Financial Markets and Development: The Crisis in Emerging Markets

Brookings Institution Press
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This volume brings together market practitioners, policymakers, development specialists, and academics from developed and emerging market countries to examine the underlying causes of the Asian financial crisis and ways of preventing future crises in emerging markets. Contents of the volume include: •"The Asian Crisis: Causes and Consequences" by Richard Cooper, Harvard University •"A Closer Look at Equity Flows to Emerging Markets" by Michael Barth, Capital Markets Development Department, The World Bank, and Konstantinos Tsatsaronis, Monetary and Economic Department, Bank for International Settlements •"Corporate Governance and the Treatment of Minority Shareholders," by Kenneth Scott, Stanford Law School •"Foreign Investment in Asia" by Jarrod Wilcox, PanAgora Asset Management •"The Future of Emerging Markets Investing" by Michael Adler, Columbia Graduate School of Business •"Lessons of the Asian Crisis for Latin America" by Sebastian Edwards, University of California at Los Angeles •"Global Capital Markets: What Do They Mean?" by Ian Giddy, Stern School of Business, New York University Copublished with the World Bank
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About the author

Alison Harwood is a director with the Barents Group of KPMG Peat Marwick, where she designs and directs projects to develop capital markets, particularly in Eastern Europe. Previously, she worked at the Harvard Institute for International Development and at the Federal Reserve Bank of New York. Robert E. Litan is a senior fellow in Economic Studies at Brookings and vice president for research and policy at the Kauffman Foundation. Michael Pomerleano is lead financial specialist in the Financial Sector Operations and Policy Department of the World Bank.

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Publisher
Brookings Institution Press
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Published on
Dec 1, 2010
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Pages
420
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ISBN
9780815716204
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Language
English
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Genres
Business & Economics / Economic Conditions
Political Science / World / Asian
Social Science / Developing & Emerging Countries
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This content is DRM protected.
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The Future of Domestic Capital Markets in Developing Countries addresses the challenges that countries face as they develop and strengthen capital markets. Based on input from the world's most prominent capital market experts and leading policymakers in developing countries, this volume represents the latest thinking in capital market development. It captures the views of a global gathering of experts, with perspectives from developing and developed countries, from all regions of the world, from the public and private sector.

This volume should be of interest to senior financial sector policymakers from developed and developing countries in securities and exchange commissions, regulators, central banks, ministries of finance, and monetary authorities; private sector executives in stock exchanges, bond markets, venture capital markets, and investment funds; and researchers and academicians with an interest in capital market development in emerging markets. What are the key factors threatening the development and survival of stock exchanges in developing countries? What domestic strategies are needed to protect the future of local markets? Should exchanges consider linkages or alliances? Merging with, or buying up, other exchanges? Demutualization? The volume provides practical guidance on strategies such as nurturing issuers, improving rules and institutions, addressing regulatory challenges, and sequencing reforms. The contributors address a variety of country experiences, and suggest steps that policymakers and practitioners in emerging markets can take to promote an orderly transition toward efficient, well-regulated, and accessible capital markets.

Contributors include Reena Aggarwal (Georgetown University), Alexander S. Berg (World Bank), Alan Cameron (Sydney Futures Exchange), Olivier Fremond (PSACG), Amar Gill (Credit Lyonnais Securities Asia), Gerd Hausler (IMF), Jack Glen (International Finance Corporation), Peter Blair Henry (Stanford University Graduate School of Business), Patricia Jackson (Bank of England), Ruben Lee (Oxford Finance Group), Robert Litan (Brookings Institution), Clemente Luis del Valle (Securities and Exchange Commission of Colombia), Sanket Mohapatra (Columbia University), Alberto Musalem (World Bank), Dilip Kumar Ratha (World Bank), Ajit Singh (University of Cambridge), Philip Suttle (DECPG), V. Sundararajan (IMF), Thierry Tressel (IMF), Philip Turner (Bank for International Settlements), and Piero Ugolini (IMF).

The Future of Domestic Capital Markets in Developing Countries addresses the challenges that countries face as they develop and strengthen capital markets. Based on input from the world's most prominent capital market experts and leading policymakers in developing countries, this volume represents the latest thinking in capital market development. It captures the views of a global gathering of experts, with perspectives from developing and developed countries, from all regions of the world, from the public and private sector.

