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Searching with a thematic focus on Finance policy

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• Document

  Sustainability of private capital flows to developing countries : is ageneralized reversal likely?

  Policy Research Working Papers, World Bank, 1995

  Developing countries that undertake adequate domestic reform should continue to expect capital inflows, despite recent events in Mexico and the U.S. Federal Reserve Board's raising of interest rates during 1994.Since 1989, private capital flows to a select group of developing countries have increased sharply, but developments in 1994 have caused concern about the sustainability of those flows.
• Document

  Indonesia : labor market policies and international competitiveness

  Policy Research Working Papers, World Bank, 1995

  Indonesia's labor market in the 1990s is characterized by rising labor costs, reduced worker productivity, and increasing industrial unrest. The main problem is generous, centrally mandated, but unenforceable worker benefits.
• Document

  The WTO, the EU and the Arab world : trade policy priorities and pitfalls

  Policy Research Working Papers, World Bank, 1995

  A preference for gradual trade liberalization has led to partial and slow reform, lack of credibility, and a weak private sector supply response in many countries in the Middle East and North Africa. The creation of the World Trade Organization and the offer of the European Union to establish a Euro Mediterranean Economic Area could help make the strategy of gradual reform more credible.
• Document

  Small and medium enterprises in economic development : possibilities for research and policy

  Policy Research Working Papers, World Bank, 1995

  How (if at all) can the World Bank promote economic development by mobilizing resources organized as small and medium size enterprises in developing countries?
• Document

  Coping with too much of a good thing : policy responses for large capital inflows to developing countries

  Policy Research Working Papers, World Bank, 1995

  Economic policy on capital inflows does not lend itself to one size fits all policy prescriptions, but in the design of policy strategies for dealing with the inevitable volatility of such flows, a premium should be put on credibility, resilience, and flexibility.In discussing the causes and consequences of large capital inflows to developing countries, Goldstein emphasizes that:Although the
• Document

  The rise of securities markets : what can government do?

  Policy Research Working Papers, World Bank, 1995

  Institutions interested in stimulating the development of securities markets in developing and transition economies should remember lessons from U.S. financial history: Put fiscal practices on a solid ground and then encourage disclosure of financial information to investors. One benefit of a good stock market is that a developing country will find it easier to sell bonds to foreign investors.
• Document

  Contingent liability in banking : useful policy for developing countries?

  Policy Research Working Papers, World Bank, 1995

  Could contingent liability systems play an important role in developing countries' banking systems?Bank owner contingent liability has been important in the development of many industrial countries. Unlimited liability on bank owners was an important element in the success of Scottish banking, for example, and lasted until 1862, when banks were allowed to adopt a limited liability designation.
• Document

  Before main banks : a selective historical overview of Japan's prewar financial system

  Policy Research Working Papers, World Bank, 1995

  Among lessons learned from Japan's pre-war financial system: Business conglomerates that did not remain dependent on government patronage were more successful than others in making the transition to a modern industrial economy.
• Document

  Free banking : the Scottish experience as a model for emerging economies

  Policy Research Working Papers, World Bank, 1995

  Scotland's nineteenth century experience with free banking offers lessons to inform contemporary policy makers. A relatively unregulated banking system may be a wise option for emerging markets, if high liability limits can be enforced.The notion of free banking is at least as difficult to define as the notion of central banking.
• Document

  The evolution of central banking

  Policy Research Working Papers, World Bank, 1995

  What have we learned about central banks? The principal factors affecting central bank autonomy in the past two centuries have been prevailing political conditions, a laissez faire environment, and the exchange rate regime (whether fixed or floating).Institutions we know as central banks emerged or were established as commercial banks or government banks.

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