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Capital market development in Brazil is a key policy issue going forward to foster savings, investment and absorptive capacity in a context of prospects for sizable capital flows in the medium term. During the last decade, Brazil has achieved substantial progress in capital market development. The menu of available financial instruments has been expanded, market infrastructure has been reformed and strengthened, and a diversified investor base has been built. Nonetheless, Brazil’s capital markets are still facing a number of challenges including prevalent short-term indexation, investors’ risk aversion to long-term fixed rate bonds, still low liquidity in the secondary market, and managing the role of BNDES. A shift to a lower yield curve environment should continue to gradually take place. But further progress will require continued policy effort to assure macro stability and financial sector reforms to promote the development of longer-term private finance.

Capital market --- Capital markets --- Market, Capital --- Finance --- Financial institutions --- Loans --- Money market --- Securities --- Crowding out (Economics) --- Efficient market theory --- E-books --- Capital --- Finance: General --- Investments: Bonds --- Industries: Financial Services --- Financial Markets and the Macroeconomy --- International Financial Markets --- Financial Institutions and Services: Government Policy and Regulation --- Financing Policy --- Financial Risk and Risk Management --- Capital and Ownership Structure --- Value of Firms --- Goodwill --- General Financial Markets: General (includes Measurement and Data) --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Investment & securities --- Securities markets --- Mutual funds --- Sovereign bonds --- Bonds --- Financial markets --- Brazil

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The Caribbean share of the global tourism market has been declining. This study examines what is driving tourism flows. It estimates the determinants of tourism and explores variations based on sample differences, and also constructs a static nominal price comparison index. The paper finds that: (i) tourism arrivals and expenditure are sensitive to both price and income factors in source markets; (ii) price and income elasticities of tourism have declined since 2008; (iii) price elasticity is statistically insignificant for “high-end” destinations; and (iv) the nominal cost of an average one week beach holiday in the Caribbean is higher than in other beach destinations around the world. These results point to the need for structural reforms to raise product quality, cost reduction or containment in “low-end” destinations, including possibly via exchange rates, and an adjustment in aggregate consumption to adapt to the implications of a lower contribution to GDP from tourism.

Tourism --- Structural adjustment (Economic policy) --- Economic policy --- Caribbean Area --- Economic policy. --- Foreign Exchange --- Macroeconomics --- Public Finance --- Industries: Hospital,Travel and Tourism --- Multiple or Simultaneous Equation Models: Models with Panel Data --- Sports --- Gambling --- Restaurants --- Recreation --- Economic History: Macroeconomics --- Growth and Fluctuations: Latin America --- Caribbean --- Economywide Country Studies: Latin America --- Financial Crises --- National Government Expenditures and Related Policies: General --- Personal Income, Wealth, and Their Distributions --- Hospitality, leisure & tourism industries --- Currency --- Foreign exchange --- Economic & financial crises & disasters --- Public finance & taxation --- Real exchange rates --- Global financial crisis of 2008-2009 --- Expenditure --- Personal income --- Economic sectors --- Financial crises --- National accounts --- Global Financial Crisis, 2008-2009 --- Expenditures, Public --- Income --- United States

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This paper (i) provides evidence on the procyclical investment behavior of major institutional investors during the global financial crisis; (ii) identifies the main factors that could account for such behavior; (iii) discusses the implications of procyclical behavior; and (iv) proposes a framework for sound investment practices for long-term investors. Such procyclical investment behavior is understandable and may be considered rational from an individual institution’s perspective. However, our main conclusion is that behaving in a manner consistent with longterm investing would lead to better long-term, risk-adjusted returns and, importantly, could lessen the potential adverse effects of the procyclical investment behavior of institutional investors on global financial stability.

Financial crises. --- Investments. --- Investing --- Investment management --- Portfolio --- Finance --- Disinvestment --- Loans --- Saving and investment --- Speculation --- Crashes, Financial --- Crises, Financial --- Financial crashes --- Financial panics --- Panics (Finance) --- Stock exchange crashes --- Stock market panics --- Crises --- Finance: General --- Financial Risk Management --- Public Finance --- Industries: Financial Services --- Financial Crises --- Portfolio Choice --- Investment Decisions --- International Financial Markets --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Financing Policy --- Financial Risk and Risk Management --- Capital and Ownership Structure --- Value of Firms --- Goodwill --- Crisis Management --- Social Security and Public Pensions --- Economic & financial crises & disasters --- Pensions --- Financial crises --- Pension spending --- Asset allocation --- Liquidity --- Mutual funds --- Expenditure --- Asset and liability management --- Financial institutions --- Asset-liability management --- Economics --- United States