Download or read book Confidence Building in Emerging Stock Markets written by Enrico C. Perotti and published by . This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Investor confidence is a necessary condition for the development of emerging markets. Investors recognize that since market-oriented reform policies may be reversed or hindered, they face the risk of ex post policy changes with redistributive impact on investment returns. We argue that a sustained privatization or liberalization program represents a major test of political commitment, and contributes to reduced policy risk. The evidence from our panel study suggests that progress in privatization gradually leads to increased confidence. Moreover, increased confidence has a strong effect on local market development and is a significant determinant of excess returns. We conclude that, just as financial liberalization, the resolution of policy risk resulting from successful privatization has been an important source for the broadening and deepening of emerging stock markets.
Download or read book Confidence Building in Emerging Stock Markets written by Luc Laeven and published by . This book was released on 2001 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Confidence Building in Emerging Stock Markets written by Enrico C. Perotti and Luc Laeven and published by . This book was released on 2001 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Confidence Building in Emerging Markets written by Enrico C. Perotti and published by . This book was released on 2001 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Political Economy of Emerging Markets written by J. Santiso and published by Springer. This book was released on 2003-08-22 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book takes a cross-disciplinary look at the financial markets of emerging markets in Latin America. The author wants to disassemble the black box that is the financial market: what are the motivations and interests of the various actors, both institutional and individual?; How do these interact with each other?; How does this information help us understand the Mexican crisis in the 90s and the current crisis in Argentina? The author has conducted extensive interviews with brokers, asset managers, economists, strategists, and analysts in the US, UK, Europe, and Latin America, providing significant material for this study.
Download or read book The Development of Local Capital Markets written by Mr.Luc Laeven and published by International Monetary Fund. This book was released on 2014-12-19 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Global Stock Market Development written by Marcin Kalinowski and published by Routledge. This book was released on 2021-09-26 with total page 190 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the current era of globalised financial markets, the stock market cannot be assessed solely by comparing quantitative features such as the number of listed companies or capitalisation on the stock exchange. This is of secondary importance from an investor's point of view. What is important, however, is how a given stock market behaves towards the environment – whether it is ‘hyperactive’ or ‘excessively lethargic’ in response to information. This book provides an innovative tool for assessing global stock markets. It describes the complex concept of ‘stock market development’ in light of classical and behavioural finance theories and considers both quantitative (the number of listed companies, turnover, etc.) and behavioural aspects (price volatility, the behaviour of fundamental indicators of listed companies). Based on an innovative method for assessing development, the author analyses 130 stock markets, indicating those that are more developed in terms of quantity and behaviour. Ultimately, this enables the assessment of which markets are more or less developed and why. This knowledge, used properly, offers an advantage over other financial market participants, and allows for the comprehensive assessment of individual stock markets, which can support the process of making good investment decisions. The book is an invaluable resource for research fellows and students in economics, particularly the field of finance. It is also addressed to business and stock market practitioners, such as financial market analysts, brokers and investment advisers.
Download or read book The Dynamics of Emerging Stock Markets written by Mohamed El Hedi Arouri and published by Springer Science & Business Media. This book was released on 2009-12-24 with total page 214 pages. Available in PDF, EPUB and Kindle. Book excerpt: Emerging markets have received a particular attention of academic researchers and practitioners since they decided to open their domestic capital markets to foreign participants about three decades ago. At the same time, we remark that theoretical and empirical research in emerging stock markets has been particularly challenged by their fast changes in nature and size under the effects of financial liberalization and reforms. This evolving feature has particularly led to a commensurate increase in sophistication of modeling techniques used for understanding financial markets. In this spirit, the book aims at providing the audience a comprehensive understanding of emerging stock markets in various aspects using modern financial econometric methods. It addresses the empirical techniques needed by economic agents to analyze the dynamics of these markets and illustrates how they can be applied to the actual data. On the other hand, it presents and discusses new research findings and their implications.
