Financial Sector Assessment Program - Lebanon : Capital Market Development Technical Note
Lebanese capital market is relatively small as the financial market is dominated by the banking sector. It is apparent that banks dominate financial intermediation in Lebanon to the extent it may inhibit the development of capital markets. Governme...
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| Format: | Financial Sector Assessment Program (FSAP) |
| Language: | English en_US |
| Published: |
Washington, DC
2014
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/2013/12/18863243/lebanon-financial-sector-assessment-program-fsap-capital-market-development-technical-note http://hdl.handle.net/10986/17357 |
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okr-10986-17357 |
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| recordtype |
oai_dc |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ACCESS TO BANK ACCESS TO BANK LOANS ACCESS TO CAPITAL ALTERNATIVE FUNDING ALTERNATIVE INVESTMENTS ASSET MANAGEMENT ASSET MANAGERS AUCTIONS BANK CREDIT BANK CREDITS BANK DEPOSIT BANK DEPOSITS BANK INVESTORS BANKING SECTOR BARRIERS TO ENTRY BENCHMARK YIELD BENCHMARK YIELD CURVE BENEFICIARIES BID BOND ISSUERS BORROWING COST BROKERAGE CALL OPTION CAPACITY BUILDING CAPITAL ACCOUNT CAPITAL BASE CAPITAL FUND CAPITAL GAINS CAPITAL INVESTMENT CAPITAL MARKET CAPITAL MARKET ACTIVITIES CAPITAL MARKET ACTIVITY CAPITAL MARKET DEVELOPMENT CAPITAL MARKET TRANSACTIONS CAPITAL MARKETS CASH MANAGEMENT CD CDS CENTRAL BANK CENTRAL DEPOSITORY CERTIFICATE OF DEPOSIT CERTIFICATES OF DEPOSIT COLLATERALIZATION COLLATERALS COLLECTIVE INVESTMENT COMMERCIAL BANKING COMMERCIAL BANKS COMMERCIAL PAPERS CONTINGENT LIABILITIES CONTRACTUAL SAVINGS CORPORATE BOND CORPORATE BOND MARKET CORPORATE BONDS CORPORATE DEBT CORPORATE DEBT SECURITIES CORPORATE TREASURIES CREDIT LINES CRITERIA FOR INVESTMENTS CURRENCY DEBT FINANCING DEBT ISSUANCES DEPOSITORY SECURITIES DERIVATIVES DEVELOPMENT OF CORPORATE BOND MARKETS DIRECT INVESTMENTS DISCLOSURE REQUIREMENTS DOMESTIC CAPITAL DOMESTIC CAPITAL MARKET DOMESTIC CORPORATE BOND DOMESTIC EQUITY DOMESTIC MARKETS DOMESTIC STOCK EXCHANGE EMERGING MARKETS ENABLING ENVIRONMENT EQUITIES EQUITY FINANCING EQUITY FUNDS EQUITY INVESTMENTS EQUITY MARKET EQUITY MARKET CAPITALIZATION EQUITY MARKETS EUROBOND EXCHANGE RATE FINANCIAL CRISIS FINANCIAL INSTITUTIONS FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL SYSTEM FIXED INCOME FIXED INCOME MARKET FIXED INCOME SECURITIES FLOW OF INVESTMENT FOREIGN EQUITY FOREIGN FUNDS FOREIGN INVESTORS FUND MANAGEMENT FUND MANAGER FUND MANAGERS GOVERNMENT BOND GOVERNMENT BOND MARKET GOVERNMENT BOND YIELD GOVERNMENT BOND YIELDS GOVERNMENT BONDS GOVERNMENT DEBT GOVERNMENT DEBT MARKET GOVERNMENT DEBT MARKETS GOVERNMENT INVESTMENT GOVERNMENT SECURITIES GOVERNMENT SPENDING GROSS DOMESTIC PRODUCT HOLDING HOLDINGS INCOME INSTRUMENTS INCOME LEVEL INDIVIDUAL INVESTORS INFRASTRUCTURE DEVELOPMENT INITIAL PUBLIC OFFERING INSTITUTIONAL INVESTOR INSTITUTIONAL INVESTORS INSURANCE INSURANCE COMPANIES INSURANCE COMPANY INSURANCE SECTOR INVESTMENTS INTEREST INCOME INTEREST RATE INTEREST RATES INVESTING INVESTMENT BANKS INVESTMENT FUND INVESTMENT FUNDS INVESTMENT INCOME INVESTMENT INSTRUMENTS INVESTMENT OPPORTUNITIES INVESTMENT OUTLETS INVESTMENT RISKS INVESTMENT VEHICLE INVESTMENT VEHICLES INVESTMENTS IN