Sergio L. Schmukler's Books

Innovative Experiences in Access to Finance

Market-Friendly Roles for the Visible Hand?

By: Augusto de la Torre,Juan Carlos Gozzi,Sergio L. Schmukler

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Innovative Experiences in Access to Finance

Market-Friendly Roles for the Visible Hand?

By: Augusto de la Torre,Juan Carlos Gozzi,Sergio L. Schmukler

Interest in access to finance and awareness of its importance have increased significantly since the early 2000s. Growing evidence suggests that lack of access to credit prevents many households and firms from financing high-return investment projects, which has an adverse effect on growth and poverty alleviation. Despite the increasing awareness of the importance of access to finance among both researchers and policymakers, there are still some major gaps in our understanding of the main drivers of access, as well as about the impact of different policies in this area. This book aims to fill some of these gaps by discussing recent innovative experiences in broadening access to credit in Latin America. These experiences are consistent with an emerging new view that, while recognizing the central role of the public sector in improving the contractual and informational environment for financial markets, also contends that there might be room for well-designed, restricted interventions in collaboration with the private sector to foster the development of financial markets and broaden access to them. In particular, the book analyzes, among other things, some interesting experiences from Brazil, Chile, Colombia, and Mexico that use different instruments to broaden access to credit in a sustainable way, such as structured finance, factoring, credit guarantees, and correspondent banking. Most of these experiences have led to financial innovation by developing new financial products and coordinating different players in the financial and real sectors to overcome barriers to access to credit. The book provides a first systematic analysis of these innovative experiences, including an analytical framework to understand problems of access to finance and a discussion of the effects and optimal design of public interventions. Finally, the book discusses some open policy questions about the role of the private and public sectors (including state†?owned banks) in broadening access to finance in a sustainable and market-friendly manner.

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484

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World Bank Publications

Published Date

ISBN 10

0821376896

ISBN 13

9780821376898

Financial Development in Latin America and the Caribbean

The Road Ahead

By: Augusto de la Torre,Alain Ize,Sergio L. Schmukler

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Financial Development in Latin America and the Caribbean

The Road Ahead

By: Augusto de la Torre,Alain Ize,Sergio L. Schmukler

During the 1980s and 1990s, financial sectors were the Achilles heel of economic development in Latin America and the Caribbean (LAC). Since then, these sectors have grown and deepened, becoming more integrated and competitive, with new actors, markets, and instruments springing up and financial inclusion broadening. To crown these achievements, the region s financial systems were left largely unscathed by the global financial crisis of 2008 09. Now that the successes of LAC s macrofinancial stability are widely recognized and tested, it is high time for an in-depth stocktaking of what remains to be done. Financial Development in Latin America and the Caribbean: The Road Ahead provides both a stocktaking and a forward-looking assessment of the region s financial development. Rather than going into detail about sector-specific issues, the report focuses on the main architectural issues, overall perspectives, and interconnections. The report s value added thus hinges on its holistic view of the development process, its broad coverage of the financial services industry beyond banking, its emphasis on benchmarking, its systemic perspective, and its explicit effort to incorporate the lessons from the recent global financial crisis. Financial Development in Latin America and the Caribbean: The Road Ahead builds on and complements several overview studies on financial development in both LAC countries and the developing world that were published in the past decade. It will be of interest to policy makers and financial analysts interested in improving the financial sector in the LAC region.

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299

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World Bank Publications

Published Date

ISBN 10

082138936X

ISBN 13

9780821389362

Emerging Capital Markets and Globalization

The Latin American Experience

By: Augusto de la Torre,Sergio Schmukler

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Emerging Capital Markets and Globalization

The Latin American Experience

By: Augusto de la Torre,Sergio Schmukler

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.

