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Zonder onderwerpscode: wereldeconomie, ontwikkelingsproblematiek

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Interest in access to finance has increased significantly in recent years, as growing evidence suggests that lack of access to credit prevents lower-income households and small firms from financing high return investment projects, having an adverse effect on growth and poverty alleviation. This study describes some recent innovative experiences to broaden access to credit. These experiences are consistent with an emerging new view that recognizes a limited role for the public sector in financial markets, but contends that there might be room for well-designed, restricted interventions in collaboration with the private sector to foster financial development and broaden access. The authors illustrate this view with several recent experiences in Latin America and then discuss some open policy questions about the role of the public and private sectors in driving these financial innovations.

Access to Finance --- Banks and Banking Reform --- Credit Guarantee --- Debt Markets --- Emerging Markets --- Environment --- Environmental Economics and Policies --- Finance and Financial Sector Development --- Financial development --- Financial markets --- International Bank --- Investment projects --- Market Infrastructure --- Private Sector Development --- Public banks --- Return --- Transaction --- Transaction Cost

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Over the past decades, many countries have implemented significant reforms to foster capital market development. Latin American countries were at the forefront of this process. The authors analyze where Latin American capital markets stand after these reforms. They find that despite the intense reform effort, capital markets in Latin America remain underdeveloped relative to markets in other regions. Furthermore, stock markets are below what can be expected, given Latin America's economic and institutional fundamentals. The authors discuss alternative ways of interpreting this evidence. They argue that it is difficult to pinpoint which policies Latin American countries should pursue to overcome their poor capital market development. Moreover, they argue that expectations about the outcome of the reform process may need to be revisited to take into account intrinsic characteristics of emerging economies. The latter may limit the scope for developing deep domestic capital markets in a context of international financial integration.

Bank Policy --- Bond --- Bond Market --- Bond Market Development --- Capital Market --- Capital Market Development --- Capital Market Reforms --- Capital Markets --- Debt Markets --- Domestic Capital --- Domestic Capital Markets --- Economic Theory and Research --- Emerging Economies --- Emerging Markets --- Exchange --- Finance and Financial Sector Development --- Financial Liberalization --- Financial Markets --- International Financial Integration --- Macroeconomics and Economic Growth --- Markets and Market Access --- Private Sector Development --- Stock --- Stock Market --- Stock Market Development --- Stock Markets

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

Over the past decades, many countries have implemented significant reforms to foster capital market development. Latin American countries were at the forefront of this process. The authors analyze where Latin American capital markets stand after these reforms. They find that despite the intense reform effort, capital markets in Latin America remain underdeveloped relative to markets in other regions. Furthermore, stock markets are below what can be expected, given Latin America's economic and institutional fundamentals. The authors discuss alternative ways of interpreting this evidence. They argue that it is difficult to pinpoint which policies Latin American countries should pursue to overcome their poor capital market development. Moreover, they argue that expectations about the outcome of the reform process may need to be revisited to take into account intrinsic characteristics of emerging economies. The latter may limit the scope for developing deep domestic capital markets in a context of international financial integration.

Bank Policy --- Bond --- Bond Market --- Bond Market Development --- Capital Market --- Capital Market Development --- Capital Market Reforms --- Capital Markets --- Debt Markets --- Domestic Capital --- Domestic Capital Markets --- Economic Theory and Research --- Emerging Economies --- Emerging Markets --- Exchange --- Finance and Financial Sector Development --- Financial Liberalization --- Financial Markets --- International Financial Integration --- Macroeconomics and Economic Growth --- Markets and Market Access --- Private Sector Development --- Stock --- Stock Market --- Stock Market Development --- Stock Markets