Download or read book The Development of a Municipal Bond Market in Brazil written by Ricardo Correa (M. of Public Affairs) and published by . This book was released on 2020 with total page 126 pages. Available in PDF, EPUB and Kindle. Book excerpt: Considering the long history of privately financed capital projects in Latin America, this research paper examines the theory that the US municipal finance structure may serve as a prudent legal, regulatory model for emerging markets in Latin America. As such, the development of a sub-national debt finance apparatus is critical for the liberalization of financial markets in Brazil. Mired by institutional corruption and public distrust, this paper offers a comparative examination of the capital infrastructure development of Formula 1 racetrack in Deodoro, Rio de Janeiro, Brazil and Circuit of the Americas (COTA) in Austin, TX: a case study which examines alternative banking solutions, transparency through regulatory reforms, and the viability of subnational capital markets for improving social inclusion in Brazil. By developing a municipal bond market in Brazil, state and local governments would in effect be better equipped to gain access to efficient capital markets for the public provisioning of capital infrastructure projects through taxable, tax-exempt bond issuances, or other non-traditional public financing mechanisms
Download or read book Brazilian Municipal Bond Market written by Kurt E. von Mettenheim and published by . This book was released on 2014 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt: This article reviews underdevelopment of municipal finance in Brazil and explores the political and economic viability of moving toward a municipal bond market to reduce corruption and increase public sector efficiency.
Download or read book Brazil s Capital Market written by Mr.Joonkyu Park and published by International Monetary Fund. This book was released on 2012-09-01 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: Capital market development in Brazil is a key policy issue going forward to foster savings, investment and absorptive capacity in a context of prospects for sizable capital flows in the medium term. During the last decade, Brazil has achieved substantial progress in capital market development. The menu of available financial instruments has been expanded, market infrastructure has been reformed and strengthened, and a diversified investor base has been built. Nonetheless, Brazil’s capital markets are still facing a number of challenges including prevalent short-term indexation, investors’ risk aversion to long-term fixed rate bonds, still low liquidity in the secondary market, and managing the role of BNDES. A shift to a lower yield curve environment should continue to gradually take place. But further progress will require continued policy effort to assure macro stability and financial sector reforms to promote the development of longer-term private finance.
Download or read book Bond Markets in Latin America written by Eduardo Borensztein and published by MIT Press. This book was released on 2008 with total page 319 pages. Available in PDF, EPUB and Kindle. Book excerpt: Developing local bond markets is high on the policy agenda of Latin America. This book's case studies of Argentina, Brazil Chile, Columbia, Mexico and Uruguay, written by country experts follow a common methodology, with each offering a history of that country's bond market development and data sets.
Download or read book The Development of the Brazilian Bond Market written by Ricardo P. C. Leal and published by . This book was released on 2009 with total page 93 pages. Available in PDF, EPUB and Kindle. Book excerpt: The bond market represents a large proportion of the GDP in developed countries but it seems to be underdeveloped in emerging markets. In the particular case of Brazil, it is widely known that firms do not have access to enough credit at a reasonable cost. Our goal is to provide a better understanding of the current state of the Brazilian bond market and provide suggestions to promote its development. We focus on the main types of corporate debt, especially domestic bonds, bank loans, international bonds, suppliers, and asset-backed securities. Most domestic bonds are non-convertible, subordinated, and have floating or inflation-indexed coupon rates. Except for international bonds and foreign banks, most financial liabilities are not denominated in foreign currency. Bond financing is positively related to the tangibility of assets and to firm size and negatively associated with the ROA. Firms that have bank loans tend to issue fewer domestic bonds, indicating that domestic bonds are used as an alternative to bank loans. However, firms issuing international bonds also use domestic bonds more often. Furthermore, international bonds are used as an alternative to asset-backed securities. In the case of exporters, they are able to finance through asset-backed securities using the export flow as collateral. There is also evidence that firms with good corporate governance practices issue more international bonds. Our survey results indicate that the greatest problem are the low liquidity of the secondary market, low market capitalization, low quality of legal recourse in the event of default and the absence of a complete benchmark yield curve. The main problems to finance in the domestic market are high interest rates, short maturities, and collateral requirements. We present a wealth of information on the Brazilian bond market, its development, characteristics, legal background, and structure and discuss many of the problems pointed out in our survey results along with recent initiatives to address them as well as our own suggestions for improvement.
