Finance for Growth : Policy Choices in a Volatile World
The overall impact of financial globalization on the domestic financial sector is profound. Liberalization of capital flows has effectively made domestic financial repression obsolete. The consequences have not been uniformly favorable. Following l...
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Washington, DC: World Bank and Oxford University Press
2013
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| Online Access: | http://documents.worldbank.org/curated/en/2001/04/1121242/finance-growth-policy-choices-volatile-world http://hdl.handle.net/10986/13895 |
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okr-10986-138952021-04-23T14:03:10Z Finance for Growth : Policy Choices in a Volatile World World Bank ADVERSE SELECTION ASSET MANAGEMENT ASSET PRICES ASSOCIATED COMPANIES BALANCE SHEET BANK DEPOSITS BANK FAILURES BANK LENDING BANK PERFORMANCE BANK PRIVATIZATION BANK REGULATION BANK RUNS BANKING CRISES BANKING SYSTEMS BANKS BORROWING CAPITAL ACCUMULATION CAPITAL FLOWS CAPITAL FORMATION CAPITALIZATION COMPARATIVE ADVANTAGE CONTRACTUAL SAVINGS INSTITUTIONS DEBT DEPOSIT INSURANCE DEPOSIT INSURANCE COVERAGE DEPOSITS ECONOMETRIC EVIDENCE ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIC SECTORS EMERGING MARKETS EMPIRICAL EVIDENCE EMPIRICAL RESEARCH EQUITY MARKETS EXCHANGE RATES FACTORING FINANCIAL CONTRACTS FINANCIAL CRISES FINANCIAL DEREGULATION FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIARIES FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL SERVICES FINANCIAL STABILITY FINANCIAL STRUCTURE FINANCIAL STRUCTURES FINANCIAL SYSTEMS FINANCIAL TRANSACTIONS FIXED COSTS FOREIGN COMPETITION FREE TRADE GDP GDP PER CAPITA GLOBALIZATION GNP GROSS DOMESTIC PRODUCT GROSS NATIONAL PRODUCT HUMAN CAPITAL INCENTIVE PROBLEMS INCOME INDUSTRIAL ECONOMIES INFLATION INFORMATION PROBLEMS INSURANCE SYSTEMS INTEREST RATES IPO LAWS LIFE INSURANCE LIVING STANDARDS M2 MACROECONOMIC POLICY MACROECONOMIC STABILITY MARKET LIBERALIZATION MARKET POWER MARKET VALUE MICROFINANCE MORAL HAZARD MUTUAL FUNDS NAFTA NARROW BANKING NATIONAL ECONOMIES NET WORTH NONPERFORMING LOANS OPEN MARKETS OVERHEAD COSTS PENSIONS PER CAPITA INCOME POLICY DECISIONS POLICY ENVIRONMENT POLICY RESEARCH POLITICAL ECONOMY PRICE FLUCTUATIONS PRODUCTIVITY PROPERTY RIGHTS PUBLIC DEBT PURCHASING POWER REGULATORY FORBEARANCE RISK MANAGEMENT SAFETY NETS SAVINGS SECURITIES SECURITIES MARKETS SMALL BANKS SOCIAL CAPITAL STATE BANKS STATISTICAL DATA STOCK MARKETS SUBORDINATED DEBT SUBSIDIARY SUBSTANDARD LOANS TOTAL FACTOR PRODUCTIVITY VENTURE CAPITAL WEALTH ACCOUNTING POLICY MAKING FINANCIAL & PRIVATE SECTOR DEVELOPMENT GOVERNMENT FINANCE BANK REGULATION FINANCIAL SERVICES CAPITAL ACCOUNT FINANCIAL LIBERALIZATION EQUITY MARKETS DEBT FLOWS INTEREST RATES EXCHANGE RATES CAPITAL INTENSITY PRODUCTIVITY INTERMEDIATION GLOBALIZATION COST-BENEFIT ANALYSIS The overall impact of financial globalization on the domestic financial sector is profound. Liberalization of capital flows has effectively made domestic financial repression obsolete. The consequences have not been uniformly favorable. Following liberalization, domestic interest rates in developing countries have moved to a premium over industrial country rates, and can surge at times of currency speculation. Heightened interest rate and exchange rate volatility pose practical risk management difficulties for financial intermediaries and reinforce the need for appropriate infrastructures and incentives for risk containment, as well as for good macropolicies. On the other hand, the cost of equity capital has been reduced by allowing foreign investor access to local equity markets and allowing local firms to list abroad. Increased international flows through the equity markets have not been the major contributor to increased international sources of volatility. In addition to opening