We study the determinants of stock market development and the growing migration of capital raising, listing, and trading activity to international exchanges. Economies with higher income per capita, sounder macro policies, more efficient legal...
George Mavrotas While recent years have witnessed new interest in the finance–growth nexus, the relationship between domestic resource mobilization...
Wim Naudé and James C. MacGee Globally, wealth is very unequally distributed, both within countries and between countries. The UNU-WIDER project on...
This paper discusses the process, problems and impacts of the financial sector reform in Indonesia, particularly since the late 1980s. The reform has encouraged a surge in private sector capital inflows to supplement the already high domestic savings...
What started in the summer of 1997 as a regional economic and financial crisis in East and Southeast Asia had developed into a global financial crisis within the span of a year. This crisis followed the crisis in the European Monetary System in 1992...
Recent financial crises, whose effects have been particularly severe in developing countries, have led to a wide-ranging debate on international financial reform. This debate has had to confront the implications of the huge growth of international...
It is argued that the theoretical literature on dual exchange markets has completely neglected the form of central bank intervention emphasized by the "classics". They advocated neutral intervention where the central bank sells in the capital market...
A two-period, two-sector optimizing model is used to study the effects of liberalization of trade and capital movements on the real exchange rate, unemployment, and welfare. The mechanism creating unemployment is assumed to be real wage rigidity...
This paper analyzes the short-term effects of foreign capital flows on aggregate demand in Mexico: their magnitude, transmission channels, and the possible influence of the country’s choice of exchange rate regime. The study is motivated by the...
The paper examines the source of financial market fragmentation in sub-Saharan Africa in the framework of institutional economics. Based on fieldwork data from Ghana, Malawi, Nigeria, and Tanzania, it analyses financial risk management, the...
This paper documents the financial and institutional developments of China during the past two decades, when China was successfully transformed from a rigid central-planning economy to a dynamic market economy following its unique path. We...
Traditionally, firms in India have shown a low preference towards debt financing, despite its advantages. Using panel data from 450 firms during 1992-93 and 2003-04, we attempt to identify factors which could explain the pattern of financing of...
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