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Pension Reform Insitutional Investors Growth And Stock Market Development In The Developing Countries Does It Function
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Book Synopsis Pension Reform, Insitutional Investors' Growth and Stock Market Development in the Developing Countries? Does it Function? by : Aneta Hryckiewicz
Download or read book Pension Reform, Insitutional Investors' Growth and Stock Market Development in the Developing Countries? Does it Function? written by Aneta Hryckiewicz and published by . This book was released on 2009 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: For almost one decade, the developing countries have tried to spur the development of their local capital markets. However, despite the initiated macroeconomic and financial reforms, the performance of the securities markets has remained relatively weak for most of the time. The recent dramatic growth of the institutional investors' assets has raised new hope for these countries. In this paper, we evaluate an empirical link between recent institutional assets' growth, institutional behaviour and stock market performance in the developing countries. Using the GMM technique on the panel of eight Central and Eastern European (CEE) developing countries over the period of 1994-2006, our results indicate that institutional development exerts a robust and significant impact on the securities markets' growth in the developing countries. In particular, we find that institutional investors contribute to the greater activity of the emerging capital markets and this effect is a result of higher demand for the local securities induced by these institutions. In addition, in countries where the institutional investors actively participate in the corporate governance, their presence possibly reduces the cost of capital for firms and also positively influences the stock market capitalization. Our findings suggest that the pension reform has contributed significantly to the institutional development and stock market growth in the CEE countries. However, we find that magnitude of these effects depends on the pension scheme a country relies upon. These effects are also exogenous to the structure of the economy in these countries.
Book Synopsis Pension Reform, Institutional Investors' Growth and Stock Market Development in the Developing Countries: Does it Function? by : Aneta Hryckiewicz-Gontarczyk
Download or read book Pension Reform, Institutional Investors' Growth and Stock Market Development in the Developing Countries: Does it Function? written by Aneta Hryckiewicz-Gontarczyk and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Pension Reform, Institutional Investors' Growth and Stock Market Development in the Developing Countries: Does it Function? by : Aneta Hryckiewicz
Download or read book Pension Reform, Institutional Investors' Growth and Stock Market Development in the Developing Countries: Does it Function? written by Aneta Hryckiewicz and published by . This book was released on 2009 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Pension Reform and Capital Market Development by : Dimitri Vittas
Download or read book Pension Reform and Capital Market Development written by Dimitri Vittas and published by World Bank Publications. This book was released on 2000 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: Private pension funds are neither necessary nor sufficient for capital market development. But if they are subject to conducive regulations, adopt optimizing policies, and operate in a pluralistic structure, they can have a large impact on capital market modernization and development once they reach a critical mass.
Book Synopsis Pension Reform, Investment Restrictions and Capital Markets by : Mr.Jorge Roldos
Download or read book Pension Reform, Investment Restrictions and Capital Markets written by Mr.Jorge Roldos and published by International Monetary Fund. This book was released on 2004-09-01 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: Pension reform in several emerging market countries has been associated with rapid growth in assets under management and a positive impact on the development of local securities markets. However, limitations on such development may lead to asset price distortions, bubbles, and concentration of risks. Regulatory limits on pension fund investments are assessed in light of these risks and developments in modern portfolio theory. A gradual but decisive loosening of restrictions on equity and foreign investments is recommended. Changes in these regulations ought to be coordinated with measures designed to foster the development of local securities markets as well as with macroeconomic policies.
Book Synopsis Pensions, Savings and Capital Flows From Ageing to Emerging Markets by : Reisen Helmut
Download or read book Pensions, Savings and Capital Flows From Ageing to Emerging Markets written by Reisen Helmut and published by OECD Publishing. This book was released on 2000-05-15 with total page 285 pages. Available in PDF, EPUB and Kindle. Book excerpt: This books explores the international aspects of pension reform, private savings and volatile capital markets and clarifies how they relate to each other.
Author :Augusto de la Torre, Sergio L. Schmukler, Juan Carlos Gozzi Publisher :World Bank Publications ISBN 13 : Total Pages :38 pages Book Rating :4./5 ( download)
Book Synopsis Stock market development under globalization: whither the gains from reforms? by : Augusto de la Torre, Sergio L. Schmukler, Juan Carlos Gozzi
Download or read book Stock market development under globalization: whither the gains from reforms? written by Augusto de la Torre, Sergio L. Schmukler, Juan Carlos Gozzi and published by World Bank Publications. This book was released on 2007 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Pension Reform and the Development of Pension Systems by : Emily S. Andrews
Download or read book Pension Reform and the Development of Pension Systems written by Emily S. Andrews and published by World Bank Publications. This book was released on 2006 with total page 198 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Formal pension systems are an important means of reducing poverty among the aged. In recent years, however, pension reform has become a pressing matter, as demographic aging, poor administration, early retirement, and unaffordable benefits have strained pension balances and overall public finances. Pension systems have become a source of macroeconomic instability, a constraint to economic growth, and an ineffective and/or inequitable provider of retirement income."
