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Domestic Bond Market Development

REA Auditado

A two-tiered approach to financial market development aimed at both bank and bond market reform would also be complementary to longer term economic development, provided services could be delivered through efficient financial and legal institutions (Chakraborty and Ray 2006) and there was strong protection for investors and sound fiscal and monetary policy management by government (Burger and Warnock 2006b). Historically, local issuers tend to issue in the major currencies (U.S.

Tema: general: 

• Negocios y Economía

"Finding the tipping point -- when sovereign debt turns bad"

REA Auditado

Public debt has surged during the
current global economic crisis and is expected to increase
further. This development has raised concerns whether public
debt is starting to hit levels where it might negatively
affect economic growth. Does such a tipping point in public
debt exist? How severe would the impact of public debt be on
growth beyond this threshold? What happens if debt stays
above this threshold for an extended period of time?

Tema: general: 

• Negocios y Economía

The uncertainty channel of contagion

REA Auditado

The 2007 subprime crisis in the United
States has triggered a succession of financial crises around
the globe, reigniting interest in the contagion phenomenon.
Not all crises, however, are contagious. This paper models a
new channel of contagion where the degree of anticipation of
crises, through its impact on investor uncertainty,
determines the occurrence of contagion.

Tema: general: 

• Negocios y Economía

Global Monitoring Report 2012 : Food Prices, Nutrition, and the Millennium Development Goals

REA Auditado

Every year, the Global Monitoring Report
(GMR) gauges progress across the Millennium Development
Goals (MDGs), so we can better understand whether we are
delivering on basic global needs. These needs include
affordable, nutritious food; access to health services and
education; and the ability to tap natural resources
sustainably whether clean water, land for urban expansion,
or renewable energy sources.

Tema: general: 

• Negocios y Economía

Global Monitoring Report 2009 : A Development Emergency

REA Auditado

The global financial crisis, the most
severe since the great depression, is rapidly turning into a
human and development crisis. The financial crisis
originated in the developed world, but it has spread quickly
and inexorably to the developing world, sparing no country.
Increasingly it appears that this will not be a short-lived
crisis. The poor countries are especially vulnerable, as
they lack the resources to respond with ameliorative
actions.

Tema: general: 

• Negocios y Economía

When do sudden stops really hurt?

REA Auditado

This paper analyzes the drivers and
consequences of sudden stops of capital flows. It focuses on
the impact of external vulnerability on the depth and length
of sudden stop crises. The authors analyze 43 developing and
developed countries between 1993 and 2006. They find
evidence that external vulnerability not only significantly
impacts the probability of a sudden stop crisis, but also
prolongs the time it takes for growth to revert to its
long-term trend once a sudden stop occurs.

Tema: general: 

• Negocios y Economía

Stock Market Development under Globalization : Whither the Gains from Reforms?

REA Auditado

Over the past decades, many countries
have implemented significant reforms to foster domestic
capital market development.

Tema: general: 

• Negocios y Economía

Shadow Sovereign Ratings for Unrated Developing Countries

REA Auditado

The authors attempt to predict sovereign
ratings for developing countries that do not have risk
ratings from agencies such as Fitch, Moody's, and
Standard and Poor's. Ratings affect capital flows to
developing countries through international bond, loan, and
equity markets. Sovereign rating also acts as a ceiling for
the foreign currency rating of sub-sovereign borrowers. As
of the end of 2006, however, only 86 developing countries
have been rated by the rating agencies.

Tema: general: 

• Negocios y Economía

Controls on Capital Inflows and External Shocks

REA Auditado

The author attempts to analyze whether
price-based controls on capital inflows are successful in
insulating economies against external shocks. He presents
results from vector auto regressive (VAR) models that
indicate that Chile and Colombia, countries that adopted
controls on capital inflows, seem to have been relatively
well insulated against external disturbances.

Tema: general: 

• Negocios y Economía

Global Development Finance 2007 : The Globalization of Corporate Finance in Developing Countries, Volume 2. Summary and Country Tables

REA Auditado

The globalization of corporate finance also points to other challenges. As emerging-market corporations have expanded their international operations, they have increased their exposure to interest rate and currency risks. Concerns are growing that several countries in emerging Europe and Central Asia are experiencing a credit boom engendered by cross-border borrowing by banks of untested financial health and stamina. Some of these banks have increased their foreign exchange exposure to worrisome levels, a concern that warrants special attention from national policymakers.

Tema: general: 

• Negocios y Economía