access to foreign-sourced financial services, more and more countries have been permitting foreign-owned banks and other financial firms to operate locally. Although this can represent a threat to domestic owners of financial firms, the drawback is outweighed by improved service quality. On all three fronts--debt, equity, and services--the costs and risks as well as the benefits of increased financial globalization. knowledges 2013-06-13T15:03:26Z 2013-06-13T15:03:26Z 2001-04 http://documents.worldbank.org/curated/en/2001/04/1121242/finance-growth-policy-choices-volatile-world 0-19-521605-9 http://hdl.handle.net/10986/13895 English en_US A World Bank Policy Research Report CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank Washington, DC: World Bank and Oxford University Press Publications & Research :: Publication Publications & Research :: Publication |
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Digital Repository |
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Foreign Institution |
| institution |
Digital Repositories |
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World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ADVERSE SELECTION ASSET MANAGEMENT ASSET PRICES ASSOCIATED COMPANIES BALANCE SHEET BANK DEPOSITS BANK FAILURES BANK LENDING BANK PERFORMANCE BANK PRIVATIZATION BANK REGULATION BANK RUNS BANKING CRISES BANKING SYSTEMS BANKS BORROWING CAPITAL ACCUMULATION CAPITAL FLOWS CAPITAL FORMATION CAPITALIZATION COMPARATIVE ADVANTAGE CONTRACTUAL SAVINGS INSTITUTIONS DEBT DEPOSIT INSURANCE DEPOSIT INSURANCE COVERAGE DEPOSITS ECONOMETRIC EVIDENCE ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIC SECTORS EMERGING MARKETS EMPIRICAL EVIDENCE EMPIRICAL RESEARCH EQUITY MARKETS EXCHANGE RATES FACTORING FINANCIAL CONTRACTS FINANCIAL CRISES FINANCIAL DEREGULATION FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIARIES FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL SERVICES FINANCIAL STABILITY FINANCIAL STRUCTURE FINANCIAL STRUCTURES FINANCIAL SYSTEMS FINANCIAL TRANSACTIONS FIXED COSTS FOREIGN COMPETITION FREE TRADE GDP GDP PER CAPITA GLOBALIZATION GNP GROSS DOMESTIC PRODUCT GROSS NATIONAL PRODUCT HUMAN CAPITAL INCENTIVE PROBLEMS INCOME INDUSTRIAL ECONOMIES INFLATION INFORMATION PROBLEMS INSURANCE SYSTEMS INTEREST RATES IPO LAWS LIFE INSURANCE LIVING STANDARDS M2 MACROECONOMIC POLICY MACROECONOMIC STABILITY MARKET LIBERALIZATION MARKET POWER MARKET VALUE MICROFINANCE MORAL HAZARD MUTUAL FUNDS NAFTA NARROW BANKING NATIONAL ECONOMIES NET WORTH NONPERFORMING LOANS OPEN MARKETS OVERHEAD COSTS PENSIONS PER CAPITA INCOME POLICY DECISIONS POLICY ENVIRONMENT POLICY RESEARCH POLITICAL ECONOMY PRICE FLUCTUATIONS PRODUCTIVITY PROPERTY RIGHTS PUBLIC DEBT PURCHASING POWER REGULATORY FORBEARANCE RISK MANAGEMENT SAFETY NETS SAVINGS SECURITIES SECURITIES MARKETS SMALL BANKS SOCIAL CAPITAL STATE BANKS STATISTICAL DATA STOCK MARKETS SUBORDINATED DEBT SUBSIDIARY SUBSTANDARD LOANS TOTAL FACTOR PRODUCTIVITY VENTURE CAPITAL WEALTH ACCOUNTING POLICY MAKING FINANCIAL & PRIVATE SECTOR DEVELOPMENT GOVERNMENT FINANCE BANK REGULATION FINANCIAL SERVICES CAPITAL ACCOUNT FINANCIAL LIBERALIZATION EQUITY MARKETS DEBT FLOWS INTEREST RATES EXCHANGE RATES CAPITAL INTENSITY PRODUCTIVITY INTERMEDIATION GLOBALIZATION COST-BENEFIT ANALYSIS |
| spellingShingle |
ADVERSE SELECTION ASSET MANAGEMENT ASSET PRICES ASSOCIATED COMPANIES BALANCE SHEET BANK DEPOSITS BANK FAILURES BANK LENDING BANK PERFORMANCE BANK PRIVATIZATION BANK REGULATION BANK RUNS BANKING CRISES BANKING SYSTEMS BANKS BORROWING CAPITAL ACCUMULATION CAPITAL FLOWS CAPITAL FORMATION CAPITALIZATION COMPARATIVE ADVANTAGE CONTRACTUAL SAVINGS INSTITUTIONS DEBT DEPOSIT INSURANCE DEPOSIT INSURANCE COVERAGE DEPOSITS ECONOMETRIC EVIDENCE ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIC SECTORS EMERGING MARKETS EMPIRICAL EVIDENCE EMPIRICAL RESEARCH EQUITY MARKETS EXCHANGE RATES FACTORING