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  1. Disentangling euro area portfolios
    new evidence on cross-border securities holdings
    Author: Rousová, Linda; Rodríguez Caloca, Antonio
    Published: [2018]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    This paper presents a detailed set of new, quantity-based indicators of financial integration in the euro area. The indicators are based on granular data from securities holdings statistics and help us disentangle the main drivers of the portfolio... more

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    This paper presents a detailed set of new, quantity-based indicators of financial integration in the euro area. The indicators are based on granular data from securities holdings statistics and help us disentangle the main drivers of the portfolio changes observed since the financial crisis. Three key developments since the crisis stand out. First, we find that financial integration in equity is less than that in the debt market, although the equity market was the main contributor to the partial recovery in financial integration observed since mid-2012. Second, we observe a gradual shift in cross-border investment activity from the banking sector towards other non-bank financial entities. In particular, our results show that euro area banks significantly decreased their investment in debt securities issued by banks in other euro area countries and that this decrease explains around 55% of the decline in financial integration in the debt market observed since the crisis. Finally, we find that the sharp decrease in financial integration between 2009 and 2012 was mainly driven by foreign investor flight from government debt securities, a trend that has since reversed.

     
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289933575
    Other identifier:
    hdl: 10419/194011
    Series: Statistics paper series / European Central Bank ; no 28 (May 2018)
    Subjects: euro area; financial policy; financial control; Institute for Latin American Integration; foreign investment; debt; international finance; financial market; data protection; securities holdings statistics; security-by-security data; micro-data; financial integration; quantity-based indicators; securities; international financial markets
    Scope: 1 Online-Ressource (circa 38 Seiten), Illustrationen
  2. The London Stock Exchange 1869-1929
    new bloody statistics for old?
    Author: Hannah, Leslie
    Published: May 2017
    Publisher:  Economic History Department, London School of Economics and Political Science, London, UK

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Economic history working papers / LSE, Economic History Department ; no: 263, 2017
    Subjects: London Stock Exchange; provincial exchanges; junior market; Investor’s Monthly Manual; securities; equities; Walter Bagehot
    Scope: 1 Online-Ressource (circa 14 Seiten)
  3. Ninth T2S harmonisation progress report
    Advisory Group on Market Infrastructures for Securities and Collateral (AMI-SeCo)
    Published: 17 October 2018
    Publisher:  European Central Bank, Frankfurt am Main, Germany

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    Source: Union catalogues
    Language: English
    Media type: Ebook
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    ISBN: 9789289936491
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    Subjects: Wertpapierhandel; Clearing; Bankenliquidität; Eurozone; EU-Staaten; money-market liquidity; securities; cross-border cooperation; exchange transaction; euro area; financial services; banking; central bank; report
    Scope: 1 Online-Ressource (circa 101 Seiten), Illustrationen
  4. Institutional mobility in global capital markets
    Author: Hayes, Rachel M.; Silvers, Roger
    Published: 2024
    Publisher:  Publications Office of the European Union, Luxembourg

    When financial conduct in one country intrudes on another country, country-level institutional features (e.g., securities laws and their enforcement) cease to be effective because of jurisdictional limitations. In this study, we focus on how... more

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    When financial conduct in one country intrudes on another country, country-level institutional features (e.g., securities laws and their enforcement) cease to be effective because of jurisdictional limitations. In this study, we focus on how fragmented regulatory authority exposes foreign investors to expropriation and information risks. We explore securities regulators' use of cooperative instruments that enable country-level institutional features to reach foreign jurisdictions. Using a powerful research design that controls for country-level factors (even time-variant ones), we find cooperation is associated with the volume of deals in the cross-border merger and acquisition (M&A) market. Moreover, we find subtle and previously unexplored legal issues affect firm value in ways that refine the bonding hypothesis. Ultimately, we conclude that institutional features determined at the country-pair level-although largely overlooked by prior work-are key determinants of economic outcomes in global markets.

