The Impact Of Contractual Savings Institutions On Securities Markets

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The Impact of Contractual Savings Institutions on Securities Markets

Author : Alberto R. Musalem
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 32 pages
Book Rating : 4./5 ( download)

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Book Synopsis The Impact of Contractual Savings Institutions on Securities Markets by : Alberto R. Musalem

Download or read book The Impact of Contractual Savings Institutions on Securities Markets written by Alberto R. Musalem and published by World Bank Publications. This book was released on 2003 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: Impavido, Musalem, and Tressel assess empirically the impact of contractual savings institutions portfolios (pension funds and life insurance companies) on securities markets, for example, depth and liquidity in the domestic stock market, and depth in the domestic bond market. They discuss how the institutionalization of savings can modify financial markets through the lengthening of securities' maturities. The results are the following: * An increase in assets of contractual savings institutions relative to domestic financial assets has a positive impact on the depth of stock and bond markets on average. * The impact on stock market depth and liquidity is nonlinear: it is stronger in countries where corporate information is more transparent. * There is evidence of a significant heterogeneity among countries: contractual savings have a stronger impact on securities markets in countries where the financial system is market based, pension fund contributions are mandatory, and international transactions in securities are lower. * The authors do not find that the impact of contractual savings institutions on securities markets is explained by the overall level of development, education, demographic structure or the legal environment. This paper--a product of the Financial Sector Operations and Policy Department--is part of a larger effort in the department to study the effects of contractual savings on financial markets.

The Impact of Contractual Savings Institutions on Securities Markets

Author : Gregorio Impavido
Publisher :
ISBN 13 :
Total Pages : 32 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis The Impact of Contractual Savings Institutions on Securities Markets by : Gregorio Impavido

Download or read book The Impact of Contractual Savings Institutions on Securities Markets written by Gregorio Impavido and published by . This book was released on 2016 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: Impavido, Musalem, and Tressel assess empirically the impact of contractual savings institutions portfolios (pension funds and life insurance companies) on securities markets, for example, depth and liquidity in the domestic stock market, and depth in the domestic bond market. They discuss how the institutionalization of savings can modify financial markets through the lengthening of securities' maturities.The results are the following:ŉ An increase in assets of contractual savings institutions relative to domestic financial assets has a positive impact on the depth of stock and bond markets on average.ŉ The impact on stock market depth and liquidity is nonlinear: it is stronger in countries where corporate information is more transparent.ŉ There is evidence of a significant heterogeneity among countries: contractual savings have a stronger impact on securities markets in countries where the financial system is market based, pension fund contributions are mandatory, and international transactions in securities are lower.ŉ The authors do not find that the impact of contractual savings institutions on securities markets is explained by the overall level of development, education, demographic structure or the legal environment.This paper - a product of the Financial Sector Operations and Policy Department - is part of a larger effort in the department to study the effects of contractual savings on financial markets.

contractual savings and emerging securities markets

Author :
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 25 pages
Book Rating : 4./5 ( download)

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Book Synopsis contractual savings and emerging securities markets by :

Download or read book contractual savings and emerging securities markets written by and published by World Bank Publications. This book was released on with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Understanding the Use of Long-term Finance in Developing Economies

Author : Mr.Maria Soledad Martinez Peria
Publisher : International Monetary Fund
ISBN 13 : 1475595751
Total Pages : 28 pages
Book Rating : 4.4/5 (755 download)

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Book Synopsis Understanding the Use of Long-term Finance in Developing Economies by : Mr.Maria Soledad Martinez Peria

Download or read book Understanding the Use of Long-term Finance in Developing Economies written by Mr.Maria Soledad Martinez Peria and published by International Monetary Fund. This book was released on 2017-04-26 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: This short paper reviews recent literature on the use of long-term finance in developing economies (relative to advanced ones) to identify where long-term financing occurs, and what role different financial intermediaries and markets play in extending this type of financing. Although banks are the most important providers of credit, they do not seem to offer long-term financing. Capital markets have grown since the 1990s and can provide financing at fairly long terms. But few firms use these markets. Only some institutional investors provide funding at long-term maturities. Governments might help to expand long-term financing, although with limited policy tools.

Powering the Digital Economy: Opportunities and Risks of Artificial Intelligence in Finance

Author : El Bachir Boukherouaa
Publisher : International Monetary Fund
ISBN 13 : 1589063953
Total Pages : 35 pages
Book Rating : 4.5/5 (89 download)

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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.

Contractual Savings, Capital Markets and Firms' Financing Choices

Author : Gregorio Impavido
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 65 pages
Book Rating : 4./5 ( download)

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Book Synopsis Contractual Savings, Capital Markets and Firms' Financing Choices by : Gregorio Impavido

Download or read book Contractual Savings, Capital Markets and Firms' Financing Choices written by Gregorio Impavido and published by World Bank Publications. This book was released on 2001 with total page 65 pages. Available in PDF, EPUB and Kindle. Book excerpt: The authors analyze the relationship between the development and asset allocation of contractual savings and firms' capital structures. The authors develop a simple model of firms' leverage and debt maturity decisions. They illustrate the mechanisms through which contractual savings development may affect corporate financing patterns. In the empirical section, the authors show that the development and asset allocation of contractual savings have an independent impact on firms' financing choices. Different channels are identified. In market-based economies, an increase in the proportion of shares in the portfolio of contractual savings leads to a decline in firms' leverage. In bank-based economies, instead, an increase in the size of contractual savings is associated with an increase in leverage and debt maturity in the corporate sector.

