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This paper documents stylized facts on the process of structural transformation around the world and empirically analyzes its determinants using data on real value added by sector of economic activity (agriculture, manufacturing and services) for a panel of 168 countries over the period 1970-2010. The analysis points to large differences in sector shares both across and within regions as well as for countries at similar levels of economic development. Using both linear and quantile regression methods, it finds that a large proportion of the cross-country variation in sector shares can be accounted for by country characteristics, such as real GDP per capita, demographic structure, and population size. It also finds that policy and insitutional variables, such as product market reforms, openness to trade, human and physical capital, and finance improve the baseline model’s ability to account for the variation in sectoral shares across countries.
Benchmarking (Management) --- Benchmarks (Management) --- Total quality management --- Macroeconomics --- Agribusiness --- Industries: Manufacturing --- Industries: Service --- Industrialization --- Manufacturing and Service Industries --- Choice of Technology --- Development Planning and Policy: Trade Policy --- Factor Movement --- Foreign Exchange Policy --- Economic Growth and Aggregate Productivity: General --- Industry Studies: Manufacturing: General --- Agriculture: General --- Industrial Organization and Macroeconomics: Industrial Structure and Structural Change --- Industrial Price Indices --- Industry Studies: Services: General --- Personal Income, Wealth, and Their Distributions --- Manufacturing industries --- Agricultural economics --- Economic growth --- Manufacturing --- Agricultural sector --- Structural transformation --- Services sector --- Personal income --- Economic sectors --- National accounts --- Agricultural industries --- Economic development --- Service industries --- Income --- China, People's Republic of
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Changes in the structure of the U.S. Treasury market over recent years may have increased risks to financial stability. Traditional market makers have changed their liquidity provision by increasingly switching from risk warehousing to risk distribution, and a new breed of market maker has emerged with the rise of electronic trading. The “flash rally” of October 15, 2014 provides a clear example of how those risks can materialize. Based on an in-depth analysis of the event—complementing the authorities’ work—we suggest i) providing incentives for liquidity provision, ii) improving market safeguards, and iii) enhancing the regulation of the Treasury market.
Finance: General --- Investments: General --- Investments: Futures --- Financial Markets and the Macroeconomy --- Information and Market Efficiency --- Event Studies --- Capital Budgeting --- Fixed Investment and Inventory Studies --- Corporate Finance and Governance: Government Policy and Regulation --- General Financial Markets: General (includes Measurement and Data) --- Portfolio Choice --- Investment Decisions --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Finance --- Investment & securities --- Liquidity --- High frequency trading --- Futures markets --- Futures --- Treasury bills and bonds --- Asset and liability management --- Financial markets --- Financial institutions --- Economics --- Electronic trading of securities --- Derivative securities --- Government securities --- United States
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The Global Financial Crisis unleashed changes in the operating and regulatory environments for large international banks. This paper proposes a novel taxonomy to identify and track business model evolution for the 30 Global Systemically Important Banks (G-SIBs). Drawing from banks’ reporting, it identifies strategies along four dimensions –consolidated lines of business and geographic orientation, and the funding models and legal entity structures of international operations. G-SIBs have adjusted their business models, especially by reducing market intensity. While G-SIBs have maintained international orientation, pressures on funding models and entity structures could affect the efficiency of capital flows through the bank channel.
Accounting --- Banks and Banking --- Industries: Financial Services --- International Financial Markets --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Business Objectives of the Firm --- International Finance: Other --- Financial Institutions and Services: General --- Public Administration --- Public Sector Accounting and Audits --- Investment Banking --- Venture Capital --- Brokerage --- Ratings and Ratings Agencies --- Financial Institutions and Services: Government Policy and Regulation --- Banking --- Finance --- Financial reporting, financial statements --- Global systemically important banks --- Foreign banks --- Financial statements --- Investment banking --- Financial institutions --- Public financial management (PFM) --- Financial services --- Banks and banking --- Financial services industry --- Banks and banking, Foreign --- Finance, Public --- United States
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The Global Financial Crisis unleashed changes in the operating and regulatory environments for large international banks. This paper proposes a novel taxonomy to identify and track business model evolution for the 30 Global Systemically Important Banks (G-SIBs). Drawing from banks’ reporting, it identifies strategies along four dimensions –consolidated lines of business and geographic orientation, and the funding models and legal entity structures of international operations. G-SIBs have adjusted their business models, especially by reducing market intensity. While G-SIBs have maintained international orientation, pressures on funding models and entity structures could affect the efficiency of capital flows through the bank channel.
United States --- Accounting --- Banks and Banking --- Industries: Financial Services --- International Financial Markets --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Business Objectives of the Firm --- International Finance: Other --- Financial Institutions and Services: General --- Public Administration --- Public Sector Accounting and Audits --- Investment Banking --- Venture Capital --- Brokerage --- Ratings and Ratings Agencies --- Financial Institutions and Services: Government Policy and Regulation --- Banking --- Finance --- Financial reporting, financial statements --- Global systemically important banks --- Foreign banks --- Financial statements --- Investment banking --- Financial institutions --- Public financial management (PFM) --- Financial services --- Banks and banking --- Financial services industry --- Banks and banking, Foreign --- Finance, Public
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