How the relative development of a country's stock market and banking system affects firms' growth is closely tied to how well developed the country's contracting environment is. How differences in the contracting environment affect the relative development of the stock market or banking system...

This financial sector assessment (FSA) summarizes the key findings and recommendations of the 2016 FSAP update report for Mexico. Mexico's economic growth has been steady and inflation remained low despite a significant depreciation of the exchange rate in the last 18 months.The medium term...

The capital markets in Salvador are small and relatively underdeveloped, and have played a very limited role in the economy. On average, institutional investors invest less than 10 percent of their total assets in capital market instruments. In 2009, there were only five new issuances of...

This assessment covers the transparency of monetary policy in the Republic of Indonesia, and in particular, BI's role in the formulation and implementation of this policy. It forms part of the Financial Sector Assessment Program (FSAP) for Indonesia, which was conducted jointly by the IMF and...

"Workers' remittances to developing countries have become the second largest type of flows after foreign direct investment. The authors use data on workers' remittance flows to 99 developing countries from 1975-2003 to study the impact of remittances on financial sector development. In...