Download or read book Globalization and Firms Financing Choices Evidence from Emerging Economies written by Sergio L. Schmukler and published by International Monetary Fund. This book was released on 2001-08 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the relation between firm's financing choices and financial globalization. Using an East Asian and Latin American firm-level panel for the 1980s and 1990s, we study how leverage ratios, debt maturity structure, and sources of financing change when economies are liberalized and when firms access capital markets. We find that debt-equity rations do not increase after financial liberalization. However, domestic firms that actually participate in international capital markets extend their debt maturity. Financial liberalization has less effects on firms from countries with more developed domestic financial systems. Leverage ratios increase during crises

Download or read book Globalization and Firms Financing Choices written by Sergio L. Schmukler and published by . This book was released on 2006 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the relation between firm's financing choices and financial globalization. Using an East Asian and Latin American firm-level panel for the 1980s and 1990s, we study how leverage ratios, debt maturity structure, and sources of financing change when economies are liberalized and when firms access international capital markets. We find that debt-equity ratios do not increase after financial liberalization. Debt maturity shortens for the average firm when countries undertake financial liberalization. However, domestic firms that actually participate in international capital markets extend their debt maturity. Financial liberalization has less effects on firms from countries with more developed domestic financial systems. Leverage ratios increase during crises.

Download or read book Globalization ans firms financing choices written by and published by World Bank Publications. This book was released on with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book GLOBALIZATION AND FIRMS FINANCING CHOICES EVIDENCE FROM EMERGING ECONOMIES written by SERGIO SCHMUKLER AND ESTEBAN VESPERONI and published by . This book was released on 2001 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Stock Market Development and Firm Financing Choices written by Aslı Demirgüç-Kunt and published by World Bank Publications. This book was released on 1995 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Financial Structure and Economic Growth written by Aslı Demirgüç-Kunt and published by MIT Press. This book was released on 2001 with total page 452 pages. Available in PDF, EPUB and Kindle. Book excerpt: CD-ROM contains: World Bank data.

Download or read book Deep Integration Global Firms and Technology Spillovers written by Naoto Jinji and published by Springer Nature. This book was released on 2022 with total page 191 pages. Available in PDF, EPUB and Kindle. Book excerpt: This open access book explores the impact of deep regional economic integration on spillovers of knowledge and technology across countries. Deep integration through signing deep regional trade agreements (DRTAs), which cover various policy areas in addition to tariff reductions, may or may not facilitate technology spillovers among their signatories. To understand the mechanism of the impact of deep integration on technology spillovers, this book starts by analyzing the behavior of global firms. Factors that affect global firms' activities, such as export, foreign direct investment (FDI), offshore outsourcing, are examined. Micro data on Japanese firms are employed for the analysis. Then, the relationships between bilateral trade patterns and technology spillovers and between types of FDI and technology spillovers are investigated in detail. Patent citation data are used to measure technology spillovers. Finally, the impact of DRTAs on international technology spillovers is analyzed. This book is highly recommended to readers who are interested in the effects of deep regional integration, including academic scholars, policymakers, and graduate students. [Resumen de la editorial]

Download or read book China and Asia written by Yin-Wong Cheung and published by Routledge. This book was released on 2008-12-05 with total page 432 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is difficult to overstate the growing importance of China and Asia in the global economy. Despite the sharp downturn experienced in the 1997 financial crisis, China and Asia have bounced back strongly in the new millennium and delivered solid economic growth. In this book, Ying-Wong Cheung and Kar-Yiu Wong have gathered together 35 renowned researchers from four continents to examine contemporary issues on the economic and financial interactions with a focus on China and Asia. Four broad areas are discussed. The first part deals with China and her interactions with other economies, the second with economic interactions within the region, the third with foreign exchange rate issues facing Asian economies, and the fourth with financial market development in the region. Within these chapters, some interesting results are explained, many of which differ from what is commonly believed. For example it is explained how exports from China and other Asian economies follow the "flying geese’ pattern and that these economies can grow in harmony; that appreciating the Asian exchange rates would not have much impact on their current account surpluses; that financial liberalization in Thailand did not create the short-term debt problem, which is believed to a major cause of the 1997 financial crisis. It is also described how developments in the US have very strong influences on Asian economies and that Mainland China was a less important source of external shocks than is commonly held.