GOVERNMENT SECURITIES INVESTOR BASE INVESTOR CONFIDENCE INVESTOR EDUCATION INVESTOR PARTICIPATION IPO ISLAMIC CAPITAL ISSUANCE ISSUANCES LIFE INSURANCE LOAN LOCAL CURRENCIES LOCAL CURRENCY LOCAL INVESTOR LONG-TERM BOND MARKET LONG-TERM INVESTMENTS MARKET CONFIDENCE MARKET GOVERNANCE MARKET PARTICIPANTS MARKET SIZE MATURITY MONETARY STABILITY MONEY MARKET MUTUAL FUND MUTUAL FUND INDUSTRY MUTUAL FUND MANAGER MUTUAL FUNDS NATIONAL BANKS PENSION PENSION FUND PENSION FUNDS PENSION REFORM PENSION SYSTEM PENSIONS POTENTIAL INVESTOR PRICE DISCOVERY PRICE VOLATILITY PRIVATE EQUITY PRIVATE PLACEMENT PRIVATE PLACEMENTS PRODUCTIVE INVESTMENTS PUBLIC DEBT PUBLIC MARKET REAL ESTATE INVESTMENT REAL ESTATE INVESTMENTS REDEMPTION FEATURE REGISTERED SECURITIES REGULATORY STRUCTURE RETAIL INVESTORS RETURN RETURNS SECONDARY MARKET SECONDARY MARKET ACTIVITY SECONDARY MARKET LIQUIDITY SECURITIES SECURITIES MARKETS SECURITIES REGULATION SETTLEMENT SMALL INVESTOR STOCK EXCHANGE STOCK MARKET STOCK MARKET CAPITALIZATION STOCK TRADING STOCKS SUPERVISORY AGENCIES T-BOND TAX TELECOMMUNICATIONS TRADING TRANSACTION TRANSPARENCY TURNOVER VALUATIONS |
| spellingShingle |
ACCESS TO BANK ACCESS TO BANK LOANS ACCESS TO CAPITAL ALTERNATIVE FUNDING ALTERNATIVE INVESTMENTS ASSET MANAGEMENT ASSET MANAGERS AUCTIONS BANK CREDIT BANK CREDITS BANK DEPOSIT BANK DEPOSITS BANK INVESTORS BANKING SECTOR BARRIERS TO ENTRY BENCHMARK YIELD BENCHMARK YIELD CURVE BENEFICIARIES BID BOND ISSUERS BORROWING COST BROKERAGE CALL OPTION CAPACITY BUILDING CAPITAL ACCOUNT CAPITAL BASE CAPITAL FUND CAPITAL GAINS CAPITAL INVESTMENT CAPITAL MARKET CAPITAL MARKET ACTIVITIES CAPITAL MARKET ACTIVITY CAPITAL MARKET DEVELOPMENT CAPITAL MARKET TRANSACTIONS CAPITAL MARKETS CASH MANAGEMENT CD CDS CENTRAL BANK CENTRAL DEPOSITORY CERTIFICATE OF DEPOSIT CERTIFICATES OF DEPOSIT COLLATERALIZATION COLLATERALS COLLECTIVE INVESTMENT COMMERCIAL BANKING COMMERCIAL BANKS COMMERCIAL PAPERS CONTINGENT LIABILITIES CONTRACTUAL SAVINGS CORPORATE BOND CORPORATE BOND MARKET CORPORATE BONDS CORPORATE DEBT CORPORATE DEBT SECURITIES CORPORATE TREASURIES CREDIT LINES CRITERIA FOR INVESTMENTS CURRENCY DEBT FINANCING DEBT ISSUANCES DEPOSITORY SECURITIES DERIVATIVES DEVELOPMENT OF CORPORATE BOND MARKETS DIRECT INVESTMENTS DISCLOSURE REQUIREMENTS DOMESTIC CAPITAL DOMESTIC CAPITAL MARKET DOMESTIC CORPORATE BOND DOMESTIC EQUITY DOMESTIC MARKETS DOMESTIC STOCK EXCHANGE EMERGING MARKETS ENABLING ENVIRONMENT EQUITIES EQUITY FINANCING EQUITY FUNDS EQUITY INVESTMENTS EQUITY MARKET EQUITY MARKET CAPITALIZATION EQUITY MARKETS EUROBOND EXCHANGE RATE FINANCIAL CRISIS FINANCIAL INSTITUTIONS FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL SYSTEM FIXED INCOME FIXED INCOME MARKET FIXED INCOME SECURITIES FLOW OF INVESTMENT FOREIGN EQUITY FOREIGN FUNDS FOREIGN INVESTORS FUND MANAGEMENT FUND MANAGER FUND MANAGERS GOVERNMENT BOND GOVERNMENT BOND MARKET GOVERNMENT BOND YIELD GOVERNMENT BOND YIELDS GOVERNMENT BONDS GOVERNMENT DEBT GOVERNMENT DEBT MARKET GOVERNMENT DEBT MARKETS GOVERNMENT INVESTMENT GOVERNMENT SECURITIES GOVERNMENT SPENDING GROSS DOMESTIC PRODUCT HOLDING HOLDINGS INCOME INSTRUMENTS INCOME LEVEL INDIVIDUAL INVESTORS INFRASTRUCTURE DEVELOPMENT INITIAL PUBLIC OFFERING INSTITUTIONAL INVESTOR INSTITUTIONAL INVESTORS INSURANCE INSURANCE COMPANIES INSURANCE COMPANY INSURANCE SECTOR INVESTMENTS INTEREST INCOME INTEREST