North-South lending and endogenous domestic capital market inefficiencies

1990 ◽  
Vol 26 (2) ◽  
pp. 245-266 ◽  
Author(s):  
Mark Gertler ◽  
Kenneth Rogoff
Keyword(s):  
Capital Market ◽  
Market Inefficiencies ◽  
Domestic Capital

Why Innovate? Founding the Bank for International Settlements

1993 ◽  
Vol 45 (3) ◽  
pp. 361-405 ◽  
Author(s):  
Beth A. Simmons
Keyword(s):  
Capital Market ◽  
International Political Economy ◽  
Financial Innovation ◽  
Institutional Development ◽  
Bargaining Model ◽  
Dynamic Contracting ◽  
International Lending ◽  
Market Inefficiencies ◽  
The Past ◽  
Bank For International Settlements

One of the concerns of international political economy in the past several years has been to theorize about the conditions conducive to the development of international cooperation and institutionalization. This article explores the usefulness of economic theories of dynamic contracting, which are essentially functionalist in nature, to understand international financial innovation in the 1920s. It interprets the founding of the Bank for International Settlements as an important effort to overcome the problems of contract enforcement and information asymmetries in international lending that had contributed to capital market inefficiencies as the 1920s drew to a close. Dynamic contracting theories suggest reasons why borrowers and lenders have a strong interest in developing cooperative international institutions that help establish a borrower's credibility. This approach is supplemented with a multilateral bargaining model between debtor, private lenders, and creditor governments to explain international financial innovation during the interwar years. The evidence suggests that the BIS was created primarily to enhance Germany's incentives to repay its debts and that it was part of a deal between private creditors and creditor governments to reduce and commercialize German reparations. By looking not only at interstate bargaining but also at public'private bargaining, it is possible to understand the paradox of cooperative international institutional development in a period otherwise marked by conflict.

Capital-Market Controls and Credit Rationing in Mali and Senegal

1981 ◽  
Vol 19 (1) ◽  
pp. 57-73 ◽  
Author(s):  
Susan Hickok ◽  
Clive S. Gray
Keyword(s):  
Capital Markets ◽  
Capital Market ◽  
Working Group ◽  
Civil Service ◽  
Credit Rationing ◽  
Field Studies ◽  
Debt Service ◽  
Development Projects ◽  
Operation And Maintenance ◽  
Domestic Capital

In the course of several field studies carried out during 1978–9 on behalf of the Working Group on Recurrent Costs established by the Comité Inter-états de Lutte contre la Sécheresse dans le Sahel and the Club du Sahel, it became clear that imperfect functioning of domestic capital markets hampers the efforts of Sahelian governments to raise domestic non-tax resources for budget finance. Inasmuch as the operation and maintenance of development projects compete for a severely limited pool of uncommitted government revenues – that is, revenues not committed to debt service, meeting the civil service payroll, and other inflexible obligations – reforms that augment this pool are of particular interest from the viewpoint of ensuring that these projects function properly once established.

scholarly journals Exploring the Role of Merchant Banker as Capital Market Intermediary: With Special Reference to Role Played Under Stock Market

2020 ◽  
Vol 4 (10) ◽  
pp. 161-167
Keyword(s):  
Stock Market ◽  
Capital Market ◽  
Security Market ◽  
Issue Management ◽  
Public Issue ◽  
Indian Economy ◽  
Domestic Capital ◽  
Public Offering ◽  
A Company

For smooth and effective governance of corporate organizations and to achieve a sustainable development in the corporate fraternity, organizations require finance both for financing the fixed capital as well as for working capital. Finance is such an important aspect of business that enterprises cannot sustain without its interference and as such right from its incorporation till it’s winding up finance occupies a pivotal position. It is not only for the small and big enterprises which requires finance but also the entire economic structure of the country keeps reliance on it. As corporate sector contributes towards Indian economy about 53 % of Gross Domestic Product, the role of security market under the cloak of Security Exchange Board of India plays an important role in contributing to the Indian Economy. Security market also known as the stock market is a platform where a company can raise its fund or share-capital through the means of various kinds of marketable and financial instruments carrying voting rights, interest and payment of dividend both at domestic and international level. For a sustainable corporate governance, a compliance framework has to be established which will help and support the risk management system during identifying the sources of corporate funding and the pools of fund both from domestic capital market and international markets. Corporates should first create an established framework which will help them to evaluate and assess their financial requirement to the extent of managing funds from various sources. It is true that a company issues securities to the investors through the mechanism of initial public offering and further public offering in primary market and in furtherance such securities are additionally traded in secondary market through the platform of recognized stock exchange which makes it crystal clear that there is no direct congruence or connection between the issuer company and the security holders. In this gap the role played by the intermediaries are pertinent for the operations relating to issuance and trading of securities and as such merchant banker is one of the key intermediary in capital market appointed by the issuer company for public issue management. The paper will focus on the role played by the merchant banker in primary market. It will also attempt to define how the merchant banker functions with due regard to public issue management, credit rating of shares and how it complies with the changing laws and regulations for an effective management of corporate transactions.

Alternatif Skema Pembiayaan Dalam Pembangunan Infrastruktur Bandar Udara di Indonesia

WARTA ARDHIA ◽  
2011 ◽  
Vol 37 (4) ◽  
pp. 335-345
Author(s):  
Eny Yuliawati
Keyword(s):  
Capital Market ◽  
Early Stage ◽  
Air Transportation ◽  
Infrastructure Development ◽  
Project Financing ◽  
National Budget ◽  
Economy Growth ◽  
Domestic Capital ◽  
Efficiency And Effectiveness ◽  
The Government

The availability of infrastructures is very important to support and determine the level of efficiency and effectiveness economy activities of a country. The availability of infrastructures is necessary for development. Thus, at the early stage, infrastructure development in a country is fully supported by the Government through the National Budget. However, along with economy growth of a country, demand on infrastructure service is also increasing. The problem is that those demands are not balanced with government’s ability in providing the infrastructures. Development of air transportation infrastructures has to be done faster in accordance with the increasing number of passengers. Therefore, it is necessary to look at business aspects in order to be feasible and economical. Various chances in model of Public Private Partnerships, project financing and chances in the use of both international proiect financing and domestic capital market for developing airports need to be considered in the future concerning the limited government's ability in financing.

scholarly journals Tourism Sector on the Zagreb Stock Exchange (ZSE): What is the Value of Croatian Tourism?

2015 ◽  
Vol 1 (1-2) ◽  
pp. 15-40
Author(s):  
Ivor Altaras Penda
Keyword(s):  
Capital Market ◽  
National Economy ◽  
Stock Exchange ◽  
Current Data ◽  
Securities Market ◽  
Development Projects ◽  
Significant Progress ◽  
Significant Component ◽  
Domestic Capital ◽  
Tourism Sector

AbstractIn this paper the author investigates and analyzes the historical and current data on the shares of the tourism sector on the Zagreb Stock Exchange (ZSE), and on that basis he is trying to estimate the value of entire Croatian tourism. He also argues that the lack of transparency of the domestic capital market, and in particular its inefficiency, is directly reflected on the tourism sector as its significant component. Tourism represents about 15% of the total Croatian economy, with clear indications that it is one of the few segments in which Croatia has certain success, and has significant progress in this part of the national economy. Thereby tourism sector deserves special attention on the securities market, which has one of the fundamental tasks to find funds on the market for financing development projects.

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