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Author : Gregorio Impavido
Publisher : Unknown
Page : 65 pages
File Size : 45,8 Mb
Release : 2016
Category : Electronic
ISBN : OCLC:1290704783
Author : Gregorio Impavido,Alberto R. Musalem,Thierry Tressel
Publisher : World Bank Publications
Page : 65 pages
File Size : 42,5 Mb
Release : 2001
Category : Ahorro contractual
ISBN : 8210379456XXX
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.
Author : Mario Catalan,Gregorio Impavido,Alberto R. Musalem
Publisher : World Bank Publications
Page : 50 pages
File Size : 44,6 Mb
Release : 2000
Category : Ahorro contractual
ISBN : 8210379456XXX
This paper argues that contractual savings (assets of pension funds and life insurance companies) contribute to stock market development.
Author : Anonim
Publisher : World Bank Publications
Page : 32 pages
File Size : 55,8 Mb
Release : 2024-06-30
Category : Electronic
ISBN : 8210379456XXX
Author : Alberto R. Musalem,Gregorio Impavido,Thierry Tressel
Publisher : World Bank Publications
Page : 32 pages
File Size : 42,9 Mb
Release : 2003
Category : Bonds
ISBN : 8210379456XXX
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.
Author : Shantayanan Devarajan,F. Halsey Rogers
Publisher : World Bank Publications
Page : 260 pages
File Size : 45,7 Mb
Release : 2002
Category : Debts, Public
ISBN : 0821350749
Author : Robert E. Litan,Michael Pomerleano,Vasudevan Sundararajan
Publisher : Rowman & Littlefield
Page : 548 pages
File Size : 47,6 Mb
Release : 2003-09-05
Category : Business & Economics
ISBN : 0815796102
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
Author : Gregorio Impavido,Alberto R. Musalem
Publisher : World Bank Publications
Page : 50 pages
File Size : 41,7 Mb
Release : 2000
Category : Ahorro
ISBN : 8210379456XXX
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.
Author : Indermit S. Gill,Truman G. Packard,Juan Yermo
Publisher : World Bank Publications
Page : 364 pages
File Size : 44,8 Mb
Release : 2004-10-25
Category : Political Science
ISBN : 0821383752
Empirical analysis of two decades of pioneering pension and social security reform in Latin America and the Caribbean shows that much has been achieved, but that critical challenges remain. In tackling this unfinished agenda, a great deal can be learned from the reform experience of countries in the region. 'Keeping the Promise,' produced by the chief economist's office for the Latin America and Caribbean region at the World Bank, evaluates policy reforms in 12 countries, points to successes and shortcomings, and proposes priorities and options for future reform.
Author : Mr. Tigran Poghosyan
Publisher : International Monetary Fund
Page : 25 pages
File Size : 43,6 Mb
Release : 2022-07-08
Category : Business & Economics
ISBN : 9798400216022
This paper presents stylized facts on financial development in the CCA countries relative to their EM and LIC peers and assesses how financial development can boost growth in the CCA. Drawing on IMF’s multidimensional index of financial development, we find that CCA countries have made progress following the independence in early 1990s. However, the progress was uneven across the CCA, resulting in a divergence of financial development over time and mixed performance relative to EM and LIC peers. Financial institutions have progressed the most, while financial markets remain underdevelped in most CCA countries except Kazakhstan. In terms of sub-indicators of financial development, financial access has expanded markedly, while the depth of financial intermediation has remained largely shallow and efficiency of financial intermediation has fluctuated over time. Standard growth regressions suggest that CCA countries with relatively lower level of financial development have scope to boost annual growth rates between 0.5-2.5 percent by reaching the level of financial development of frontier CCA countries.
Author : Patrick Honohan
Publisher : World Bank Publications
Page : 476 pages
File Size : 55,6 Mb
Release : 2003
Category : Business & Economics
ISBN : 0821354345
This book examines the options for, and obstacles to, successful financial sector tax reform, both in terms of theoretical and practical aspects. Issues discussed include: the design of optimal tax schemes, the role of imperfect information and the links between taxation and saving, inflation, the income tax treatment of intermediary loan-loss reserves, deposit insurance, VAT and financial transactions taxes; as well as current practice in the industrial world and case studies of distorted national systems. This is a co-publication of the World Bank and Oxford University Press.
Author : P. Arestis,R. Sobreira,José Luis Oreiro
Publisher : Springer
Page : 268 pages
File Size : 51,6 Mb
Release : 2010-11-24
Category : Business & Economics
ISBN : 9780230303942
The 2008 financial crisis poses three fundamental questions for economists and policy makers; understanding the origins of the crisis, understanding the consequences of this crisis for the world economy, and finally understanding why the 2008 financial crisis is not as serious as the 1929 crisis. The prevailing view is that the 2008 financial crisis was solely the result of inadequate financial regulation together with a very loose monetary policy conducted by central banks, especially the Fed. It is believed that this crisis is a temporary detour in the normal course of the events, so that in the near future capitalist economies will resume the high growth path observed before the crisis. In terms of the third question, there is a widespread view that the fundamental reason that explains the avoidance of the harmful experiences of 1929 was the fiscal and monetary policy expansions in developed countries. No important role is assigned to developing countries in terms of the effects of the financial crisis. This book challenges the prevailing orthodoxy surrounding the origins and the consequences of the 2008 financial crisis. The book demonstrates that measures in addition to a profound change in the financial regulation are required if a new financial crisis is to be avoided in the future, measures include: a change in the conduct of economic policy; a reform of the national and international monetary systems; and a radical change in the pattern of income distribution. This book is essential reading for all interested in macroeconomics, monetary policy, development economics and the global impact of the financial crisis.
Author : Dimitri Vittas
Publisher : World Bank Publications
Page : 41 pages
File Size : 55,5 Mb
Release : 2004
Category : Insurance
ISBN : 8210379456XXX
Author : Mr.Gianni De Nicolo,Philip F. Bartholomew,Jahanara Zaman,Ms.Mary G. Zephirin
Publisher : International Monetary Fund
Page : 46 pages
File Size : 46,7 Mb
Release : 2003-07-01
Category : Business & Economics
ISBN : 9781451857603
This paper documents global trends in bank activity, consolidation, internationalization, and financial firm conglomeration, and explores the extent to which financial firm risk and systemic risk potential in banking are related to consolidation and conglomeration. We find that while there is a substantial upward trend in conglomeration globally, consolidation and internationalization exhibit uneven patterns across world regions. Trends in consolidation and conglomeration indicate increased risk profiles for large, conglomerate financial firms, and higher levels of systemic risk potential for more concentrated banking systems. We outline research directions aimed at explaining why bank consolidation and conglomeration do not necessarily yield either safer financial firms or more resilient banking systems.
Author : World Bank,World Bank Staff
Publisher : World Bank Publications
Page : 186 pages
File Size : 50,7 Mb
Release : 2001-01-01
Category : Political Science
ISBN : 0821350420
This publication is a compilation of reports on research projects initiated, under way, or completed in fiscal year 2001 (July 1, 2000 through June 30, 2001). The abstracts cover 150 research projects from the World Bank and grouped under 11 major headings including poverty and social development, health and population, education, labor and employment, environment, infrastructure and urban development, and agriculture and rural development. The abstracts detail the questions addressed, the analytical methods used, the findings to date and their policy implications. Each abstract identifies the expected completion date of each project, the research team, and reports or publications produced.
