Finance for growth : policy choices in a volatile world

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Finance for growth : policy choices in a volatile world, Volume 1

Author:	Caprio, Gerard; Honohan, Patrick;	Collection Title:	A World Bank policy research report
Date Stored:	2002/09/12	Document Date:	2001/04/30
Document Type:	Publication	ISBN:	ISBN 0-19-521605-9
Language:	English	Major Sector:	Finance
Report Number:	22239	Sub Sectors:	(Historic)Other finance
SubTopics:	Environmental Economics & Policies; Economic Theory & Research; Banks & Banking Reform; Health Economics & Finance; Financial Intermediation	Volume No:	1

Summary: The overall impact of financial globalization on the domestic financial sector is profound. Liberalization of capital flows has effectively made domestic financial repression obsolete. The consequences have not been uniformly favorable. Following liberalization, domestic interest rates in developing countries have moved to a premium over industrial country rates, and can surge at times of currency speculation. Heightened interest rate and exchange rate volatility pose practical risk management difficulties for financial intermediaries and reinforce the need for appropriate infrastructures and incentives for risk containment, as well as for good macropolicies. On the other hand, the cost of equity capital has been reduced by allowing foreign investor access to local equity markets and allowing local firms to list abroad. Increased international flows through the equity markets have not been the major contributor to increased international sources of volatility. In addition to opening access to foreign-sourced financial services, more and more countries have been permitting foreign-owned banks and other financial firms to operate locally. Although this can represent a threat to domestic owners of financial firms, the drawback is outweighed by improved service quality. On all three fronts--debt, equity, and services--the costs and risks as well as the benefits of increased financial globalization. knowledges


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File Type		Description	File Size (mb)

	PDF 232 pages	Official version*	16.24 (approx.)
	Text	Text version**


Light-Weight Documents Lighter (less MB) documents which may or may not be the final, official version
File Type		Description	File Size (mb)

	PDF 4 pages	Foreward	0.03
	PDF 30 pages	Overview and Summary	0.15
	PDF 44 pages	Chap. 1	0.23
	PDF 47 pages	Chap. 2	0.23
	PDF 34 pages	Chap. 3	0.74
	PDF 40 pages	Chap. 4	0.20
	PDF 15 pages	References	0.09

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