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Issues In Capital Market Development
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Book Synopsis The Development of Local Capital Markets by : Mr.Luc Laeven
Download or read book The Development of Local Capital Markets written by Mr.Luc Laeven and published by International Monetary Fund. This book was released on 2014-12-19 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Asian Capital Market Development and Integration by : Asian Development Bank
Download or read book Asian Capital Market Development and Integration written by Asian Development Bank and published by Oxford University Press, USA. This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The fiscal crisis in Europe continues to cast a shadow on the global economic outlook, and the securities issued by the United States and European nations are losing their status as traditional safe assets and reserve value. As a result, investors and governments are looking to diversify their investment portfolio with emerging markets, particularly Asian bonds. Such renewed interest has led to excessive capital inflows, making the region increasingly vulnerable to external shocks. However, on the other hand, it leads to abundant liquidity in the capital markets, which reduces financing costs and expands investment opportunities. This book analyses this dilemma and proposes that development of local bond markets and achieving greater market depth and interconnectedness is the best bet to prevent the reoccurrence of a currency crisis like 1997. It thus, assesses the progress achieved thus far in capital market integration in Asia, and compares it with its global peers. The study also assesses the degree to which volatility in equity and bond market returns, driven by financial turmoil originating at both the regional and global levels, spills over into emerging Asia domestic equity and bond markets. The results of this analysis indicate that such spill-over significantly impacts both domestic equity and bond markets in the region. This finding suggests that on-going regional capital market integration initiatives should take into account the risk of contagion that regional financial integration presents, and introduce measures for mitigating such risk as a means of ensuring financial stability in the region.
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
Book Synopsis Issues in Capital Market Development by :
Download or read book Issues in Capital Market Development written by and published by . This book was released on 1997 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Global Capital Markets by : Maurice Obstfeld
Download or read book Global Capital Markets written by Maurice Obstfeld and published by Cambridge University Press. This book was released on 2004 with total page 386 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is an economic survey of international capital mobility from the late nineteenth century to the present.
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 stock market development and long run growth by : Ross Levine
Download or read book stock market development and long run growth written by Ross Levine and published by World Bank Publications. This book was released on 1996 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Brazil’s Capital Market by : Mr.Joonkyu Park
Download or read book Brazil’s Capital Market written by Mr.Joonkyu Park and published by International Monetary Fund. This book was released on 2012-09-01 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: Capital market development in Brazil is a key policy issue going forward to foster savings, investment and absorptive capacity in a context of prospects for sizable capital flows in the medium term. During the last decade, Brazil has achieved substantial progress in capital market development. The menu of available financial instruments has been expanded, market infrastructure has been reformed and strengthened, and a diversified investor base has been built. Nonetheless, Brazil’s capital markets are still facing a number of challenges including prevalent short-term indexation, investors’ risk aversion to long-term fixed rate bonds, still low liquidity in the secondary market, and managing the role of BNDES. A shift to a lower yield curve environment should continue to gradually take place. But further progress will require continued policy effort to assure macro stability and financial sector reforms to promote the development of longer-term private finance.
Book Synopsis Purposes, Issues and Approaches in Capital Market Development by : T. C. Reilly
Download or read book Purposes, Issues and Approaches in Capital Market Development written by T. C. Reilly and published by . This book was released on 1988 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Capital Markets in the Development Process by : John H. Welch
Download or read book Capital Markets in the Development Process written by John H. Welch and published by Springer. This book was released on 2016-01-07 with total page 241 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since 1964, Brazilian policy makers have actively promoted financial market growth. This book traces the evolution of the Brazilian capital markets before and after the 1964-1966 reforms and evaluates their role in economic growth and stability.
Book Synopsis Capital Market Liberalization and Development by : Joseph E. Stiglitz
Download or read book Capital Market Liberalization and Development written by Joseph E. Stiglitz and published by Oxford University Press, USA. This book was released on 2008-05 with total page 388 pages. Available in PDF, EPUB and Kindle. Book excerpt: Capital market liberalization has been a key part of the ongoing debate on globalization. Bringing together leading researchers and practitioners in the field, this book provides a unique analysis of both the risks associated with capital market liberalization and the alternative policy options available to enhance macroeconomic management.
