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Author : OECD
Publisher : OECD Publishing
Page : 310 pages
File Size : 47,6 Mb
Release : 1998-10-06
Category : Electronic
ISBN : 9789264163676
The book, the first time, critically evaluates the evolution of both equity and securities markets in transition economies.
Author : Dirk Willer
Publisher : Physica
Page : 128 pages
File Size : 55,5 Mb
Release : 2012-03-14
Category : Business & Economics
ISBN : 3642998100
This book addresses two different but related topics that can arise during the development of equity capital markets and which could possibly hinder their development: partial privatisation and shareholder rights. Both issues are developed in the context of transition economies in general and Russia in particular. Chapter 2 puts forward a theory of partial privatisation, i. e. a model that aims to explain why the state keeps some residual shares. Several recent surveys for Russia have shown that the state does often not actively use the voting rights of its residual shares. If this was true, partial privati sation could entrench management and hinder restructuring. It would also limit the supply of shares, which could lead to low liquidity. This would be likely to slow down the development of the equity capital market. However, the model in chapter 2 shows that it can be rational to hold back shares from sale in order to maximise privatisation receipts. Another issue which holds back the development of this market is the fact that shareholder rights can not be guaranteed by the state due to weak institutions. Chapter 3 contains an empirical examination of which firms honour shareholder rights and also provides a direct link between this problem and partial privatisation. Maybe surprisingly, some weak evidence is presented that shows that the residual state holding does not exert a negative influence with respect to the introduc tion of shareholder rights, but might even be a weak positive force.
Author : Reto Francioni,Robert A. Schwartz
Publisher : Springer
Page : 612 pages
File Size : 54,7 Mb
Release : 2017-01-17
Category : Business & Economics
ISBN : 9783319458489
This book underscores the complexity of the equity markets, the challenges they face, and the fact that they are still a work in process. Three interacting forces drive market change: competition, technology change, and regulatory change. The markets have one major objective in particular to achieve: the delivery of accurate price discovery for both traders and the broader market. Are we getting it? Are competition, technology, and regulation acting together to improve market quality, or are they adding to the complexity of the markets and making accurate price discovery harder to achieve? The difficulty of addressing these issues and reaching a consensus regarding public policy is reflected in the diverse opinions expressed in this book. From an institutional perspective, the volume’s contributors highlight the interconnectedness of all aspects of the internal and external environment within which exchange organizations act. Equity Markets in Transition underscores how technological evolution and recent regulatory changes have influenced the business, and how these developments have opened new possibilities for exchange organizations and for equity markets as a whole, including such issues as the impact of equity markets on job creation. The book combines both a theoretical and a practical approach. Part I presents a theoretical overview of the international equity market business, including an overall description of the value chain of stock trading that includes deep dives on every decisive step. Part II contains contributions from various business specialists who have specific practical and academic knowledge of the different steps. Equity Markets in Transition represents a unique combination of theoretical and practical analysis that offers first-hand insights on all relevant interactions and interrelations among the various parts of the exchange business, with an emphasis on facilitating analysis of the status quo and of emerging trends regarding business models, regulation, and the development of the competitor, customer and investor sides.
Author : Robert E. Litan,Michael Pomerleano,Vasudevan Sundararajan
Publisher : Rowman & Littlefield
Page : 543 pages
File Size : 49,6 Mb
Release : 2003-09-05
Category : Business & Economics
ISBN : 9780815796107
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.Jorge Roldos,Kenneth Kletzer
Publisher : International Monetary Fund
Page : 26 pages
File Size : 54,6 Mb
Release : 1996-02-01
Category : Business & Economics
ISBN : 9781451922776
In this paper we explore some of the informational problems that constrain the development of credit markets in transition economies. We characterize investment patterns under uncertainty and high costs of entry, when agents learn about the ultimate value of enterprises through production in a Bayesian way. Inefficiencies due to the lack of public information reduce the average return to capital. Under asymmetric information, credit would go to activities that can provide enough co-finance. Credit markets may fail to develop for a while if there is not enough individual wealth to complement credit. Once they operate, credit markets may magnify distortions in equity markets, such as those due to spontaneous privatization. An argument for the sequencing of capital market liberalization is provided.
Author : Marvin R. Jackson,Valentijn Bilsen
Publisher : Unknown
Page : 312 pages
File Size : 43,8 Mb
Release : 1994
Category : Capital market
ISBN : OSU:32435052404290
This text discusses the development of company management and capital markets in the rapidly changing Central and Eastern Europe. It covers topics such as different privatization methods in different countries, and financial structure, performance and the banks of these countries.