     
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    ISBN: 9789268149119
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    Edition: 1st edition
    Series: Single market economics papers ; Working Paper 23
    Subjects: M&A; regulatory networks; institutions; enforcement; legal frictions; cross-border cooperation; single market; capital market; financial regulation; merger; financial institution; securities; conference proceedings
    Scope: 1 Online-Ressource (circa 43 Seiten)
  5. Building more effective and attractive capital markets in the EU
    position paper
    Published: 2024
    Publisher:  Publications Office of the European Union, Luxembourg

    Why are capital markets important for the EU economy? Capital markets are essential for the vitality of our economy - fuelling innovation, boosting businesses, and empowering individuals and societies to thrive and flourish. Gradual progress in... more

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    Why are capital markets important for the EU economy? Capital markets are essential for the vitality of our economy - fuelling innovation, boosting businesses, and empowering individuals and societies to thrive and flourish. Gradual progress in recent years has improved the efficiency, scale and resilience of EU capital markets. However, they still have room to grow and integrate. New geopolitical, environmental and societal challenges mean that a renewed momentum and greater commitment is needed to boost our capital markets - supporting growth, innovation and competitiveness for the European economy.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789295235168
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    Subjects: capital market; securities; official market; financial services; capital markets union; small and medium-sized enterprises; start-up; financial supervision; financial policy; investment promotion; regulation of investments; investment policy; private investment
    Scope: 1 Online-Ressource (circa 22 Seiten), Illustrationen
  6. Identifying repo market microstructure from securities transactions data
    Author: Garvin, Nicholas
    Published: August 2018
    Publisher:  Reserve Bank of Australia, [Sydney]

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    Media type: Book
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    Series: Research discussion paper / Reserve Bank of Australia ; RDP 2018, 09
    Subjects: interbank markets; Furfine algorithm; false detection rates; repo markets; securities
    Scope: 1 Online-Ressource (circa 44 Seiten), Illustrationen
  7. Negative monetary policy rates and systemic banks' risk-taking
    evidence from the euro area securities register
    Author: Bubeck, Johannes; Maddaloni, Angela; Peydró, José-Luis
    Published: [2019]
    Publisher:  GSE, Graduate School of Economics, Barcelona

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    Source: Union catalogues
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    Edition: This version: November 2019
    Series: Barcelona GSE working paper series ; no 1096
    Subjects: Negative rates; non-standard monetary policy; reach-for-yield; securities; banks
    Scope: 1 Online-Ressource (circa 38 Seiten), Illustrationen
    Notes:

    Die Zählung sollte lauten: no 1128
  8. Negative monetary policy rates and systemic banks' risk-taking
    evidence from the Euro area securities register
    Author: Bubeck, Johannes; Maddaloni, Angela; Peydró, José-Luis
    Published: November 2019
    Publisher:  Universitat Pompeu Fabra, Department of Economics and Business, Barcelona

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    Source: Union catalogues
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    Edition: Updated version
    Series: Economics working paper series ; no. 1678
    Subjects: Negative rates; non-standard monetary policy; reach-for-yield; securities; banks
    Scope: 1 Online-Ressource (circa 38 Seiten), Illustrationen
  9. Negative monetary policy rates and systemic banks' risk-taking
    evidence from the euro area securities register
    Author: Bubeck, Johannes; Maddaloni, Angela; Peydró, José-Luis
    Published: [2020]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    We show that negative monetary policy rates induce systemic banks to reach-for-yield. For identification, we exploit the introduction of negative deposit rates by the European Central Bank in June 2014 and a novel securities register for the 26... more

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    We show that negative monetary policy rates induce systemic banks to reach-for-yield. For identification, we exploit the introduction of negative deposit rates by the European Central Bank in June 2014 and a novel securities register for the 26 largest euro area banking groups. Banks with more customer deposits are negatively affected by negative rates, as they do not pass negative rates to retail customers, in turn investing more in securities, especially in those yielding higher returns. Effects are stronger for less capitalized banks, private sector (financial and non-financial) securities and dollar-denominated securities. Affected banks also take higher risk in loans.

