Contractual Savings Capital Markets And Firms Financing Choices

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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, Capital Markets, and Firms' Financing Choices

Author : Gregorio Impavido
Publisher :
ISBN 13 :
Total Pages : 65 pages
Book Rating : 4.:/5 (129 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 . This book was released on 2016 with total page 65 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.

Emerging Capital Markets and Globalization

Author : Augusto de la Torre
Publisher : World Bank Publications
ISBN 13 : 0821365444
Total Pages : 232 pages
Book Rating : 4.8/5 (213 download)

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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.

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:

Encyclopedia of Finance

Author : Cheng-Few Lee
Publisher : Springer Science & Business Media
ISBN 13 : 0387262849
Total Pages : 861 pages
Book Rating : 4.3/5 (872 download)

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Book Synopsis Encyclopedia of Finance by : Cheng-Few Lee

Download or read book Encyclopedia of Finance written by Cheng-Few Lee and published by Springer Science & Business Media. This book was released on 2006-07-27 with total page 861 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is a major new reference work covering all aspects of finance. Coverage includes finance (financial management, security analysis, portfolio management, financial markets and instruments, insurance, real estate, options and futures, international finance) and statistical applications in finance (applications in portfolio analysis, option pricing models and financial research). The project is designed to attract both an academic and professional market. It also has an international approach to ensure its maximum appeal. The Editors' wish is that the readers will find the encyclopedia to be an invaluable resource.

World Bank Economists' Forum

Author : Shantayanan Devarajan
Publisher : World Bank Publications
ISBN 13 : 9780821350744
Total Pages : 260 pages
Book Rating : 4.3/5 (57 download)

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Book Synopsis World Bank Economists' Forum by : Shantayanan Devarajan

Globalization and the Challenge for Developing Countries

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

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Book Synopsis Globalization and the Challenge for Developing Countries by : Shahid Yusuf

Download or read book Globalization and the Challenge for Developing Countries written by Shahid Yusuf and published by World Bank Publications. This book was released on 2001 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive approach to globalization, managed and abetted by good policies, can magnify the effects of growth-promoting measures.

Foreign Direct Investment and Poverty Reduction

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

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Book Synopsis Foreign Direct Investment and Poverty Reduction by : Michael U. Klein

Download or read book Foreign Direct Investment and Poverty Reduction written by Michael U. Klein and published by World Bank Publications. This book was released on 2001 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the 1990s, foreign direct investment began to swamp all other cross-border capital flows into developing countries. Does foreign direct investment support sound development? In particular, does it contribute to poverty reduction?

Does Indonesia Have a "low Pay" Civil Service

Author : Deon Filmer
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 24 pages
Book Rating : 4./5 ( download)

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Book Synopsis Does Indonesia Have a "low Pay" Civil Service by : Deon Filmer

Download or read book Does Indonesia Have a "low Pay" Civil Service written by Deon Filmer and published by World Bank Publications. This book was released on 2001 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: Indonesia has long been characterized as having a "low-pay civil service" which is in turn used to explain corruption at various levels of government. Analysis of individual and household level data show that the earnings of government employees, on average, is comparable to what they might earn in the private sector. Changing the structure of compensation may be an important part of civil service reform, but should not be seen as the main instrument to address corruption.

Mandatory Severance Pay

Author : Donna MacIsaac
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4./5 ( download)

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Book Synopsis Mandatory Severance Pay by : Donna MacIsaac

Download or read book Mandatory Severance Pay written by Donna MacIsaac and published by World Bank Publications. This book was released on 2001 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Peru, as in many other developing countries, employers have the legal obligation to compensate workers who are dismissed through no fault of their own. Is this an efficient mechanism for providing income support to the unemployed? The authors seek an answer to this question, using individual records from a household survey with a panel structure. Relying on five coverage indicators, they show that roughly one in five workers in the private sector, and one in three wage earners in the private sector, is legally entitled to severance pay. Coverage is more prevalent among wealthier workers. Results based on several empirical strategies suggest that workers "pay" for their entitlement to severance pay through lower wages. Consumption among unemployed workers who receive severance pay is 20 to 30 percent greater than among those who do not. Consumption among these workers is actually higher than consumption among employed workers, suggesting that mandatory severance pay is overgenerous in Peru.

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

OECD Sovereign Borrowing Outlook 2021

Author : OECD
Publisher : OECD Publishing
ISBN 13 : 9264852395
Total Pages : 94 pages
Book Rating : 4.2/5 (648 download)

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Book Synopsis OECD Sovereign Borrowing Outlook 2021 by : OECD

Download or read book OECD Sovereign Borrowing Outlook 2021 written by OECD and published by OECD Publishing. This book was released on 2021-05-20 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt: This edition of the OECD Sovereign Borrowing Outlook reviews developments in response to the COVID-19 pandemic for government borrowing needs, funding conditions and funding strategies in the OECD area.

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.

World Bank Economists' Forum

Author : Shantayanan Devarajan
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 260 pages
Book Rating : 4.:/5 (319 download)

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Book Synopsis World Bank Economists' Forum by : Shantayanan Devarajan

Download or read book World Bank Economists' Forum written by Shantayanan Devarajan and published by World Bank Publications. This book was released on 2002 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume presents a selection of papers from the second World Bank economists' forum held in May 2001 in Washington, DC. Many of these papers focus on the issues of empowerment within human development and how to ensure poor people have the education, health care, social protection, and other mechanisms necessary for them to participate in economic growth and social development.

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.

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.