Download or read book Essays on Stock Markets Policy and Growth in Emerging Markets written by Sara Jane Zervos and published by . This book was released on 1995 with total page 234 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Financial Crises in Emerging Markets written by Reuven Glick and published by Cambridge University Press. This book was released on 2001-04-23 with total page 494 pages. Available in PDF, EPUB and Kindle. Book excerpt: The essays in this volume analyze causes of financial crises in emerging markets and different policy responses.
Download or read book Stock Markets in Developing Countries written by Mansoor Dailami and published by World Bank Publications. This book was released on 1990 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Economic Growth Capital Structures and Market Interdependence written by Sumit Agarwal and published by . This book was released on 1999 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Emerging Equity Markets written by Robert Alan Feldman and published by . This book was released on 1994 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 Essays on the Dynamics of Stock Returns in Emerging Markets written by Sidika Gülfem Bayram and published by . This book was released on 2011 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Three Essays on Capital Inflows to Emerging Markets written by Sungcheol Kim and published by . This book was released on 2019 with total page 177 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation examines the determinants of portfolio inflows to emerging market economies with a special focus on Korea. Chapter 1, "The Determinants of Disaggregated Capital Inflows to Korea", studies the key factors in determining portfolio investment flows to Korea from four separate investment groups: global banks, mutual funds, securities companies, and pension companies. I sort the total portfolio investment flows by each investment group such as global banks, mutual funds, securities companies, and pension companies. The US industrial production index, TED spread, and VIX are included as push factors and the Korean industrial production index, Korean bond rate, Korean stock index, and exchange rate are considered as pull factors. From the structural VAR model with dummy variables, this paper finds that portfolio investment flows to Korea are more affected by push factors during the crisis while they are more dependent on pull factors after the crisis. Portfolio investment flows to the stock market are affected mainly by the domestic stock market and global risk appetite while portfolio investment flows to the bond market react more strongly to US output growth and the domestic interest rate. Finally, this paper finds that the properties of capital inflows from each institution are quite different. For example, securities and mutual funds are more responsive to the stock market index, while insurance and pension companies are more sensitive to domestic output growth. Chapter 2, "The Determinants of Capital Inflows from Each Country", analyzes the determinants of portfolio flows to Korea using portfolio flows from each economy to Korea as the dependent variable. For the empirical model, the investor country factor was added to the existing push-pull approach, and a panel VAR model was used as the estimation method. The results suggest that investor country factors such as shocks on the interest rate and stock market in the investor country are the most important determinants to portfolio flows from advanced economies (AEs) while pull factors of recipient countries mainly drive the portfolio flows from emerging market economies (EMEs). The impact on the stock market is the dominant factor during the Fed's expansionary monetary policy, while the effects of the interest rate are the most important factor after the end of the QE. The results also show that portfolio flows from AEs respond positively to the impact of the investor country's stock market, while those from EMEs respond negatively. This study supports recent findings that the impact of the drivers on the capital flows is dependent on economic conditions and is time-varying. Chapter 3, "The International Spillovers of US Monetary Policy on Capital Flows to Emerging Market Economies", studies the impact of the US Fed's monetary policy on portfolio flows to the emerging economies, differentiating across the investor economies and type of flows. This paper also compares the effects of US monetary policy before and after the end of Quantitative Easing (QE). The results show that equity flows were retrenched to the US and AEs in response to the announcement of QE1 while the total impact of the Quantitative Easing increased the capital inflows to the emerging markets from the advanced economies. This chapter also finds that the response of portfolio flows in response to US monetary policy is conditional on the stance of US monetary policy. The findings build a bridge on the recent controversy over determinants of capital inflows by showing that QE has a significant impact on the capital inflows to EMEs, and its effects are related to the business cycle.
Download or read book OECD Sovereign Borrowing Outlook 2021 written by OECD and published by OECD Publishing. This book was released on 2021-05-20 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt: This edition of the OECD Sovereign Borrowing Outlook reviews developments in response to the COVID-19 pandemic for government borrowing needs, funding conditions and funding strategies in the OECD area.
Download or read book Efficiency and Anomalies in Stock Markets written by Wing-Keung Wong and published by Mdpi AG. This book was released on 2022-02-17 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Efficient Market Hypothesis believes that it is impossible for an investor to outperform the market because all available information is already built into stock prices. However, some anomalies could persist in stock markets while some other anomalies could appear, disappear and re-appear again without any warning. A Special Issue on "Efficiency and Anomalies in Stock Markets" will be devoted to advancements in the theoretical development of market efficiency and anomaly in the Stock Market, as well as applications in Stock Market efficiency and anomalies.
Download or read book The Origins and Development of Financial Markets and Institutions written by Jeremy Atack and published by Cambridge University Press. This book was released on 2009-03-16 with total page 497 pages. Available in PDF, EPUB and Kindle. Book excerpt: Collectively, mankind has never had it so good despite periodic economic crises of which the current sub-prime crisis is merely the latest example. Much of this success is attributable to the increasing efficiency of the world's financial institutions as finance has proved to be one of the most important causal factors in economic performance. In a series of insightful essays, financial and economic historians examine how financial innovations from the seventeenth century to the present have continually challenged established institutional arrangements, forcing change and adaptation by governments, financial intermediaries, and financial markets. Where these have been successful, wealth creation and growth have followed. When they failed, growth slowed and sometimes economic decline has followed. These essays illustrate the difficulties of co-ordinating financial innovations in order to sustain their benefits for the wider economy, a theme that will be of interest to policy makers as well as economic historians.
