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Does Foreign Portfolio Investment Reach Small Listed Firms?

Knill, April M.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
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46.37%
Using a unique dataset, the author examines the impact of foreign portfolio investment on the capital issuance behavior of small listed firms. The author finds that foreign portfolio investment is associated with an increased probability of small firm security issuance in all nations, regardless of property rights development. Evidence suggests the mechanism by which this occurs is a freeing up of capital in domestic markets when large firms utilize the foreign investment directly. Debt levels in nations where property rights are more developed increase, suggesting that foreign portfolio investment may reach small firms through the banking channel as well as capital markets in these nations.

The Sub Prime Crisis : Implications for Emerging Markets

Gwinner, William B.; Sanders, Anthony
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
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46.36%
This paper discusses some of the key characteristics of the U.S. subprime mortgage boom and bust, contrasts them with characteristics of emerging mortgage markets, and makes recommendations for emerging market policy makers. The crisis has raised questions in the minds of many as to the wisdom of extending mortgage lending to low and moderate income households. It is important to note, however, that prior to the growth of subprime lending in the 1990s, U.S. mortgage markets already reached low and moderate-income households without taking large risks or suffering large losses. In contrast, in most emerging markets, mortgage finance is a luxury good, restricted to upper income households. As policy makers in emerging market seek to move lenders down market, they should adopt policies that include a variety of financing methods and should allow for rental or purchase as a function of the financial capacity of the household. Securitization remains a useful tool when developed in the context of well-aligned incentives and oversight. It is possible to extend mortgage lending down market without repeating the mistakes of the subprime boom and bust.

World Bank Guarantees for Oil and Gas Projects

Sinclair, Scott
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
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56.09%
Private investors are considering several large-scale oil and gas production, pipeline, and cross-border pipeline projects in developing countries, including in West Africa and in the Caspian Sea region. While the World Bank and the International Monetary Fund are well known for their work in helping to create enabling environments for foreign investment in large infrastructure projects, by supporting reform in such areas as taxation and energy legislation, this Note focuses on a different role for the World Bank -- encouraging private sector involvement in large-scale oil and gas projects by providing guarantees in direct support of the government contractual undertakings that may be needed to induce foreign direct investment in these projects. World Bank guarantees offer a unique type of risk mitigation that may prove to be a catalyst in raising finance for these projects.

The Macedonian Gambit : Enterprise cum Bank Restructuring

Pernia, Joseph; Ramachandran, S.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
Relevância na Pesquisa
56.05%
The former Yugoslav Republic of Macedonia, supported by a World Bank policy-based loan, is trying a new approach to reform its enterprises. Enterprises will still be privatized as soon as possible, but the government frankly acknowledges that a few enterprises have considerable clout and must be subsidized for political, not economic reasons. These politically powerful enterprises are isolated from vulnerable banks, but given a direct subsidy in exchange for undertaking monitorable reforms. In exchange for the subsidies, the politically powerful enterprises have to end value-subtracting activities, break off their relations with banks, and immediately take steps to liquidate or privatize constituent units at a pace determined by the cabinet, where political tradeoffs are best made. Freezing the debts of the political enterprises frees banks from the pressure to make more bad loans. So far this isolation technique shows signs of success, and it could usefully be adapted by other transforming economies.

Private Sector Participation in the Power Sector in Europe and Central Asia : Lessons from the Last Decade

Krishnaswamy, Venkataraman; Stuggins, Gary
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
Português
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56.05%
The Californian power crisis appears to have greatly rekindled the latent doubts on moving to more competitive market structures for such an essential service as electricity. The recent collapse of Enron and several other industrial giants, as well as doubts about the reliability of external audits (resulting, in particular, in the collapse of Arthur Anderson) and the slide in the stock values of AES and other companies has eroded the confidence in the institutional pillars of the market, such as corporate disclosure, external audit, and oversight by regulators and Security Exchange Commissions. Major energy investors, at least in North America, seem to be anxious to clean up their balance sheets to eliminate from their portfolio unprofitable and risky investments. Against this backdrop, the objective of this study is to review the experiences in the ECA regio

