Monetary and Capital Markets Department Publisher :International Monetary Fund ISBN 13 :1498324029 Total Pages :109 pages Book Rating :4.4/5 (983 download)
Book Synopsis Global Financial Stability Report, October 2019 by : International Monetary Fund. Monetary and Capital Markets Department
Download or read book Global Financial Stability Report, October 2019 written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2019-10-16 with total page 109 pages. Available in PDF, EPUB and Kindle. Book excerpt: The October 2019 Global Financial Stability Report (GFSR) identifies the current key vulnerabilities in the global financial system as the rise in corporate debt burdens, increasing holdings of riskier and more illiquid assets by institutional investors, and growing reliance on external borrowing by emerging and frontier market economies. The report proposes that policymakers mitigate these risks through stricter supervisory and macroprudential oversight of firms, strengthened oversight and disclosure for institutional investors, and the implementation of prudent sovereign debt management practices and frameworks for emerging and frontier market economies.
Book Synopsis Global Financial Stability Report, April 2021 by : International Monetary Fund
Download or read book Global Financial Stability Report, April 2021 written by International Monetary Fund and published by International Monetary Fund. This book was released on 2021-04-06 with total page 92 pages. Available in PDF, EPUB and Kindle. Book excerpt: Extraordinary policy measures have eased financial conditions and supported the economy, helping to contain financial stability risks. Chapter 1 warns that there is a pressing need to act to avoid a legacy of vulnerabilities while avoiding a broad tightening of financial conditions. Actions taken during the pandemic may have unintended consequences such as stretched valuations and rising financial vulnerabilities. The recovery is also expected to be asynchronous and divergent between advanced and emerging market economies. Given large external financing needs, several emerging markets face challenges, especially if a persistent rise in US rates brings about a repricing of risk and tighter financial conditions. The corporate sector in many countries is emerging from the pandemic overindebted, with notable differences depending on firm size and sector. Concerns about the credit quality of hard-hit borrowers and profitability are likely to weigh on the risk appetite of banks. Chapter 2 studies leverage in the nonfinancial private sector before and during the COVID-19 crisis, pointing out that policymakers face a trade-off between boosting growth in the short term by facilitating an easing of financial conditions and containing future downside risks. This trade-off may be amplified by the existing high and rapidly building leverage, increasing downside risks to future growth. The appropriate timing for deployment of macroprudential tools should be country-specific, depending on the pace of recovery, vulnerabilities, and policy tools available. Chapter 3 turns to the impact of the COVID-19 crisis on the commercial real estate sector. While there is little evidence of large price misalignments at the onset of the pandemic, signs of overvaluation have now emerged in some economies. Misalignments in commercial real estate prices, especially if they interact with other vulnerabilities, increase downside risks to future growth due to the possibility of sharp price corrections.
Book Synopsis Volatility in Financial Markets by :
Download or read book Volatility in Financial Markets written by and published by . This book was released on 2015 with total page 125 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation focuses on volatility in financial markets, with a special concern for: (i) volatility transmission between different financial markets and asset categories and, (ii) the effect of macroeconomic announcements on the returns, volatility and correlation of stock markets. These issues are analysed taking into account the phenomenon of asymmetric volatility and incorporating the period of financial turmoil caused by the Global Financial Crisis. The study focuses the attention on the emerging markets of the region of Southeast Asia. The asymmetric behaviour of volatility refers to the empirical evidence according to which a negative return shock (unexpected drop in the value of the stock) generates an increase in volatility higher than a positive return shock (unexpected increase in the value of the stock) of the same size. In the financial literature two explanations of the asymmetric effect of news on stock return volatility have been put forward. The analysis of financial assets volatility is important to academics, policy makers, and financial market participants for several reasons. First, prediction of financial assets volatility is crucial to economic agents because it helps them make rational portfolio risk management decisions. Volatility is critically important to economic agents because it represents a measure of risk exposure in their investments. Furthermore, from a theoretical perspective, volatility occupies a central stage in pricing of derivative securities. For