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The Future of Domestic Capital Markets in Developing Countries

2003-09-05 Business & Economics
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Release : 2003-09-05
Genre : Business & Economics
Kind : eBook
Book Rating : 107/5 ( reviews)

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Book Synopsis The Future of Domestic Capital Markets in Developing Countries by : Robert E. Litan

Download or read book The Future of Domestic Capital Markets in Developing Countries written by Robert E. Litan. This book was released on 2003-09-05. Available in PDF, EPUB and Kindle. Book excerpt: 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

The Integration of World Capital Markets

1993-12-01 Business & Economics
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Release : 1993-12-01
Genre : Business & Economics
Kind : eBook
Book Rating : 39X/5 ( reviews)

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Book Synopsis The Integration of World Capital Markets by : Mr.Michael Mussa

Download or read book The Integration of World Capital Markets written by Mr.Michael Mussa. This book was released on 1993-12-01. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses the extent to which national capital markets have become linked, and identifies several of the more important consequences of that increased degree of integration. Alternative approaches to the measurement of capital market integration are reviewed, including deviations from the law of one price, differences between actual and optimally diversified portfolios, correlations between domestic investment and domestic saving, and cross-country links in consumption behavior. Two recent episodes of large-scale international capital flows—namely, the turmoil in the European Monetary System in the fall of 1992, and the surge of capital inflows into Latin America during the last three years—are examined for insights into the workings of today’s global capital market. Finally, the paper offers some concluding remarks on the future development of international capital markets, on exchange rate management, on alternative approaches to living with larger and more influential financial markets, and on the financing of investment in the formerly centrally planned economies.

Emerging Capital Markets and Globalization

2006-10-20 Business & Economics
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Release : 2006-10-20
Genre : Business & Economics
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Book Rating : 444/5 ( reviews)

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Book Synopsis Emerging Capital Markets and Globalization by : Augusto de la Torre

Download or read book Emerging Capital Markets and Globalization written by Augusto de la Torre. This book was released on 2006-10-20. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Capital Market Development in Transition Economies Country Experiences and Policies for the Future

1998-10-06
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Release : 1998-10-06
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Kind : eBook
Book Rating : 670/5 ( reviews)

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Book Synopsis Capital Market Development in Transition Economies Country Experiences and Policies for the Future by : OECD

Download or read book Capital Market Development in Transition Economies Country Experiences and Policies for the Future written by OECD. This book was released on 1998-10-06. Available in PDF, EPUB and Kindle. Book excerpt: The book, the first time, critically evaluates the evolution of both equity and securities markets in transition economies.

Creating Domestic Capital Markets in Developing Countries

2020
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Release : 2020
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Book Synopsis Creating Domestic Capital Markets in Developing Countries by : Dimitrios G. Demekas

Download or read book Creating Domestic Capital Markets in Developing Countries written by Dimitrios G. Demekas. This book was released on 2020. Available in PDF, EPUB and Kindle. Book excerpt: Domestic capital markets that are deep, efficient, and well-regulated can create access to long-term, local-currency finance. Interviews with market participants reveal four important findings. First, there are two distinct phases of capital market development, an embryonic phase in which the government is predominant and a mature phase in which the capital market starts to serve the private sector. Each phase has distinct preconditions and drivers that determine the success of capital market development. Second, capital market development requires continuous monitoring and policy interventions due to changing market stages, some of them stable but suboptimal. Third, while capital markets are a crucial source of large volume, long-term local currency finance, they often fail smaller countries and companies. Finally, as the capital market develops, intangible or 'soft' factors become more important, including financial sophistication, a culture of trading and risk-taking, the quality of human capital, and an appreciation of transparency.

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