RATE INTEREST RATES INVESTING INVESTMENT BANKS INVESTMENT FUND INVESTMENT FUNDS INVESTMENT INCOME INVESTMENT INSTRUMENTS INVESTMENT OPPORTUNITIES INVESTMENT OUTLETS INVESTMENT RISKS INVESTMENT VEHICLE INVESTMENT VEHICLES INVESTMENTS IN GOVERNMENT SECURITIES INVESTOR BASE INVESTOR CONFIDENCE INVESTOR EDUCATION INVESTOR PARTICIPATION IPO ISLAMIC CAPITAL ISSUANCE ISSUANCES LIFE INSURANCE LOAN LOCAL CURRENCIES LOCAL CURRENCY LOCAL INVESTOR LONG-TERM BOND MARKET LONG-TERM INVESTMENTS MARKET CONFIDENCE MARKET GOVERNANCE MARKET PARTICIPANTS MARKET SIZE MATURITY MONETARY STABILITY MONEY MARKET MUTUAL FUND MUTUAL FUND INDUSTRY MUTUAL FUND MANAGER MUTUAL FUNDS NATIONAL BANKS PENSION PENSION FUND PENSION FUNDS PENSION REFORM PENSION SYSTEM PENSIONS POTENTIAL INVESTOR PRICE DISCOVERY PRICE VOLATILITY PRIVATE EQUITY PRIVATE PLACEMENT PRIVATE PLACEMENTS PRODUCTIVE INVESTMENTS PUBLIC DEBT PUBLIC MARKET REAL ESTATE INVESTMENT REAL ESTATE INVESTMENTS REDEMPTION FEATURE REGISTERED SECURITIES REGULATORY STRUCTURE RETAIL INVESTORS RETURN RETURNS SECONDARY MARKET SECONDARY MARKET ACTIVITY SECONDARY MARKET LIQUIDITY SECURITIES SECURITIES MARKETS SECURITIES REGULATION SETTLEMENT SMALL INVESTOR STOCK EXCHANGE STOCK MARKET STOCK MARKET CAPITALIZATION STOCK TRADING STOCKS SUPERVISORY AGENCIES T-BOND TAX TELECOMMUNICATIONS TRADING TRANSACTION TRANSPARENCY TURNOVER VALUATIONS World Bank Financial Sector Assessment Program - Lebanon : Capital Market Development Technical Note |
| geographic_facet |
Middle East and North Africa Lebanon |
| description |
Lebanese capital market is relatively
small as the financial market is dominated by the banking
sector. It is apparent that banks dominate financial
intermediation in Lebanon to the extent it may inhibit the
development of capital markets. Government sees the need to
develop capital markets to help finance corporate growth and
infrastructure development. It is incumbent on the
Government to establish a comprehensive capital market
development program, which includes efforts to increase
supply and demand, strengthen supervision and enforcement,
and must be accompanied by an effective outreach campaign,
both domestically and internationally. On the demand side,
creating a steady flow of investment into instruments with a
long-term horizon, primarily from the pension and insurance
sectors, will help grow the markets. Increased demand from
institutional investors and issuance by large companies will
attract more companies to the capital markets. All these
efforts need to be complemented by the issuance of effective
regulations, and proper supervision and enforcement. A
proactive and concerted campaign regionally and
internationally may be conducted once there is a strong
evidence of support from the private sector, and especially
once new IPOs begin to come to the market. Similar campaigns
like these have been proven to be effective, as experienced
by other markets, such as Chile and Brazil. Meanwhile,
promotion of the market and domestic investor education will
need to be done in concert, not only about investing in the
stock market, but also with respect to various other savings
programs suitable to retail investors such as investment funds |
| format |
Economic & Sector Work :: Financial Sector Assessment Program (FSAP) |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Financial Sector Assessment Program - Lebanon : Capital Market Development Technical Note |
