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Author : Mario Catalán
Publisher : Unknown
Page : 46 pages
File Size : 52,5 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 : 50,7 Mb
Release : 1992
Category : Electronic
ISBN : OCLC:777920572
Author : Mario Catalan
Publisher : Unknown
Page : 42 pages
File Size : 41,6 Mb
Release : 2000
Category : Capital market
ISBN : OCLC:222895654
Author : Mario Catalan,Gregorio Impavido,Alberto R. Musalem
Publisher : World Bank Publications
Page : 50 pages
File Size : 45,7 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 : Gregorio Impavido
Publisher : Unknown
Page : 32 pages
File Size : 40,9 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,Thierry Tressel
Publisher : World Bank Publications
Page : 65 pages
File Size : 40,5 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 : Gregorio Impavido,Alberto R. Musalem
Publisher : World Bank Publications
Page : 50 pages
File Size : 49,7 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 : 43,9 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 : Anonim
Publisher : World Bank Publications
Page : 32 pages
File Size : 47,5 Mb
Release : 2024-06-30
Category : Electronic
ISBN : 8210379456XXX
Author : Augusto de la Torre, Sergio L. Schmukler, Juan Carlos Gozzi
Publisher : World Bank Publications
Page : 38 pages
File Size : 43,5 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 : Robert Holzmann
Publisher : World Bank Publications
Page : 184 pages
File Size : 43,6 Mb
Release : 2009
Category : Business & Economics
ISBN : 9780821377321
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.
Author : Anonim
Publisher : World Bank Publications
Page : 452 pages
File Size : 48,8 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 : Robert E. Litan,Michael Pomerleano,Vasudevan Sundararajan
Publisher : Rowman & Littlefield
Page : 548 pages
File Size : 55,7 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 : Mr. Tigran Poghosyan
Publisher : International Monetary Fund
Page : 25 pages
File Size : 42,7 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 : 54,8 Mb
Release : 2002
Category : Debts, Public
ISBN : 0821350749
