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This paper identifies factors that contributed to the development and effectiveness of debt securities markets in the major advanced economies. Government securities markets have benefited from their international orientation—debt management is most effective when it is independent of monetary and exchange rate policies; and financial infrastructures should be patterned on the standards of liquidity, transparency, issuing and trading efficiency, and tax treatment. The same degree of consensus does not exist for corporate debt securities markets. The paper identifies six regulatory and market-created factors that help explain why the U.S. corporate debt market has flourished, while corporate debt securities markets elsewhere have only recently begun to develop.

Finance: General --- Investments: General --- Investments: Bonds --- General Financial Markets: Government Policy and Regulation --- Corporate Finance and Governance: General --- Debt --- Debt Management --- Sovereign Debt --- General Financial Markets: General (includes Measurement and Data) --- Investment & securities --- Finance --- Securities markets --- Securities --- Government securities --- Corporate bonds --- Money markets --- Financial markets --- Financial institutions --- Capital market --- Financial instruments --- Bonds --- Money market --- United States

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An aggregate production function is estimated with recent cointegrating techniques that are particularly appropriate for estimating long-run relationships. The empirical results suggest that the growth of output in France has been spurred by increased trade integration within the European Community and by the accumulation not only of business sector capital—the only measure of capital included in most empirical studies—but also by the accumulation of government infrastructure capital, residential capital, and R&D capital. Calculations of potential output indicate that trade and capital—broadly defined—account for all of the growth in the French economy during the last two decades.

Business enterprises --- Corporate Finance and Governance: General --- Corporate Finance --- Corporate sector --- Economic Integration --- Economic sectors --- Economic theory --- Financial institutions --- Financial Instruments --- Income economics --- Institutional Investors --- Investment & securities --- Investments: Stocks --- Labor economics --- Labor Economics: General --- Labor --- Labour --- Macroeconomics --- Macroeconomics: Production --- Non-bank Financial Institutions --- Ownership & organization of enterprises --- Pension Funds --- Potential output --- Production and Operations Management --- Production growth --- Production --- Stocks --- France

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This technical note assesses the vulnerabilities of household and corporate sector balance sheets and quantifies the potential impacts from macroeconomic shocks using sensitivity and contingent claims analyses. The note analyzes the risks to the Spanish financial stability arising from household indebtedness. The analysis expands the use of microlevel data to assess household vulnerabilities, distinguishing between indebted and nonindebted households as well as accounting for the allocation of debt, debt service burden, and households’ income and assets.

Finance --- Spain --- Economic conditions. --- Corporate Finance --- Macroeconomics --- Real Estate --- Industries: Financial Services --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Aggregate Factor Income Distribution --- Housing Supply and Markets --- Corporate Finance and Governance: General --- Property & real estate --- Ownership & organization of enterprises --- Income --- Housing prices --- Loans --- Corporate sector --- Financial institutions --- National accounts --- Prices --- Economic sectors --- Housing --- Business enterprises

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Productivity growth in Japan, as in most advanced economies, has moderated. This paper finds supportive evidence for the important role of small and medium-sized enterprises (SMEs) in explaining Japan’s modest productivity growth. Results show a substantial dispersion in firm-level productivity growth across sectors and even across firms within the same sector. SMEs, on average, exhibit lower productivity growth than non-SMEs in Japan, with smaller and older SMEs showing particularly low productivity growth. Estimates suggest that boosting productivity growth in all of the worst-performing SMEs could improve overall productivity growth by up to 1.8 percentage points. The SME credit guarantee system, SME financing constraints, demographic factors, and lack of intangible capital investment are discussed as contributors to the slow productivity growth of Japan’s small and old SMEs.

Industrial productivity --- Corporate Finance --- Investments: General --- Production and Operations Management --- Macroeconomics: Production --- Human Capital --- Skills --- Occupational Choice --- Labor Productivity --- Corporate Finance and Governance: General --- Investment --- Capital --- Intangible Capital --- Capacity --- Macroeconomics --- Ownership & organization of enterprises --- Productivity --- Labor productivity --- Small and medium enterprises --- Intangible capital --- Production --- Economic sectors --- National accounts --- Small business --- Saving and investment --- Japan

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Since the global financial crisis, corporate investment has been weak in India. Sluggish corporate investment would not only moderate growth from the demand side but also constrain growth from the supply side over time. Against this background, this paper analyzes the reasons for the slowdown and discusses how India can boost corporate investment, using both macro and firm-level micro data. Analysis of macro data indicates that macroeconomic factors can largely explain corporate investment but that they do not appear to account fully for recent weak performance, suggesting a key role of the business environment in reviving corporate investment. Analysis of micro panel data suggests that improving the business environment by reducing costs of doing business, improving financial access, and developing infrastructure, could stimulate corporate investment.

Finance --- Business & Economics --- Investment & Speculation --- Corporations --- Investments --- Finance. --- Banks and Banking --- Corporate Finance --- Infrastructure --- Investments: General --- Investment --- Capital --- Intangible Capital --- Capacity --- Corporate Finance and Governance: General --- Financial Institutions and Services: General --- Interest Rates: Determination, Term Structure, and Effects --- Corporate finance --- Macroeconomics --- Corporate investment --- Business environment --- Gross fixed investment --- Real interest rates --- National accounts --- Economic sectors --- Financial services --- Saving and investment --- Business enterprises --- Interest rates --- India