Book Synopsis Pension Reform and Capital Market Development "Feasibility" and "Impact" Preconditions by : Dimitri Vittas
Download or read book Pension Reform and Capital Market Development "Feasibility" and "Impact" Preconditions written by Dimitri Vittas and published by . This book was released on 2016 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: Private pension funds are neither necessary nor sufficient for capital market development. But if they are subject to conducive regulations, adopt optimizing policies, and operate in a pluralistic structure, they can have a large impact on capital market modernization and development once they reach a critical mass.The link between pension reform and capital market development has become a perennial question, raised every time the potential benefits and preconditions of pension reform are discussed. Vittas asks two questions. First, what are the basic feasibility preconditions for the successful launch of a pension reform program? And second, what are the necessary impact preconditions for the realization of the potential benefits of funded pension plans for capital market development?His main conclusion is that the feasibility preconditions are not as demanding as is sometimes assumed. In contrast, the impact preconditions are more onerous. The most important feasibility precondition is a strong and lasting commitment of the authorities to maintaining macroeconomic and financial stability, fostering a small core of solvent and efficient banks and insurance companies, and creating an effective regulatory and supervisory agency. Opening the domestic banking and insurance markets to foreign participation can easily fulfill the second requirement. The main impact preconditions include the attainment of critical mass; the adoption of conducive regulations, especially on pension fund investments; the pursuit of optimizing policies by the pension funds; and a prevalence of pluralistic structures.Vittas also argues that pension funds are neither necessary nor sufficient for capital market development. Other forces, such as advances in technology, deregulation, privatization, foreign direct investment, and especially regional and global economic integration, may be equally important. But pension funds are critical players in symbiotic finance, the simultaneous and mutually reinforcing presence of many important elements of modern financial systems. They can support the development of factoring, leasing, and venture capital companies, all of which specialize in financing new and expanding small firms.This paper - a product of Finance, Development Research Group - is part of a larger effort in the group to study the impact of institutional investing on capital markets. The author may be contacted at [email protected].
Book Synopsis Pension Reform in Small Developing Countries by : Thomas C. Glaessner
Download or read book Pension Reform in Small Developing Countries written by Thomas C. Glaessner and published by World Bank Publications. This book was released on 1998 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Stock Markets in Developing Countries by : Mansoor Dailami
Download or read book Stock Markets in Developing Countries written by Mansoor Dailami and published by World Bank Publications. This book was released on 1990 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: With foreign capital funds dwindling, governments in many developing countries-- with increased Bank support-- are looking to develop capital markets to provide risk capital for the corporate sector. But first, some basic issues must be empirically explored.
Book Synopsis Colombia's Pension Reform by : Klaus Schmidt-Hebbel
Download or read book Colombia's Pension Reform written by Klaus Schmidt-Hebbel and published by World Bank Publications. This book was released on 1995 with total page 92 pages. Available in PDF, EPUB and Kindle. Book excerpt: IFC Lessons of Experience No. 1F. This report reviews the experience of the International Finance Corporation (IFC) in its role as advisor and investor in privatization transactions during the past decade. In pursuit of its mandate to further economic development by encouraging the growth of productive private enterprise in developing countries, the IFC has naturally and increasingly been involved in supporting this movement. The premise of the report is that privatization will always be partly based on political considerations, including expected redistribution of wealth and the resulting winners and losers. It discusses the IFC's experience from two perspectives: as an advisor involved before the sale, which illustrates how the IFC assists in the trade-off between political and economic goals to conclude a deal; and after privatization, which discusses the resulting economic benefits. The IFC asserts that its role in privatization is defined by the evolving frontiers of political commitment. Within those frontiers, it can help expand privatization possibilities by performing advisory assignments, providing necessary investments, and developing capital market institutions. The IFC demonstrates that privatization strategies can assume many forms with few set prescriptions. Other language editions: English (ISBN 0-8213-3447-6) Stock No. 13447 Russian -out of print-(ISBN 0-8213-3545-6) Stock No. 13545 Spanish -out of print-(ISBN 0-8213-3451-4) Stock No. 13451.
Book Synopsis Institutional Reform in Emerging Securities Markets by : Robert Pardy
Download or read book Institutional Reform in Emerging Securities Markets written by Robert Pardy and published by . This book was released on 1992 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: Developing a securities market is a long-term, multifaceted task that requires extensive institutional development, for which there are few shortcuts. And many of the changes required have both positive and negative ramifications in other parts of the financial system and the economy.
Book Synopsis Emerging Capital Markets and Globalization by : Augusto de la Torre
Download or read book Emerging Capital Markets and Globalization written by Augusto de la Torre and published by World Bank Publications. This book was released on 2006-10-20 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis The Cold War in Welfare by : Richard Minns
Download or read book The Cold War in Welfare written by Richard Minns and published by Verso. This book was released on 2001-05-17 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt: Minns describes, analyses and destroys arguments for privatisation and the dismantling of the Welfare State.
Book Synopsis Data Analytics Applications in Emerging Markets by : José Antonio Núñez Mora
Download or read book Data Analytics Applications in Emerging Markets written by José Antonio Núñez Mora and published by Springer Nature. This book was released on 2022-10-26 with total page 209 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book analyzes the impact of technology in emerging markets by considering conditions and the history of how it has changed the way of working and market development in such contexts. The book delves into key areas such as fintech enterprises, artificial intelligence, pension funds, stock markets, and energy markets though applied studies and research. This book is a useful read for practitioners and scholars interested in how technology has and continues to change the way in which development is defined and achieved, particularly in emerging markets.
Book Synopsis Capital Market Development in Transition Economies Country Experiences and Policies for the Future by : OECD
Download or read book Capital Market Development in Transition Economies Country Experiences and Policies for the Future written by OECD and published by OECD Publishing. This book was released on 1998-10-06 with total page 310 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book, the first time, critically evaluates the evolution of both equity and securities markets in transition economies.
