Capital market liberalization

Xem 1-15 trên 15 kết quả Capital market liberalization
  • This paper documents evidence of business cycle synchronization in selected Asia Pacific countries in the 1990s. We explain business cycle synchronization by the channel of international capital flows. Using the VAR method, we find that most Asian countries experience boom-bust cycles following capital inflows, where the boom in output is mostly driven by consumption and investment. Empirical evidence shows that capital flows in the region are highly correlated, which supports the conclusion that capital market liberalization has contributed to business cycle synchronization in Asia.

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  • The empirical relationship between capital controls and the financial development of credit and equity markets is examined. We extend the literature on this subject along a number of dimensions.Specifically, we (1) investigate a substantially broader set of proxy measures of financial development; (2) create and utilize a new index based on the IMF measures of exchange restrictions that incorporates a measure of the intensity of capital controls; and (3) extend the previous literature by systematically examining the implications of institutional (legal) factors.

    pdf44p truongan 13-11-2009 143 34   Download

  • The 1980s and 1990s have been critical periods for Thailand’s development. After an initial period of instability in the early 1980s, Thailand’s economy expanded at an average pace of 9 percent p.a. during 1987–96, while the number of households below the poverty line dropped from 32.6 percent in 1988 to 16.3 percent in 1996. During this period, Thailand’s economy also underwent deep structural changes, including the liberalization of its financial sector and the integration of its economy with global financial and product markets. For example, trade as a ratio to GDP increased from 54..

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  • However, such decisions should be weighed against all other factors, including regulatory capital requirements for certain financial institutions and the increased volatility in earnings or other comprehensive income that could result from temporary fluctuations in the market value of debt securities classified as trading or available-for-sale, respectively, and the impact of that volatility on the entity.

    pdf53p bocapchetnguoi 05-12-2012 28 1   Download

  • The study seeks to investigate empirically the relationship between the monetary policy instruments used by the Central Bank of Nigeria and stock market performance measured by the growth of market capitalization in the Nigerian Stock Exchange Market. We employed time series data that spanned from 1980-2013. This period was considered due to the liberalization of the financial sector.

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  • The internationalization of financial services¾ eliminating discrimination in the treatment between foreign and domestic financial services providers and removing barriers to the cross-border provision of financial services¾ is of global interest, but of special interest to Asia. Most of Asia limits entry of foreign financial firms much more than otherwise comparable countries. Empirical evidence for Asia¾ and other countries¾ suggests that this leads to slower institutional development and more costly financial services provision.

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  • Banking sector reforms have been sequenced to correspond with changing regulations of the foreign exchange market. The government has allowed the exchange rate to gradually float (as opposed to a “crawling” peg), and full current account convertibility has been introduced, with de facto capital account convertibility for nonresidents, and calibrated liberalization for residents.

    pdf46p enter1cai 16-01-2013 49 4   Download

  • The Internet offers companies the opportunity to market goods and services to more customers than ever before. Reaching these customers and developing their loyalty by delivering quality, convenience, price competitiveness, and the right products and services, begins with a solid emarketing plan. Whether you are making the move to emarketing or are already and emarketer, you will need to develop a plan, implement the plan, be accountable for actual results, and utilize metrics that help propel you towards e-business success.

    pdf29p doiroimavanchuadc 06-02-2013 62 4   Download

  • The balance sheet perspective gives new insights into the nature of fi nancial contagion in the modern, market-based fi nancial system. Aggregate liquidity can be understood as the rate of growth of aggregate balance sheets. When fi nancial intermediaries’ balance sheets are generally strong, their leverage is too low. The fi nancial intermediaries hold surplus capital, and they will attempt to fi nd ways in which they can employ their surplus capital. In a loose analogy with manufacturing fi rms, we may see the fi nancial system as having “surplus capacity”.

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  • Rather than focus on the decision of an investor in country j, scholarly work in this tradition centers on understanding how politicians in country i demonstrate that they are credibly committed to the preservation of stable and liberal markets. Empirically these studies ask whether different institutional structures help solve the commitment problem and provide borrowing countries with better access to international capital markets. One set of scholarly contributions argues that domestic political institutions can signal a commitment to the protection of property rights.

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  • Vietnam is experiencing a rising inflation and volatility in asset markets in recent years. The main reason for this is a large inflow of foreign exchange relative to economic size, which generates liquidity surplus, economic overheating and accumulation of international reserves. Exchange overvaluation is also occurring but it is partly offset by the falling US dollar to which the Vietnamese Dong is almost pegged. This type of economic boom is commonly observed in capital-receiving countries around the world.

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  • The Bank Board also attempted to attract new capital to the industry, and it did so by liberalizing ownership restrictions for stock-held institutions in April 1982. That change proved to have a dramatic effect on the S&L industry. 22 Traditionally, federally chartered stock associations were required to have a minimum of 400 stockholders. No individual could own more than 10 percent of an institution’s outstanding stock, and no controlling group more than 25 percent. Moreover, 75 percent of stockholders had to reside or do busi- ness in the S&L’s market area.

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  • With liberalization of trade and markets nations across globe are able to overcome capital scarcity with inflow of Foreign Direct Investment (FDI). FDI is an important factor in the globalization process as it provides opportunities and financial challenges around the world promotes stable and lasting economic links between countries through direct access to investors in home economies to production units of the host economies.

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  • Given considerable changes in the Vietnamese banking environment brought about by significant reforms towards liberalization during the last two decades, this study investigates the evolution of competition and efficiency, compares the competition and efficiency of state-owned banks to jointstock banks, and then tests the “quiet life” hypothesis in this industry over the period 2000–2014. This study employs the efficiency-adjusted Lerner index (i.e.

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  • Many developing countries are pursuing policies that foster international financial integration after decades of financial repression. Greater access to foreign financial markets may have both positive and negative impact on the performance of the economy. One of the concerns of international financial integration is macroeconomic volatility which may affect both monetary and real sectors. Zimbabwe has chosen to pursue a financial liberalization strategy in the form of imperfect financial integration following periods of excessive domestic shocks.

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