Download or read book The Challenges of Privatization written by Bernardo Bortolotti and published by OUP Oxford. This book was released on 2004-03-11 with total page 172 pages. Available in PDF, EPUB and Kindle. Book excerpt: From 1997 to 2001, more than 4,000 privatization operations have been carried out in more than 100 countries, bringing in government revenues of over 1,362 billion dollars. The phenomenon, which grew exponentially at the end of the 1990s and then abruptly slowed down, had dramatic consequences on the performance of state-owned enterprises and a significant impact on industrialized countries, as well as emerging and less developed economies. Yet there have been surprisingly few attempts to provide a systematic empirical account of the privatization process at the worldwide level. Why do governments privatize? Why do some countries accomplish large-scale privatization programmes, and others never privatize at all? Is privatization a trend or a cycle? Furthermore, how do governments privatize? Do governments really transfer ownership and control of state-owned enterprises or does private ownership tend to coexist with public control? This book provides some answers to these important questions trying to test research hypotheses set forth by the recent economic theory of privatization. Comprehensive cross-country empirical analyses carried out over a period of more than twenty years are used in the book to show that privatization has taken place all over the world, sometimes spontaneously, more often under the pressure of economic and budgetary constraints. Several of the goals of the privatization have been met, but despite proclamations and programmes, only a small minority of countries has carried out a genuine privatization process, completely transferring ownership of state-owned enterprises to the private sector. A lack of political will is to some extent at the root of this reluctance. However this reluctance can be traced back partly to structural factors that would make an orderly privatization difficult, such as the absence of developed capital markets, appropriate regulation, and suitable institutions.
Download or read book Privatization and Emerging Equity Markets written by Ira W. Lieberman and published by World Bank Publications. This book was released on 1998-01-01 with total page 163 pages. Available in PDF, EPUB and Kindle. Book excerpt: The text provides an overview of privatization and emerging equity markets describes the role of privatization providing critical mass for new stock markets and examines investment opportunities that deepen existing stock markets.
Download or read book Sustainable Governance in Northeast Asia Challenges for Innovation Frontier written by Yongrok Choi and published by MDPI. This book was released on 2018-09-21 with total page 275 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is a printed edition of the Special Issue "Sustainable Governance in Northeast Asia: Challenges for Innovation Frontier" that was published in Sustainability
Download or read book Getting Started in Emerging Markets written by Christopher Poillon and published by John Wiley & Sons. This book was released on 2001-05-17 with total page 222 pages. Available in PDF, EPUB and Kindle. Book excerpt: How every investor can seize the huge potential of overseas emerging markets This book offers a clear roadmap to navigating emerging markets. In clear terms every investor can understand, it explains what an emerging market is, why investors should invest in them, and what the risks are in particular markets, including Latin America, East Asia, and China. The book offers a systematic process that can be easily followed for successful investing in emerging markets.
Download or read book Developing Short Selling on the Mainland Chinese Equity Markets written by James Clunie and published by VDM Publishing. This book was released on 2008 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: Short-selling is not currently permitted on the mainland Chinese stock exchanges, but is allowed in most other major stock markets. We review the theory and evidence on liquidity, price discovery and market efficiency associated with securities lending and short-selling. The evidence highlights a number of benefits and also risks associated with these practices. We describe the approaches taken by the Hong Kong and Taiwan stock exchanges to develop short-selling and build on this to generate ideas for the development of securities lending and short-selling in mainland China. We argue that a phased program of reform, well-implemented, can help build confidence in the mainland Chinese equity markets, by aiding price discovery and improving market liquidity. This work will be of interest to policy makers, regulators and investors in the Chinese equity markets.
Download or read book The World s Emerging Stock Markets written by Keith K. H. Park and published by Irwin Professional Publishing. This book was released on 1993 with total page 686 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Emerging Capital Markets and Globalization written by Augusto de la Torre and published by World Bank Publications. This book was released on 2006-10-20 with total page 232 pages. 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.
Download or read book The Dynamics of Emerging Stock Markets written by Mohamed El Hedi Arouri and published by . This book was released on 2010-04-18 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book New Paradigms for Financial Regulation written by Masahiro Kawai and published by Brookings Institution Press. This book was released on 2013 with total page 301 pages. Available in PDF, EPUB and Kindle. Book excerpt: " A Brookings Institution Press and Asian Development Bank Institute publication The global financial crisis has led to a sweeping reevaluation of financial market regulation and macroeconomic policies. Emerging markets need to balance the goals of financial development and broader financial inclusion with the imperative of strengthening macroeconomic and financial stability. The third in a series on emerging markets, New Paradigms for Financial Regulation develops new analytical frameworks and provides policy prescriptions for how the frameworks should be adapted to a world of more free and more volatile capital. This volume provides an overview of the global regulatory landscape from the perspective of Asian emerging markets. The contributors discuss the many challenges ahead in developing sound and flexible financial regulatory systems for emerging market economies. The challenges are heightened by the rising integration of these economies into global trade and finance, the growing sophistication of their financial systems as globalization and emergence processes accelerate, and their potential vulnerability to instability arising from the financial markets in the advanced economies. The contributors provide guidance about pitfalls to be avoided, general principles that should guide the creation of sound regulatory systems, and valuable analytic perspectives about how to continue to broaden the financial sector and innovate while still maintaining financial and macroeconomic stability. "