Book Synopsis Saudi Capital Market by : Bader Alkhaldi
Download or read book Saudi Capital Market written by Bader Alkhaldi and published by Kluwer Law International B.V.. This book was released on 2016-11-24 with total page 322 pages. Available in PDF, EPUB and Kindle. Book excerpt: A thriving capital market, one that not only brings investment funds into a country but also distributes profits in a transparent manner, is essential for any economy, especially a rapidly developing one such as Saudi Arabia. Already a key player on the world stage, the Kingdom is going through a major planned economic transformation and diversification. In particular, a robust and transparent capital market, with a high level of integrity and sound enforcement, is well on the way to fruition. This book is the first in English to analyse and evaluate the roles of economic planning and a capital market in Saudi Arabia’s economic modernization. In the process of examining the level of transparency and fairness in Saudi Arabia’s capital market, the author provides detailed information and analysis of such issues and topics as the following: – market disclosure rules; – insider trading laws; – gaps in enforcement; – dispute resolution; – role of securities agencies; – Saudi Arabia’s position in international organizations; and – repercussions of the 2006 Saudi stock market collapse. The author draws on a wide range of sources in both English and Arabic, and concludes with well-grounded proposals for appropriate judicial, administrative, and enforcement policies. Investors, their management and attorneys, and other advisors with an eye on trade development in the Middle East will derive great benefit from the current and detailed information in this book. Lawyers and policymakers will discover all they need to know about the Saudi capital market, its developing trends, and applicable laws.
Book Synopsis Money and Capital in Economic Development by : Ronald I. McKinnon
Download or read book Money and Capital in Economic Development written by Ronald I. McKinnon and published by Brookings Institution Press. This book was released on 2010-12-01 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt: This books presents a theory of economic development very different from the "stages of growth" hypothesis or strategies emphasizing foreign aid, trade, or regional association. Leaving these aside, the author breaks new ground by focusing on the use of domestic capital markets to stimulate economic performance. He suggests a "bootstrap" approach in which successful development would depend largely on policy choices made by national authorities in the developing countries themselves. Central to his theory is the freeing of domestic financial markets to allow interest rates to reflect the true scarcity of capital in a developing economy. His analysis leads to a critique of prevailing monetary theory and to a new view of the relation between money and physical capital—a view with policy implications for governments striving to overcome the vicious circle of inflation and stagnation. Examining the performance of South Korea, Taiwan, Brazil, and other countries, the author suggests that their success or failure has depended primarily on steps taken in the monetary sector. He concludes that monetary reform should take precedence over other development measures, such as tariff and tax reform or the encouragement of foreign capital investment. In addition to challenging much of the conventional wisdom of development, the author's revision of accepted monetary theory may be relevant for mature economies that face monetary problems.
Download or read book Focus on Capital written by Kenroy Dowers and published by IDB. This book was released on 2003 with total page 572 pages. Available in PDF, EPUB and Kindle. Book excerpt: Local capital market development responds to the need to reduce the risk of financial crises that result from an excessive reliance on external borrowing -- for example, to avoid foreign exchange risk, reduce contagion, and decrease short-term external borrowing. In fact, as financial crises dwarf the role of financial intermediation, the problems of asymmetric information become even more severe, leading to greater public mistrust of financial institutions. The contributors in Focus on Capital tackle various aspects of developing Latin American capital markets. Macroeconomic and structural policies, accounting practices and standards, bond market development, market infrastructure, derivatives markets, corporate governance, ethics, human capital, and regional integration all play a role. One of the shortcomings of many strategies for capital market development -- more important than getting the sequencing wrong -- is failing to understand the links between the various components and the need for an overall strategy as well as plans for each component. Focus on Capital analyzes the status of the markets in Latin America and identifies the technical, political, and financial challenges to building vibrant capital markets and increasing the efficiency benefits of regional economic and financial integration.
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 Bond Market Development in Asia by : OECD
Download or read book Bond Market Development in Asia written by OECD and published by OECD Publishing. This book was released on 2001-03-30 with total page 452 pages. Available in PDF, EPUB and Kindle. Book excerpt: This conference proceedings of the second "Round Table on Capital Market Reforms in Asia" held in Tokyo in April 2000, which was organised by the OECD and the Asian Development Bank Institute (ADBI), focused on bond market development in Asia.
Book Synopsis Primary Securities Markets by : Anthony H. Aylward
Download or read book Primary Securities Markets written by Anthony H. Aylward and published by World Bank Publications. This book was released on 1999-01-01 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: IFC Discussion Paper No. 39.During the period 1980-95, the level of activity increased dramatically for funds raised domestically via issues of debt and equity securities in public capital markets in 32 countries. There were also substantial differences in the level of activity across markets and countries. This paper examines aggregate domestic primary capital market activity in a cross section of countries, including 24 emerging markets. It defines exactly how important a role financial markets have played in raising capital for investment.In this pioneering work, the authors compile aggregate data on primary market activity for a recent period of time, which allows them to quantify the size of the markets and how they have evolved over time. Through their analysis, the authors document the rapidly increasing importance of primary capital markets in many developing countries, where, relative to GDP, these markets now source as much private capital as their developed country counterpart.