Download or read book Brazilian Market Portfolio written by Cristina Tessari and published by International Monetary Fund. This book was released on 2017-03-13 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent years, Brazil has achieved substantial progress in capital market development by building a diversified investor base and expanding the menu of available financial instruments. In this context, we evaluated the invested Brazilian market portfolio for a period spanning 2005–15. This is a portfolio of all assets proportionally weighted by their market capitalization, and it is divided in eight broad categories: government bonds, equities, bank funding bonds, corporate bonds, real-estate, agribusiness, private-equity, and credit bonds. While the paper focuses on stylized facts related to market size, composition weighting and changes over time, the estimated market portfolio contains important information for policy makers and market participants alike.
Download or read book Municipal Bond Market Development in Developing Countries written by Research Triangle Institute and published by . This book was released on 1997 with total page 188 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Public Debt written by Otavio Ladeira de Medeiros and published by . This book was released on 2010 with total page 456 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Guidance Note For Developing Government Local Currency Bond Markets written by International Monetary Fund and published by International Monetary Fund. This book was released on 2021-03-12 with total page 157 pages. Available in PDF, EPUB and Kindle. Book excerpt: This guidance note was prepared by International Monetary Fund (IMF) and World Bank Group staff under a project undertaken with the support of grants from the Financial Sector Reform and Strengthening Initiative, (FIRST).The aim of the project was to deliver a report that provides emerging market and developing economies with guidance and a roadmap in developing their local currency bond markets (LCBMs). This note will also inform technical assistance missions in advising authorities on the formulation of policies to deepen LCBMs.
Download or read book Monetary Statecraft in Brazil written by Kurt Mettenheim and published by Routledge. This book was released on 2015-11-19 with total page 219 pages. Available in PDF, EPUB and Kindle. Book excerpt: Brazil has one of the world’s fastest growing economies and a fascinating history underpinning its evolution. This book presents an analysis of the state’s role in monetary policy, from the latter days of Portuguese rule, to the present day. Based on a variety of unknown archival sources, this study offers an alternative explanation for the rise and fall of Brazilian currencies. Monetary statecraft is a theory that accounts for the open ended, autonomous character of politics, the complex, recursive phases of public policy, and political development in the traditional sense of social inclusion. Unfortunately, there are few precedents for this type of analysis. This book fills this gap by tracing how Brazilian policy makers and observers have sought, experimented with, and reflected on a variety of forms and solutions for monetary policy since 1808. This book will be of interest to economists, financial historians and those interested in the history and economy of Brazil.
Download or read book Local Government Finance and Bond Markets written by Yun-hwan Kim and published by Asian Development Bank. This book was released on 2003 with total page 588 pages. Available in PDF, EPUB and Kindle. Book excerpt: Publisher Description
Download or read book Urban Land Markets written by Somik V. Lall and published by Springer Science & Business Media. This book was released on 2009-10-07 with total page 434 pages. Available in PDF, EPUB and Kindle. Book excerpt: As urbanization progresses at a remarkable pace, policy makers and analysts come to understand and agree on key features that will make this process more efficient and inclusive, leading to gains in the welfare of citizens. Drawing on insights from economic geography and two centuries of experience in developed countries, the World Bank’s World Development Report 2009: Reshaping Economic Geography emphasizes key aspects that are fundamental to ensuring an efficient rural-urban transformation. Critical among these are land, as the most important resource, and well-functioning land markets. Regardless of the stage of urbanization, flexible and forward-looking institu- ons that help the efficient functioning of land markets are the bedrock of succe- ful urbanization strategies. In particular, institutional arrangements for allocating land rights and for managing and regulating land use have significant implica- ons for how cities deliver agglomeration economies and improve the welfare of their residents. Property rights, well-functioning land markets, and the management and servicing of land required to accommodate urban expansion and provide trunk infrastructure are all topics that arise as regions progress from incipient urbani- tion to medium and high density.
