Página 1 dos resultados de 4069 itens digitais encontrados em 0.039 segundos

‣ Financial Development and Survival of African Agri-food Exports

Jaud, Melise; Kukenova, Madina
Fonte: Banco Mundial Publicador: Banco Mundial
Português
Relevância na Pesquisa
67.73868%
This paper investigates the link between export survival of agri-food products and financial development. It tests the hypothesis that financial development differentially affects the survival of exports across products based on their need of external finance. The authors test whether exports of products that are relatively more reliant on external capital survive longer when initiated in more financially developed countries. The results suggest that agri-food products that require more external finance indeed sustain longer in foreign markets if the exporting country is more financially developed.

‣ Local Financial Development and Growth

Kendall, Jake
Fonte: Banco Mundial Publicador: Banco Mundial
Português
Relevância na Pesquisa
78.286685%
Using a unique sample of net domestic product data for districts in India, I investigate the connection between banking sector development, human capital, and economic growth at the sub-national level. Using disaggregate data avoids many of the omitted variable problems that plague cross-country studies of the finance-growth connection and facilitates an instrumentation strategy. The findings show that the growth of many districts in India is financially constrained due to lack of banking sector development, and that the relationship between finance and growth may be non-linear. For the districts in the sample, moving from the 75th percentile of credit/net domestic product to the 25th percentile implies an average loss of 4 percent in growth over the 1990s. This indicates that the gains from increased banking sector outreach may be large. The analysis shows that human capital deepening can reduce the effect of the financial constraint and help decouple growth from financial development. In a district at the 25th literacy percentile...

‣ Does Financial Openness Lead to Deeper Domestic Financial Markets?

Calderón, César; Kubota, Megumi
Fonte: Banco Mundial Publicador: Banco Mundial
Português
Relevância na Pesquisa
58.396875%
Advanced and emerging market economies have rapidly integrated into international capital markets and this growing globalization of financial markets has led to some important changes in the patterns of saving and investment across the world. The main goal of this paper is to test whether the cross-border asset trade has led to improvements in the intermediation of these savings -- that is, foster development of domestic financial markets. The authors have collected annual information on financial market development, financial openness, and other control variables for a sample of 145 countries for the period 1974-2007. Controlling for the likely endogeneity of financial openness, the analysis finds that rising financial openness expands private credit, bank assets, and stock market and private bond market development, and generates efficiency gains in the banking system. However, the impact of financial openness on domestic financial development may depend on the level of institutional quality, the extent of investor protection...

‣ Financial Development in Latin America : Big Emerging Issues, Limited Policy Answers

de la Torre, Augusto; Gozzi, Juan Carlos; Schmukler, Sergio L.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
Relevância na Pesquisa
68.092534%
This paper argues that the dominant policy paradigm on financial development is increasingly insufficient to address big emerging issues that are particularly relevant for financial systems in Latin America. This paradigm was shaped over the past decades by a fundamental shift in thinking toward market-based financial development and a complex process of financial crises interpretation. The result has been a richly textured policy paradigm focused on promoting financial stability and the convergence to international standards. It argues, however, that there is a growing dissonance between the current paradigm and the emerging issues, which is illustrated by discussing challenges in three areas: stock markets, small and medium enterprise loans, and defined-contribution pension funds. The paper concludes that the dominant policy paradigm is ill-suited to provide significant guidance in relation to the big emerging issues. It emphasizes the need to take a fresh look at the evidence, improve the diagnoses, revisit expectations, and revise the paradigm.

‣ Legal Institutions and Financial Development

Beck, Thorsten; Levine, Ross
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
Relevância na Pesquisa
67.82996%
A burgeoning literature finds that financial development exerts a first-order impact on long-run economic growth, which raises critical questions, such as why do some countries have well-developed growth-enhancing financial systems while others do not? The law and finance theory focuses on the role of legal institutions in explaining international differences in financial development. First, the law and finance theory holds that in countries where legal systems enforce private property rights, support private contractual arrangements, and protect the legal rights of investors, savers are more willing to finance firms and financial markets flourish. Second, the different legal traditions that emerged in Europe over previous centuries and were spread internationally through conquest, colonization, and imitation help explain cross-country differences in investor protection, the contracting environment, and financial development today. But there are countervailing theories and evidence that challenge both parts of the law and finance theory. Many argue that there is more variation within than across legal origin families. Others question the central role of legal tradition and point to politics...