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 Chinese Capitalism in a Global Era written by Henry Wai-Chung Yeung and published by Routledge. This book was released on 2004-03-01 with total page 414 pages. Available in PDF, EPUB and Kindle. Book excerpt: Chinese Capitalism in a Global Era examines the dynamic ways in which millions of ethinic Chinese in East and Southeast Asian economies organize their economic activities. It analyses how Chinese capitalism has changed under conditions of contemporary globalization and anticipates what the future holds for it. The book challenges the conventional notion of Chinese cpitalism as 'crony capitalism', based around kinship networks and untouched by globalization.

Download or read book Brookings Wharton Papers on Financial Services 2002 written by Robert E. Litan and published by Brookings Institution Press. This book was released on 2010-12-01 with total page 382 pages. Available in PDF, EPUB and Kindle. Book excerpt: This annual series from the Brookings Institution and the Financial Institutions Center at the Wharton School provides timely and insightful analyses of the financial services industry. Contents: The Future of Securities Exchanges Ruben Lee The Structure of the U.S. Equity Markets Marshall E. Blume Changes in the Ownership and Governance of Securities Exchanges: Causes and Consequences Benn Steil Wall Street's Credibility Problem: Misaligned Incentives and Dubious Fixes? Leslie Boni and Kent L. Womack The Immediacy Implications of Exchange Organization James T. Moser The Future of Stock Exchanges in Emerging Economies: Evolution and Prospects Stijn Claessens, Daniela Kingebiel, and Sergio L. Schmukler ISDA, NASD, CFMA, and SDNY: The Four Horsemen of Derivatives Regulation? Frank Partnoy The Future of the Foreign Exchange Market Richard K. Lyons The Future of the New Issues Market Jay R. Ritter Implications of Auction Theory for New Issues Markets Lawrence M. Asubel

Download or read book Critical Issues in International Financial Reform written by R. Albert Berry and published by Transaction Publishers. This book was released on with total page 412 pages. Available in PDF, EPUB and Kindle. Book excerpt: Critical Issues in International Financial Reform ad- dresses weaknesses of the current international financial system and potential beneficial reforms. The focus is on the countries of Latin America and the Caribbean, but the authors also take into account relevant lessons from the experience of Canada, a country highly integrated into world and hemispheric trade and financial markets. Critical Issues offers a new perspective on a discussion too often dominated by interest groups that take strong, even rigid, positions on issues with limited understanding of the technical aspects of the issues, and little concern for the interests of the developing world. Its chapters have been written by experts in the economic, political, and social aspects of the international financial integration of developing countries. Financial crises and their associated social and economic traumas are the most apparent symptom that something is amiss in the process of world economic integration. But there are also broader questions about the nature and magnitude of the benefits and costs of increased international capital flows for different groups of countries in the developing and developed worlds. For example, even in the absence of turbulence, is it optimal for all participants that capital movements be as free as possible? Does capital inflow discourage domestic savings to a degree that should cause worry? Are some types of flows inherently more beneficial than others--for instance, direct investment flows versus flows into host stock markets? How can the instability of capital movements best be curtailed? These questions concern the contributors to this volume. This volume demonstrates that the evolution of the world financial system, its various problems, and what is or is not done about them require an understanding of the links among financial, economic, and political variables. Critical Issues in International Financial Reform is an important contribution to this debate, and will be of value to researchers in economic policy, history, and international politics. Albert Berry is professor of economics at the University of Toronto and research director of the Program on Latin America and the Caribbean. Gustavo Indart is special lecturer of economics and the coordinator of the Program on Latin America and the Caribbean at the University of Toronto. "The papers in this conference volume are grounded on solid economic theory and empirical research, and take a critical view of the prescriptions of the so-called Washington Consensus and of the policies followed in most developing countries under the advice of the international financial institutions (IFIs). The economics and the political economy of their current financial arrangements, in which the IFIs play such an importnat role, are given a thorough treatment. This volume is a very valuable contribution to a debate that interests both academics and policymakers. The thirteen papers are uniformly of high quality and are often very innovative."--Juan-Antonio Morales, president, Central Bank of Bolivia "A stimulating and balanced set of analyses, drawing insightfully upon comparative experiences, of national and international financial systems and their reform, both actual and potential. It is unusual and welcome in its effective blending of political and economic insights, and its use of analyses that are refreshingly skeptical of orthodox presumptions."--Gerald Helliner, University of Toronto

