Essays On Stock Markets Policy And Growth In Emerging Markets

DOWNLOAD

Download Essays On Stock Markets Policy And Growth In Emerging Markets PDF/ePub or read online books in Mobi eBooks. Click Download or Read Online button to get Essays On Stock Markets Policy And Growth In Emerging Markets book now. This website allows unlimited access to, at the time of writing, more than 1.5 million titles, including hundreds of thousands of titles in various foreign languages. If the content not found or just blank you must refresh this page

Essays On Stock Markets Policy And Growth In Emerging Markets

DOWNLOAD
Author : Sara Jane Zervos
language : en
Publisher:
Release Date : 1995

Essays On Stock Markets Policy And Growth In Emerging Markets written by Sara Jane Zervos and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995 with Banks and banking categories.

Financial Crises In Emerging Markets

DOWNLOAD
Author : Reuven Glick
language : en
Publisher: Cambridge University Press
Release Date : 2001-04-23

Financial Crises In Emerging Markets written by Reuven Glick and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001-04-23 with Business & Economics categories.

The essays in this volume analyze causes of financial crises in emerging markets and different policy responses.

Emerging Equity Markets

DOWNLOAD
Author : Mr.Robert Alan Feldman
language : en
Publisher: International Monetary Fund
Release Date : 1994-03-01

Emerging Equity Markets written by Mr.Robert Alan Feldman and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994-03-01 with Business & Economics categories.

Since the mid-1980s, there has been a very substantial increase in stock market activity in many developing countries. This paper first examines the main characteristics of the emerging stock markets, and illustrates the evolution of equity prices in these markets over the last decade. It then discusses the reasons for the markets’ growth and assesses the extent to which domestic policies, as well as external factors, have played a role. This is followed by a discussion of the likely benefits of these markets; the effects which any abrupt correction in stock prices could have for the economy; and the ways in which these markets can be made more efficient.

Stock Markets In Developing Countries

DOWNLOAD
Author : Mansoor Dailami
language : en
Publisher: World Bank Publications
Release Date : 1990

Stock Markets In Developing Countries written by Mansoor Dailami and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 1990 with Capital market categories.

With foreign capital funds dwindling, governments in many developing countries-- with increased Bank support-- are looking to develop capital markets to provide risk capital for the corporate sector. But first, some basic issues must be empirically explored.

Economic Growth Capital Structures And Market Interdependence

DOWNLOAD
Author : Sumit Agarwal
language : en
Publisher:
Release Date : 1999

Economic Growth Capital Structures And Market Interdependence written by Sumit Agarwal and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Capital investments categories.

The Politics Of Equity Finance In Emerging Markets

DOWNLOAD
Author : Kathryn C. Lavelle
language : en
Publisher: Oxford University Press
Release Date : 2004-10-14

The Politics Of Equity Finance In Emerging Markets written by Kathryn C. Lavelle and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-10-14 with Business & Economics categories.

Emerging market stock issuance relative to GDP rose in the late twentieth century to levels that roughly matched that of advanced, industrial markets. Nonetheless, the connection between owning shares of emerging market stock and the ability to influence the management of these firms remains fundamentally different from the analogous institutional connection that has evolved in industrial markets. The reasons for the differences in emerging markets are both historical and political in nature. That is, local equity markets have had the objective of providing for some degree of local ownership and control of large economic entities since the late nineteenth century. However, local markets have operated under different global political structures since that time, ranging from imperialism, to world wars, to sovereign developmental states, to neo-liberal states. Shares issued under these different structures have been reconfigured over time, resulting in a lack of convergence along either the Anglo-American or Continental models of corporate governance. The author uses a political science paradigm to explain the growth of emerging equity markets. She departs from conventional economic explanations and examines politics at the micro-level of large issues of emerging market stock. The second half of the book presents case studies dealing with emerging market countries in Latin America, Asia, Russia and Eastern Europe, Africa and the Middle East. The case studies connect the regional, state, and firm levels to detail the multiple ownership and control arrangements, and to dispel the notion that mere quantitative growth of these markets will lead to a convergence in financial institutional structures along the lines of the industrial core of the world economy.

Essays On Monetary Policy In Emerging Market Economies

DOWNLOAD
Author : Phakawa Jeasakul
language : en
Publisher:
Release Date : 2011

Essays On Monetary Policy In Emerging Market Economies written by Phakawa Jeasakul and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with categories.