example, to price an option we need to know, as a risk measure, the volatility of the underlying asset from now until the option expires. Moreover, in a market risk context, it is vital to know the volatility of an asset in order to calculate the Value-at-Risk of a portfolio selection. Finally, volatility is important for the economy as a whole. Policy makers often rely on market estimates of volatility as a barometer for the vulnerability of the financial markets and the economy. Regarding the Asian markets, it is worth mentioning that in recent years, the interrelations between the US and the Asian markets have raised due to the increasing financial relations. One typical portfolio diversification strategy consists of investing in similar asset classes in multiple markets (international diversification). In order to make appropriate risk management strategies it is vital to know the characteristics of the markets of the different geographical areas and how the markets co-move. Likewise, it is very important to analyse which factors can influence the behaviour of the assets in the financial markets. Within Asian markets, this thesis distinguishes between mature and emerging countries. Japan represents the mature market and the emerging economies are divided into three groups: the Asian Tigers (tigers hereafter), the Asian Tiger Cub (cubs hereafter) economies and, finally, China. The objectives of this thesis are threefold. First, to explore volatility spillovers and the time-varying behaviour of the correlation between the US and the Asian stock markets. Second, to analyse how the macroeconomic events in the US affect the Asian stock market returns, volatility and correlation. Finally, to investigate volatility spillovers between equity and currency markets in Asia. Throughout these analyses, this dissertation aims to establish behaviour patterns depending on the level of development of the emerging country analysed. Furthermore, the sample period used in the analyses incorporates the period of the recent financial turmoil originated by the subprime mortgage market in the United States in the summer of 2007, with the aim of studying the effect of the Global Financial crisis on the patterns found. In general, the results of the three analyses of this dissertation show some interesting visions. While the volatility transmission pattern between the US and the Asian stock markets is mostly observed when the degree of development of the Asian country is higher, the effect of US macroeconomic news releases on these Asian markets is greater as the Asian market analysed is less developed. It is worth mentioning that China arises as a general exception of the three analyses, performing in an independent way with respect to the other Asian economies analysed. The reason of this behaviour can be due, on the one hand, to the fact that in the past decades China has been reaching market-based financial system and has been trying to open it up towards the international financial markets. In spite of these efforts, its financial market is still not entirely open to other countries worldwide. All in all, the results suggest that emerging Asian financial markets have thus far suffered only limited impact from the Global Financial crisis. However, heightened risk perception and declining investor confidence could trigger a sudden reversal of financial flows from these region's capital markets, pushing down asset prices and intensifying financial market volatility. The results of this dissertation may be useful for analysts, traders and portfolio managers. In an asset allocation framework, it is crucial to diversify the assets of a portfolio to diminish its risk. Considering international diversification, before composing a portfolio, it is very useful to know volatility spillovers across countries and asset classes. In this regard, it is vital to take into account the role of the currency market, not only because of the effect of exchange rate in foreign investments, but also for the relationship between the stocks in which to invest and the exchange rate of the related country. Likewise, macroeconomic news releases play a significant role in the stocks markets, hence it is very important to know the effect of the arrival of macroeconomic announcements on the returns, volatility and correlations of the stocks markets in which we want to invest. Finally, it is remarkable that the results of this thesis suggest that exchange rate policies should not be implemented without considering the repercussions on the stock market, and vice versa.
Book Synopsis International Financial Markets by : Richard M. Levich
Download or read book International Financial Markets written by Richard M. Levich and published by Irwin Professional Publishing. This book was released on 1998 with total page 704 pages. Available in PDF, EPUB and Kindle. Book excerpt: The purpose of this text is to analyze the key financial markets and instruments that facilitate trade and investment activity on a global scale. It spans two key areas: First-the economic determinants of prices, price changes and price relationships in the major financial markets; Second-the policy issues that result from private enterprises and public policymakers.