This volume should be of interest to senior financial sector policymakers from developed and developing countries in securities and exchange commissions, regulators, central banks, ministries of finance, and monetary authorities; private sector executives in stock exchanges, bond markets, venture capital markets, and investment funds; and researchers and academicians with an interest in capital market development in emerging markets. What are the key factors threatening the development and survival of stock exchanges in developing countries? What domestic strategies are needed to protect the future of local markets? Should exchanges consider linkages or alliances? Merging with, or buying up, other exchanges? Demutualization? The volume provides practical guidance on strategies such as nurturing issuers, improving rules and institutions, addressing regulatory challenges, and sequencing reforms. The contributors address a variety of country experiences, and suggest steps that policymakers and practitioners in emerging markets can take to promote an orderly transition toward efficient, well-regulated, and accessible capital markets.

Contributors include Reena Aggarwal (Georgetown University), Alexander S. Berg (World Bank), Alan Cameron (Sydney Futures Exchange), Olivier Fremond (PSACG), Amar Gill (Credit Lyonnais Securities Asia), Gerd Hausler (IMF), Jack Glen (International Finance Corporation), Peter Blair Henry (Stanford University Graduate School of Business), Patricia Jackson (Bank of England), Ruben Lee (Oxford Finance Group), Robert Litan (Brookings Institution), Clemente Luis del Valle (Securities and Exchange Commission of Colombia), Sanket Mohapatra (Columbia University), Alberto Musalem (World Bank), Dilip Kumar Ratha (World Bank), Ajit Singh (University of Cambridge), Philip Suttle (DECPG), V. Sundararajan (IMF), Thierry Tressel (IMF), Philip Turner (Bank for International Settlements), and Piero Ugolini (IMF).