FINANCIAL CONTRACTS FINANCIAL CRISES FINANCIAL DEREGULATION FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIARIES FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL SERVICES FINANCIAL STABILITY FINANCIAL STRUCTURE FINANCIAL STRUCTURES FINANCIAL SYSTEMS FINANCIAL TRANSACTIONS FIXED COSTS FOREIGN COMPETITION FREE TRADE GDP GDP PER CAPITA GLOBALIZATION GNP GROSS DOMESTIC PRODUCT GROSS NATIONAL PRODUCT HUMAN CAPITAL INCENTIVE PROBLEMS INCOME INDUSTRIAL ECONOMIES INFLATION INFORMATION PROBLEMS INSURANCE SYSTEMS INTEREST RATES IPO LAWS LIFE INSURANCE LIVING STANDARDS M2 MACROECONOMIC POLICY MACROECONOMIC STABILITY MARKET LIBERALIZATION MARKET POWER MARKET VALUE MICROFINANCE MORAL HAZARD MUTUAL FUNDS NAFTA NARROW BANKING NATIONAL ECONOMIES NET WORTH NONPERFORMING LOANS OPEN MARKETS OVERHEAD COSTS PENSIONS PER CAPITA INCOME POLICY DECISIONS POLICY ENVIRONMENT POLICY RESEARCH POLITICAL ECONOMY PRICE FLUCTUATIONS PRODUCTIVITY PROPERTY RIGHTS PUBLIC DEBT PURCHASING POWER REGULATORY FORBEARANCE RISK MANAGEMENT SAFETY NETS SAVINGS SECURITIES SECURITIES MARKETS SMALL BANKS SOCIAL CAPITAL STATE BANKS STATISTICAL DATA STOCK MARKETS SUBORDINATED DEBT SUBSIDIARY SUBSTANDARD LOANS TOTAL FACTOR PRODUCTIVITY VENTURE CAPITAL WEALTH ACCOUNTING POLICY MAKING FINANCIAL & PRIVATE SECTOR DEVELOPMENT GOVERNMENT FINANCE BANK REGULATION FINANCIAL SERVICES CAPITAL ACCOUNT FINANCIAL LIBERALIZATION EQUITY MARKETS DEBT FLOWS INTEREST RATES EXCHANGE RATES CAPITAL INTENSITY PRODUCTIVITY INTERMEDIATION GLOBALIZATION COST-BENEFIT ANALYSIS World Bank Finance for Growth : Policy Choices in a Volatile World |
| relation |
A World Bank Policy Research Report |
| description |
The overall impact of financial
globalization on the domestic financial sector is profound.
Liberalization of capital flows has effectively made
domestic financial repression obsolete. The consequences
have not been uniformly favorable. Following liberalization,
domestic interest rates in developing countries have moved
to a premium over industrial country rates, and can surge at
times of currency speculation. Heightened interest rate and
exchange rate volatility pose practical risk management
difficulties for financial intermediaries and reinforce the
need for appropriate infrastructures and incentives for risk
containment, as well as for good macropolicies. On the other
hand, the cost of equity capital has been reduced by
allowing foreign investor access to local equity markets and
allowing local firms to list abroad. Increased international
flows through the equity markets have not been the major
contributor to increased international sources of
volatility. In addition to opening access to foreign-sourced
financial services, more and more countries have been
permitting foreign-owned banks and other financial firms to
operate locally. Although this can represent a threat to
domestic owners of financial firms, the drawback is
outweighed by improved service quality. On all three
fronts--debt, equity, and services--the costs and risks as
well as the benefits of increased financial globalization. knowledges |
| format |
Publications & Research :: Publication |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Finance for Growth : Policy Choices in a Volatile World |
| title_short |
Finance for Growth : Policy Choices in a Volatile World |
| title_full |
Finance for Growth : Policy Choices in a Volatile World |
| title_fullStr |
Finance for Growth : Policy Choices in a Volatile World |
| title_full_unstemmed |
Finance for Growth : Policy Choices in a Volatile World |
| title_sort |
finance for growth : policy choices in a volatile world |
| publisher |
Washington, DC: World Bank and Oxford University Press |
| publishDate |
2013 |
| url |
http://documents.worldbank.org/curated/en/2001/04/1121242/finance-growth-policy-choices-volatile-world http://hdl.handle.net/10986/13895 |
| _version_ |
1764424769843757056 |