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Author : Mario Catalán
Publisher : Unknown
Page : 46 pages
File Size : 43,8 Mb
Release : 2016
Category : Electronic
ISBN : OCLC:1290704916
This paper argues that co ...
Author : Mario Catalan,Gregorio Impavido,Alberto Roque Musalem
Publisher : Unknown
Page : 42 pages
File Size : 49,8 Mb
Release : 1992
Category : Electronic
ISBN : OCLC:777920572
Author : Mario Catalan,Gregorio Impavido,Alberto R. Musalem
Publisher : World Bank Publications
Page : 50 pages
File Size : 50,5 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 : Mario Catalan
Publisher : Unknown
Page : 42 pages
File Size : 42,7 Mb
Release : 2000
Category : Capital market
ISBN : OCLC:222895654
Author : Gregorio Impavido
Publisher : Unknown
Page : 32 pages
File Size : 46,8 Mb
Release : 2016
Category : Electronic
ISBN : OCLC:1290704254
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.
Author : Gregorio Impavido,Alberto R. Musalem
Publisher : World Bank Publications
Page : 50 pages
File Size : 45,7 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 : Alberto R. Musalem,Gregorio Impavido,Thierry Tressel
Publisher : World Bank Publications
Page : 32 pages
File Size : 50,5 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 : Gregorio Impavido,Alberto R. Musalem,Thierry Tressel
Publisher : World Bank Publications
Page : 65 pages
File Size : 42,6 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 : Anonim
Publisher : World Bank Publications
Page : 32 pages
File Size : 40,8 Mb
Release : 2024-06-27
Category : Electronic
ISBN : 8210379456XXX
Author : Augusto de la Torre, Sergio L. Schmukler, Juan Carlos Gozzi
Publisher : World Bank Publications
Page : 38 pages
File Size : 48,7 Mb
Release : 2007
Category : Electronic
ISBN : 8210379456XXX
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.
Author : Xenia Scheil-Adlung
Publisher : Routledge
Page : 329 pages
File Size : 44,7 Mb
Release : 2017-11-30
Category : Political Science
ISBN : 9781351313544
In recent years, in both the specialist press and the tabloids, the idea of privatization of social security has become a shimmering catch phrase. Politicians base election campaigns on promises of more or less privatization in social security. Many governments introduce private business management methods into their social security systems. Representatives of social security institutions and academics prepare theory papers on the possible outcomes of privatization. And international financial organizations describe doomsday scenarios based on the premise of failure to privatize.What is the role of privatization today in the development of national social security systems? How does privatization concern the developments in different social security programs such as old age, sickness, unemployment, accident insurance and family allowances? What are the visions and effects of privatization in social security?This volume provides an overview of the various positions of supporters and opponents of privatization in the main branches of social security, followed by national experience of privatized or part-privatized social security systems. While the perspective of each of the contributors is markedly different, the overall objective cuts across differences: namely, to develop the most efficient and cost-effective system of social security protection.The authors' views and knowledge are derived from their firsthand experiences with social security in Africa, Asia, the Americas and Europe. Representatives of the leading international organizations dealing with social security issues-the International Labour Organization, the OECD, the World Bank and the World Health Organization-further expand the parameters of the viewpoints and experiences expressed.This multifaceted book allows the reader to learn about the challenge of privatization in the various forms of social security by assembling a set of highly up-to-date, technically complex and legal issues based on practical analysis and actual experience. It will be of interest to those concerned with national social policy in a comparative context. This is the sixth volume in an ongoing series that aims to review social security in a comparative, global context. Xenia Scheil-Adlung is program manager, International Social Security Association, Geneva, Switzerland.
Author : Anonim
Publisher : World Bank Publications
Page : 452 pages
File Size : 48,5 Mb
Release : 2001-09-21
Category : Business & Economics
ISBN : 0821349554
This handbook is a comprehensive and authoritative reference for both senior policymakers—those responsible for the development of government bond markets in their own countries—and all individuals responsible for guiding the market development process at the operational level—those who have a substantial need to understand the policy issues involved.
Author : Jeong Yeon Lee
Publisher : World Bank Publications
Page : 26 pages
File Size : 50,9 Mb
Release : 2000
Category : Electronic
ISBN : 8210379456XXX
What environment must a host country create to take full advantage of foreign investors?
Author : Mr. Tigran Poghosyan
Publisher : International Monetary Fund
Page : 25 pages
File Size : 51,6 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 : Shantayanan Devarajan,F. Halsey Rogers
Publisher : World Bank Publications
Page : 260 pages
File Size : 40,9 Mb
Release : 2002
Category : Debts, Public
ISBN : 0821350749