Download or read book Geopolitical Risk on Stock Returns Evidence from Inter Korea Geopolitics written by Seungho Jung and published by International Monetary Fund. This book was released on 2021-10-22 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: We investigate how corporate stock returns respond to geopolitical risk in the case of South Korea, which has experienced large and unpredictable geopolitical swings that originate from North Korea. To do so, a monthly index of geopolitical risk from North Korea (the GPRNK index) is constructed using automated keyword searches in South Korean media. The GPRNK index, designed to capture both upside and downside risk, corroborates that geopolitical risk sharply increases with the occurrence of nuclear tests, missile launches, or military confrontations, and decreases significantly around the times of summit meetings or multilateral talks. Using firm-level data, we find that heightened geopolitical risk reduces stock returns, and that the reductions in stock returns are greater especially for large firms, firms with a higher share of domestic investors, and for firms with a higher ratio of fixed assets to total assets. These results suggest that international portfolio diversification and investment irreversibility are important channels through which geopolitical risk affects stock returns.
Download or read book Global Waves of Debt written by M. Ayhan Kose and published by World Bank Publications. This book was released on 2021-03-03 with total page 403 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.
Download or read book Global Capital Markets written by Maurice Obstfeld and published by Cambridge University Press. This book was released on 2004 with total page 386 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is an economic survey of international capital mobility from the late nineteenth century to the present.
Download or read book Global Financial Stability Report October 2019 written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2019-10-16 with total page 109 pages. Available in PDF, EPUB and Kindle. Book excerpt: The October 2019 Global Financial Stability Report (GFSR) identifies the current key vulnerabilities in the global financial system as the rise in corporate debt burdens, increasing holdings of riskier and more illiquid assets by institutional investors, and growing reliance on external borrowing by emerging and frontier market economies. The report proposes that policymakers mitigate these risks through stricter supervisory and macroprudential oversight of firms, strengthened oversight and disclosure for institutional investors, and the implementation of prudent sovereign debt management practices and frameworks for emerging and frontier market economies.
Download or read book Global Financial Stability Report April 2021 written by International Monetary Fund and published by International Monetary Fund. This book was released on 2021-04-06 with total page 92 pages. Available in PDF, EPUB and Kindle. Book excerpt: Extraordinary policy measures have eased financial conditions and supported the economy, helping to contain financial stability risks. Chapter 1 warns that there is a pressing need to act to avoid a legacy of vulnerabilities while avoiding a broad tightening of financial conditions. Actions taken during the pandemic may have unintended consequences such as stretched valuations and rising financial vulnerabilities. The recovery is also expected to be asynchronous and divergent between advanced and emerging market economies. Given large external financing needs, several emerging markets face challenges, especially if a persistent rise in US rates brings about a repricing of risk and tighter financial conditions. The corporate sector in many countries is emerging from the pandemic overindebted, with notable differences depending on firm size and sector. Concerns about the credit quality of hard-hit borrowers and profitability are likely to weigh on the risk appetite of banks. Chapter 2 studies leverage in the nonfinancial private sector before and during the COVID-19 crisis, pointing out that policymakers face a trade-off between boosting growth in the short term by facilitating an easing of financial conditions and containing future downside risks. This trade-off may be amplified by the existing high and rapidly building leverage, increasing downside risks to future growth. The appropriate timing for deployment of macroprudential tools should be country-specific, depending on the pace of recovery, vulnerabilities, and policy tools available. Chapter 3 turns to the impact of the COVID-19 crisis on the commercial real estate sector. While there is little evidence of large price misalignments at the onset of the pandemic, signs of overvaluation have now emerged in some economies. Misalignments in commercial real estate prices, especially if they interact with other vulnerabilities, increase downside risks to future growth due to the possibility of sharp price corrections.
Download or read book The World s First Stock Exchange written by Lodewijk Petram and published by Columbia University Press. This book was released on 2014-05-27 with total page 305 pages. Available in PDF, EPUB and Kindle. Book excerpt: This account of the sophisticated financial hub that was 17th-century Amsterdam “does a fine job of bringing history to life” (Library Journal). The launch of the Dutch East India Company in 1602 initiated Amsterdam’s transformation from a regional market town into a dominant financial center. The Company introduced easily transferable shares, and within days buyers had begun to trade them. Soon the public was engaging in a variety of complex transactions, including forwards, futures, options, and bear raids, and by 1680 the techniques deployed in the Amsterdam market were as sophisticated as any we practice today. Lodewijk Petram’s award-winning history demystifies financial instruments by linking today’s products to yesterday’s innovations, tying the market’s operation to the behavior of individuals and the workings of the world around them. Traveling back in time, Petram visits the harbor and other places where merchants met to strike deals. He bears witness to the goings-on at a notary’s office and sits in on the consequential proceedings of a courtroom. He describes in detail the main players, investors, shady characters, speculators, and domestic servants and other ordinary folk, who all played a role in the development of the market and its crises. His history clarifies concerns that investors still struggle with today—such as fraud, the value of information, trust and the place of honor, managing diverging expectations, and balancing risk—and does so in a way that is vivid, relatable, and critical to understanding our contemporary world.
