Institutional Investors And Capital Market Development
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| Author | : Narjess Boubakri |
| Publisher | : Emerald Group Publishing |
| Total Pages | : 402 |
| Release | : 2011-09-27 |
| Genre | : Business & Economics |
| ISBN | : 1780522436 |
Examines various issues concerning the strategies of institutional investors, the role of institutional investors in corporate governance, their impact on local and international capital markets, as well as the emergence of sovereign and other asset management funds and their interactions with micro and macro economic and market environments.
| Author | : Mr.Luc Laeven |
| Publisher | : International Monetary Fund |
| Total Pages | : 25 |
| Release | : 2014-12-19 |
| Genre | : Business & Economics |
| ISBN | : 1498372201 |
Capital markets can improve risk sharing and the efficiency with which capital is allocated to the real economy, boosting economic growth and welfare. However, despite these potential benefits, not all countries have well developed capital markets. Moreover, government-led initiatives to develop local capital markets have had mixed success. This paper reviews the literature on the benefits and costs of developing local capital markets, and describes the challenges faced in the development of such markets. The paper concludes with a set of policy recommendations emerging from this literature.
| Author | : E. Philip Davis |
| Publisher | : MIT Press |
| Total Pages | : 568 |
| Release | : 2004-01-30 |
| Genre | : Business & Economics |
| ISBN | : 9780262262408 |
One of the most important recent developments in financial markets is the institutionalization of saving associated with the growth of pension funds, life insurance companies, and mutual funds. An increasing proportion of household saving is now managed by professional portfolio managers instead of being directly invested in the securities markets or held in the form of bank deposits. With the aging of the population and its adverse impact on public pension systems, the shift of individual savings to institutional investors is likely to become even more marked in the coming years. This book provides a comprehensive economic assessment of institutional investment. It charts the development and performance of the asset management industry and analyzes the implications of rising institutionalized saving for the development of the securities trading industry, the financial sector as a whole, and the wider economy. The book draws extensively on international experience, particularly in the United States, Western Europe, and Japan.
| Author | : Mr.Jean-Louis Arcand |
| Publisher | : International Monetary Fund |
| Total Pages | : 50 |
| Release | : 2012-06-01 |
| Genre | : Business & Economics |
| ISBN | : 1475526105 |
This paper examines whether there is a threshold above which financial development no longer has a positive effect on economic growth. We use different empirical approaches to show that there can indeed be "too much" finance. In particular, our results suggest that finance starts having a negative effect on output growth when credit to the private sector reaches 100% of GDP. We show that our results are consistent with the "vanishing effect" of financial development and that they are not driven by output volatility, banking crises, low institutional quality, or by differences in bank regulation and supervision.
| 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.Robert Holzmann |
| Publisher | : International Monetary Fund |
| Total Pages | : 52 |
| Release | : 1996-08-01 |
| Genre | : Business & Economics |
| ISBN | : 1451950756 |
The Chilean pension reform of 1981, in which Chile moved from an unfunded to a funded scheme, is considered to have contributed to this country’s excellent economic performance since the mid-1980s. The paper highlights the theoretical underpinnings of the claimed economic effects and presents empirical data and preliminary econometric testing of the conjectured growth, capital formation, and saving effects. The empirical evidence is consistent with most of the claims. In particular, the direct impact of financial market development on private saving is found to be negative, which underscores the importance of sound fiscal policy and public saving to support the transition.
| Author | : Ross Levine |
| Publisher | : World Bank Publications |
| Total Pages | : 32 |
| Release | : 1996 |
| Genre | : Aumentoa de la produccion |
| ISBN | : 6101919153 |
| Author | : OECD |
| Publisher | : OECD Publishing |
| Total Pages | : 491 |
| Release | : 1998-10-07 |
| Genre | : |
| ISBN | : 9789264163065 |
This publication gives a comprehensive overview of the major driving forces behind recent trends, future prospects, financial market implications as well as regulatory and supervisory challenges related to the rise in institutional assets.
| Author | : Temitope W. Oshikoya |
| Publisher | : Routledge |
| Total Pages | : 275 |
| Release | : 2019-05-28 |
| Genre | : Business & Economics |
| ISBN | : 0429575599 |
This book discusses the role of capital markets and investment banking in Nigeria, the largest frontier market economy in the world by both population size and gross domestic product. Offering a systematic framework combining conceptual principles with real practice, the book enables the reader to gain useful insight into how capital markets and investment banking work in the real world of a frontier market. The book provides a synopsis of the economic attractiveness, financial systems intermediation and capital markets, as well as the regulatory framework within a frontier market. It explores capital raising through equity and underwriting and private equity, paying particular attention to putting capital to work on mergers and acquisitions, project and infrastructure finance and real estate finance. Furthermore, it analyses asset management, pension industry and securities trading in a frontier market. The authors use detailed case studies from Nigeria to illustrate the operations of investment banking in frontier markets. The cases, tables and charts serve as useful illustrations of the topics under discussion. With the authors’ combined experience of more than 50 years as economists, finance and investment professionals and in executive leadership positions in the financial services industry, this book will interest the academic community, professionals in the financial industry, retail and institutional investors interested in frontier markets, development practitioners in international organizations and policy makers including securities and capital market regulators.
| Author | : Reena Aggarwal |
| Publisher | : |
| Total Pages | : 0 |
| Release | : 2012 |
| Genre | : |
| ISBN | : |
This paper examines investment allocations in emerging markets by actively-managed U.S. mutual funds. We analyze both country- and firm-level characteristics and policies that influence these investment allocations. At the country-level, we find that U.S. funds invest more in open emerging markets with stronger shareholder rights, legal frameworks and accounting policies. After controlling for country characteristics, U.S. funds are found to invest more in large growing firms with high analyst following and policies such as ADR listing and more transparent accounting policies. The impact of ADR listing and better accounting policies is most pronounced in countries with weaker investor protection. Our results suggest that steps can be taken both at the country- and the firm-level to create an environment conducive to foreign institutional investment.