Author : Gerhard Pohl,Grzegorz J?drzejczak,Robert Edward Anderson
Publisher : World Bank Publications
Page : 46 pages
File Size : 41,9 Mb
Release : 1995-01-01
Category : Business & Economics
ISBN : 0821333704
Addresses the challenge Hungary faces in overcoming threatening deficits in its current and fiscal accounts without hampering economic growth. The Hungarian economy is emerging from a severe four-year recession with positive developments on numerous economic fronts, but with major weaknesses remaining because of large current and fiscal account deficits. This book addresses the challenge Hungary faces in overcoming these deficits without hampering economic growth. The report examines the country's macroeconomic performance in the first half of the 1990s and the stabilization package launched in March 1995. It explores the structure of fiscal revenues, pension reform, and enterprise and banking reforms. The study also looks at the impact of structural reforms on future economic growth and at Hungary's bid to integrate with the European Union.
Author : John Eatwell,Lance Taylor
Publisher : Oxford University Press, USA
Page : 502 pages
File Size : 46,8 Mb
Release : 2002
Category : Business & Economics
ISBN : 0195147650
Comprising 19 commissioned articles, this collection addresses the global issues of volatility in equity and foreign exchange markets and the regulatory scene in developed and emerging markets.
Author : Ante Dodig
Publisher : Springer Nature
Page : 271 pages
File Size : 51,9 Mb
Release : 2022-09-26
Category : Business & Economics
ISBN : 9783031072109
This book considers the theme of capital markets prowess and its link with surrounding economic dexterity. It presents the story on the back of dual intertwined cornerstone pillars: The initial agenda sets the global macroeconomic context and its interplay with financial markets and sub-segment capital markets. Then the book moves to the evolvement of the inherent capital markets, from nascence to present day, and through profiling of the current operating surroundings. The latter pillar performs empirical research built upon Eugene Fama’s weak form efficiency theorem with statistical testing results further framing the comprehensive findings on five selected southeast European developing capital markets. Jointly the two parts present the first such well-documented capital markets set up complemented by wide-ranging empirical findings of inefficiency. The book introduces at first the global perspective, in which the growing globalization in the past decades has led to improved efficiencies, to faster innovation, and to greater systemic connectedness and meaningfully so by an increasing contribution from transitioning economies. Nevertheless, in higher systemic concentration there is an implied higher volatility risk and evidence has revealed dichotomous reaction through divergence in impact between the developed and the developing economies. The capital markets industry is at the forefront of financial innovation and many aspects in its function and power are a determining factor in wider socio-economic progress. The findings uncover details of market structure and role and with that this work creates significant new knowledge on the industry, and will be of particular interest to investors, taxpayers, academics, researchers, and policy makers of capital markets.
Author : Richard Sylla
Publisher : World Bank Publications
Page : 24 pages
File Size : 51,6 Mb
Release : 1999
Category : Electronic
ISBN : 8210379456XXX
November 1995 Institutions interested in stimulating the development of securities markets in developing and transition economies should remember lessons from U.S. financial history: Put fiscal practices on a solid ground and then encourage disclosure of financial information to investors. One benefit of a good stock market is that a developing country will find it easier to sell bonds to foreign investors. At least that was the U.S. experience more than a century ago. Using U.S. securities markets as a case history, Sylla explores the role securities markets play in economic development, how they emerge, and how regulation can make them more effective. Why the United States? Two centuries ago, it was a small undeveloped country with serious financial problems. It confronted those problems and, guided by Alexander Hamilton, creatively reformed its financial system, which then became a foundation of the U.S. economic infrastructure and a bulwark for long-term growth. When Hamilton's program established public credit and securities markets in the early 1790s, U.S. citizens were immediately able to borrow from older, richer countries. U.S. wealth then increased until, by the end of the nineteenth century, U.S. residents began to lend and invest more abroad than they borrowed. During the 1820s and 1830s, the United States--usually state governments--borrowed large sums from foreign investors to build roads, canals, and early railroads, to make other transportation improvements, and to capitalize state banks. From the 1830s to the end of the century, still larger sums from overseas went into private U.S. railway companies that provided cheap transcontinental transportation. Most of this borrowing took the form of state and corporate bond sales to overseas investors. The pristine U.S. government credit established by Hamilton thus rubbed off on U.S. state and corporate debt. The British stock market did better than the U.S. market until the United States adopted security-market regulation (including disclosure rules) under the SEC. Then the U.S. market became a world leader. The U.S. stock market developed more slowly than the bond market, but it both aided and benefited from foreign investment in U.S. bonds. Foreign investors preferred debt securities to equities, yet equities create a safety margin for bondholders who, because of this margin, are more willing to purchase and hold bonds. Foreign investors preferred bonds; U.S. investors, after exporting bonds, held more stocks than bonds at home. Why? Because good stock markets permit the conversion of equity securities into cash. This paper--a joint product of the Finance and Private Sector Development Division, Policy Research Department, and the Financial Sector Development Department--was presented at a Bank seminar, Financial History: Lessons of the Past for Reformers of the Present, and is a chapter in a forthcoming volume, Reforming Finance: Some Lessons from History, edited by Gerard Caprio, Jr. and Dimitri Vittas.