     
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    Source: Union catalogues
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    ISBN: 9789289940412
    Other identifier:
    hdl: 10419/229012
    Series: Working paper series / European Central Bank ; no 2398 (April 2020)
    Subjects: monetary policy; bank; financial risk; loan; euro area; rates; non-standard monetary policy; reach-for-yield; securities; banks
    Scope: 1 Online-Ressource (circa 42 Seiten), Illustrationen
  10. Negative monetary policy rates and systemic banks' risk-taking
    evidence from the euro area securities register
    Author: Peydró, José-Luis; Bubeck, Johannes; Maddaloni, Angela
    Published: 03 July 2020
    Publisher:  Centre for Economic Policy Research, London

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    Universitätsbibliothek Mannheim
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Array ; DP14988
    Subjects: negative rates; Non-Standard Monetary Policy; reach-for-yield; securities; banks
    Scope: 1 Online-Ressource (circa 44 Seiten), Illustrationen
  11. Risk mitigating versus risk shifting
    evidence from banks security trading in crises
    Author: Peydró, José-Luis; Polo, Andrea; Sette, Enrico
    Published: November 2020
    Publisher:  Universitat Pompeu Fabra, Department of Economics and Business, Barcelona

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    Series: Economic working paper series working paper ; no. 1753
    Subjects: risk shifting; financial crises; securities; bank capital; interbank funding; concentration risk; uncertainty; risk weights; available for sale; held to maturity; tradingbook; COVID-19
    Scope: 1 Online-Ressource (circa 55 Seiten), Illustrationen
  12. Competition for attention in the ETF space
    Author: Ben-David, Itzhak; Franzoni, Francesco; Kim, Byungwook; Moussawi, Rabih
    Published: January 2021
    Publisher:  The Ohio State University, Fisher College of Business, Charles A. Dice Center for Research in Financial Economics, [Columbus, Ohio] ; Swiss Finance Institute, Geneva

    The interplay between investors' demand and providers' incentives has shaped the evolution of exchange-traded funds (ETFs). While early ETFs offered diversification at low cost, later ETFs track niche portfolios and charge high fees. Strikingly, over... more

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    The interplay between investors' demand and providers' incentives has shaped the evolution of exchange-traded funds (ETFs). While early ETFs offered diversification at low cost, later ETFs track niche portfolios and charge high fees. Strikingly, over their first five years, specialized ETFs lose about 30% in risk-adjusted terms. This underperformance cannot be explained by high fees or hedging demand. Rather, it is driven by the overvaluation of the underlying stocks. Overall, providers appear to cater to investors' extrapolative beliefs by issuing specialized ETFs that track attention-grabbing themes

     
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    Series: Working papers series / Charles A. Dice Center for Research in Financial Economics ; WP 2021, 01
    Fisher College of Business working paper series ; WP 2021-03, 01
    Research paper series / Swiss Finance Institute ; no 21, 03
    Subjects: ETFs; investor attention; financial innovation; attention; exchange-traded funds; competition; retail investors; trading; securities; mutual funds; financial intermediation; overvaluation
    Scope: 1 Online-Ressource (circa 41 Seiten), Illustrationen
  13. Risk mitigating versus risk shifting
    evidence from banks security trading in crises
    Author: Peydró, José-Luis; Polo, Andrea; Sette, Enrico
    Published: November 2020
    Publisher:  GSE, Graduate School of Economics, Barcelona

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    Source: Union catalogues
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    Series: Barcelona GSE working paper series ; no 1219
    Subjects: risk shifting; financial crises; securities; bank capital; interbank funding,concentration risk; uncertainty; risk weights; available for sale; held to maturity; tradingbook; COVID-19
    Scope: 1 Online-Ressource (circa 55 Seiten), Illustrationen
  14. Securities cross-holding in the Colombian financial system: a topological approach
    Author: León, Carlos; Miguélez, Javier
    Published: [2020]
    Publisher:  Banco de la Republica Colombia, Bogotá, Colombia

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Borradores de economía ; no. 1134 (2020)
    Subjects: Financial stability; contagion; networks; reciprocity; transitivity; securities
    Scope: 1 Online-Ressource (circa 33 Seiten), Illustrationen
  15. Experimental auctions with securities
    Author: Breig, Zachary; Hernández Chanto, Allan; Hunt, Declan
    Published: August 2022
    Publisher:  University of Queensland, [Brisbane]