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232

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World Bank Publications

Published Date

ISBN 10

0821365444

ISBN 13

9780821365441

Understanding the Use of Long-term Finance in Developing Economies

By: Mr.Maria Soledad Martinez Peria,Mr.Sergio L. Schmukler

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Understanding the Use of Long-term Finance in Developing Economies

By: Mr.Maria Soledad Martinez Peria,Mr.Sergio L. Schmukler

This short paper reviews recent literature on the use of long-term finance in developing economies (relative to advanced ones) to identify where long-term financing occurs, and what role different financial intermediaries and markets play in extending this type of financing. Although banks are the most important providers of credit, they do not seem to offer long-term financing. Capital markets have grown since the 1990s and can provide financing at fairly long terms. But few firms use these markets. Only some institutional investors provide funding at long-term maturities. Governments might help to expand long-term financing, although with limited policy tools.

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International Monetary Fund

Published Date

ISBN 10

1475596413

ISBN 13

9781475596410

The Internationalization of China’s Equity Markets

By: Juan J. Cortina,Mr. Maria Soledad Martinez Peria,Mr. Sergio L. Schmukler,Jasmine Xiao

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The Internationalization of China’s Equity Markets

By: Juan J. Cortina,Mr. Maria Soledad Martinez Peria,Mr. Sergio L. Schmukler,Jasmine Xiao

China’s equity markets internationalization process started in the early 2000s but accelerated after 2012, when Chinese firms’ shares listed in Shanghai and Shenzhen gradually became available to international investors. This paper studies the effects of the post-2012 internationalization events by comparing the evolution of equity financing and investment activities for: (i) domestic listed firms relative to firms that already had access to international investors and (ii) domestic listed firms that were directly connected to international markets relative to those that were not. The paper finds large increases in financial and investment activities for domestic listed and for connected firms, with significant aggregate effects. The evidence also suggests the rise in firms’ equity issuances was primarily and initially financed by domestic investors. International investors’ portfolio holdings in Chinese equity markets and ownership in firms increased markedly only once Chinese firms’ locally issued shares became part of the MSCI Emerging Markets Index.

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International Monetary Fund

Published Date

ISBN 13

9798400233876

Vanishing Contagion?

By: Mr.Sergio L. Schmukler,Tatiana Didier,Mr.Paolo Mauro

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Vanishing Contagion?

By: Mr.Sergio L. Schmukler,Tatiana Didier,Mr.Paolo Mauro

While a number of emerging market crises were characterized by widespread contagion during the 1990s, more recent crises (notably, in Argentina) have been mostly contained within national borders. This has led some observers to wonder whether contagion might have become a feature of the past, with markets now better discriminating between countries with good and bad fundamentals. This paper argues that a prudent working assumption is that contagion has not vanished permanently. Available data do not seem to point to a disappearance of the main channels that contribute to transmitting crises across countries. Moreover, anticipation of the Argentine crisis by international investors may help explain the recent absence of contagion.

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International Monetary Fund

Published Date

ISBN 10

1451946066

ISBN 13

9781451946062

Short-Run Pain, Long-Run Gain

The Effects of Financial Liberalization

By: Mr.Sergio L. Schmukler,Graciela Laura Kaminsky

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Short-Run Pain, Long-Run Gain

The Effects of Financial Liberalization

By: Mr.Sergio L. Schmukler,Graciela Laura Kaminsky

We examine the short- and long-run effects of financial liberalization on capital markets. To do so, we construct a new comprehensive chronology of financial liberalization in 28 mature and emerging market economies since 1973. We also construct an algorithm to identify booms and busts in stock market prices. Our results indicate that financial liberalization is followed by more pronounced boom-bust cycles in the short run. However, financial liberalization leads to more stable markets in the long run. Finally, we analyze the sequencing of liberalization and institutional reforms to understand the contrasting short- and long-run effects of liberalization.

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International Monetary Fund

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1451845286

ISBN 13

9781451845280

Book's by Sergio L. Schmukler

Innovative Experiences in Access to Finance

Innovative Experiences in Access to Finance

Financial Development in Latin America and the Caribbean

Financial Development in Latin America and the Caribbean

Emerging Capital Markets and Globalization

Emerging Capital Markets and Globalization

Understanding the Use of Long-term Finance in Developing Economies

Understanding the Use of Long-term Finance in Developing Economies

The Internationalization of China’s Equity Markets

The Internationalization of China’s Equity Markets

Vanishing Contagion?

Vanishing Contagion?

Short-Run Pain, Long-Run Gain

Short-Run Pain, Long-Run Gain

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