Dealing with the Challenges of Macro Financial Linkages in Emerging Markets

Canuto, Otaviano; Ghosh, Swati R.
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
Português
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46.38%
The 2008 financial crisis has highlighted the challenges associated with global financial integration and emphasized the importance of macro financial linkages. In the financial sector, attention is being directed toward macro prudential regulations that are geared toward the stability of the financial system as a whole. The Third Basel Accord (Basel III) aims to dampen the pro-cyclicality of the financial sector and to reduce cross sectional systemic risks partly by introducing measures to address liquidity and issues of banks being too big to fail. In the macro arena, the facts that price stability was not sufficient to guarantee macroeconomic stability and that financial imbalances developed despite low inflation and small output gaps have highlighted the need for additional tools (macro prudential policies) to complement monetary policy in countercyclical management. Emerging markets face different conditions and have key structural features that can have a bearing on the relevance and efficacy of the measures. The chapters in this volume discuss the challenges of dealing with macro financial linkages and explore the policy toolkit available for dealing with systemic risks with particular reference to emerging markets. This report is organized as follows: chapter one is adapting macro prudential approaches to emerging and developing economies; chapter two is adapting micro prudential regulation for emerging markets; chapter three presents capital flow volatility and systemic risk in emerging markets: the policy toolkit; chapter four presents monetary policy and macro prudential regulation: whither emerging markets; chapter five deals with macro prudential policies to mitigate financial vulnerabilities in emerging markets; chapter six presents sailing through the global financial storm; and chapter seven presents operation of macro prudential policy measures.

Fostering Sound Financial Sector Development

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
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46.36%
This note outlines a short, to medium-term reform agenda to foster sound financial sector development. Mexico needs to broaden and deepen its financial system without compromising the financial stability gains of the last decade. Much more private investment is needed to transform the economy to boost productivity, and despite improvements in recent years, many households and firms still lack adequate access to financial services. Using the financial payments system to promote financial inclusion is a sound way to broaden access. However, experience in several countries has shown that accelerated (or forced) expansion of credit can harm rather than benefit customers. If financial institutions do not follow sound practices, they can fail, harming borrowers and depositors alike and creating social unrest. Institutional failures may also lead to costly bailouts, with substantial fiscal cost. An oversight system (both micro, and macro, prudential) that encourages prudent-risk taking and facilitates prompt resolution of failed institutions ensures that strategies for financial deepening do not compromise financial stability.

Indonesia Economic Quarterly FY13

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
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46.4%
The Indonesia economic quarterly reports on and synthesizes the past three months key developments in Indonesia s economy. It places them in a longer-term and global context, and assesses the implications of these developments and other changes in policy for the outlook for Indonesia s economic and social welfare. Its coverage ranges from the macroeconomy to financial markets to indicators of human welfare and development. It is intended for a wide audience, including policy makers, business leaders, financial market participants, and the community of analysts and professionals engaged in Indonesia s evolving economy. The near-term global economic outlook is fragile and emerging economies, including Indonesia, again face the risk of a potential crisis that is not of their making. The growth outlook for Indonesia s major trading partners (MTP), at 3.3 percent in 2012, remains relatively weak as increased Euro zone uncertainty adds to the ongoing drags on global growth from budget cutting and deleveraging in developed economies...

Chasing the Shadows : How Significant is Shadow Banking in Emerging Markets?

Ghosh, Swati; Gonzalez del Mazo, Ines; Ötker-Robe, İnci
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
Relevância na Pesquisa
46.37%
Broadly defined as credit intermediation involving entities and activities outside the regular banking system, shadow banking raises important policy concerns. Given significant challenges with data availability, the size, nature and significance of shadow banking in emerging market and developing economies (EMDEs) are even less discussed and understood. Shadow banking in EMDEs generally does not involve long, complex, opaque chains of intermediation, as is often the case in advanced economies. Nonetheless, it can pose systemic risks, both directly, as its importance in the total financial system grows (with the concomitant credit, market, and liquidity risks that its participants undertake), and indirectly through its interconnectedness with the regulated banking system. At the same time, shadow banks also play an important role in channeling alternative funding sources to EMDEs, especially as deleveraging pressures from European banks continue. This suggests that policy makers need to manage trade-offs carefully to ensure that shadow banks provide alternative but safe sources of funding to the private sector without generating additional systemic risks. Based on a snapshot of selected EMDEs in East Asia and in Central and Eastern Europe...

World Bank Group Assistance to Low-Income Fragile and Conflict-Affected States : An Independent Evaluation

Independent Evaluation Group
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Publication; Publications & Research
Português
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56.1%
Fragile and conflict-affected states (FCS) have become an important focus of World Bank Group assistance in recent years as recognition of the linkages between fragility, conflict, violence, and poverty has grown. Addressing issues of recurring conflict and political violence and helping build legitimate and accountable state institutions are central to the Bank Group's poverty reduction mission. This evaluation assesses the relevance and effectiveness of World Bank Group country strategies and assistance programs to FCS. The operationalization of the World Development Report 2011: Conflict, Security, and Development (2011 WDR) is also assessed, to see how the framework has been reflected in subsequent analytical work, country assistance strategies, and the assistance programs. The evaluation framework was derived from the concepts and priorities articulated in recent WDRs, policy papers, and progress reports issued by Bank Group management, to draw lessons from FCS. The framework is organized around the three major themes emerging from the 2011 WDR: building state capacity, building capacity of citizens, and promoting inclusive growth and jobs. The evaluation focuses on International Development Association (IDA)-only countries, which are deemed to have certain characteristics such as very low average income and no access to private finance...