Author : Larry Sawers,Daniel M. Schydlowsky,David Nickerson
Publisher : World Scientific
Page : 290 pages
File Size : 47,9 Mb
Release : 2000
Category : Business & Economics
ISBN : 9810238452
This collection of papers considers many of the important issues raised by these dramatic changes in emerging financial markets, including: the nature of this systemic risk and how governments can go about reducing it: how to increase the supply of capital that can be invested in development; aspects of foreign direct investment; informal credit markets; the impact of informal finance on development; how lessons learned from microfinance in developing countries can be applied to credit markets in the United States; and how to create institutions that can effectively deal with the problems inherent in lending to poor people in developing countries. The book is intended for policy makers and scholars interested in capital markets in developing and transition economies. It is also suitable for use as a supplementary text in upper level undergraduate courses on development finance.
Author : Mansoor Dailami,Michael Atkin
Publisher : World Bank Publications
Page : 54 pages
File Size : 47,8 Mb
Release : 1990
Category : Capital market
ISBN : 8210379456XXX
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.
Author : Niamh Sheridan,Mr.Alfred Schipke,Ms.Susan Mary George,Mr.Christian H. Beddies
Publisher : International Monetary Fund
Page : 48 pages
File Size : 47,9 Mb
Release : 2004-01-14
Category : Business & Economics
ISBN : 1589062728
In just over a decade after independence, the three Baltic countries, Estonia, Latvia, and Lithuania, have transformed themselves into fully functioning, small open-market economies that will be joining the European Union. Capital Markets and Financial Intermediation in The Baltics analyzes the financial systems of the three countries and discusses some of their unique characteristics. The study also examines current distortions of the systems and discusses whether or not the Baltics should move from an almost exclusively bank-based system to one that relies more on capital markets. In the process, it addresses issues of corporate governance and regional integration.
Author : Ira W. Lieberman,Stilpon Nestor,Raj M. Desai
Publisher : World Bank Publications
Page : 270 pages
File Size : 49,6 Mb
Release : 1997-01-01
Category : Political Science
ISBN : 0821339478
IFC Discussion Paper No. 32. Over the years, demand for education at all levels in Kenya has greatly outpaced supply, a gap that has been reduced by private schools catering to the needs of a wide range of socioeconomic groups. This gap will widen further unless the private sectors role is expanded, but private educational institutions face a number of serious constraints, primarily stemming from lack of adequate finance and, in many cases, limited management skills. This paper reviews the market and its constraints and focuses on conditions under which private financial institutions and the International Finance Corporation might play a useful role in the sector. Annexes include 1996 operating costs of Kenya's academic, technical, and vocational schools.
Author : Bryan L. Sudweeks
Publisher : Praeger
Page : 224 pages
File Size : 50,8 Mb
Release : 1989-05-15
Category : Business & Economics
ISBN : STANFORD:36105035100358
This book argues that the development of equity market is a crucial in the construction of a viable financial system for many developing countries. Drawing upon the Emerging Markets Database of the International Finance Corporation (World Bank) and analyzing a wide range of previously unavailable data, Sudweeks identifies the factors conducive to equity market development, and why these markets may be of interest to international portfolio managers. The book is written in non-technical language and brings together for the first time a variety of different views and experience in equity market development from the private, public, and academic sectors. Following a general introduction, Sudweeks addresses the theory behind the development of equity markets. Separate chapters discuss the benefits and costs of equity markets in developing countries, the general conditions for equity market development, measures to develop the supply and demand of shares, and portfolio implications of investing in developing countries. Three case studies examine equity market development in Brazil, India, and Korea to determine which factors have had an impact on market development. Sudweeks concludes that equity market development must be part of an overall financial development program, that equity market development is a complex, but somewhat predictable activity, and that successful equity market development requires a long-term commitment on the part of governments and key players.