Book Synopsis Volatility in Financial Markets by : Natàlia Valls Ruiz
Download or read book Volatility in Financial Markets written by Natàlia Valls Ruiz and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This dissertation focuses on volatility in financial markets, with a special concern for: (i) volatility transmission between different financial markets and asset categories and, (ii) the effect of macroeconomic announcements on the returns, volatility and correlation of stock markets. These issues are analysed taking into account the phenomenon of asymmetric volatility and incorporating the period of financial turmoil caused by the Global Financial Crisis. The study focuses the attention on the emerging markets of the region of Southeast Asia. The asymmetric behaviour of volatility refers to the empirical evidence according to which a negative return shock (unexpected drop in the value of the stock) generates an increase in volatility higher than a positive return shock (unexpected increase in the value of the stock) of the same size. In the financial literature two explanations of the asymmetric effect of news on stock return volatility have been put forward. The analysis of financial assets volatility is important to academics, policy makers, and financial market participants for several reasons. First, prediction of financial assets volatility is crucial to economic agents because it helps them make rational portfolio risk management decisions. Volatility is critically important to economic agents because it represents a measure of risk exposure in their investments. Furthermore, from a theoretical perspective, volatility occupies a central stage in pricing of derivative securities. For example, to price an option we need to know, as a risk measure, the volatility of the underlying asset from now until the option expires. Moreover, in a market risk context, it is vital to know the volatility of an asset in order to calculate the Value-at-Risk of a portfolio selection. Finally, volatility is important for the economy as a whole. Policy makers often rely on market estimates of volatility as a barometer for the vulnerability of the financial markets and the economy. Regarding the Asian markets, it is worth mentioning that in recent years, the interrelations between the US and the Asian markets have raised due to the increasing financial relations. One typical portfolio diversification strategy consists of investing in similar asset classes in multiple markets (international diversification). In order to make appropriate risk management strategies it is vital to know the characteristics of the markets of the different geographical areas and how the markets co-move. Likewise, it is very important to analyse which factors can influence the behaviour of the assets in the financial markets. Within Asian markets, this thesis distinguishes between mature and emerging countries. Japan represents the mature market and the emerging economies are divided into three groups: the Asian Tigers (tigers hereafter), the Asian Tiger Cub (cubs hereafter) economies and, finally, China. The objectives of this thesis are threefold. First, to explore volatility spillovers and the time-varying behaviour of the correlation between the US and the Asian stock markets. Second, to analyse how the macroeconomic events in the US affect the Asian stock market returns, volatility and correlation. Finally, to investigate volatility spillovers between equity and currency markets in Asia. Throughout these analyses, this dissertation aims to establish behaviour patterns depending on the level of development of the emerging country analysed. Furthermore, the sample period used in the analyses incorporates the period of the recent financial turmoil originated by the subprime mortgage market in the United States in the summer of 2007, with the aim of studying the effect of the Global Financial crisis on the patterns found. In general, the results of the three analyses of this dissertation show some interesting visions. While the volatility transmission pattern between the US and the Asian stock markets is mostly observed when the degree of development of the Asian country is higher, the effect of US macroeconomic news releases on these Asian markets is greater as the Asian market analysed is less developed. It is worth mentioning that China arises as a general exception of the three analyses, performing in an independent way with respect to the other Asian economies analysed. The reason of this behaviour can be due, on the one hand, to the fact that in the past decades China has been reaching market-based financial system and has been trying to open it up towards the international financial markets. In spite of these efforts, its financial market is still not entirely open to other countries worldwide. All in all, the results suggest that emerging Asian financial markets have thus far suffered only limited impact from the Global Financial crisis. However, heightened risk perception and declining investor confidence could trigger a sudden reversal of financial flows from these region's capital markets, pushing down asset prices and intensifying financial market volatility. The results of this dissertation may be useful for analysts, traders and portfolio managers. In an asset allocation framework, it is crucial to diversify the assets of a portfolio to diminish its risk. Considering international diversification, before composing a portfolio, it is very useful to know volatility spillovers across countries and asset classes. In this regard, it is vital to take into account the role of the currency market, not only because of the effect of exchange rate in foreign investments, but also for the relationship between the stocks in which to invest and the exchange rate of the related country. Likewise, macroeconomic news releases play a significant role in the stocks markets, hence it is very important to know the effect of the arrival of macroeconomic announcements on the returns, volatility and correlations of the stocks markets in which we want to invest. Finally, it is remarkable that the results of this thesis suggest that exchange rate policies should not be implemented without considering the repercussions on the stock market, and vice versa."--TDX.
