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).
With a five-year presidency, Préval now has the opportunity to reconstruct and remold the Haitian state, to raise Haitian living standards, and to create a new political culture of democracy and tolerance. The future of his country, and the success of Haiti's last best chance to break its chains of poverty, desperation, and deprivation, depend on the choices that he and his colleagues make in the months ahead.
The context of those choices is stark. Haiti remains the poorest and least industrialized nation in the Western Hemisphere. The Préval government thus has much to do. This book provides an agenda for Préval and his successors, one that examines both Haiti's political culture--its historical legacy and what that means for future reconstruction--and many of its most critical political, economic, and social challenges.
In addition to Rotberg, the contributors include: Patrick Bellegarde-Smith, University of Wisconsin, Milwaukee; Anthony V. Cantanese, DePauw University; Robert Fatton, Jr., University of Virginia; Clive Gray, Harvard Institute for International Development; Michel S. Laguerre, University of California, Berkeley; Mats Lundahl, Stockholm School of Economics; Robert Maguire, Inter-American Foundation, Jennifer McCoy, Georgia State University; William G. O'Neill, former Director of the Legal Department of the OAS/UN International Civilian Mission in Haiti; Robert A. Pastor, Carter Center; Marc Prou, University of Massachusetts, Boston; Donald E. Schultz, U.S. Army War College; and Michel-Rolph Trouillot, Johns Hopkins University.
A Brookings Institution and World Peace Foundation copublication
Eight countries in East Asia--Japan, South Korea, Taiwan, Hong Kong, Singapore, Thailand, Malaysia, and Indonesia--have become known as the "East Asian miracle" because of their economies' dramatic growth. In these eight countries real per capita GDP rose twice as fast as in any other regional grouping between 1965 and 1990. Even more impressive is their simultaneous significant reduction in poverty and income inequality. Their success is frequently attributed to economic policies, but the authors of this book argue that those economic policies would not have worked unless the leaders of the countries made them credible to their business communities and citizens.
Jose Edgardo Campos and Hilton Root challenge the popular belief that East Asia's high performers grew rapidly because they were ruled by authoritarian leaders. They show that these leaders had to collaborate with various sectors of their population to create an environment that was conducive to sustained growth. This required them to persuade the business community that their investments would not be expropriated and to convince the broader population that their short-term sacrifices would be rewarded in the future. Many of the countries achieved business cooperation by creating consultative groups, which the authors call deliberation councils, to enhance accountability and stability. They also obtained popular support through a variety of wealth-sharing measures such as land reform, worker cooperatives, and wider access to education.
Finally, to inhibit favoritism and corruption that would benefit narrow interest groups at the expense of broad-based development, these countries' leaders constructed a competent bureaucracy that balanced autonomy with accountability to serve all interests, including the poor.
This important book provides useful lessons about how developing and newly industrialized countries can build institutions to implement growth-promoting policies.