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    Series: Discussion paper series / UQ School of Economics ; no. 657
    Subjects: auctions; experiment; securities; debt; equity; risk preferences
    Scope: 1 Online-Ressource (circa 91 Seiten), Illustrationen
  16. The impact of regulatory changes on rating behaviour
    Author: Karimov, Nodirbek; Kara, Alper; Downing, Gareth; Marqués Ibáñez, David
    Published: [2024]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    We examine rating behaviour after the introduction of new regulations regarding Credit Rating Agencies (CRAs) in the European securitisation market. Employing a large sample of 12,469 ABS tranches issued between 1998 and 2018, we examine the... more

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    We examine rating behaviour after the introduction of new regulations regarding Credit Rating Agencies (CRAs) in the European securitisation market. Employing a large sample of 12,469 ABS tranches issued between 1998 and 2018, we examine the information content of yield spreads of ABS at the issuance and compare the pre- and post-GFC periods. We find that the regulatory changes have been effective in tackling conflicts of interest between issuers and CRAs in securitisation. Rating catering seems to have disappeared in the post-GFC period. Yet we see limited effectiveness on rating shopping. It follows that rating over-reliance might be an issue, especially for investors of higher-quality ABS.

     
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    Source: Union catalogues
    Language: English
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    ISBN: 9789289964005
    Other identifier:
    hdl: 10419/297360
    Series: Working paper series / European Central Bank ; no 2920
    Subjects: Securitisation; asset-backed securities; credit rating agencies; rating shopping; rating catering; rating inflation; Europe; securities; credit rating; financial risk; financial market; European Union
    Scope: 1 Online-Ressource (circa 33 Seiten)
  17. Enhancing repo market transparency
    the EU Securities Financing Transactions Regulation
    Author: Bassi, Claudio; Grill, Michael; Hermes, Felix; Mirza, Harun; O'Donnell, Charles; Wedow, Michael
    Published: [2024]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    The introduction of the Securities Financing Transactions Regulation into EU law provides a unique opportunity to obtain an in-depth understanding of repo markets. Based on the transaction-level data reported under the regulation, this paper presents... more

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    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Potsdamer Straße
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    The introduction of the Securities Financing Transactions Regulation into EU law provides a unique opportunity to obtain an in-depth understanding of repo markets. Based on the transaction-level data reported under the regulation, this paper presents an overview and key facts about the euro area repo market. We start by providing a description of the dataset, including its regulatory background, as well as highlighting some of its advantages for financial stability analysis. We then go on to present three sets of findings that are highly relevant to financial stability and focus on the dimensions of the different market segments, counterparties, and collateral, including haircut practices. Finally, we outline how the data reported under the regulation can support the policy work of central banks and supervisory authorities. We demonstrate that these data can be used to make several important contributions to enhancing our understanding of the repo market from a financial stability perspective, ultimately assisting international efforts to increase repo market resilience.

     
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289964104
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    hdl: 10419/299569
    Series: Occasional paper series / European Central Bank ; No 342
    Subjects: securities financing transactions; regulation; financial stability; financial institution; financial control; financial transaction; financial legislation; securities; regulation of transactions; euro area
    Scope: 1 Online-Ressource (circa 27 Seiten), Illustrationen
  18. Evolution of EEA share market structure since MiFID II
    Published: 30 October 2023
    Publisher:  ESMA, Paris

    Since the launch of the EU capital markets union initiative, new legislative and non-legislative proposals have aimed at fostering a single market for capital in the EU. These regulatory proposals, together with other external events including... more

