Financial Development

In recent decades, financial development policies in emerging market economies have been shaped by a fundamental shift toward market-based financial systems and the lessons from Financial crises. Today, there is consensus that financial development depends on financial stability and convergence tow...

Full description

Bibliographic Details
Main Authors:	de la Torre, Augusto, Gozzi, Juan Carlos, Schmukler, Sergio L.
Format:	Journal Article
Published:	World Bank 2012
Subjects:	economic development emerging economies emerging market emerging market economies enabling environment enterprise financing financial crises financial development financial market financial markets financial stability financial systems globalization international bank international standards macroeconomic environment pension pension systems stock market stock market development
Online Access:	http://hdl.handle.net/10986/4405

id	okr-10986-4405
recordtype	oai_dc
spelling	okr-10986-44052021-04-23T14:02:17Z Financial Development de la Torre, Augusto Gozzi, Juan Carlos Schmukler, Sergio L. economic development emerging economies emerging market emerging market economies enabling environment enterprise financing financial crises financial development financial market financial markets financial stability financial systems globalization international bank international standards macroeconomic environment pension pension systems stock market stock market development In recent decades, financial development policies in emerging market economies have been shaped by a fundamental shift toward market-based financial systems and the lessons from Financial crises. Today, there is consensus that financial development depends on financial stability and convergence toward international standards. While the debate on some issues has matured, policy thinking in other areas is changing, fueled by recent experiences. This article analyzes the evolution of policy thinking on financial development and discusses three areas that are important to achieving deeper financial systems: stock market development, small- and medium-size enterprise financing, and defined-contribution pension systems. The main emerging issues in these areas are illustrated using recent experiences in Latin America. The article concludes that there is a need to take a fresh look at the evidence, improve diagnoses, and revisit expectations. 2012-03-30T07:12:32Z 2012-03-30T07:12:32Z 2007-03-01 Journal Article World Bank Research Observer 1564-6971 http://hdl.handle.net/10986/4405 CC BY-NC-ND 3.0 IGO http://creativecommons.org/licenses/by-nc-nd/3.0/igo/ World Bank World Bank Publications & Research :: Journal Article Publications & Research Latin America & Caribbean
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
topic	economic development emerging economies emerging market emerging market economies enabling environment enterprise financing financial crises financial development financial market financial markets financial stability financial systems globalization international bank international standards macroeconomic environment pension pension systems stock market stock market development
spellingShingle	economic development emerging economies emerging market emerging market economies enabling environment enterprise financing financial crises financial development financial market financial markets financial stability financial systems globalization international bank international standards macroeconomic environment pension pension systems stock market stock market development de la Torre, Augusto Gozzi, Juan Carlos Schmukler, Sergio L. Financial Development
geographic_facet	Latin America & Caribbean
description	In recent decades, financial development policies in emerging market economies have been shaped by a fundamental shift toward market-based financial systems and the lessons from Financial crises. Today, there is consensus that financial development depends on financial stability and convergence toward international standards. While the debate on some issues has matured, policy thinking in other areas is changing, fueled by recent experiences. This article analyzes the evolution of policy thinking on financial development and discusses three areas that are important to achieving deeper financial systems: stock market development, small- and medium-size enterprise financing, and defined-contribution pension systems. The main emerging issues in these areas are illustrated using recent experiences in Latin America. The article concludes that there is a need to take a fresh look at the evidence, improve diagnoses, and revisit expectations.
format	Journal Article
author	de la Torre, Augusto Gozzi, Juan Carlos Schmukler, Sergio L.
author_facet	de la Torre, Augusto Gozzi, Juan Carlos Schmukler, Sergio L.
author_sort	de la Torre, Augusto
title	Financial Development
title_short	Financial Development
title_full	Financial Development
title_fullStr	Financial Development
title_full_unstemmed	Financial Development
title_sort	financial development
publisher	World Bank
publishDate	2012
url	http://hdl.handle.net/10986/4405
_version_	1764391218874155008

Financial Development

Similar Items