Financial sector development

About: Financial sector development is a research topic. Over the lifetime, 1674 publications have been published within this topic receiving 90787 citations.

Financial Sector Innovation and Economic Growth in the Context of Botswana

Abstract: The objective of this study is to examine the role of financial sector development on economic growth using quarterly time series data for the period 2006-2014. We used Autoregressive Distributed Lag (ARDL) model to estimate the impact of technological innovation (Automated Teller Machines {ATMs} and Electronic Funds Transfer at Point of Sale{EFTPOS}), business innovation (bank deposits and credit to private sector) and other determinants of economic growth (inflation, trade and interest rate) on economic growth. The results show that both the technological and business innovation variables have a positive impact on economic growth. Therefore, policies aimed at promoting more distribution and nationwide spread of ATMs and EFTPOS more particularly in rural areas where they are scarce would boost the growth of the economy. In addition, The Global Competitiveness Report (GCR) asserted that Botswana’s financial market is still undeveloped and fall short to the development level of middle income countries. GCR identified the quality of the education system as the main factor dragging the development of the financial sector down. It is focused more on academic achievement rather than equipping learners with practical skills and work experience that can support the national innovative initiatives.

Clearance and Settlement Systems for Securities: Critical Design Choices in Emerging Market Economies

Abstract: Capital markets play an increasingly important role in many emerging markets in raising the scarce capital necessary for economic development and growth. In addition, capital markets are important channels for implementing monetary and government debt management policies. An important, but often overlooked, component of capital markets is the clearance and settlement process. Confidence in this process is essential for well functioning markets. Some emerging markets, however, continue to have serious clearance and settlement problems including settlement delays, high transactions and financing costs, and significant credit and liquidity risks. Many factors contribute to such a situation. This paper discusses some of these factors and the important role played by clearance and settlement arrangements. In particular, it describes the basic features of the securities clearance and settlement process for debt and equity securities, and discusses some of the critical design choices facing policy makers and market participants. Finally, the paper presents some guidelines, questions and further references for assessing existing clearance and settlement arrangements.

Innovation for Development and the Role of Government : A Perspective from the East Asia and Pacific Region

Abstract: This book is the result of a joint forum on 'innovation for development' held by the World Bank and the China-based Asia-Pacific Finance and Development Center (AFDC) in Shanghai in September 2006 The book examines the relationship between innovation, competitiveness, and economic growth; the role of innovation in financial sector development; and specific government policies for innovation in China Development is one of the major themes of today's world In the context of global economic development practices, the development patterns of various countries fall primarily into three categories The first is the resources-based pattern, which is supported by natural resource endowments The second category is the dependency pattern, which is determined by a country's adjacency to economically developed countries with which it has close economic ties The third is the innovation-based pattern, which is driven by innovation Measured by levels of economic development, the current top 20 most developed countries in the world have opted primarily for an innovation-driven pattern In addition, from three perspectives, namely, the creation of an innovation regime, innovation-oriented fiscal and financial policies, and regional cooperation on innovation, and in two dimensions, namely, theory and practice, the book discusses and explores problems facing us all now and challenges in the future The viewpoints in this book both reflect the research on the issues of innovation by its authors and, to a certain extent, mirror the views expressed by nonspeaker experts in the course of discussions at the 2006 forum Economic globalization is an inevitable trend It is extremely necessary and valuable to conduct research on, and exchange views about, innovation and development against the backdrop of constantly deepening economic globalization First and foremost, this helps us to see through the vast and complex economic surface to examine and discover the laws that drive sustainable economic development Second, through sharing experiences of innovation among different countries, it can help us to establish a cooperative mechanism for innovation that can transcend social systems and cultural differences and promote the harmonious economic development for the region

Global Shock, Risks, and Asian Financial Reform

Abstract: The growth of financial markets has clearly outpaced the development of financial market regulations With growing complexity in the world of finance and the resultant higher frequency of financial crises, all eyes have shifted toward the current inadequacy of financial regulation This important book expertly examines what this episode means for Asia's financial sector and its stability, and what the implications will be for the region's financial regulation By focusing on legal and institutional frameworks the book also elaborates on various issues and challenges in terms of how financial liberalization can maximize the benefits and minimize the risks of crisis The book will appeal to academics, students and policymakers across a diverse range of fields including: international finance and trade, economics, Asian studies, development and development economics

Financial markets in Central and Eastern Europe : stability and efficiency perspectives

Abstract: Introduction Morten Balling1. Financial sector development as a tool for EU convergence Luigi Passamonti2. The implications of EU membership on financial systems' stability-oriented economic and financial policies Vahur Kraft3. Role of central banks in promoting financial stability - and the Hungarian experience Zsigmond Jarai4. Banking sector development and economic growth in trasistion countries Tuuli Koivu5. Financial sector efficiency: concepts, measurement, theoretical and empirical evidence Hans Christian Mantler, Gerhard Fink and Peter Haiss6. Financial sector efficiency in the EU accession countries of Central and Eastern Europe (CEE): the impact of policies, and the road ahead Maxwell C. Watson7. Challenging the prudential supervisor: liability versus (regulatory) immunity. Lessons from the EU experience for Central and Eastern European countries Michel Tison8. Reforms enhancing the efficiency of the financial sector and the implications of future EU membership Lelo Liive9. The effect of foreign bank entry on domestic banks in Central and Eastern Europe Peter Zajc10. The efficiency of foreign and domestic banks in Central and Eastern Europe: evidence on economics of scale and scope Christopher J. Green, Victor Murinde and Ivaylo Nikolov11. The efficiency of the banking sector in CEE - inequality and convergence to the EU Mariana Tomova, Nikolay Nenovsky and Totka Naneva12. The Internationalisation of Estonian banks: inward versus outward penetration Mart Sorg, Janek Uiboupin, Urmas Varblane and Vello Vensel13. An early warning model for currency crisis in Central and Eastern Europe Franz Schardax14. Institutional Vulnerability indicators for currency crisis in Central and Eastern European countries Dirk Effenberger15. Implications of the design of monetary policy for financial stability Alicia Garcia-Herrero and Pedro del Rio