‣ Ethiopia : Second Urban Local Government Development Program as a Program-for-Results Operation

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
Relevância na Pesquisa
58.198423%
The second Urban Local Government Development Program (ULGDP II) will enhance the institutional performance of participating ULGs in developing and sustaining urban infrastructure and services, through provision of three interlinked and mutually strengthening tools: (i) Performance-based investment grants, (ii) objective and neutral annual performance assessments, linked to the size of allocations and (iii) comprehensive capacity building support to the cities and to the regions to enhance their capacity in supporting ULGs as well as support to the implementing agency. The Ministry of Urban Development, Housing and Construction (MUDHCo, the Ministry) will be the agency in charge of the Program, as under ULGDP. The Ministry will be supported in areas of capacity building framework for regions, monitoring, reporting and project management and the Program also encompass capacity building to the Ministry to perform its core role related with the Program objectives.

‣ Does Local Financial Development Matter for Firm Lifecycle in India?

Ayyagari, Meghana; Demirguc-Kunt, Asli; Maksimovic, Vojislav
Fonte: World Bank Group, Washington, DC Publicador: World Bank Group, Washington, DC
Português
Relevância na Pesquisa
77.864014%
The differences in financial development across Indian states, while seeming substantial, have a minor effect on firm lifecycle and growth. These results hold controlling for differences in labor regulations across states, capital intensity, and for firms born before and after the major reforms. There is no evidence that firms in financially dependent industries have different lifecycle profiles or grow faster in financially developed states than underdeveloped states. Overall, firms in the formal manufacturing sector grow as they age whereas in the informal sector, firms have a declining lifecycle, but in both cases little evidence is found that financial institutions matter for firm lifecycle. The findings of this paper suggest that size and depth differences in financial development across Indian states are likely dwarfed by overall inefficiencies that characterize state-dominated financial systems, with important implications for the reforms of the Indian financial system going forward.

‣ Financial Development and Inclusive Growth : Attaining Shared and Sustainable Prosperity in Egypt

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
Relevância na Pesquisa
67.93394%
Better functioning financial systems foster economic growth, poverty alleviation; moreover, a more equitable distribution of economic opportunities enhances overall economic development. It is critical that financial development leads to inclusive growth. This brings us to certain key questions: Who benefits from a better financial system? Does financial development induce an increase in per capita Gross Domestic Product (GDP) only because the very rich are getting even richer? Does finance expand economic opportunities for the bulk of society? Economic theory suggests that finance shapes the distribution of economic opportunities. The financial system affects the degree to which a person s economic opportunities are defined. It influences who can launch a new business venture and who cannot, who can acquire education and who cannot, who can live in a neighborhood that fosters the cognitive and non-cognitive development of their children and who cannot, who can pursue one s economic dreams and who cannot. A more competitive...

‣ Local Sources of Financing for Infrastructure in Africa : A Cross-Country Analysis

Irving, Jacqueline; Manroth, Astrid
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Publications & Research :: Policy Research Working Paper
Português
Relevância na Pesquisa
58.403467%
With the exception of South Africa, local financial markets in sub-Saharan Africa remain underdeveloped and small, with a particular dearth of financing with maturity terms commensurate with the medium- to long-term horizons of infrastructure projects. But as financial market reforms gather momentum, there is growing awareness of the need to tap local and regional sources. Drawing on a comprehensive new database constructed for the purpose of this research, the paper assesses the actual and potential role of local financial systems for 24 African countries in financing infrastructure. The paper concludes that further development and more appropriate regulation of local institutional investors would help them realize their potential as financing sources, for which they are better suited than local banks because their liabilities would better match the longer terms of infrastructure projects. There are clear signs of positive change: private pension providers are emerging in Africa, there is a shift from defined benefit toward defined contribution plans...

‣ Republic of Togo : Urban and Peri-Urban Development and Policy Note

Amankwah-Ayeh, Kwabena
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Economic & Sector Work :: Policy Note; Economic & Sector Work
Português
Relevância na Pesquisa
58.192417%
This review concludes that for Togo's urban and peri-urban areas to sustainably grow, issues of urban governance and development need to be approached in a comprehensive manner, driven by well -guided policies developed in partnership with the people to support Sub-National Government Authorities and Entities(SGAs) in carrying out their functions efficiently. To meet evolving challenges of urbanization and decentralization, the Government of Togo (GoT) must rationalize the roles of various levels of government and agencies and limit their numbers to limit duplication, strengthen the capacities of relevant sector institutions and coordinate institutional actions and investments. It is further recommended that GoT must (i) clarify the roles and functions of national, prefectural, and local governments while ensuring that coordination functions between them work well; (ii) separate urban policy and regulatory functions from implementation of urban projects by allocating implementation responsibilities to private operators or qualified state agencies under performance-based arrangements; (iii) ensure proper allocation of taxing responsibilities...