Gender-Informing Aid for Trade : Entry Points and Initial Lessons Learned from the World Bank

Gamberoni, Elisa; Reis, José Guilherme
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Brief; Publications & Research
Português
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55.98%
The effects of policy interventions on women are of increasing concern to policy makers in all fields, and trade is no exception. This note reviews recent World Bank projects and studies that 'gender inform' trade-related interventions, and it uses the Bank's experience to promote gender-equal opportunities by highlighting entry points at which trade projects, studies, and policies can effectively address gender issues.

Serbia : Financial Sector Note

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Other Financial Sector Study; Economic & Sector Work
Português
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46.38%
The purpose of this Financial Sector Note (FSN) is to review recent developments in Serbia's financial system, and to provide policy recommendations for its future development. The FSN builds upon, complements, and seeks to expand, the broad financial sector reform agenda pursued under the ongoing Bank program, which is anchored on two adjustment operations - First and Second Public Financial Sector Adjustment Credits (PFSAC I and II), and parallel technical assistance efforts. The main objectives of this FSN are: 1) to provide an up-to-date snapshot of the Serbian financial sector (banks as well as non-bank financial institutions (NBFIs)), including an in-depth assessment of the performance of the banking sector, analyzing both the efficiency and stability characteristics of individual Serbian banks; 2) to identify existing constraints to financial intermediation, as well as potential systemic risks; and, 3) to reinforce previous messages to the Serbian authorities and the Bank's internal audience about the urgent necessity of implementing the next stages in financial sector reform. This report should be viewed as part of the broader ongoing assessment of how to deepen the reform process...

Republic of Croatia : Financial Sector Assessment Update

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Financial Sector Assessment Program (FSAP); Economic & Sector Work
Português
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46.36%
This Financial Sector Assessment (FSA) summarizes the structural and developmental aspects of the 2007 Financial Sector Assessment Program (FSAP) update report for the Republic of Croatia. An in-depth elaboration on the stability and prudential oversight aspects of the FSAP Update, including factual updates of core principles and Report on the Observance of Standards and Codes (ROSCs), are summarized in the Financial System Stability Assessment (FSSA) that was discussed by the International Monetary Fund (IMF) Board as part of the Article IV consultation, in May 2008. This FSA should be read together with the Fund's FSSA in order to obtain a full sense of the findings and recommendations of the 2007 Croatia FSAP Update. The main conclusion of the FSAP update is that, although substantial improvements in regulation, supervision and institutional capacity are observed, challenges remain given the rapidly growing credit and securities market sectors.

When the Rivers Run Dry : Liquidity and the Use of Wholesale Funds in the Transmission of the U.S. Subprime Crisis

Raddatz, Claudio
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
Relevância na Pesquisa
46.4%
This paper provides systematic evidence of the role of banks' reliance on wholesale funding in the international transmission of the ongoing financial crisis. It conducts an event study to estimate the impact of the liquidity crunch of September 15, 2008, on the stock price returns of 662 individual banks across 44 countries, and tests whether differences in the abnormal returns observed around those events relate to these banks' ex-ante reliance on wholesale funding. Globally and within countries, banks that relied more heavily in non-deposit sources of funds experienced a significantly larger decline in stock returns even after controlling for other mechanisms. Within a country, the abnormal returns of banks with high wholesale dependence fell about 2 percent more than those of banks with low dependence during the three days following Lehman Brothers' bankruptcy. This large differential return suggests that liquidity played an important role in the transmission of the crisis.

Unlocking Global Opportunities : The Aid for Trade Program of the World Bank Group

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Publications & Research :: Working Paper; Publications & Research
Português
Relevância na Pesquisa
56.08%
Aid for trade is a means to help developing countries, especially low-income countries, integrate into the world economy as a way to spur growth. The recent financial crisis and global recession have, if anything, made aid for trade more urgent. Trade worldwide is likely to contract in 2009. It has become a main channel through which recessionary impulses from the United States and Europe are transmitted to developing countries. But these forces will sooner or later reverse: when growth does resume, trade is likely to be a leading source of demand. Helping countries to take full advantage of the global recovery, whenever it comes, has become a priority for rekindling growth, as well as sustaining rising incomes into the future. The aid-for-trade program of the World Bank Group, as with other donors, is multifaceted. It goes beyond concessional lending commitments to low-income countries (the conventional definition used by the OECD/WTO). It also involves World Bank non-concessional trade-related lending to middle-income countries. Promoting trade-led growth in middle-income countries creates market opportunities for neighboring low-income countries...

