comparing european and u s securities regulations 184 world bank working papers

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Comparing European And U S Securities Regulations

Author : Tanja Boskovic
ISBN : 0821382543
Genre : Law
File Size : 52. 34 MB
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This paper, aimed at professionals, scholars, and government officials in the field of securities regulations, compares the European (specifically the Market in Financial Instruments Directive MiFID) and U.S. securities regulations. The analysis focuses on the regulatory and supervisory framework, trading venues, and the provision of investment services. We show that although there may be regional differences in the structure and rules of current securities regulation, the objectives and some outcomes of regulation are comparable. Similarly, as the current global financial and economic crisis exposed gaps in securities regulations worldwide, regulators in both regions face similar challenges. This study will be particularly useful for World Bank member countries that are looking at either the European or U.S. regulations when conducting market reforms.

Stock Market Integration

Author : E. Dorodnykh
ISBN : 9781137381705
Genre : Business & Economics
File Size : 43. 92 MB
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This book provides an original approach to the determinants of stock exchange integration. With case studies of successful integration projects in Europe, North America, Latin America as well as intercontinental cross-border mergers, it provides a complete analysis of all existing integration projects between stock exchange markets.

New Technology Organizational Change And Governance

Author : E. Avril
ISBN : 9781137264237
Genre : Social Science
File Size : 67. 18 MB
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Globalization and the technological revolution have forced organizations to rethink decision-making structures favouring the adoption of highly innovative practices. This book analyzes the impact of new technologies testing empowerment, engagement and democratization against the new organizational morphology of political parties and corporations.

The Oxford Handbook Of Financial Regulation

Author : Niamh Moloney
ISBN : 9780191510878
Genre : Law
File Size : 57. 15 MB
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The financial system and its regulation have undergone exponential growth and dramatic reform over the last thirty years. This period has witnessed major developments in the nature and intensity of financial markets, as well as repeated cycles of regulatory reform and development, often linked to crisis conditions. The recent financial crisis has led to unparalleled interest in financial regulation from policymakers, economists, legal practitioners, and the academic community, and has prompted large-scale regulatory reform. The Oxford Handbook of Financial Regulation is the first comprehensive, authoritative, and state-of-the-art account of the nature of financial regulation. Written by an international team of leading scholars in the field, it takes a contextual and comparative approach to examine scholarly, policy, and regulatory developments in the past three decades. The first three Parts of the Handbook address the underpinning horizontal themes which arise in financial regulation: financial systems and regulation; the organization of financial system regulation, including regional examples from the EU and the US; and the delivery of outcomes and regulatory techniques. The final three Parts address the major reoccurring objectives of financial regulation, widely regarded as the anchors of financial regulation internationally: financial stability; market efficiency, integrity, and transparency; and consumer protection. The Oxford Handbook of Financial Regulation will be an invaluable resource for scholars and students of financial regulation, and for economists, policy-makers and regulators.

Ascent After Decline

Author : Otaviano Canuto
ISBN : 9780821389430
Genre : Business & Economics
File Size : 62. 57 MB
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The Great Recession of 2009-2011 has left us short of instruments, bereft of confidence, and generally unprepared for a low-growth world. In this book, more than a dozen noted scholars discuss the prospects for future regrowth within analyses of key policy problems, major markets, and promising avenues for stimulating long-term economic growth.

Emerging Capital Markets And Globalization

Author : Augusto de la Torre
ISBN : 0821365444
Genre : Business & Economics
File Size : 26. 53 MB
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Back in the early 1990s, economists and policy makers had high expectations about the prospects for domestic capital market development in emerging economies, particularly in Latin America. Unfortunately, they are now faced with disheartening results. Stock and bond markets remain illiquid and segmented. Debt is concentrated at the short end of the maturity spectrum and denominated in foreign currency, exposing countries to maturity and currency risk. Capital markets in Latin America look particularly underdeveloped when considering the many efforts undertaken to improve the macroeconomic environment and to reform the institutions believed to foster capital market development. The disappointing performance has made conventional policy recommendations questionable, at best. 'Emerging Capital Markets and Globalization' analyzes where we stand and where we are heading on capital market development. First, it takes stock of the state and evolution of Latin American capital markets and related reforms over time and relative to other countries. Second, it analyzes the factors related to the development of capital markets, with particular interest on measuring the impact of reforms. And third, in light of this analysis, it discusses the prospects for capital market development in Latin America and emerging economies and the implications for the reform agenda.

