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| Author | : Aslı Demirgüç-Kunt |
| Publisher | : World Bank Publications |
| Total Pages | : 44 |
| Release | : 1992 |
| Genre | : Capital investments |
| ISBN | : |
Are debt and equity finance complements or substitutes? Probably complements, which means that the existence of active stock markets should increase the volume of business for financial intermediaries.
| Author | : Asl? Demirgüç-Kunt |
| Publisher | : World Bank Publications |
| Total Pages | : 44 |
| Release | : 1994 |
| Genre | : Capital |
| ISBN | : |
Variables that predict capital structure in the United States also predict choices of capital structure in a sample of ten developing countries. In several countries, total indebtedness is negatively related to net fixed assets, suggesting that markets for long- term debt do not function effectively.
| Author | : Mansoor Dailami |
| Publisher | : World Bank Publications |
| Total Pages | : 54 |
| Release | : 1990 |
| Genre | : Capital market |
| ISBN | : |
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 | : Aslı Demirgüç-Kunt |
| Publisher | : World Bank Publications |
| Total Pages | : 39 |
| Release | : 1993 |
| Genre | : Capital market |
| ISBN | : |
The relationship between the development of stock markets and the functioning of financial intermediaries may be complementary.
| Author | : Kathryn C. Lavelle |
| Publisher | : Oxford University Press |
| Total Pages | : 296 |
| Release | : 2004-10-14 |
| Genre | : Business & Economics |
| ISBN | : 0190291710 |
Emerging market stock issuance relative to GDP rose in the late twentieth century to levels that roughly matched that of advanced, industrial markets. Nonetheless, the connection between owning shares of emerging market stock and the ability to influence the management of these firms remains fundamentally different from the analogous institutional connection that has evolved in industrial markets. The reasons for the differences in emerging markets are both historical and political in nature. That is, local equity markets have had the objective of providing for some degree of local ownership and control of large economic entities since the late nineteenth century. However, local markets have operated under different global political structures since that time, ranging from imperialism, to world wars, to sovereign developmental states, to neo-liberal states. Shares issued under these different structures have been reconfigured over time, resulting in a lack of convergence along either the Anglo-American or Continental models of corporate governance. The author uses a political science paradigm to explain the growth of emerging equity markets. She departs from conventional economic explanations and examines politics at the micro-level of large issues of emerging market stock. The second half of the book presents case studies dealing with emerging market countries in Latin America, Asia, Russia and Eastern Europe, Africa and the Middle East. The case studies connect the regional, state, and firm levels to detail the multiple ownership and control arrangements, and to dispel the notion that mere quantitative growth of these markets will lead to a convergence in financial institutional structures along the lines of the industrial core of the world economy.
| Author | : Keith K. H. Park |
| Publisher | : Irwin Professional Publishing |
| Total Pages | : 686 |
| Release | : 1993 |
| Genre | : Business & Economics |
| ISBN | : |
In Korea, Thailand, Mexico, Chile and a host of other nations, stock markets previously shunned as illiquid, or simply too exotic, are evolving at a terrific rate, and drawing in ever more participants. Consider these facts:. The emerging markets' share of world market capitalization will grow from approximately 7 percent to 15-20 percent - a pace more than twice that of the industrialized nations.
| Author | : Augusto de la Torre |
| Publisher | : World Bank Publications |
| Total Pages | : 232 |
| Release | : 2006-10-20 |
| Genre | : Business & Economics |
| ISBN | : 0821365444 |
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.
| Author | : Mr.Andre Faria |
| Publisher | : INTERNATIONAL MONETARY FUND |
| Total Pages | : 0 |
| Release | : 2004-12-01 |
| Genre | : Business & Economics |
| ISBN | : 9781451875713 |
A widespread view holds that countries that finance themselves through foreign direct investment (FDI) and portfolio equity, rather than bonds and loans, are less prone to crises. But what determines countries' external capital structures? In a cross section of emerging markets and developing countries, we find that equity-like liabilities (FDI and, especially, portfolio equity) as a share of countries' total external liabilities (or as a share of GDP) are positively and significantly associated with indicators of educational attainment, natural resource abundance, and especially, institutional quality. These relationships are robust to attempts to control for possible endogeneity, suggesting that better institutional quality may help improve countries' capital structures. The results might also provide an explanation for the observed correlation between institutional quality and the frequency of crises.
| Author | : Robert E. Litan |
| Publisher | : Rowman & Littlefield |
| Total Pages | : 548 |
| Release | : 2003-09-05 |
| Genre | : 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 | : Andre Faria |
| Publisher | : |
| Total Pages | : 31 |
| Release | : 2006 |
| Genre | : |
| ISBN | : |
A widespread view holds that countries that finance themselves through foreign direct investment (FDI) and portfolio equity, rather than bonds and loans, are less prone to crises. But what determines countries` external capital structures? In a cross section of emerging markets and developing countries, we find that equity-like liabilities (FDI and, especially, portfolio equity) as a share of countries` total external liabilities (or as a share of GDP) are positively and significantly associated with indicators of educational attainment, natural resource abundance, and especially, institutional quality. These relationships are robust to attempts to control for possible endogeneity, suggesting that better institutional quality may help improve countries` capital structures. The results might also provide an explanation for the observed correlation between institutional quality and the frequency of crises.