The World Bank Annual Report 2005, Volume 2. Management's Discussion and Analysis

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Publications & Research :: World Bank Annual Report; Publications & Research :: Publication
Português
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56.05%
This World Bank Annual Report highlights the focus of the Bank activities in addressing worldwide poverty, describing the Bank work in promoting sustainable, economic growth, and in channeling needed services to poor people. Also detailed is the Bank's work toward achieving the Millennium Development Goals (MDGs); its institutional and global efforts toward effective development; and, its outreach to clients through Public Information Centers, and on the Web. Regional Perspectives are reviewed, through a breakdown of the Bank's lending and activities across the developing world, featuring highlights of projects in borrowing countries within each of the Bank's six regions. The Summary of Fiscal Year Activities provides a description of the Bank's development knowledge-sharing over the fiscal year 2005; a discussion of the Bank's approach to lending in low income, and middle-income countries; the Bank's resources; and a summary of the Bank's lending by region, theme, and sector, such as environmental programs and infrastructure projects. This section also describes the Bank's partnerships with public...

The World Bank Annual Report 2006, Volume 2. Management's Discussion and Analysis; Banque Mondiale rapport annuel 2006 Banco Mundial informe anual 2006 Relatorio anual de 2006 do Banco Mundial

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Publications & Research :: World Bank Annual Report; Publications & Research :: Publication
Português
Relevância na Pesquisa
56.02%
This World Bank Annual Report for FY2006 notes that the past year saw both progress and continued challenges in the global fight against poverty and inequality. The Report discusses the following topical highlights: Debt relief for the poorest countries; targeting development in Africa; addressing governance and anticorruption issues globally; improving partnerships with the international community; quick responses to potential avian flu outbreaks; and disaster relief. There were 112 IBRD projects totaling $14.1 billion. The top three sectors for lending were Law and Justice and Public Administration; Transportation; and Energy and Mining. As for IDA concessional lending, 167 projects totaled $9.5 billion. The top three Sectors were Law and Justice and Public Administration; Transportation; and Health and Other Social Services. Non-lending Activities comprises 307 technical assistance activities; and 601 economic and sector work products. There were 16 major evaluations by the Independent Evaluation Group reviewing the Bank's performance on a range of activities including country assistance...

World Bank Lending and Financial Sector Development

Cull, Robert; Effron, Laurie
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research; Publications & Research :: Policy Research Working Paper
Português
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56.08%
Using a new database of World Bank loans to support financial sector development, the authors investigate whether countries that received such loans experienced more rapid growth on standard indicators of financial development than countries that did not. They account for self-selection with treatment effects regressions, and also use propensity score matching techniques. The authors' results indicate that borrowing countries had significantly more rapid growth in M2/GDP than non-borrowers, and swifter reductions in interest rate spreads and cash holdings (as a share of M2). Borrowers also had higher private credit growth rates than non-borrowers in treatment effects regressions, but not in standard panel regressions with fixed country effects. On the whole, however, the results indicate significant advantages for borrowers over non-borrowers in terms of financial development.

The Global Financial Crisis : Comparisons with the Great Depression and Scenarios for Recovery

Brahmbhatt, Milan; Da Silva, Luiz Pereira
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Brief; Publications & Research
Português
Relevância na Pesquisa
46.39%
A recent paper has highlighted some close correspondences between economic performance during the present world recession and that during the early months of the great depression that began in late 1929. World industrial production from April 2008 to April 2009 fell as rapidly as during the first year of the great depression, while stock market prices and world trade volumes have fallen more rapidly than in the comparable period. These comparisons lead Eichengreen and O'Rourke to draw the alarming conclusion that 'it's a depression alright.' They note, however, that fiscal and monetary policies are likely to be much more supportive of economic activity in the next 1-2 years than they were during the first few years of the great depression. The first part of this note outlines some other important structural differences between the world economy today and in the 1930s that are likely to affect how the present recession plays out relative to the great depression. The second part of the note discusses possible recovery paths out of the current crisis.

Financial Dollarization and Central Bank Credibility

Cowan, Kevin; Do, Quy-Toan
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
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56.07%
Why do firms and banks hold foreign currency denominated liabilities? The authors argue that foreign currency debt, by altering the effect of a devaluation on output, has a disciplining effect when the Central Bank's objectives differ from the social optimum. However, under imperfect information, bad priors about the Central Bank induce excess dollarization of liabilities, which in turn limits the ability of the Central Bank to conduct an optimal monetary policy. In addition the economy may become stuck in a "dollarization trap" in which dollarized liabilities limit the ability of agents to learn the true type of the monetary authority. The model has clear-cut policy implications regarding the taxation of foreign currency liabilities as a way to encourage perfect information and avoid dollarization traps. Moreover, it reinforces the existing argument for Central Bank independence. Finally, the authors believe this model to be consistent with a growing empirical literature on the determinants of foreign currency liabilities and their relationships to Central Bank credibility.