Asia's Debt Capital Markets - Arner, Douglas W. / Park, Jae-Ha / Lejot, Paul / Liu, Qiao (eds.)
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The Development of Effective Securities Markets Gary Schinasi International Monetary Fund One of the more important lessons of the crisis of the 1990s-^not just the Asian Crisis-is that the performance and structure of a country's financial system is an important fundamental factor for assessing that coimtry's overall economic performance and prospects, and as a destination for investment and asset returns. Market participants that are presently managing international portfolios now understand this very well. And as we all know, many countries are making strong efforts to reform their…mehr

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Produktbeschreibung
The Development of Effective Securities Markets Gary Schinasi International Monetary Fund One of the more important lessons of the crisis of the 1990s-^not just the Asian Crisis-is that the performance and structure of a country's financial system is an important fundamental factor for assessing that coimtry's overall economic performance and prospects, and as a destination for investment and asset returns. Market participants that are presently managing international portfolios now understand this very well. And as we all know, many countries are making strong efforts to reform their financial infrastructures, and move their financial systems more in the direction of a market-intermediated financial system and away from an exclusively bank-intermediated system. These reform efforts are putting in place some of the important infrastructure elements that are necessary for developing effective securities markets. However, emphasis should be placed on the word necessary: as many of these measures, and all of them taken together, are only necessary and not sufficient for estabUshing effective security markets.
Autorenporträt
James R. BarthSenior FellowPh.D., Economics, Ohio State University James R. Barth is the Lowder Eminent Scholar in Finance at Auburn University and a Senior Fellow at the Milken Institute. His research has focused on financial institutions and capital markets, both domestic and global, with special emphasis on regulatory issues. Most recently, he served as leader of an international team advising the People's Bank of China on banking reform. Barth was an appointee of Presidents Ronald Reagan and George H.W. Bush as chief economist of the Office of Thrift Supervision until November 1989 and has previously served as the chief economist of the Federal Home Loan Bank Board. Glenn YagoDirector of Capital StudiesPh.D., Political Economy, University of Wisconsin, Madison Glenn Yago is Director of Capital Studies at the Milken Institute. He specializes in financial innovations, financial institutions and capital markets, and has extensively analyzed public policy and its relation to high-yield markets, initial public offerings, industrial and transportation concerns, and public and private sector employment. The Capital Studies group has a number of innovative projects underway. Its Center for Emerging Domestic Markets analyzes emerging U.S. markets, comprised primarily of entrepreneurs with limited access to capital, and undertakes projects aimed at expanding capital access. The U.S. Department of Commerce, its Minority Business Development agency, the California State Treasurers Office, and Californias pension funds, among others, have actively participated in these projects. Likewise in the area of capital access, Yago is creator of the Milken Institute Capital Access Index, an annual survey that measures access to capital for entrepreneurs across countries, and co-creator of the Opacity Index, a measure of the openness of financial markets around the world, critical factors in determining a nations economic health. Both indices are referenced regularly in academic and business venues. Yago has worked on financial innovations transfer and privatization projects in the Middle East since 1996c and business venues. Yago has worked on financial innovations transfer and privatization projects in the Middle East since 1996