This dissertation addresses a number of important monetary policy issues in emerging markets, which are primarily related to capital flows and exchange rate movements and largely motivated by Thailand's experience. Thus, Chapter 1 reviews background information on Thailand's macroeconomic developments in the context of large and rapid exchange rate appreciation during 2006-2008. Chapter 2 develops a micro-founded macroeconomic model in which sterilized foreign-exchange (FX) interventions are effective in influencing currency movements as well as real allocations. The effectiveness of FX interventions rests on the existence of liquidity benefits from holding financial assets. The analysis shows that such sterilized FX interventions can affect the domestic interest rate relevant for the consumption-saving decision through the change in the financial system's liquidity condition even when the policy interest rate is held constant. Simulation exercises based on the calibration aiming to capture the Thai economy suggest that the reliance on sterilized FX interventions to deal with capital flows can be welfare-improving, mainly due to liquidity benefits. However, the effect of liquidity-based sterilized FX interventions on the exchange rate dynamics is small. Furthermore, an accommodative interest rate policy appears essential for sterilized FX interventions to be fully effective. Chapter 3 examines the viability of capital controls on inflows following Thailand's experience which experienced a stock market crash in consequence of the introduction of the unremunerated reserve requirement measure in December 2006. Both theoretical analysis and empirical evidence suggest that the predominant factor for the stock market crash was the punitive implicit tax rate that made any new foreign investment in the domestic stock market unprofitable. Occurring as a result of limited foreign participation, a revaluation of systematic risks relevant for idiosyncratic risk pricing as well as a reduction in stocks' liquidity led to a sharp increase in the equity premium. Consequently, share prices declined substantially. The importance of these two channels in triggering the stock market crash was largely supported by the findings that difference in covariances and trading frequency appear as the most important explanatory variables for changes in share prices across firms during the stock market collapse and rebound. In short, capital controls should remain a viable policy option provided that they are well-designed. Chapter 4 illustrates how to apply the methodology developed by Obstfeld and Rogoff (2005) and (2007) to estimate the magnitude of exchange rate fluctuations required for absorbing changes in financial flows in addition to facilitating adjustments of the current account towards its medium-term position, with a particular focus on analyzing Thailand's exchange rate fluctuations in the past two decades. The simulation-based analysis points out that the Thai baht has been heavily influenced by the development of capital flows, and also suggests that some exchange rate misalignments were evident over certain time periods. Specifically, the Thai baht seemed relatively weak during 1999-2001, consistent with the export-led growth model propelled by a competitive exchange rate value, but it then appeared justifiably strong in 2006 when the Bank of Thailand seriously concerned about large and rapid currency appreciation. Nevertheless, the dynamics of the Thai baht over the past year has become more aligned with underlying factors that drive exchange rate movements.

Essays On Monetary Policy In Emerging Markets

DOWNLOAD
Author : Magnus Saxegaard
language : en
Publisher:
Release Date : 2006

Essays On Monetary Policy In Emerging Markets written by Magnus Saxegaard and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Economics categories.

Three Essays On Capital Inflows To Emerging Markets

DOWNLOAD
Author : Sungcheol Kim
language : en
Publisher:
Release Date : 2019

Three Essays On Capital Inflows To Emerging Markets written by Sungcheol Kim and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.

This dissertation examines the determinants of portfolio inflows to emerging market economies with a special focus on Korea. Chapter 1, "The Determinants of Disaggregated Capital Inflows to Korea", studies the key factors in determining portfolio investment flows to Korea from four separate investment groups: global banks, mutual funds, securities companies, and pension companies. I sort the total portfolio investment flows by each investment group such as global banks, mutual funds, securities companies, and pension companies. The US industrial production index, TED spread, and VIX are included as push factors and the Korean industrial production index, Korean bond rate, Korean stock index, and exchange rate are considered as pull factors. From the structural VAR model with dummy variables, this paper finds that portfolio investment flows to Korea are more affected by push factors during the crisis while they are more dependent on pull factors after the crisis. Portfolio investment flows to the stock market are affected mainly by the domestic stock market and global risk appetite while portfolio investment flows to the bond market react more strongly to US output growth and the domestic interest rate. Finally, this paper finds that the properties of capital inflows from each institution are quite different. For example, securities and mutual funds are more responsive to the stock market index, while insurance and pension companies are more sensitive to domestic output growth. Chapter 2, "The Determinants of Capital Inflows from Each Country", analyzes the determinants of portfolio flows to Korea using portfolio flows from each economy to Korea as the dependent variable. For the empirical model, the investor country factor was added to the existing push-pull approach, and a panel VAR model was used as the estimation method. The results suggest that investor country factors such as shocks on the interest rate and stock market in the investor country are the most important determinants to portfolio flows from advanced economies (AEs) while pull factors of recipient countries mainly drive the portfolio flows from emerging market economies (EMEs). The impact on the stock market is the dominant factor during the Fed's expansionary monetary policy, while the effects of the interest rate are the most important factor after the end of the QE. The results also show that portfolio flows from AEs respond positively to the impact of the investor country's stock market, while those from EMEs respond negatively. This study supports recent findings that the impact of the drivers on the capital flows is dependent on economic conditions and is time-varying. Chapter 3, "The International Spillovers of US Monetary Policy on Capital Flows to Emerging Market Economies", studies the impact of the US Fed's monetary policy on portfolio flows to the emerging economies, differentiating across the investor economies and type of flows. This paper also compares the effects of US monetary policy before and after the end of Quantitative Easing (QE). The results show that equity flows were retrenched to the US and AEs in response to the announcement of QE1 while the total impact of the Quantitative Easing increased the capital inflows to the emerging markets from the advanced economies. This chapter also finds that the response of portfolio flows in response to US monetary policy is conditional on the stance of US monetary policy. The findings build a bridge on the recent controversy over determinants of capital inflows by showing that QE has a significant impact on the capital inflows to EMEs, and its effects are related to the business cycle.

Essays On The Financial Market Efficiency Of Emerging Markets

DOWNLOAD
Author : Chiwon Yom
language : en
Publisher:
Release Date : 2001

Essays On The Financial Market Efficiency Of Emerging Markets written by Chiwon Yom and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Developing countries categories.