This paper surveys the foreign exchange markets, money and secondary government security markets, and stock exchanges in 107 smaller economy countries. The underdevelopment of these markets impedes risk transfer, monetary policy, corporate financing, and the capacity to absorb capital inflows....

This paper discusses a detailed assessment report on the observance of China’s compliance with the International Organization of Securities Commission's objectives and principles of securities regulation. The reform of nontradable shares introduced a market-based pricing system for...

This technical note focuses on the International Organization of Securities Commissions objectives and principles of securities regulations of Austria. The 2003 assessment found that Austria had fully broadly implemented a large majority of principles. The human resources of the Securities...

The paper discusses the role the financial sector can play in supporting growth in Japan. While overall credit conditions have been accommodative, credit growth has remained weak, especially for small and medium-sized enterprises (SMEs). Firm-level SME data and sectoral corporate balance sheets...

This paper presents Detailed Assessment of the United States’s implementation of the International Organization of Securities Commissions’ Objectives and Principles of Securities Regulation. The general preconditions for effective securities regulation in the United States are...

This Selected Issues paper and Statistical Appendix for the Kingdom of Swaziland assesses the interaction of nonbank financial institutions (NBFIs) within the financial system and the real economy. Understanding the type of flows will help in designing policies to better manage capital flows and...

This Technical Note focuses on banking sector structure in Germany. Germany’s banking system comprises three “pillarsâ€â€”private commercial banks, public sector banks, and cooperative banks—distinguished by the ownership structure and business orientation. The German...

This Selected Issues and Statistical Appendix paper on Kuwait focuses on recent development in investment companies (ICs) and the business environment in the country. ICs continue to be vulnerable to swings in financial and real estate markets. They continue to have large exposures to domestic,...

An outward-oriented development strategy and prudent financial policies resulted in an impressive economic growth and led to a large accumulation of external financial assets. The major Emirates intend to leverage the favorable economic environment to carry out reforms that will encourage more...

This 2009 Article IV Consultation highlights that following a prolonged expansion, reflecting sound macroeconomic policies and favorable terms of trade, global events have slowed Australia’s economic growth well below trend. The turmoil sparked by the collapse of Lehman Brothers in...