recognized as being critical building blocks for the structure, development and functioning of LCBMs. This Working Paper seeks to … for the development of LCBMs that would adequately address common challenges and impediments …

We examine determinants of, and interactions between, capital inflows, financial development, and domestic investment …

activity differently. While nonbank financial markets and institutions can help to increase the competitiveness of banking … sectors, there are “gaps” in the institutions and market structures of developing and transition economies. Eliminating these …

, financial sector depth, country risk, a measure of cost of insurance, and the World Bank governance indexes. We find that …

This paper investigates the value of political institutions for financial markets, using panel data from emerging … market countries. We test the hypothesis that changes in political institutions, such as improvements in democratic rights … markets value institutions over and above the economic and fiscal outcomes these institutions shape. Democracy and …

In recent years, Brazil has achieved substantial progress in capital market development by building a diversified …

part of the population. In several large countries, the financial development levels are below what is warranted by that … analysis remains scarce. Using available data, this paper takes stock of the current state of financial development and …