‣ Financial Sector Assessment : Bangladesh

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Financial Sector Assessment Program (FSAP); Economic & Sector Work
Português
Relevância na Pesquisa
58.03816%
The Bangladesh financial system, particularly banking and microfinance, has grown and developed since 2003 against the backdrop of 6 percent average Gross Domestic Product (GDP) growth. Banks' total assets and private credit ratios to GDP have each increased by about one-third since the 2003 Financial Sector Assessment Program (FSAP). Bank deposits, as a percentage of GDP, are comparable to other South Asian countries. Private domestic banks now hold a majority of bank assets; the shares of state-owned commercial banks (SCBs) and specialized banks (SBs) have declined correspondingly. Bank branches, access to banking, and microfinance services have expanded substantially. Nonbanking financial institutions have also grown but remain small; banks s till account for over 90 percent of financial institutions' assets. Equity market listings and capitalization have grown substantially; market capitalization was equivalent to about 14 percent of GDP in December 2008. A government bond market is developing. Further sound financial development in the various parts of the financial sector...

‣ Global Financial Development Report 2013 : Rethinking the Role of the State in Finance

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Publications & Research :: Publication; Publications & Research
Português
Relevância na Pesquisa
67.819263%
The goal of this inaugural global financial development report is to contribute to the evolving debate on the role of the state in the financial sector, highlighted from the perspective of development. The report is aimed at a broad range of stakeholders, including governments, international financial institutions, nongovernmental organizations, think tanks, academics, private sector participants, donors, and the wider development community. The report offers policy advice based on research and lessons from operational work. The report benchmarks financial institutions and markets around the world, recognizing the diversity of modern financial systems. In its analysis of the state's role in finance, the report seeks to avoid simplistic, ideological views, instead aiming to develop a more nuanced approach to financial sector policy based on a synthesis of new data, research, and operational experiences. The report emphasizes that the state has a crucial role in the financial sector-it needs to provide strong prudential supervision, ensure healthy competition, and enhance financial infrastructure. Because the financial system is dynamic and conditions are constantly changing, regular updates are essential. Hence, this report should be seen as part of an ongoing project aimed at supporting systematic evaluation...

‣ The Little Data Book on Financial Development 2013

World Bank
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
Tipo: Publications & Research :: Publication; Publications & Research :: Publication
Português
Relevância na Pesquisa
67.98715%
The little data book on financial development 2013 is a pocket edition of the global financial development database published as part of the work on the global financial development report 2013: rethinking the role of the state in finance. The global financial development database is an extensive dataset of financial system characteristics for 203 economies. The database includes measures of (1) size of financial institutions and markets (financial depth), (2) degree to which individuals can and do use financial services (access), (3) efficiency of financial intermediaries and markets in intermediating resources and facilitating financial transactions (efficiency), and (4) stability of financial institutions and markets (stability). There is ample evidence on the role financial sector development plays in economic development, poverty alleviation and economic stability. However there are serious shortcomings associated with measuring the concept of the 'functioning of the financial system.' Recognizing the need for good data to better understand the concept of financial development...

‣ State Financial Institutions : Mandates, Governance, and Beyond

Rudolph, Heinz P.
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Publications & Research :: Policy Research Working Paper
Português
Relevância na Pesquisa
58.08884%
There is no doubt that on average the performance of state financial institutions around the world has been below the lowest expectations. Lack of governance, management skills, regulation, and transparency, and misguided incentives have contributed to discredit these institutions for supporting the development of local financial markets. However, the pro-active role that some state financial institutions have played in the recent crisis in allocating credit to sectors cyclically not attractive for commercial banks has brought back the question of whether some state ownership in the banking system would be preferable. This paper analyzes the experience of four state financial institutions that have performed relatively well in the past: Canada's Business Development Bank, Chile's BancoEstado, South Africa's Development Bank of Southern Africa, and Finland's Finnvera plc. The author finds that these institutions have different checks and balances to mitigate eventual mismanagement of resources. The author also finds that little progress has been made in measuring the policy performance of these institutions.

‣ Decentralization and Local Democracy in the World : First Global Report by United Cities and Local Governments 2008

United Cities and Local Government; World Bank
Fonte: Washington, DC: United Cities and Local Government and the World Bank Publicador: Washington, DC: United Cities and Local Government and the World Bank
Tipo: Publications & Research :: Publication; Publications & Research :: Publication
Português
Relevância na Pesquisa
58.29814%
This overall picture of decentralization and local democracy in African countries shows significant progress at the strictly institutional level. No country now publicly opposes the implementation of decentralization policies. Local governments exist in all countries, and elections are held to elect local authorities. The extent of such progress must, however, be set against a number of persistent obstacles that continue to hinder a real progression of decentralization in Africa. Difficulties remain within states concerning the transfer of financial resources needed to match the devolved responsibilities. Local governments also face difficulties in increasing their own resources (aside from state-transfers and grants) at a faster pace. Ensuring the availability of qualified human resources at the local level and improving public access to local services are also fundamental issues of concern.