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    Since the launch of the EU capital markets union initiative, new legislative and non-legislative proposals have aimed at fostering a single market for capital in the EU. These regulatory proposals, together with other external events including mergers, have shaped the integration and competition level of trading platforms. Making use of regulatory data, this article presents the evolution of the European share market microstructure from 2019 to 2022, with a specific focus on the impact of the UK's withdrawal from the EU, given its pivotal role in equity markets. The important decrease in trading volumes observed after 2021 was accompanied by four main changes: a decrease in the number of infrastructures trading shares, even though they remain elevated; a new distribution of trading, both by market type and by country, with a concentration of trading in a few EU countries; the relocation of domestic trading for many European countries; and the increased specialisation of venues. Confirming the transfer of volumes in a few countries, share trading remains highly concentrated on a few trading venues after the UK's withdrawal.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
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    ISBN: 9789295202887
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    Series: ESMA TRV risk analysis
    Orderly markets
    Subjects: financial risk; market; risk management; capital markets union; regulatory policy; domestic trade; single market; securities
    Scope: 1 Online-Ressource (circa 15 Seiten)
  19. Investor heterogeneity and large-scale asset purchases
    Author: Breckenfelder, Johannes; De Falco, Veronica
    Published: [2024]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    Large-Scale Asset Purchases can impact the price of securities directly, when securities are targeted by the central bank, or indirectly through portfolio re-balancing of private investors. We quantify both the direct and the portfolio re-balancing... more

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    Large-Scale Asset Purchases can impact the price of securities directly, when securities are targeted by the central bank, or indirectly through portfolio re-balancing of private investors. We quantify both the direct and the portfolio re-balancing impact, emphasizing the role of investor heterogeneity. We use proprietary security-level data on asset holdings of different investors. We measure the direct impact on security level, finding that it is smaller for securities predominantly held by more price-elastic investors, funds and banks. Comparing a security at the 90th percentile of the investor elasticity distribution to a security at the 10th percentile, the price impact is only two-thirds as large. To assess the portfolio re-balancing effects, we construct a novel shift-share instrument to measure investors' quasi-exogenous exposure to central bank purchases, based on investors' holdings of eligible securities before the QE program was announced. We show that funds and banks sell eligible securities to the central bank and re-balance their portfolios towards ineligible securities, with investors ex-ante more exposed to central bank purchases re-balancing more. Using detailed holdings data of mutual funds, we estimate that for each euro sold to the central bank, the average fund allocates 88 cents to ineligible assets and 12 cents to other eligible assets that the central bank does not buy in that time period. The price of ineligible securities held by more exposed funds increases compared to those held by less exposed funds, underscoring the portfolio re-balancing channel at work.

     
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    Source: Union catalogues
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    ISBN: 9789289966863
    Other identifier:
    hdl: 10419/297378
    Series: Working paper series / European Central Bank ; no 2938
    Subjects: financial intermediaries; mutual funds; asset pricing; central bank; investment company; financial transaction; securities; financial risk
    Scope: 1 Online-Ressource (circa 53 Seiten), Illustrationen
  20. Securities trading in an emerging market
    Indonesia, 1890s-1950s
    Author: Eng, Pierre van der
    Published: [2022]
    Publisher:  The Australian National University, Acton ACT, Australia

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    Language: English
    Media type: Book
    Format: Online
    Series: Discussion paper series / Centre for Economic History, The Australian National University ; no. 2022, 06 (July 2022)
    Subjects: stock exchange; securities; capital market; institutional development; Indonesia
    Scope: 1 Online-Ressource (circa 37 Seiten), Illustrationen
  21. Reporting and derivation of data on financial transactions related to banks' securities holdings
    Author: Colangelo, Antonio; Cornejo Pérez, Asier; Liberati, Danilo; Nuzzo, Giorgio; Rodríguez Caloca, Antonio
    Published: [2023]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    This paper contributes to the ongoing efforts by the European authorities to reduce the reporting burden for banks by assessing the statistical methods currently used to compile data on financial transactions related to securities holdings. Based on... more

