What is the impact of firms that cross-list, issue depositary receipts, or raise capital in international stock markets on the liquidity of remaining firms in domestic markets? Using a panel of over 3,200 firms from 55 countries during 1989-2000, Levine and Schmukler find that...

The authors use survey data on a sample of over 10,000 firms from 80 countries to assess (1) how successful a priori classifications are in distinguishing between financially constrained and unconstrained firms, and (2) more generally, the determinants of financing obstacles of firms. They find...

Banking systems in many countries have become increasingly unstable in recent years. At the same time, market forces have pushed banks to expand into a variety of universal banking activities without impairing the stability of the banking system. The basic bank holding company proposal contains...

The authors assess Thailand's policy options for reducing large corporations'vulnerability to economic shocks and improving their corporate governance - and for providing smaller firms a more stable funding structure. Using data for firms listed on Thailand's stock exchange, they empirically...

The authors analyze the response of private and public investment to external shocks, macroeconomic adjustment, and structural reform in three sets of countries: (a) countries that pursued structural reform and liberalization in Latin American in the 1970s (Chile) or the 1980s (Mexico and...

Socialist economic growth in China and Eastern Europe has long been characterized by investment hunger, drives toward expansion, and cyclical fluctuation of investment rates. For decades, relatively high growth rates - often accompanied by a shortage of consumption goods - have typically been...

The economic literature on investment has been characterized by considerable controversy, even by the standards of economists. A number of different, often overlapping, models of investment determination have been hypothesized and the empirical evidence has done little to clarify which, if any,...

The GDP growth rate in the developing countries averaged 4.1 percent between 1980 and 1988. Many dynamic countries - chiefly in Asia - did exceedingly well during this period, but many others - typically in Sub-Saharan Africa - regressed. In general, the highly indebted countries have stagnated....

Developing countries trying to emerge from recessionary spirals must recognize the importance of public/private interactions in designing growth oriented adjustment programs. They must appreciate the complex impact of fiscal policy on the economy. Turkey is an interesting country for studying...

This paper discusses the following issues regarding the pace of private domestic investment, its prospects for recovery, and its role in adjustment programs of developing countries: (a) the relationship between stabilization measures affected through aggregate demand management and the need for...