‣ Financial Development in Latin America and the Caribbean : Stylized Facts and the Road Ahead

Didier, Tatiana; Schmukler, Sergio L.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
Relevância na Pesquisa
67.993247%
The paper documents the major trends in financial development in Latin America and the Caribbean since the early 1990s. The paper compares trends in Latin America and the Caribbean with those in Asia, Eastern Europe, and advanced countries and compares countries within Latin America and the Caribbean. The findings show that financial systems in the Latin America and the Caribbean region have become more diversified and more complex. In particular, domestic financial systems have become less bank-based, with bond and stock markets playing a larger role; institutional investors have gained some space in channeling domestic savings, thus increasing the availability of funds for investment in capital markets; and several economies in the region have started to reduce currency and maturity mismatches. Nonetheless, a few large companies continue to capture most of the domestic savings. And because these trends have unfolded more slowly than pro-market reformers had envisioned, broad, market-based financial systems with dispersed ownership have yet to materialize fully in the region. As a result...

‣ Financial Development in Asia : Beyond Aggregate Indicators

Didier, Tatiana; Schmukler, Sergio L.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
Relevância na Pesquisa
68.3142%
This paper documents the major trends in financial development in Asia since the early 1990s and the spillovers to firms. It compares Asia with advanced and emerging countries and uses both aggregate and disaggregate indicators. Financial systems in Asia remain less developed than in advanced countries but more developed than in Eastern Europe and Latin America. Bond and stock markets play a larger role and institutional investors have gained importance. Nonetheless, capital-raising activity has not expanded. A few large companies capture most of the issuances. Many secondary markets remain illiquid. The public sector captures a significant share of bond markets. The largest advancements in Asia occurred in China and India. But still in these countries, few large companies use capital markets to expand and grow, becoming much larger than nonuser firms. In sum, Asia's financial systems remain less developed than aggregate measures suggest, with few spillovers to many firms.

‣ The Effects of Financial Development on Foreign Direct Investment

Desbordes, Rodolphe; Wei, Shang-Jin
Fonte: World Bank Group, Washington, DC Publicador: World Bank Group, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
Relevância na Pesquisa
67.896206%
This paper examines how financial development influences foreign direct investment. The direct and indirect sector-specific effects that source countries' financial development and destination countries' financial development can have on foreign direct investment are first identified in a conceptual framework. The presence and relative strength of these various channels of influence at the different margins of foreign direct investment are then empirically investigated using unique and underexploited sector-specific bilateral panel data on greenfield foreign direct investment over the period 2003-2006. Causality is established by applying a difference-in-differences approach that exploits the variation in financial vulnerability across manufacturing sectors. The overall effects of higher source countries' financial development and destination countries' financial development on the relative volume of bilateral foreign direct investment in financially vulnerable sectors are large, positive, and complementary. These effects appear to operate mainly at the intensive margin rather than at the extensive margin of foreign direct investment. There is also evidence of direct and indirect effects of financial development. The key findings are robust to the use of data on the number of bilateral Mergers\&Acquisitions transactions. Overall...

‣ Do Workers’ Remittances Promote Financial Development?

Aggarwal, Reena; Demirgüç-Kunt, Asli; Martinez Peria, Maria Soledad
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
Relevância na Pesquisa
67.92492%
Workers' remittances to developing countries have become the second largest type of flows after foreign direct investment. The authors use data on workers' remittance flows to 99 developing countries from 1975-2003 to study the impact of remittances on financial sector development. In particular, they examine whether remittances contribute to increasing the aggregate level of deposits and credit intermediated by the local banking sector. This is an important question considering the extensive literature that has documented the growth-enhancing and poverty-reducing effects of financial development. The findings provide strong support for the notion that remittances promote financial development in developing countries.

‣ Financial Development in Latin America and the Caribbean : The Road Ahead; El desarrollo financier en America Latina y el Caribe : el camino por delante

de la Torre, Augusto; Ize, Alain; Schmukler, Sergio L.
Fonte: World Bank Publicador: World Bank
Tipo: Publications & Research :: Publication; Publications & Research :: Publication
Português
Relevância na Pesquisa
58.20448%
The financial systems of the Latin America and the Caribbean region (LAC) are at a crucial juncture. After a history of recurrent instability and crisis (a trademark of the region), they now seem well poised for rapid expansion. Since the last wave of financial crises that swept through the region in the late 1990s and early 2000s, financial systems in LAC have continued to gain in soundness, depth, and diversity. The size of banking systems has increased, albeit from a low base; local currency bond markets have greatly developed, both in volumes and in reach over the yield curve; stock markets have expanded; and derivative markets particularly currency derivatives have grown and multiplied. Institutional investors have become more important relative to banks, making the financial system more complex and diversified. Importantly, much progress has been made in financial inclusion, particularly through the expansion of payments, savings, and credit services to lower income households and microenterprises. As evidence of their new soundness and resiliency...