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The Effect of Equity Barriers on Foreign Investment in Developing Countries
Legal and other barriers limit foreign investors' access to emerging stock markets. Empirical evidence suggests that countries could lower the (risk- adjusted) cost of capital by removing formal barriers to such access.
Measuring the Effect of External Shocks and the Polic[y] Response to Them
How can the governments in Eastern Europe and developing countries reduce their vulnerability to such shocks? What are the appropriate policy responses? Here is a method for measuring the effect of external shocks on the current account, applied to the Philippines.
Union-Nonunion Wage Differentials in the Developing World
Overall, the union- nonunion wage gap is 10.4 percent. Unionized women and indigenous people earn more than their nonunion counterparts, and the collective bargaining strength of organized labor in the northern states is considerably weaker than elsewhere in the country.
Emerging Equity Markets
Since the mid-1980s, there has been a very substantial increase in stock market activity in many developing countries. This paper first examines the main characteristics of the emerging stock markets, and illustrates the evolution of equity prices in these markets over the last decade. It then discusses the reasons for the markets’ growth and assesses the extent to which domestic policies, as well as external factors, have played a role. This is followed by a discussion of the likely benefits of these markets; the effects which any abrupt correction in stock prices could have for the economy; and the ways in which these markets can be made more efficient.
The Internationalization of Equity Markets
This timely volume addresses three important recent trends in the internationalization of United States equity markets: extensive market integration through foreign investment and links among stock prices around the world; increasing securitization as countries such as Japan come to rely more than ever before on markets in equities and bonds at the expense of banks; and the opening of national financial systems of newly industrializing countries to international financial flows and institutions, as governments remove capital controls and other barriers. Eight essays examine such issues as the current extent of international market integration, gains to U.S. investors through international diversification, home-country bias in investing, the role of time and location around the world in stock trading, and the behavior of country funds. Other, long-standing questions about equity markets are also addressed, including market efficiency and the accuracy of models of expected returns, with a particular focus on variances, covariances, and the price of risk according to the Capital Asset Pricing Model.
Global Development Finance 2004 - The Changing Face of Finance
This publication contains the World Banks annual review of global financial conditions facing developing countries. This volume (the first part of a two volume set) looks at recent trends in and prospects for financial flows to developing countries. It highlights sources of vulnerability and risk in the recovery of private finance flows, including the likely increases in interest rates in advanced economies and volatility in major currencies and financial markets, as well as problems of macroeconomic management in developing countries. It also presents the World Banks assessment of the global outlook in the light of the recent economic recovery. (Please note that the two volume set (including summary and country data tables for 136 countries, as well as summary data for regions and income groups) is also available separately (ISBN 0821357417).
The Reform of Mechanisms for Foreign Exchange Allocation
The paper provides an analysis of the mechanisms for foreign exchange allocation used in trade policy reform and an assessment of their effectiveness. The case is strong for avoiding delay in moving to full currency convertibility in dismantling or modifying foreign exchange controls. Movement to a unified free market for exchange would be facilitated by changes in policies and in donor practice, so exchange can be channeled through private sellers.
