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This paper shows how stock markets can accelerate growth and how policy can affect that growth either directly (by altering investment incentives) or indirectly (by changing the incentives underlying the creation of financial contracts). To help explain the role of financial markets in economic...
Persistent link: https://www.econbiz.de/10005030389
Although it is widely accepted that financial development is associated with higher growth, the evidence on the channels through which credit affects growth on the micro-level is scant. Using data from a cross section of Bulgarian firms, the authors estimate the impact of access to credit (as...
Persistent link: https://www.econbiz.de/10005133548
Most economists and specialists in international finance believe that the debt crisis hurts macroeconomic performance, particularly discouraging investment and growth oriented structural reforms. Identifiying the link between the foreign debt overhang and macroeconomic performance is essential...
Persistent link: https://www.econbiz.de/10005116438
This paper focuses on developments in the European Economic and Monetary Union sovereign debt markets in the past decade. The ?rst part analyzes the integration and segmentation structure of the bond markets of the Economic and Monetary Union before and after the sovereign debt crisis, by...
Persistent link: https://www.econbiz.de/10011115341
Although there is fast-growing policy interest in offering financial products to help rural households manage risk, the literature is still scant as to which products are the most effective. This paper uses a randomized field experiment in Senegal and Burkina Faso to compare male and female...
Persistent link: https://www.econbiz.de/10011124465
Farmers in developing countries face a wide array of risks. Yet they often lack formal financial instruments to protect against risks. This paper examines the impact on consumption, investment, and welfare of the separate provision of three financial products: weather insurance, savings, and...
Persistent link: https://www.econbiz.de/10011183264
Contents: Highlights: Fiscal Year 2006 Highlights. Letter from the President to the Council of Governors. Board Activities Highlights. Message from the Executive Vice President. MIGA Officers and Managers. Development Impact: MIGA and Infrastructure: Improving People's Lives. Operational...
Persistent link: https://www.econbiz.de/10010828656
This study assesses key issues and recommendations for development, and reviews the specific changes which are necessary in four areas: structural reforms, market institutions, and infrastructure; accounting, transparency, and disclosure; market infrastructure; and credit enhancements. With only...
Persistent link: https://www.econbiz.de/10010829025
This paper examines the financial-stability challenges that will most likely be faced by European emerging-market countries in adapting to the post-crises environment, including the new financial-stability architecture and the other remaining weaknesses revealed by the global and European...
Persistent link: https://www.econbiz.de/10010829391
Whether the likelihood of a credit boom ending is dependent on its age or not, or whether the respective behavior is smooth or bumpy are important issues to which the economic literature has not given attention yet. This paper tries to fill that gap, exploring those issues with a proper duration...
Persistent link: https://www.econbiz.de/10010829521