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    DS 536
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    This paper contributes to the ongoing efforts by the European authorities to reduce the reporting burden for banks by assessing the statistical methods currently used to compile data on financial transactions related to securities holdings. Based on statistical information collected from the Banca d'Italia, we compare data on purchases of securities net of sales and redemptions reported by banks with transaction estimates based on indirect (balance sheet) methods that are permitted within the methodological framework of datasets compiled by the European System of Central Banks (ESCB). Although the direct method of collecting data on transactions is more costly for reporting agents, it produces results which are fully aligned with current statistical methodological standards (European System of Accounts 2010, ESA 2010). By contrast, the indirect method is a simplified and less costly approach. The recent development of high-quality data sources such as the ESCB integrated system for the market prices of securities - the Centralised Securities Database - has boosted the attractiveness of indirect methods since they have the potential to deliver accurate and reliable estimates. The significance of the differences between direct collection and indirect compilation of these data is analysed in detail for listed ISIN securities that are actively traded on exchanges, by also considering the impact of price volatility and trading activity. From an aggregated perspective, all indirect methods produce results which are comparable and consistent with the ESA 2010 methodology for all instrument types. There are some minor differences for equity instruments, due to the higher price volatility and trading activity associated with these instruments, but the overall aggregated dynamics are also well captured by indirect methods in these cases. The results thus support implementing simplified reporting solutions that would reduce the burden of statistical data collection without jeopardising statistical quality. It should also be noted that the differences would be expected to be even smaller if the methods are applied at a monthly frequency (as may be the case in future in the context of the ESCB Integrated Reporting Framework, for instance) instead of at a quarterly frequency, as in our exercise.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289961066
    Other identifier:
    hdl: 10419/274121
    Series: Statistics paper series / European Central Bank ; no 44 (June 2023)
    Subjects: micro data; security-by-security data; securities; transaction data
    Scope: 1 Online-Ressource (circa 49 Seiten), Illustrationen
  22. Reporting and derivation of data on financial transactions related to banks' securities holdings
    Author: Colangelo, Antonio; Pérez Cornejo, Asier; Liberati, Danilo; Nuzzo, Giorgio; Rodríguez Caloca, Antonio
    Published: [2023]
    Publisher:  Banca d'Italia, [Rom]

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 547
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    Series: Questioni di economia e finanza / Banca d'Italia ; number 812 (October 2023)
    Subjects: micro data; security-by-security data; securities; transaction data
    Scope: 1 Online-Ressource (circa 48 Seiten), Illustrationen
  23. Monetary Policy at Work
    Security and Credit Application Registers Evidence
    Author: Peydró, José-Luis; Polo, Andrea; Sette, Enrico
    Published: 2020
    Publisher:  ZBW – Leibniz Information Centre for Economics, Kiel

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  24. Enhancing repo market transparency
    the EU Securities Financing Transactions Regulation
    Author: Bassi, Claudio; Grill, Michael; Hermes, Felix; Mirza, Harun; O'Donnell, Charles; Wedow, Michael
    Published: [2024]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    The introduction of the Securities Financing Transactions Regulation into EU law provides a unique opportunity to obtain an in-depth understanding of repo markets. Based on the transaction-level data reported under the regulation, this paper presents... more

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    The introduction of the Securities Financing Transactions Regulation into EU law provides a unique opportunity to obtain an in-depth understanding of repo markets. Based on the transaction-level data reported under the regulation, this paper presents an overview and key facts about the euro area repo market. We start by providing a description of the dataset, including its regulatory background, as well as highlighting some of its advantages for financial stability analysis. We then go on to present three sets of findings that are highly relevant to financial stability and focus on the dimensions of the different market segments, counterparties, and collateral, including haircut practices. Finally, we outline how the data reported under the regulation can support the policy work of central banks and supervisory authorities. We demonstrate that these data can be used to make several important contributions to enhancing our understanding of the repo market from a financial stability perspective, ultimately assisting international efforts to increase repo market resilience.

     
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289964104
    Other identifier:
    hdl: 10419/299569
    Series: Occasional paper series / European Central Bank ; No 342
    Subjects: securities financing transactions; regulation; financial stability; financial institution; financial control; financial transaction; financial legislation; securities; regulation of transactions; euro area
    Scope: 1 Online-Ressource (circa 27 Seiten), Illustrationen
  25. Navigating strong currents
    Published: January 2011
    Publisher:  The World Bank, Washington, DC

    Economic activity in most developing countries has, or is close to having, recovered. Supported by resurgence in international and domestic financial flows and higher commodity prices, most of the spare capacity in developing countries that was... more