Public rhetoric in the United States has always laid heavy stress on the obligations of citizenship. Bill Clinton praised the idea of service, and so does George W. Bush. Since September 11, the debate over service and the obligations of citizenship has become even more urgent. United We Serve gathers many diverse voices on civic life and civic obligation to explore the idea of national service as it relates to citizenship. Activists and practitioners discuss the rise of the service movement, its practical successes, and its challenges. Policymakers and political leaders explore the links between service and problem solving. Political scientists and philosophers connect the service debate to larger concerns about democratic participation. The book also includes a lively debate over whether the U.S. should reconsider compulsory national service. The discussion about service is a debate over how Americans think of themselves and their nation—and about what the "new patriotism" means. Contributors include: Daniel Blumenthal, Harry Boyte, John M. Bridgeland, Louis Caldera, Bruce Chapman, former President Bill Clinton, Charles Cobb Jr., Jane Eisner, Jean Bethke Elshtain, William Galston, Stephen Goldsmith, Robert D. Haas, Stephen Hess, Peter D. Hart and Mario A. Brossard, Alan Khazei, John Lehman, Leslie Lenkowsky, Paul C. Light, Michael Lind, Tod Lindberg, Will Marshall and Marc Magee, Senator John McCain, Charles Moskos, Robert Putnam, Representative Charles Rangel, Alice M. Rivlin, Michael Schudson, Mark Shields, Carmen Sirianni, Theda Skocpol, Andrew L. Stern, Jeff Swartz, Steven Waldman, Caspar Weinberger, David Winston, Harris Wofford, and Robert Wuthnow.
Public rhetoric in the United States has always laid heavy stress on the obligations of citizenship. Bill Clinton praised the idea of service, and so does George W. Bush. Since September 11, the debate over service and the obligations of citizenship has become even more urgent. United We Serve gathers many diverse voices on civic life and civic obligation to explore the idea of national service as it relates to citizenship. Activists and practitioners discuss the rise of the service movement, its practical successes, and its challenges. Policymakers and political leaders explore the links between service and problem solving. Political scientists and philosophers connect the service debate to larger concerns about democratic participation. The book also includes a lively debate over whether the U.S. should reconsider compulsory national service. The discussion about service is a debate over how Americans think of themselves and their nation—and about what the "new patriotism" means. Contributors include: Daniel Blumenthal, Harry Boyte, John M. Bridgeland, Louis Caldera, Bruce Chapman, former President Bill Clinton, Charles Cobb Jr., Jane Eisner, Jean Bethke Elshtain, William Galston, Stephen Goldsmith, Robert D. Haas, Stephen Hess, Peter D. Hart and Mario A. Brossard, Alan Khazei, John Lehman, Leslie Lenkowsky, Paul C. Light, Michael Lind, Tod Lindberg, Will Marshall and Marc Magee, Senator John McCain, Charles Moskos, Robert Putnam, Representative Charles Rangel, Alice M. Rivlin, Michael Schudson, Mark Shields, Carmen Sirianni, Theda Skocpol, Andrew L. Stern, Jeff Swartz, Steven Waldman, Caspar Weinberger, David Winston, Harris Wofford, and Robert Wuthnow.
October 1998 Empirical findings about corporate finance support Krugman's view that crony capitalism lay at the core of Asia's recent financial crisis. Implicit government guarantees and poor banking supervision led to poor decisions about credit allocation in Asia's banking-dominated financial systems. Explanations of what caused the Asian crisis have focused on macroeconomic factors. Pomerleano offers a complementary perspective focusing on corporate distress and corporate finance. He presents key ratios for companies in various countries. Using global benchmarking, he imposes a consistent cross-border analysis of financial risk and performance. He provides a statistical review of corporate financial practices and performance in Hong Kong, Indonesia, the Republic of Korea, Malaysia, the Philippines, Taiwan (China), and Thailand - benchmarked against corporate financial data for other countries in Latin America and for four industrial countries: France, Germany, Japan, and the United States. One common pattern emerges from the analysis: unsustainable rapid (and probably excessive) investment in fixed assets financed by excessive borrowing in some Asian countries (for example, Indonesia, Korea, and Thailand). The result of the East Asian investment spending spree was poor profitability, reflected in low and declining returns on equity and capital. At the core of the corporate crisis were financial excesses that violated prudent financial practices and eventually led to the inevitable financial distress. The empirical findings support Krugman's view: that crony capitalism lay at the core of the crisis. Crony capitalism was manifested in poor policies-implicit government guarantees and poor banking supervision-that led to poor decisions about credit allocation in the banking-dominated financial system. Preliminary findings also suggest vast differences in economic value-added among countries (both industrial and developing). In an era of increasing capital mobility, corporations are not adhering to global standards in creating shareholder value. The implications for enhanced regulation and supervision of the financial system are unmistakable. The recent introduction of improved loan classification systems and capital adequacy norms are encouraging first steps toward better regulation and supervision. But they must be supplemented by an improved regulatory framework and better enforcement. This paper is a product of the Development Prospects Group, Office of the Senior Vice President, Development Economics. The author may be contacted at mpomerleano@worldbank.org.
When it came into force in 1994, the North American Free Trade Agreement (NAFTA) joined the economic futures of Canada, Mexico, and the United States, with systematic rules governing trade and investment, dispute resolution, and economic relations. However, economic integration among the three countries extends considerably beyond trade and investment. The NAFTA agreement takes a very narrow view of integration, barely addressing such vital issues as immigration policy and labor markets, the energy sector, environmental protection, and law enforcement. The governments of Canada, Mexico, and the United States now must confront the question of whether NAFTA is enough. Do they want to keep their trilateral relationship focused on economic matters or are they interested in integrating more deeply—perhaps initiating a process to build a North American Community similar to the European Union? This volume contains thoughtful discussions about the future of North America by knowledgeable experts from each of the three countries. Robert Pastor has written one of the more comprehensive books on the subject, Toward a North American Community (Institute for International Economics, 2001). Andrés Rozental is an ambassador at large for Mexico and president of Consejo Mexicano de Asuntos Internationacionales, the country's leading foreign policy association in Mexico. Perrin Beatty is a former foreign minister of Canada and currently the president and CEO of the Canadian Manufacturers and Exporters. The governments of Canada, the United States, and Mexico face thorny challenges as they decide whether and how to accelerate smooth, and institutionalize the integration process. Pastor, Rozenthal, and Beatty encourage greater dialogue among the three governments and their citizens, as well as more systematic thinking among policymakers and citizens about the promise and challenges of further North American integration. This volume considers the promise and challenges of further North American integration, including: - migration, security cooperation, and cross-border commerce - the establishment of a permanent North American Court on Trade and Investment, to replace the current ad hoc tribunals -the possibility of widening NAFTA to incorporate countries in Central America and the Caribbean -collaboration in dealing with criminal drug trafficking, environmental protection, energy and water management, and transportation, communications and other infrastructure development.
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