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public sector --- sectoral and microeconomic levels --- emerging market economies --- Finance, Public --- Finance, Public. --- Cameralistics --- Public finance --- Currency question --- Europe. --- Council of Europe countries --- Eastern Hemisphere --- Eurasia --- Public finances --- public administration --- emerging markets --- Economics

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The authors attempt to predict sovereign ratings for developing countries that do not have risk ratings from agencies such as Fitch, Moody's, and Standard and Poor's. Ratings affect capital flows to developing countries through international bond, loan, and equity markets. Sovereign rating also acts as a ceiling for the foreign currency rating of sub-sovereign borrowers. As of the end of 2006, however, only 86 developing countries have been rated by the rating agencies. Of these, 15 countries have not been rated since 2004. Nearly 70 developing countries have never been rated. The results indicate that the unrated countries are not always at the bottom of the rating spectrum. Several unrated poor countries appear to have a "B" or higher rating, in a similar range as the emerging market economies with capital market access. Drawing on the literature, the analysis presents a stylized relationship between borrowing costs and the credit rating of sovereign bonds. The launch spread rises as the credit rating deteriorates, registering a sharp rise at the investment grade threshold. Based on these findings, a case can be made in favor of helping poor countries obtain credit ratings not only for sovereign borrowing, but for sub-sovereign entities' access to international debt and equity capital. The rating model, along with the stylized relationship between spreads and ratings can be useful for securitization and other financial structures, and for leveraging official aid for improving borrowing terms in poor countries.

Access to Finance --- Bankruptcy and Resolution of Financial Distress --- Capital flows --- Debt Markets --- Developing Countries --- Economic Theory and Research --- Emerging market --- Emerging market economies --- Emerging Markets --- Equity markets --- Finance and Financial Sector Development --- Foreign currency --- International bond --- Loan --- Macroeconomics and Economic Growth --- Private Sector Development --- Sovereign rating --- Sovereign Ratings

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Advanced and emerging market economies have rapidly integrated into international capital markets and this growing globalization of financial markets has led to some important changes in the patterns of saving and investment across the world. The main goal of this paper is to test whether the cross-border asset trade has led to improvements in the intermediation of these savings - that is, foster development of domestic financial markets. The authors have collected annual information on financial market development, financial openness, and other control variables for a sample of 145 countries for the period 1974-2007. Controlling for the likely endogeneity of financial openness, the analysis finds that rising financial openness expands private credit, bank assets, and stock market and private bond market development, and generates efficiency gains in the banking system. However, the impact of financial openness on domestic financial development may depend on the level of institutional quality, the extent of investor protection, and the degree of trade openness. In general, rising financial openness will enlarge the size and activity of financial intermediaries, improve efficiency in the banking system, and contribute to deepen private bond markets in countries with moderate to high levels of institutional quality and investor protection as well as in countries with high trade openness.

Access to Finance --- Bank assets --- Banking system --- Banks and Banking Reform --- Bond market --- Bond market development --- Currencies and Exchange Rates --- Debt Markets --- Domestic financial markets --- Economic Theory and Research --- Emerging market --- Emerging market economies --- Emerging Markets --- Finance and Financial Sector Development --- Financial development --- Financial market --- Financial openness --- Globalization --- International capital --- International capital markets --- Investment --- Investor --- Macroeconomics and Economic Growth --- Market development --- Private bond --- Private credit --- Private Sector Development --- Stock --- Stock market

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The many and varied crises in the world economy since 2007 seem to have different origins and iverse manifestations. This paper contends that there is however a structural shift beneath the global economy that is now reaching a critical mass, and that accounts for many of these crises, despite the diversity of manifestations. This shift is occasioned by two kinds of technological changes-the familiar labor-saving and what is here called "labor-linking." The paper argues that these changes (1) create a short-term window of opportunity for eveloping and emerging economies, but (2) in the long run constitute a major, multilateral policy challenge for all. To meet this challenge, we have to think outside the box and conceive of innovative policies. The paper briefly speculates on what those policies might be.

Advanced Economies. --- Apartheid. --- Automation. --- Bargaining. --- Barrier. --- Basic. --- Bonds. --- Child Labor. --- Collective Action. --- Collective Bargaining. --- Commodity Prices. --- Commodity. --- Competition. --- Computer. --- Connectivity. --- Crises. --- Customers. --- Database. --- Debt Crisis. --- Debt Markets. --- Debt. --- Democracy. --- Deregulation. --- Developing Countries. --- Developing Economies. --- Digital Divide. --- Digital Technologies. --- Digital. --- Digvidend. --- Dividends. --- Drivers. --- Economic Crises. --- Economic Reforms. --- Economic Theory. --- Economics. --- Effects. --- Efficiency. --- Emerging Economy. --- Emerging Market Economies. --- Emerging Market. --- Emerging Markets. --- Emographic. --- Employment. --- Engineering. --- Evelopment Economics. --- Exchange. --- Female Labor Force. --- Female Labor. --- Finance and Financial Sector Development. --- Fiscal Policies. --- Foreign Capital. --- Foreign Direct Investment. --- Future. --- Global Economic Prospects. --- Global Economy. --- Global Market. --- Globalization. --- Growth Rate. --- Human Capital. --- Incentives. --- Income. --- Industrial Robots. --- Industry. --- Information Technology. --- Information. --- Innovation. --- Interest Rates. --- Interest. --- International Labour Organization. --- International Law. --- Internet. --- Investment. --- IT. --- Labor Demand. --- Labor Force Participation. --- Labor Force. --- Labor Market Policy. --- Labor Market. --- Labor Markets. --- Labor Policies. --- Labor Relations. --- Labor Standards. --- Labor. --- Laborers. --- Labour. --- Law. --- Liberalization. --- Macroeconomic Effects. --- Market Economies. --- Markets. --- Micro-Computers. --- Mini-Computers. --- Mobile Phone. --- New Technology. --- Organizations. --- Output Ratio. --- Output. --- Outsourcing. --- Policies. --- Political Economy. --- Price. --- Private Sector Development. --- Privatization. --- Productivity. --- Profit Motive. --- Profit Sharing. --- Profit. --- Rapid Growth. --- Red Tape. --- Rights. --- Risks. --- Robots. --- San. --- Saving. --- Self-Employed. --- Share. --- Shareholder. --- Skilled Labor. --- Skilled Workers. --- Social Protections and Labor. --- Sovereign Debt. --- Standards. --- Sustainable Development. --- System. --- Tax. --- Technological Advances. --- Technological Change. --- Technological Innovations. --- Technology Industry. --- Technology Sector. --- Technology. --- Theory. --- Trade. --- Turnover. --- Unemployment. --- Value. --- Volatility. --- Wages. --- World Development Indicators. --- World Economy.