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    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Unter den Linden
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    Economic activity in most developing countries has, or is close to having, recovered. Supported by resurgence in international and domestic financial flows and higher commodity prices, most of the spare capacity in developing countries that was created by the crisis has been reabsorbed, and developing countries have regained trend growth rates close to those observed in the pre-crisis period. The remainder of this report is organized as follows. The next section discusses recent developments in global production, trade, and financial markets, and presents updates of the World Bank's forecast for the global economy and developing countries. The global economy is transitioning from the bounce-back phase of the recovery toward a period of slower but more sustainable growth. Growth in most developing countries is increasingly running into capacity constraints, while in high-income and developing Europe and Central Asia growth is hampered by the concentrated nature of slack and ongoing restructuring. In this environment, policy needs to be moving away from short-term demand stimulus toward measures that generate additional employment by enhancing the supply potential of economies. The global policy environment has become highly charged and uncertain, and presents multiple risks to prospects for developing countries. As emphasized at the recent G-20 meetings in Seoul (G-20 2010), both developing and high-income countries will need to take care to minimize the negative external consequences of their domestic policy actions. Concretely, this means that while countries must remain mindful of domestic conditions, when opportunities present themselves to pursue domestic policy objectives in a manner that support adjustment elsewhere in the global economy these should be taken up.

     
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10986/12102
    Series: Global economic prospects ; volume 2 (January 2011)
    Subjects: Wirtschaftslage; Welt; Global Economic Prospects; asset price; auction; Bank Bond; Bank Equity; bank lending; bank loan; banking assets; banking sector; banking sectors; banking system; basis points; Bond; bond flows; bond issuance; Bond Portfolio; bond yield; bonds; capacity constraints; capital control; capital controls; capital flows; capital formation; capital gains; capital inflow; Capital inflows; capital markets; capital outflows; capital shortages; CDS; Central Bank; commodities; commodity; commodity prices; consumer debt; consumer demand; consumer goods; contingent liabilities; Copyright Clearance; Copyright Clearance Center; corporate bonds; credit default; credit default swap; credit default swaps; credit rating; creditors; Current account balance; current account balances; current account deficit; current account deficits; current account surpluses; debt flows; debt relief; deposits; developing countries; Developing country; developing economies; dividends; dollar value; domestic credit; domestic economy; durable; durable goods; economic developments; economic performance; emerging markets; equipment; equities; equity flows; equity issues; equity market; equity markets; exchange rate; exchange rate movements; exchange rates; exporters; exposure; financial crisis; financial flows; financial inflows; financial institutions; financial integration; financial market; financial markets; financial sector; financial sector policies; Financial Stability; financial support; fiscal consolidation; fiscal consolidations; fiscal deficits; fiscal policy; Fixed investment; flows of capital; Food price; food prices; foreign banks; foreign capital; Foreign direct investment; foreign exchange; foreign exchange market; foreign holdings; foreign investors; fund managers; future growth; futures; global economy; global exports; global financial markets; global investors; global pension; global trade; government finances; government spending; growth rate; growth rates; hedge funds; holdings; host country; import costs; income; incomes; indebtedness; inflation; inflationary pressure; inflationary pressures; infrastructure investment; institutional development; Institutional investor; interest income; interest rate; interest rate differentials; interest rates; International Bank; international bond; International capital; International capital flows; international financial markets; International settlements; investment climate; investment flows; investment funds; investment projects; investment rates; investment spending; investment vehicles; labor market; liquidity; local currency; local economy; local market; long-term interest; loss of confidence; Low-income countries; macroeconomic management; macroeconomic policy; market developments; market expectations; market index; market makers; market participants; market price; market prices; market valuations; market volatility; maturity; middle-income countries; monetary policy; money market; money supply; monopoly; Net debt; oil price; oil prices; output; output gap; output gaps; pension; pension funds; pension systems; political stability; Portfolio; portfolio investment; portfolios; power parity; price volatility; private capital; private capital flows; Private creditors; private savings; public finances; purchasing power; rapid expansion; regulatory requirements; remittance; remittances; repayments; reserve; reserve requirements; reserves; savings; savings rates; securities; short-term assets; short-term debt; sovereign debt; sovereign debt markets; speculative bubble; supply shocks; tax; tax rate; tax rates; Technological change; trading; transaction costs; transition countries; transition economies; Treasuries; Unemployment rates; volatility; withdrawal; world economy; world trade; yield spreads
    Scope: 1 Online-Ressource (circa 129 Seiten), Illustrationen