| title_short |
Financial Sector Assessment Program - Lebanon : Capital Market Development Technical Note |
| title_full |
Financial Sector Assessment Program - Lebanon : Capital Market Development Technical Note |
| title_fullStr |
Financial Sector Assessment Program - Lebanon : Capital Market Development Technical Note |
| title_full_unstemmed |
Financial Sector Assessment Program - Lebanon : Capital Market Development Technical Note |
| title_sort |
financial sector assessment program - lebanon : capital market development technical note |
| publisher |
Washington, DC |
| publishDate |
2014 |
| url |
http://documents.worldbank.org/curated/en/2013/12/18863243/lebanon-financial-sector-assessment-program-fsap-capital-market-development-technical-note http://hdl.handle.net/10986/17357 |
| _version_ |
1764436959843844096 |
| spelling |
okr-10986-173572021-04-23T14:03:37Z Financial Sector Assessment Program - Lebanon : Capital Market Development Technical Note World Bank ACCESS TO BANK ACCESS TO BANK LOANS ACCESS TO CAPITAL ALTERNATIVE FUNDING ALTERNATIVE INVESTMENTS ASSET MANAGEMENT ASSET MANAGERS AUCTIONS BANK CREDIT BANK CREDITS BANK DEPOSIT BANK DEPOSITS BANK INVESTORS BANKING SECTOR BARRIERS TO ENTRY BENCHMARK YIELD BENCHMARK YIELD CURVE BENEFICIARIES BID BOND ISSUERS BORROWING COST BROKERAGE CALL OPTION CAPACITY BUILDING CAPITAL ACCOUNT CAPITAL BASE CAPITAL FUND CAPITAL GAINS CAPITAL INVESTMENT CAPITAL MARKET CAPITAL MARKET ACTIVITIES CAPITAL MARKET ACTIVITY CAPITAL MARKET DEVELOPMENT CAPITAL MARKET TRANSACTIONS CAPITAL MARKETS CASH MANAGEMENT CD CDS CENTRAL BANK CENTRAL DEPOSITORY CERTIFICATE OF DEPOSIT CERTIFICATES OF DEPOSIT COLLATERALIZATION COLLATERALS COLLECTIVE INVESTMENT COMMERCIAL BANKING COMMERCIAL BANKS COMMERCIAL PAPERS CONTINGENT LIABILITIES CONTRACTUAL SAVINGS CORPORATE BOND CORPORATE BOND MARKET CORPORATE BONDS CORPORATE DEBT CORPORATE DEBT SECURITIES CORPORATE TREASURIES CREDIT LINES CRITERIA FOR INVESTMENTS CURRENCY DEBT FINANCING DEBT ISSUANCES DEPOSITORY SECURITIES DERIVATIVES DEVELOPMENT OF CORPORATE BOND MARKETS DIRECT INVESTMENTS DISCLOSURE REQUIREMENTS DOMESTIC CAPITAL DOMESTIC CAPITAL MARKET DOMESTIC CORPORATE BOND DOMESTIC EQUITY DOMESTIC MARKETS DOMESTIC STOCK EXCHANGE EMERGING MARKETS ENABLING ENVIRONMENT EQUITIES EQUITY FINANCING EQUITY FUNDS EQUITY INVESTMENTS EQUITY MARKET EQUITY MARKET CAPITALIZATION EQUITY MARKETS EUROBOND EXCHANGE RATE FINANCIAL CRISIS FINANCIAL INSTITUTIONS FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL SYSTEM FIXED INCOME FIXED INCOME MARKET FIXED INCOME SECURITIES FLOW OF INVESTMENT FOREIGN EQUITY FOREIGN FUNDS FOREIGN INVESTORS FUND MANAGEMENT FUND MANAGER FUND MANAGERS GOVERNMENT BOND GOVERNMENT BOND MARKET GOVERNMENT BOND YIELD GOVERNMENT BOND YIELDS GOVERNMENT BONDS GOVERNMENT DEBT GOVERNMENT DEBT MARKET GOVERNMENT DEBT MARKETS GOVERNMENT INVESTMENT GOVERNMENT SECURITIES GOVERNMENT SPENDING GROSS DOMESTIC PRODUCT HOLDING HOLDINGS INCOME INSTRUMENTS INCOME LEVEL INDIVIDUAL INVESTORS INFRASTRUCTURE DEVELOPMENT INITIAL PUBLIC OFFERING INSTITUTIONAL INVESTOR INSTITUTIONAL INVESTORS INSURANCE INSURANCE COMPANIES INSURANCE COMPANY INSURANCE SECTOR INVESTMENTS INTEREST INCOME INTEREST RATE INTEREST RATES INVESTING INVESTMENT BANKS INVESTMENT FUND INVESTMENT FUNDS INVESTMENT INCOME