Book Synopsis Stock Market Volatility by : Greg N. Gregoriou
Download or read book Stock Market Volatility written by Greg N. Gregoriou and published by CRC Press. This book was released on 2009-04-08 with total page 654 pages. Available in PDF, EPUB and Kindle. Book excerpt: Up-to-Date Research Sheds New Light on This Area Taking into account the ongoing worldwide financial crisis, Stock Market Volatility provides insight to better understand volatility in various stock markets. This timely volume is one of the first to draw on a range of international authorities who offer their expertise on market volatility in devel
Book Synopsis Powering the Digital Economy: Opportunities and Risks of Artificial Intelligence in Finance by : El Bachir Boukherouaa
Download or read book Powering the Digital Economy: Opportunities and Risks of Artificial Intelligence in Finance written by El Bachir Boukherouaa and published by International Monetary Fund. This book was released on 2021-10-22 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses the impact of the rapid adoption of artificial intelligence (AI) and machine learning (ML) in the financial sector. It highlights the benefits these technologies bring in terms of financial deepening and efficiency, while raising concerns about its potential in widening the digital divide between advanced and developing economies. The paper advances the discussion on the impact of this technology by distilling and categorizing the unique risks that it could pose to the integrity and stability of the financial system, policy challenges, and potential regulatory approaches. The evolving nature of this technology and its application in finance means that the full extent of its strengths and weaknesses is yet to be fully understood. Given the risk of unexpected pitfalls, countries will need to strengthen prudential oversight.
Book Synopsis Stock Market Development and Financial Intermediaries: Stylized Facts by : Ross Levine
Download or read book Stock Market Development and Financial Intermediaries: Stylized Facts written by Ross Levine and published by . This book was released on 1999 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: May 1995 The three most developed stock markets are in Japan, the United Kingdom, and the United States, and the most underdeveloped markets are in Colombia, Nigeria, Venezuela, and Zimbabwe. Markets tend to be more developed in richer countries, but some markets commonly labeled emerging (for example, in Malaysia, the Republic of Korea, and Thailand) are systematically more developed than some markets commonly labeled developed (for example, in Australia, Canada, and many European countries). World stock markets are booming. Between 1982 and 1993, stock market capitalization grew from $2 trillion to $10 trillion, an average 15 percent a year. A disproportionate amount of this growth was in emerging stock markets, which rose from 3 percent of world stock market capitalization to 14 percent in the same period. Yet there is little empirical evidence about how important stock markets are to long-term economic development. Economists have neither a common concept nor a common measure of stock market development, so we know little about how stock market development affects the rest of the financial system or how corporations finance themselves. Demirgüç-Kunt and Levine collected and compared many different indicators of stock market development using data on 41 countries from 1986 to 1993. Each indicator has statistical and conceptual shortcomings, so they used different measures of stock market size, liquidity, concentration, and volatility, of institutional development, and of international integration. Their goal: to summarize information about a variety of indicators for stock market development, in order to facilitate research into the links between stock markets, economic development, and corporate financing decisions. They highlight certain important correlations: * In the 41 countries they studied, there are enormous cross-country differences in the level of stock market development for each indicator. The ratio of market capitalization to GDP, for example, is greater than 1 in five countries and less than 0.10 in five others. * There are intuitively appealing correlations among indicators. For example, big markets tend to be less volatile, more liquid, and less concentrated in a few stocks. Internationally integrated markets tend to be less volatile. And institutionally developed markets tend to be large and liquid. * The three most developed markets are in Japan, the United Kingdom, and the United States. The most underdeveloped markets are in Colombia, Nigeria, Venezuela, and Zimbabwe. Malaysia, the Republic of Korea, and Switzerland seem to have highly developed stock markets, whereas Argentina, Greece, Pakistan, and Turkey have underdeveloped markets. Markets tend to be more developed in richer countries, but many markets commonly labeled emerging (for example, in Korea, Malaysia, and Thailand) are systematically more developed than markets commonly labeled developed (for example, in Australia, Canada, and many European countries). * Between 1986 and 1993, some markets developed rapidly in size, liquidity, and international integration. Indonesia, Portugal, Turkey, and Venezuela experienced explosive development, for example. Case studies on the reasons for (and economic consequences of) this rapid development could yield valuable insights. * The level of stock market development is highly correlated with the development of banks, nonbank financial institutions (finance companies, mutual funds, brokerage houses), insurance companies, and private pension funds. This paper -- a product of the Finance and Private Sector Development Division, Policy Research Department -- is part of a larger effort in the department to study stock market development. The study was funded by the Bank's Research Support Budget under the research project Stock Market Development and Financial Intermediary Growth (RPO 678-37).
