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This study analyzes the impact of regional cross-listing of stocks on the depth of the stock markets in sub-Saharan Africa (SSA). It analyzes data from 1990 to 2007 for a panel of 13 stock markets in SSA countries, only some of which have regional cross-listings. Using event study methodology, the paper finds significant positive effects in measures of stock market depth around regional cross-listing events. Overall, growth in the regional crosslisting of stocks facilitates stock market deepening, and the stock markets of countries with regional cross-listings perform better than those without. The study thus suggests that SSA countries can benefit from putting in place the necessary conditions for promoting regional cross-listings and thereby deepening their stock markets. These include sound legal and regulatory frameworks, macroeconomic and political stability, harmonization of listing rules, accounting laws and disclosure requirements across the region, and strong money markets.

Exports and Imports --- Finance: General --- Investments: Stocks --- General Financial Markets: General (includes Measurement and Data) --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Financial Markets and the Macroeconomy --- Financial Aspects of Economic Integration --- Finance --- Investment & securities --- International economics --- Stock markets --- Stocks --- Market capitalization --- Emerging and frontier financial markets --- Regional integration --- Stock exchanges --- Financial services industry --- International economic integration --- South Africa

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Concentrated distribution of international reserves is puzzling. I show that the growth rates of international reserves bear only a very weak relationship to their initial stocks (scaled by GDP or in absolute terms), and that, by implication, the cross-sectional distribution of reserves conforms to Zipf's law. The law states that the size of reserves is inversely related to their ranking. Evidence in favor of the law is strong and time robust. I compare the crosssection distribution of international reserves embedded in the WEO projections to that implied by Zipf's law and find that international reserves are much less concentrated in the WEO projections than implied by Zipf's law.

Foreign exchange --- International liquidity --- Reserves (Accounting) --- Accounting --- Amortization --- Sinking-funds --- Balance of payments --- International finance --- Liquidity (Economics) --- Econometric models. --- Banks and Banking --- Investments: Stocks --- Demography --- Monetary Policy --- Demographic Economics: General --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Banking --- Population & demography --- Investment & securities --- International reserves --- Reserves accumulation --- Population and demographics --- Stocks --- Reserve assets --- Foreign exchange reserves --- Population --- United States

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This Technical Note reviews the International Organization of Securities Commissions’s (IOSCO) Objectives and Principles of Securities Regulation for Monaco. It reveals that overall, there has been progress in implementing the Offshore Financial Center assessment recommendations in most areas of securities regulation, but more needs to be done on key topics. In granting a license to conduct investment activities, the Commission de Contrôle des Activités Financières (Financial Activity Supervisory Commission) considers the professional qualifications of individuals, the company’s systems and controls, and its sources of capital.

Finance: General --- Industries: Financial Services --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- General Financial Markets: Government Policy and Regulation --- Finance --- Financial services law & regulation --- Mutual funds --- IOSCO Objectives and Principles of Securities Regulations --- Financial institutions --- Financial regulation and supervision --- Banks and banking --- State supervision --- Monaco --- Iosco Objectives and Principles of Securities Regulations

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This book will spark a debate concerning the need for democracy and accountability in the governance of trillions of dollars of plan members' pension plan assets and the legitimacy of the present, mostly unaccountable, corporate governance decisions made by these plans. The author analyzes the reasons for this passivity, pointing to conflicts of interest with respect to corporate governance activity in pension plans and also to limitations in corporate, securities, and pension law. He argues that plan members should be given a voice in pension plan governance and the plans made accountable, and he outlines the legal reforms necessary.

Pension trusts --- Social responsibility of business. --- Institutional investments --- Corporate governance. --- Institutional investors. --- Régimes privés de retraite --- Entreprises --- Investissements institutionnels --- Gouvernement d'entreprise. --- Investisseurs institutionnels. --- Investments. --- Social aspects. --- Management. --- Investissements. --- Responsabilité sociale. --- Aspect social. --- Gestion. --- Regimes prives de retraite --- Responsabilite sociale.

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We study exchange rate and equity price dynamics, in general equilibrium, in the presence of news shocks about future productivity and monetary policy. We identify a condition under which these asset prices become more volatile without affecting the volatility of the underlying processes-a positive correlation between news and current shocks. This condition also explains why persistent underlying processes generate volatile asset prices. In addition, we show that the correlation between exchange rate and equity returns depends critically on the currency denomination of the equity return and the monetary policy reaction to productivity shocks. The model we set up does well at matching second moments of exchange rate and equity returns for major floating currencies.

Foreign Exchange --- Investments: Stocks --- Money and Monetary Policy --- Production and Operations Management --- Macroeconomics: Production --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Currency --- Foreign exchange --- Monetary economics --- Macroeconomics --- Investment & securities --- Exchange rates --- Productivity --- Stocks --- Currencies --- Monetary base --- Industrial productivity --- Money --- Money supply --- Germany