Download or read book Foundations of Global Financial Markets and Institutions fifth edition written by Frank J. Fabozzi and published by MIT Press. This book was released on 2019-04-30 with total page 1105 pages. Available in PDF, EPUB and Kindle. Book excerpt: A thoroughly revised and updated edition of a textbook for graduate students in finance, with new coverage of global financial institutions. This thoroughly revised and updated edition of a widely used textbook for graduate students in finance now provides expanded coverage of global financial institutions, with detailed comparisons of U.S. systems with non-U.S. systems. A focus on the actual practices of financial institutions prepares students for real-world problems. After an introduction to financial markets and market participants, including asset management firms, credit rating agencies, and investment banking firms, the book covers risks and asset pricing, with a new overview of risk; the structure of interest rates and interest rate and credit risks; the fundamentals of primary and secondary markets; government debt markets, with new material on non-U.S. sovereign debt markets; corporate funding markets, with new coverage of small and medium enterprises and entrepreneurial ventures; residential and commercial real estate markets; collective investment vehicles, in a chapter new to this edition; and financial derivatives, including financial futures and options, interest rate derivatives, foreign exchange derivatives, and credit risk transfer vehicles such as credit default swaps. Each chapter begins with learning objectives and ends with bullet point takeaways and questions.
Download or read book Access to Financial Services in Brazil written by Anjali Kumar and published by World Bank Publications. This book was released on 2005 with total page 698 pages. Available in PDF, EPUB and Kindle. Book excerpt: There is an increasing awareness that access to financial services can contribute to economic growth and poverty reduction. This study focuses on the delivery of financial services in Brazil, one of the world's most important emerging financial markets. It examines different aspects of financial service provision, and explores approaches to address problems of financial exclusion. Topics discussed include: microfinance schemes; private banking; rural finance systems; institutional infrastructure; and the role of government policy.
Download or read book The Handbook of Municipal Bonds written by Sylvan G. Feldstein and published by John Wiley & Sons. This book was released on 2011-01-13 with total page 1381 pages. Available in PDF, EPUB and Kindle. Book excerpt: In The Handbook of Municipal Bonds, editors Sylvan Feldstein and Frank Fabozzi provide traders, bankers, and advisors—among other industry participants—with a well-rounded look at the industry of tax-exempt municipal bonds. Chapter by chapter, a diverse group of experienced contributors provide detailed explanations and a variety of relevant examples that illuminate essential elements of this area. With this book as your guide, you’ll quickly become familiar with both buy side and sell side issues as well as important innovations in this field.
Download or read book Local Currency Bonds and Infrastructure Finance in ASEAN 3 written by Asian Development Bank and published by Asian Development Bank. This book was released on 2015-07-01 with total page 263 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Asian Development Bank (ADB) is working closely with the Association of Southeast Asian Nations (ASEAN) and the People's Republic of China (PRC), Japan, and the Republic of Korea---collectively known as ASEAN+3---to develop local currency bond markets and facilitate regional bond market integration under the Asian Bond Markets Initiative (ABMI). ABMI was launched in 2002 to strengthen the resilience of the region's financial system by developing local currency bond markets as an alternative source to foreign currency-denominated, short-term bank loans for long-term investment financing. The need for infrastructure investment among ASEAN+3 members is well documented, with estimates for needed investment through 2020 reaching as high as $550 billion. Local currency financing of infrastructure projects has the important advantage of avoiding the currency risk that can arise when a project generating revenues in the domestic currency has foreign currency-denominated debt service requirements. This study was undertaken under ABMI and funded by the Government of the PRC. It addresses two key questions: (i) Why is local currency bond financing not more widely used for infrastructure projects in ASEAN+3? and (ii) What can be done to promote infrastructure bond financing?
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."
