This paper describes a financial system that should be adopted for the 21st century. The paper highlights that the financial crisis of 2008 has raised fundamental questions about how the financial industry is structured, managed, and regulated. The paper discusses that a well-functioning...

This paper analyzes reasons for the high post-war correlations of saving and investment, both across countries and over time. It is concluded that the main reason for the observed high correlations over the recent period is probably government policy

Many Latin American economies have experienced significant reductions in growth recently, as a result of the end of the commodity super-cycle and the rebalancing of China's growth, and a number of global banks have been leaving the region. AlthoughLatin American countries were generally less...

The paper describes the evolution of the corporate stock and bond markets in Korea and the Government’s role in this evolution and its policy with regard to internationalization of the capital market. The paper analyzes problems encountered in gradually opening the Korean capital market to...

This paper provides a review of recent developments and an assessment of short-term prospects for private international capital markets, which constitute one of the main sources of international capital flows

This paper provides a review of developments and prospects in the international capital markets, including official actions affecting the markets and the role of the markets in intermediation between surplus and deficit countries, in particular the non-oil developing countries

This paper examines whether financial deregulation in the 1980s has reduced the importance of liquidity constraints in consumption patterns. Data for six industrialized countries are used to estimate a simple model incorporating liquidity constraints and forward looking behavior. It is concluded...

Liberalization of capital flows can benefit both source and recipient countries by improving resource allocation, reducing financing costs, increasing competition and accelerating the development of domestic financial systems. The empirical evidence, however, is mixed on the benefits, and it...