Author :International Monetary Fund. Monetary and Capital Markets Department Publisher :International Monetary Fund ISBN 13 :1498321119 Total Pages :85 pages Book Rating :4.4/5 (983 download)
Book Synopsis Canada by : International Monetary Fund. Monetary and Capital Markets Department
Download or read book Canada written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2019-06-24 with total page 85 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Financial System Stability Assessment paper discusses that Canada has enjoyed favorable macroeconomic outcomes over the past decades, and its vibrant financial system continues to grow robustly. However, macrofinancial vulnerabilities—notably, elevated household debt and housing market imbalances—remain substantial, posing financial stability concerns. Various parts of the financial system are directly exposed to the housing market and/or linked through housing finance. The financial system would be able to manage severe macrofinancial shocks. Major deposit-taking institutions would remain resilient, but mortgage insurers would need additional capital in a severe adverse scenario. Housing finance is broadly resilient, notwithstanding some weaknesses in the small non-prime mortgage lending segment. Although banks’ overall capital buffers are adequate, additional required capital for mortgage exposures, along with measures to increase risk-based differentiation in mortgage pricing, would be desirable. This would help ensure adequate through-the cycle buffers, improve mortgage risk-pricing, and limit procyclical effects induced by housing market corrections.
Download or read book Open Doors written by Robert E. Litan and published by Rowman & Littlefield. This book was released on 2004-05-13 with total page 452 pages. Available in PDF, EPUB and Kindle. Book excerpt: A Brookings Institution Press, the World Bank, and the International Monetary Fund publication The extensive reforms and liberalization of financial services in emerging markets worldwide call for cutting-edge strategies to capture the benefits of new investment opportunities. In Open Doors, a volume of papers from the third annual Financial Markets and Development conference, multidisciplinary financial sector experts analyze current economic and political trends and prescribe practical advice to the financial development community. The book addresses the key issues of concern regarding the emerging markets, including the trends, motivations, and scope of FDI in finance; policy options that will best capture the opportunities of foreign entry; and the role of foreign institutions in e-finance innovation. The authors focus on specific topics such as foreign participation in emerging market banking systems and securities industries, WTO policies and enforcement, the role of foreign banks, liberalization of insurance markets, the need for capital markets, and the policy, regulatory, and legal issues associated with e-finance. For policymakers and financial practitioners affected by the WTO's Financial Services Agreement, this timely book should be of particular interest. Contributors include Donald Mathieson (International Money Fund), Pierre Sauvé (Trade Directorate, OECD), George J. Vojta (formerly with Bankers Trust and Citibank), Harold D. Skipper (J. Mack Robinson College of Business, Georgia State University), Benn Steil (Council on Foreign Relations), Morris Goldstein and Edward M. Graham (Institute for International Economics), Nicolas Lardy (Brookings Institution), Phillip Turner (Bank of International Settlements), and Robert Ledig (Fried, Frank, Shriver & Jacobson).