INVESTMENT INSTRUMENTS INVESTMENT OPPORTUNITIES INVESTMENT OUTLETS INVESTMENT RISKS INVESTMENT VEHICLE INVESTMENT VEHICLES INVESTMENTS IN GOVERNMENT SECURITIES INVESTOR BASE INVESTOR CONFIDENCE INVESTOR EDUCATION INVESTOR PARTICIPATION IPO ISLAMIC CAPITAL ISSUANCE ISSUANCES LIFE INSURANCE LOAN LOCAL CURRENCIES LOCAL CURRENCY LOCAL INVESTOR LONG-TERM BOND MARKET LONG-TERM INVESTMENTS MARKET CONFIDENCE MARKET GOVERNANCE MARKET PARTICIPANTS MARKET SIZE MATURITY MONETARY STABILITY MONEY MARKET MUTUAL FUND MUTUAL FUND INDUSTRY MUTUAL FUND MANAGER MUTUAL FUNDS NATIONAL BANKS PENSION PENSION FUND PENSION FUNDS PENSION REFORM PENSION SYSTEM PENSIONS POTENTIAL INVESTOR PRICE DISCOVERY PRICE VOLATILITY PRIVATE EQUITY PRIVATE PLACEMENT PRIVATE PLACEMENTS PRODUCTIVE INVESTMENTS PUBLIC DEBT PUBLIC MARKET REAL ESTATE INVESTMENT REAL ESTATE INVESTMENTS REDEMPTION FEATURE REGISTERED SECURITIES REGULATORY STRUCTURE RETAIL INVESTORS RETURN RETURNS SECONDARY MARKET SECONDARY MARKET ACTIVITY SECONDARY MARKET LIQUIDITY SECURITIES SECURITIES MARKETS SECURITIES REGULATION SETTLEMENT SMALL INVESTOR STOCK EXCHANGE STOCK MARKET STOCK MARKET CAPITALIZATION STOCK TRADING STOCKS SUPERVISORY AGENCIES T-BOND TAX TELECOMMUNICATIONS TRADING TRANSACTION TRANSPARENCY TURNOVER VALUATIONS Lebanese capital market is relatively small as the financial market is dominated by the banking sector. It is apparent that banks dominate financial intermediation in Lebanon to the extent it may inhibit the development of capital markets. Government sees the need to develop capital markets to help finance corporate growth and infrastructure development. It is incumbent on the Government to establish a comprehensive capital market development program, which includes efforts to increase supply and demand, strengthen supervision and enforcement, and must be accompanied by an effective outreach campaign, both domestically and internationally. On the demand side, creating a steady flow of investment into instruments with a long-term horizon, primarily from the pension and insurance sectors, will help grow the markets. Increased demand from institutional investors and issuance by large companies will attract more companies to the capital markets. All these efforts need to be complemented by the issuance of effective regulations, and proper supervision and enforcement. A proactive and concerted campaign regionally and internationally may be conducted once there is a strong evidence of support from the private sector, and especially once new IPOs begin to come to the market. Similar campaigns like these have been proven to be effective, as experienced by other markets, such as Chile and Brazil. Meanwhile, promotion of the market and domestic investor education will need to be done in concert, not only about investing in the stock market, but also with respect to various other savings programs suitable to retail investors such as investment funds 2014-03-25T18:13:35Z 2014-03-25T18:13:35Z 2013-12 http://documents.worldbank.org/curated/en/2013/12/18863243/lebanon-financial-sector-assessment-program-fsap-capital-market-development-technical-note http://hdl.handle.net/10986/17357 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ Washington, DC Economic & Sector Work :: Financial Sector Assessment Program (FSAP) Economic & Sector Work Middle East and North Africa Lebanon |