Download or read book Global Development Finance 2006 written by World Bank and published by World Bank Publications. This book was released on 2006-01-01 with total page 702 pages. Available in PDF, EPUB and Kindle. Book excerpt: "International private capital flows to developing countries reached a record net level of $491 billion in 2005. This surge in private capital flows offers national and international policy makers a major opportunity to bolster development efforts if they can successfully meet three challenges. The first is to ensure that more countries, especially poorer ones, enhance their access to developmentally beneficial international capital through improvements in their macroeconomic performance, investment climate, and use of aid. The second is to avoid sudden capital flow reversals by redressing global imbalances through policies that recognize the growing interdependencies between developed and developing countries' financial and exchange rate relations in the determination of global financial liquidity and asset price movements. And the third is to ensure that development finance, both official and private, is managed judiciously to meet the development goals of recipient countries while promoting greater engagement with global financial markets. These are the themes and concerns of this year's edition of Global Development Finance. Vol I. Anlaysis and Statistical Appendix reviews recent trends in financial flows to developing countries. Vol II. Summary and Country Tables* includes comprehensive data for 138 countries, as well as summary data for regions and income groups."

Download or read book The World Bank Research Program 2001 written by World Bank and published by World Bank Publications. This book was released on 2001-01-01 with total page 186 pages. Available in PDF, EPUB and Kindle. Book excerpt: This publication is a compilation of reports on research projects initiated, under way, or completed in fiscal year 2001 (July 1, 2000 through June 30, 2001). The abstracts cover 150 research projects from the World Bank and grouped under 11 major headings including poverty and social development, health and population, education, labor and employment, environment, infrastructure and urban development, and agriculture and rural development. The abstracts detail the questions addressed, the analytical methods used, the findings to date and their policy implications. Each abstract identifies the expected completion date of each project, the research team, and reports or publications produced.

Download or read book Financial Transformations Beyond The Covid 19 Health Crisis written by Sabri Boubaker and published by World Scientific. This book was released on 2022-05-18 with total page 857 pages. Available in PDF, EPUB and Kindle. Book excerpt: The COVID-19 global health pandemic, which started in late December 2019, forced many countries to adopt unusual measures such as social distancing and strict lockdowns. It changed many of our certainties and practices, including the foundations of the market-led version of capitalism, by bringing social and health considerations back to the forefront of firms' considerations, investors' strategies and governments' priorities. Under the effects of this unprecedented crisis, all sectors of finance and real economy have been seriously affected.Health uncertainties and their increasing consequences for human life and activities require stronger and faster actions to shape pathways towards sustainability and better resilience. The COVID-19 health crisis is a visible part of a greater iceberg: the World Health Organization has tracked, over recent years, a large number of epidemic events around the world, suggesting that many other similar diseases could appear and evolve in the future from epidemic to pandemic in a globalized world.Financial Transformations Beyond the COVID-19 Health Crisis was specifically designed to provide the readers with new results, recent findings and future outlook on the impacts of COVID-19 on financial markets, firm behaviors, and finance and investment strategies. It favors multidimensional perspectives and brings together conceptual, empirical and policy-oriented chapters, using quantitative and qualitative methods alike. This is a timely and comprehensive collection of theoretical, empirical and policy contributions from renowned scholars around the world, and provides the thoughts and insights required to rethink the financial sector in the event of new shocks of the same nature.

Download or read book The Handbook of Financing Growth written by Kenneth H. Marks and published by John Wiley & Sons. This book was released on 2005-05-31 with total page 514 pages. Available in PDF, EPUB and Kindle. Book excerpt: An in-depth look at the strategies, capital structure, and fund raising techniques for emerging growth and middle-market companies. Here is a comprehensive and practical guide to understanding and applying the basics of corporate finance to emerging growth and middle-market companies. Using empirical data and actual company cases to illustrate capital structures and financing approaches, the book provides a detailed discussion of the many funding instruments, from traditional bank loans and asset-based financing to different types of private equity and other creative solutions; the types of funding sources and their expected rates of returns; and typical deal terms.

Download or read book Financial and Trade Globalization Greener Technologies and Energy Transition written by Magdalena Radulescu and published by Frontiers Media SA. This book was released on 2023-02-09 with total page 609 pages. Available in PDF, EPUB and Kindle. Book excerpt: