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Whither Latin American Capital Markets?

de la Torre, Augusto; Schmukler, Sergio
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
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85.95%
"Whither Latin American Capital Markets?" a study published by the Latin America and Caribbean Region of the World Bank in June 2004, analyzes the status and prospects for capital market development in Latin America. It reviews the evolution of securities markets in the region and related reforms and the factors driving their development. Importantly, the study analyzes not just domestic market activity, but also global capital markets trends, the participation of developing countries in those markets, and interactions and feedback loops between local and international markets.

Scaling-Up SME Access to Financial Services

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
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75.99%
Small and Medium Enterprises (SMEs) play a major role in economic development, particularly in emerging countries, but access to finance remains a key constraint to SME. In the light of the new understanding of the SME finance challenges that this report synthesizes, the Financial Inclusion Experts Group (FIEG) makes key recommendations for the G-20 leaders, in order to achieve a global scale-up of SME access to financial services in the developing world. The G-20 FIEG SME Finance Sub-Group executed a global SME Finance stocktaking exercise with various SME finance models to establish best practices in SME Finance.The report concludes that, given the fragmented SME finance data space, the G-20 has a unique opportunity to lead the collaborative effort on improving the availability and quality of SME finance data globally. This can be achieved through encouraging and coordinating the data collection efforts at regional, national, and global levels conducted by a multitude of sources including national governments/agencies and international organizations and effectively addressing the data collection challenges along the way to ensure continuity of these efforts moving forward.

The Financing and Growth of Firms in China and India : Evidence from Capital Markets

Didier, Tatiana; Schmukler, Sergio L.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
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76.07%
This paper studies the extent to which firms in China and India use capital markets to obtain financing and grow. Using a unique data set on domestic and international capital raising activity and firm performance, it finds that the expansion of financial market activity since the 1990s has been more limited than what the aggregate figures suggest. Relatively few firms raise capital. Even fewer firms capture the bulk of the financing. Moreover, firms that issue equity or bonds are different and behave differently from other publicly listed firms. Among other things, they are typically larger and grow faster. The differences between users and non-users exist before the capital raising activity, are associated with the probability of raising capital, and become more accentuated afterward. The distribution of issuing firms shifts more over time than the distribution of those that do not issue, suggesting little convergence in firm size among listed firms.

Access to Financial Services : A Review of the Issues and Public Policy Objectives

Claessens, Stijn
Fonte: Oxford University Press on behalf of the World Bank Publicador: Oxford University Press on behalf of the World Bank
Tipo: Artigo de Revista Científica
Português
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76.02%
This article reviews the evidence on the importance of finance for economic well-being. It provides data on the use of basic financial services by households and firms across a sample of countries, assesses the desirability of universal access, and provides an overview of the macroeconomic, legal, and regulatory obstacles to access. Despite the benefits of finance, the data show that use of financial services is far from universal in many countries, especially developing countries. Universal access to financial services has not been a public policy objective in most countries and would likely be difficult to achieve. Countries can, however, facilitate access to financial services by strengthening institutional infrastructure, liberalizing markets and facilitating greater competition, and encouraging innovative use of know-how and technology. Government interventions to directly broaden access to finance, however, are costly and fraught with risks, among others the risk of missing the targeted groups. The article concludes with recommendations for global actions aimed at improving data on access and use and suggestions on areas of further analysis to identify constraints to broadening access.

FYR Macedonia Policy-Based Guarantee : Supporting the Development Agenda and Strengthening Access to Capital Markets

Najdov, Evgenij
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
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126.1%
The ongoing global economic turmoil is seriously impeding client countries access to capital markets, with relatively little regard for the fundamentals of the countries involved. Growing risk aversion among investors has triggered a flight-to-quality that is affecting all but the safest assets (AAA-rated). Small, open, and developing economies in Europe and Central Asia, including FYR Macedonia, are being exceptionally hurt. Despite its history of prudent macroeconomic policies and progress on structural reforms, FYR Macedonia s access to capital markets has been virtually closed or available only on very unfavorable terms. Policy-Based Guarantees (PBG) help well-performing clients with a track record of macro stability and structural reforms mitigate market access risks while advancing a country s development policy dialogue. PBGs also have the added benefit of catalyzing private capital flows by alleviating critical risks. The PBG extended by the World Bank to FYR Macedonia ensured the country s access to markets in a virtually closed market environment and at highly competitive terms.

Enhancing Food Security in Afghanistan : Private Markets and Public Policy Options

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
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75.88%
This report analyzes some key aspects of food security, namely production, trade, markets and food aid at the national level, and consumption at the household level. In doing so it aspires to make a contribution to the on-going work in Afghanistan regarding the attainment of the poverty and hunger Millennium Development Goal. The major findings of the report can be summarized as follows: Food security (at the national level) does not necessarily require national self-sufficiency in wheat or other food staples, as long as the country has access to international markets. Rather, diversification into legal high-value crops and livestock products may be the most effective means of increasing food security, by generating foreign exchange and raising the incomes and purchasing power of the rural poor. In spite of very difficult conditions, wheat markets in Afghanistan have performed fairly well and private sector international trade has helped to stabilize supply and prices. Therefore, further developing the infrastructure and institutions to support wheat markets and facilitating private sector trade is called for and will enhance food security. At the household level...

Financial Sector Assessment Program - Lebanon : Capital Market Development Technical Note

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
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66.06%
Lebanese capital market is relatively small as the financial market is dominated by the banking sector. It is apparent that banks dominate financial intermediation in Lebanon to the extent it may inhibit the development of capital markets. Government sees the need to develop capital markets to help finance corporate growth and infrastructure development. It is incumbent on the Government to establish a comprehensive capital market development program, which includes efforts to increase supply and demand, strengthen supervision and enforcement, and must be accompanied by an effective outreach campaign, both domestically and internationally. On the demand side, creating a steady flow of investment into instruments with a long-term horizon, primarily from the pension and insurance sectors, will help grow the markets. Increased demand from institutional investors and issuance by large companies will attract more companies to the capital markets. All these efforts need to be complemented by the issuance of effective regulations...

Private Equity and Venture Capital in SMEs in Developing Countries : The Role for Technical Assistance

Divakaran, Shanthi; McGinnis, Patrick J.; Shariff, Masood
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
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66.06%
This paper discusses the constraints for private equity financing of small and medium enterprises in developing economies. In addition to capital, private equity investors bring knowledge and expertise to the companies in which they invest. Through active participation on the board of directors or in partnership with management, private equity investors equip companies with critical improvements in governance, financial accounting, access to markets, technology, and other drivers of business success. Although private equity investors could help to create, deepen, and expand growth of small and medium enterprises in developing economies, the vast majority of private equity in such markets targets larger or more established enterprises. Technical assistance, when partnered with private equity, can unlock more investor commitments and considerably enhance the ability of small and medium enterprises in emerging markets to raise private equity capital. Technical assistance provides funding that allows private equity funds to extend their reach to smaller companies. Technical assistance can mitigate some level of risk and increase the probability of successful investments by funding targeted operational improvements of investee companies. Dedicated technical assistance facilities financed by third parties...

Scaling-Up SME Access to Financial Services in the Developing World

International Finance Corporation
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Trabalho em Andamento
Português
Relevância na Pesquisa
75.99%
Small and medium enterprises (SMEs) play a major role in economic development, particularly in emerging countries. Access to finance remains a key constraint to SME development in emerging economies. Closing the credit gap for formal SMEs will be less daunting than for informal SMEs. The SME finance gap is the result of a mismatch between the needs of the small firms and the supply of financial services, which typically are easier for larger firms to access. Deficiencies in the enabling environment and residual market failures have motivated government interventions to foster SME access to financing. The stocktaking exercise confirms the rise in various parts of the world of specific business models aimed at providing financial services to SMEs in a cost-effective manner. Effective SME financing models can be implemented in different country and market environments, but greater outreach is achieved in the most developed environments for the financial sector. Although SME banking and microfinance models are successfully being rolled out in an increasing number of countries and regions...

Does Access to Foreign Markets Shape Internal Migration?

Hering, Laura; Paillacar, Rodrigo
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Trabalho em Andamento
Português
Relevância na Pesquisa
85.88%
This paper investigates how internal migration is affected by Brazil’s increased integration into the world economy. It analyzes the impact of regional differences in access to foreign demand on sector-specific bilateral migration rates between the Brazilian states for the years 1995 to 2003. Using international trade data, a foreign market access measure is computed at the sectoral level, which is exogenous to domestic migration. A higher foreign market access is associated with a higher local labor demand and attracts workers via two potential channels: higher wages and new job opportunities. Results show that both channels play a significant role in internal migration. Further, we find a heterogeneous impact across industries, according to their comparative advantage on the world market. However, the observed impact is driven by the strong reaction of low-educated workers to changes in market access. This finding is consistent with the fact that Brazil is exporting mainly goods that are intensive in unskilled labor.

Defense Industry Access to Capital Markets: Wall Street and the Pentagon, An Annotated Brief

David Berteau; Roy Levy; Guy Ben-Ari; Cornelia Moore
Fonte: Escola de Pós-Graduação Naval Publicador: Escola de Pós-Graduação Naval
Português
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85.89%
Proceedings Paper (for Acquisition Research Program); Private companies rely on cash raised from capital markets to finance their operations, including expenditures on long-term assets (such as facilities and equipment), independent research and development (IRAD), and retirement of old debt. Capital markets play a role in shaping the depth and breadth of the U.S. defense industry and the capabilities it has to offer, as well as in the cost of these capabilities to the Department of Defense. This paper presents interim findings of research on defense companies' access to capital markets. The research is ongoing, and a final version, including policy recommendations, will be presented at the May 2012 Naval Postgraduate School Annual Acquisition Symposium.

Low-Income Countries’ Access to Private Debt Markets

Hostland, Doug
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Publications & Research :: Policy Research Working Paper
Português
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66.08%
Private debt flows to developing countries surged to record levels over the period 2003-07. A few low-income countries have gained access to the international bond market but the bulk of the flows have continued to go to just a few large middle-income countries. Most low-income countries still heavily depend on concessional loans and grants from the official sector to meet their financing needs. The paper provides an overview of low-income countries' access to cross-border bank lending and bond issuance in the international market over the past few decades. It highlights some stylized facts that characterize salient features of low-income countries' experience in external borrowing from the private sector and discusses the various factors that influence governments' and corporations' decisions to seek external financing along with creditors' decisions to provide the financing. The paper concludes by assessing the prospects for low-income countries' access to private debt markets over the medium term.

Patterns of Financing During Periods of High Risk Aversion : How Have Latin Firms Fared in this Crisis So Far?

Didier, Tatiana
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Brief; Publications & Research
Português
Relevância na Pesquisa
66.09%
This note examines the extent to which firms in Latin America have been able to raise capital through debt and equity securities as well as syndicated loans, both abroad and domestically, since the onset of the 2008 global financial crisis. The public and the private sectors alike lost access to foreign sources of financing during the height of the turbulence. Furthermore, two months after the Lehman Brothers' collapse, only government owned firms and governments themselves were able to re-enter international markets to some extent and raise capital. Thus, the evidence suggests an important role for government guarantees in attracting foreign investors in times of high risk aversion. In domestic and syndicated loan markets, there has been a marked decrease in the total amount raised, although they have remained a viable option for the private sector in Latin America. To the extent possible, non-government borrowers have been able to raise capital in these markets and have generally met their rollover needs. In contrast...

New Private Infrastructure Projects in Developing Countries Have Started Being Affected by the Financial Crisis

Izaguirre, Ada Karina
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Brief; Publications & Research
Português
Relevância na Pesquisa
75.88%
New private activity continued to take place in developing countries in Aug-Nov 2008 with projects being developed, tendered, and taken to financial close, but at a rate that was about 40 percent lower than in the same period in 2007. The slowdown reflects an initial impact of the financial crisis which has made financing more onerous and difficult to secure as access to capital markets and bank lending has been reduced or halted and risk perception increased. Projects are facing higher cost of financing, but the major impact to date is project being delayed or cancelled. It is, however, too early to assess the full impact of the crisis on new Public-Private Investment (PPI) projects. Many investors and financiers are in a wait-and-see mindset and are likely to be so for the next 3 to 6 months or until the breadth and depth of the crisis impact become clearer. When financial markets bottom out or start to recover, project financing levels are likely to remain impacted over a significant period of time if the trends shown in previous financial crises are repeated. As the "flight to quality" sets in for banks and other financiers...

Ready for Growth : Solutions to Increase Access to Finance for Women-Owned Businesses in the Middle East and North Africa

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Publications & Research; Publications & Research :: Working Paper
Português
Relevância na Pesquisa
76.01%
The Middle East and North Africa (MENA) region is at one of the most critical turning points in its modern history. The Arab spring was driven by the desire for economic opportunity and justice in the face of poverty and unemployment. The development of strong economies that enable both women and men to enhance their livelihoods is crucial for the future of the region. The growth and success of women-owned businesses is one of the most profound changes in the business world today. There is no doubt that women are an emerging market force. However, many businesswomen are not accessing commercial credit, an essential driver of business success. Lack of access to finance and financial services is repeatedly identified as the major constraint for women business owners. This report 'ready for growth: solutions to increase access to finance for women-owned business in the Middle East and North Africa', is designed to shed a light on those barriers. It is the result of a unique International Finance Corporation (IFC) partnership with vital voices and the Middle East and North Africa Businesswomen's Network (MENA BWN). Its purpose is to fill a critical gap in our knowledge of what women-owned businesses need in terms of financial products and services. Building on our knowledge of how commercial banks currently reach the women's market...

Challenges to Enterprise Performance in the Face of the Financial Crisis : Eastern Europe and Central Asia

World Bank
Fonte: World Bank Publicador: World Bank
Tipo: Publications & Research :: Publication; Publications & Research :: Publication
Português
Relevância na Pesquisa
66.07%
This report takes stock of enterprise sector performance in the Europe and Central Asia (ECA) region and its key drivers: access to finance, infrastructure, and labor. It is the second of two complementary reports that examine selected trends emerging from the Business Environment and Enterprise Performance Survey (BEEPS) data that are of immediate policy relevance to ECA countries. Both reports draw primarily on information from data collected prior to the crisis. This report also uses data on employment and access to finance collected during the crisis in a subset of ECA countries. The global financial crisis has had enormous consequences for firms' access to finance, the availability of qualified workers, and the ability of governments to provide (and of private sector to obtain) reliable infrastructure services. The extent and impact of these constraints is yet to be determined but their presence at a time of economic growth suggests they may re-emerge during the post-crisis economic recovery. The BEEPS captures information on a number of aspects of the business environment. This report highlights the elements of firm finance...

Does Access to Finance Matter in Microenterprise Growth? Evidence from Bangladesh

Khandker, Shahidur R.; Samad, Hussain A.; Ali, Rubaba
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
Relevância na Pesquisa
75.89%
In less-developed economies such as Bangladesh, the farm sector is the major source of employment and income, while the rural nonfarm sector provides as an additional source of income. But the rural nonfarm sector increasingly plays an important role in fostering the development of the rural economy. A significant share of this sector is made up of microenterprise activities, which requires investment and access to adequate funds. This paper investigates the role access to finance plays in promoting the efficiency and growth of microenterprise activities. The findings suggest that households engaged in microenterprise activities, in addition to farm and other nonfarm activities, are much better off (in terms of income, expenditure and poverty) than those not engaged in such activities. Fewer than 10 percent of the enterprises have access to institutional finance (formal banks or microcredit), although the rate of return on microenterprise investments is more than sufficient (36 percent per year) to repay institutional loans. The research suggests that credit constraints may reduce the enterprises' profit margin by as much as 13.6 percent per year. As the returns to microenterprise investment are found to be high...

Stabilizing Intergovernmental Transfers in Latin America : A Complement to National/Subnational Fiscal Rules?

Gonzalez, Christian Y.; Rosenblatt, David; Webb, Steven B.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
Relevância na Pesquisa
75.84%
The traditional theory of fiscal federalism assigns the role of macroeconomic stabilization to the federal government. In addition to this long-standing theoretical result, there is empirical observation that federal governments in developing countries typically have cheaper and more stable access to capital markets, relative to subnational governments. Drawing on the recent experience of four large federal countries in Latin America-Argentina, Brazil, Colombia, and Mexico--the authors examine how intergovernmental transfers affect the division of the burden of stabilization across the levels of government, when the nation as a whole faces economic fluctuations. Imposing stabilizing rules on federal transfers that protect subnational governments from fluctuations in the business cycle can serve two purposes. During boom periods, stabilizing rules prevent subnational governments' tendency to increase inflexible expenditures. And during downturns, stabilizing rules place the burden of borrowing at the federal level-the level most appropriate for macroeconomic stabilization and often the level with superior access to credit. Despite the logic of these rules...

CATalytic Insurance : The Case of Natural Disasters

Cordella, Tito; Yeyati, Eduardo Levy
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Publications & Research :: Policy Research Working Paper
Português
Relevância na Pesquisa
86.06%
Why should countries buy expensive catastrophe insurance? Abstracting from risk aversion or hedging motives, this paper shows that catastrophe insurance may have a catalytic role on external finance. Such effect is particularly strong in those middle-income countries that face financial constraints when hit by a shock or in its anticipation. Insurance makes defaults less appealing, relaxes countries' borrowing constraint, increases their creditworthiness, and enhances their access to capital markets. Catastrophe lending facilities providing "cheap" reconstruction funds in the aftermath of a natural disaster weaken but do not eliminate the demand for insurance.

Aceh Growth Diagnostic : Identifying the Binding Constraints to Growth in a Post-Conflict and Post-Disaster Environment; Diagnosis pertumbuhan Aceh : mengidentifikasi hambatan-hambatan utama pertumbuhan ekonomi pasca konflik dan pasca bencana

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Policy Note; Economic & Sector Work
Português
Relevância na Pesquisa
76.03%
This report shows that some investors still perceive Aceh as a risky place to do business, despite being relatively peaceful for almost four years. Security incidents, relatively common in post-conflict environments, deter businesses and individuals from investing in Aceh, robbing the economy of necessary capital and innovation. Other consequences of the conflict, including forms of illegal taxation, also hurt investment. The Government of Aceh is aware that until businesses and people change their perceptions of security in Aceh and feel confident that they can reap the full benefits of their investments, little investment will be forthcoming. As a result, growth in the province will be limited and efforts to reduce poverty less effective. There are other problems affecting Aceh's economy. These include the business environment, access to capital and the quality of infrastructure. This report seeks to show how these different factors affect investment and growth, and provides recommendations on how the Government might prioritize and sequence policy changes to improve the investment climate.