Contractual Savings, Stock, and Asset Markets

Author : Gregorio Impavido
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 50 pages
Book Rating : 4./5 ( download)

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Book Synopsis Contractual Savings, Stock, and Asset Markets by : Gregorio Impavido

Download or read book Contractual Savings, Stock, and Asset Markets written by Gregorio Impavido and published by World Bank Publications. This book was released on 2000 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: Cross-country and time-series evidence from some OECD and developing countries shows that pension funds and life and nonlife insurance companies contribute to stock market development.

The Future of Domestic Capital Markets in Developing Countries

Author : Robert E. Litan
Publisher : Rowman & Littlefield
ISBN 13 : 9780815796107
Total Pages : 548 pages
Book Rating : 4.7/5 (961 download)

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Book Synopsis The Future of Domestic Capital Markets in Developing Countries by : Robert E. Litan

Download or read book The Future of Domestic Capital Markets in Developing Countries written by Robert E. Litan and published by Rowman & Littlefield. This book was released on 2003-09-05 with total page 548 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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

Insurance Regulation in Jordan

Author : Dimitri Vittas
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 41 pages
Book Rating : 4./5 ( download)

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Book Synopsis Insurance Regulation in Jordan by : Dimitri Vittas

Download or read book Insurance Regulation in Jordan written by Dimitri Vittas and published by World Bank Publications. This book was released on 2004 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Contractual Savings Institutions and Banks Stability and Efficiency

Author :
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 32 pages
Book Rating : 4./5 ( download)

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Book Synopsis Contractual Savings Institutions and Banks Stability and Efficiency by :

Download or read book Contractual Savings Institutions and Banks Stability and Efficiency written by and published by World Bank Publications. This book was released on with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:

institutional reform in emerging securities markets

Author :
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 37 pages
Book Rating : 4./5 ( download)

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Book Synopsis institutional reform in emerging securities markets by :

Download or read book institutional reform in emerging securities markets written by and published by World Bank Publications. This book was released on with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Egypt in the Global Economy

Author :
Publisher : World Bank Publications
ISBN 13 : 9780821340660
Total Pages : 126 pages
Book Rating : 4.3/5 (46 download)

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Book Synopsis Egypt in the Global Economy by :

Download or read book Egypt in the Global Economy written by and published by World Bank Publications. This book was released on 1998 with total page 126 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report summarizes Egypt's recent economic progress, highlights key opportunities and challenges currently facing its government and people, and outlines a strategy for securing its future prosperity on the brink of a new millennium. On the external front, it emphasizes reforming the trade regime, boosting exports, and entering into a partnership agreement with the European Union. On the domestic front, it outlines a range of structural reforms to promote higher savings and productive investment and policies to ensure that macroeconomic stability is maintained.

Policy Research Working Papers

Author :
Publisher :
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4.:/5 (8 download)

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Book Synopsis Policy Research Working Papers by :

Download or read book Policy Research Working Papers written by and published by . This book was released on 1991 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Aging Population, Pension Funds, and Financial Markets

Author : Robert Holzmann
Publisher : World Bank Publications
ISBN 13 : 0821377329
Total Pages : 184 pages
Book Rating : 4.8/5 (213 download)

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Book Synopsis Aging Population, Pension Funds, and Financial Markets by : Robert Holzmann

Download or read book Aging Population, Pension Funds, and Financial Markets written by Robert Holzmann and published by World Bank Publications. This book was released on 2009 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt: Population aging will affect the performance of pension funds and financial markets in the former transition economies and require determined policy actions to complete financial market development and to promote financial literacy through education.

The Oxford Handbook of Pensions and Retirement Income

Author : Gordon L. Clark
Publisher : Oxford University Press, USA
ISBN 13 : 9780199272464
Total Pages : 954 pages
Book Rating : 4.2/5 (724 download)

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Book Synopsis The Oxford Handbook of Pensions and Retirement Income by : Gordon L. Clark

Download or read book The Oxford Handbook of Pensions and Retirement Income written by Gordon L. Clark and published by Oxford University Press, USA. This book was released on 2006-07-20 with total page 954 pages. Available in PDF, EPUB and Kindle. Book excerpt: This handbook draws on research from a range of academic disciplines to reflect on the implications for provisions of pension and retirement income of demographic ageing. it reviews the latest research, policy related tools, analytical methods and techniques and major theoretical frameworks.

New Challenges for Future Sustainability and Wellbeing

Author : Ercan Özen
Publisher : Emerald Group Publishing
ISBN 13 : 1800439709
Total Pages : 377 pages
Book Rating : 4.8/5 (4 download)

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Book Synopsis New Challenges for Future Sustainability and Wellbeing by : Ercan Özen

Download or read book New Challenges for Future Sustainability and Wellbeing written by Ercan Özen and published by Emerald Group Publishing. This book was released on 2021-05-21 with total page 377 pages. Available in PDF, EPUB and Kindle. Book excerpt: New Challenges for Future Sustainability and Wellbeing is a collection of studies about sustainability and related challenges, such as income, wealth, the environment, education and regional equality that influence the pace of economic development and affects the well-being of people and organisations all over the world.

Contractual Savings Or Stock Market Development, which Leads?

Author : Mario Catalan
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 50 pages
Book Rating : 4./5 ( download)

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Book Synopsis Contractual Savings Or Stock Market Development, which Leads? by : Mario Catalan

Download or read book Contractual Savings Or Stock Market Development, which Leads? written by Mario Catalan and published by World Bank Publications. This book was released on 2000 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper argues that contractual savings (assets of pension funds and life insurance companies) contribute to stock market development.