Globalization Growth And Poverty

Author : Paul Collier
ISBN : 082135048X
Genre : Business & Economics
File Size : 77. 14 MB
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Globalization - the growing integration of economies and societies around the world, is a complex process. The focus of this research is the impact of economic integration on developing countries and especially the poor people living in these countries. Whether economic integration supports poverty reduction and how it can do so more effectively are key questions asked. The research yields 3 main findings with bearings on current policy debates about globalization. Firstly, poor countries with some 3 billion people have broken into the global market for manufactures and services, and this successful integration has generally supported poverty reduction. Secondly, inclusion both across countries and within them is important as a number of countries (pop. 2 billion) are failing as states, trading less and less, and becoming marginal to the world economy. Thirdly, standardization or homogenization is a concern - will economic integration lead to cultural or institutional homogenization?

Business Regulation And Economic Performance

Author : Norman V. Loayza
ISBN : 0821381458
Genre : Business & Economics
File Size : 39. 30 MB
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The Schumpeterian process of 'creative destruction' is an essential ingredient of a dynamic economy. In many countries around the world, however, this process is weakened by pervasive regulation of product and factor markets. This book documents the regulatory obstacles faced by firms, particularly in developing countries, and assesses their implications for firm renewal and macroeconomic performance. Combining a variety of methodological approaches--analytical and empirical, micro and macroeconomic, single- and cross-country-- the book provides evidence that streamlining the regulatory framework would have a significant social pay-off, particularly in developing countries that are also burdened by weak governance. The book's chapters trace out analytically and empirically the links between microeconomic policies and distortions, on the one hand, and aggregate performance in terms of productivity, growth and volatility, on the other. The volume adds to a novel but increasingly influential literature that seeks to understand macroeconomic phenomena from a microeconomic perspective, and derive the relevant lessons for development policy. Such literature is still fairly scarce in the case of industrial countries, and virtually in its infancy for developing countries.

Emerging Equity Markets

Author : Mr. Manmohan S. Kumar
ISBN : 9781455240708
Genre : Business & Economics
File Size : 51. 58 MB
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Since the mid-1980s, there has been a very substantial increase in stock market activity in many developing countries. This paper first examines the main characteristics of the emerging stock markets, and illustrates the evolution of equity prices in these markets over the last decade. It then discusses the reasons for the markets’ growth and assesses the extent to which domestic policies, as well as external factors, have played a role. This is followed by a discussion of the likely benefits of these markets; the effects which any abrupt correction in stock prices could have for the economy; and the ways in which these markets can be made more efficient.

Innovative Financing For Development

Author : Suhas Ketkar
ISBN : 082137706X
Genre : Business & Economics
File Size : 35. 87 MB
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Developing countries need additional, cross-border capital channeled into their private sectors to generate employment and growth, reduce poverty, and meet the other Millennium Development Goals. Innovative financing mechanisms are necessary to make this happen. 'Innovative Financing for Development' is the first book on this subject that uses a market-based approach. It compiles pioneering methods of raising development finance including securitization of future flow receivables, diaspora bonds, and GDP-indexed bonds. It also highlights the role of shadow sovereign ratings in facilitating access to international capital markets. It argues that poor countries, especially those in Sub-Saharan Africa, can potentially raise tens of billions of dollars annually through these instruments. The chapters in the book focus on the structures of the various innovative financing mechanisms, their track records and potential for tapping international capital markets, the constraints limiting their use, and policy measures that governments and international institutions can implement to alleviate these constraints.

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