The economics of financial reform in developing countries:
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | Undetermined |
| Veröffentlicht: |
Basingstoke u.a.
Macmillan u.a.
1994
|
| Ausgabe: | 1. publ. |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XII, 204 S. |
| ISBN: | 0333604741 0312120699 |
Internformat
MARC
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| 100 | 1 | |a Bascom, Wilbert O. |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a The economics of financial reform in developing countries |c Wilbert O. Bascom |
| 250 | |a 1. publ. | ||
| 264 | 1 | |a Basingstoke u.a. |b Macmillan u.a. |c 1994 | |
| 300 | |a XII, 204 S. | ||
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Datensatz im Suchindex
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|---|---|
| adam_text | Contents
List of Tables x
List of Figures xi
Preface xii
1 Introduction 1
1.1 The nature of financial reform 1
1.2 Reform policy effectiveness 3
1.3 Plan of the book 4
PARTI MACROECONOMIC ISSUES
2 Distortions in Developing Countries Financial Markets 9
2.1 Financial repression 9
2.2 Interest rate ceilings and real interest rates 11
2.3 Exchange controls and the unofficial foreign exchange
market 13
2.4 Portfolio selection and credit rationing 17
2.5 Taxes and reserve requirements 19
2.6 Summary 20
3 Macroeconomic Environment and Financial Reform 22
3.1 Reactions to financial reform 22
3.2 The case of Korea and Malaysia 24
3.3 The case of Chile, Argentina, and Uruguay 31
3.4 A comparative perspective 34
3.5 Summary 35
4 Monetary Control Instruments and Financial Reform 37
4.1 The effects of direct control 37
4.2 Market based monetary control 39
4.3 Monetary control instruments 43
4.4 Summary 51
5 Choice and Reform of the Exchange Rate System 53
5.1 Exchange rate arrangement and policies 53
5.2 Selection criteria for an appropriate system 60
vii
viii Contents
5.3 Selected reform measures 64
5.4 Summary 66
6 Current and Capital Account Convertibility 69
6.1 Financial reform sequencing 69
6.2 Current account convertibility 74
6.3 Capital account convertibility 77
6.4 Summary 81
PART II MICROECONOMIC ISSUES
7 Financial Market Efficiency, Expectations, and
Dynamics 87
7.1 Market efficiency 87
7.2 Information 93
7.3 Rational expectations 95
7.4 Market dynamics 96
7.5 Credibility 98
7.6 Summary 100
8 Interest Rate Relationships and Immunization
Techniques 102
8.1 Bond and equity markets 102
8.2 Maturity transformation 105
8.3 Measuring interest rate exposure 107
8.4 Portfolio valuation changes 112
8.5 Summary 114
9 Managing Interest Rate Risk 116
9.1 Interest rate and price volatility 116
9.2 Corporate risk assessment 118
9.3 Financial futures 121
9.4 Application of financial futures 122
9.5 Summary 132
PART III INSTITUTIONAL, REGULATORY, AND
SUPERVISORY ISSUES
10 Forward Exchange Market Reform 137
10.1 Interest, spot, and forward exchange rates 138
10.2 Market participants and practices 141
Contents ix
10.3 Official guarantee and market approximating
schemes 145
10.4 Central banks and forward market development 148
10.5 Summary 151
11 Capital Market Benefits, Evolution, and Reform 153
11.1 Benefits of capital markets 153
11.2 Factors influencing equity market success 157
11.3 Political stability, economic policy, and prices 157
11.4 Demand for and supply of equities 158
11.5 Evolution of equity markets 161
11.6 Market reform measures 163
11.7 Summary 167
12 Regulation, Supervision, and Financial Crisis 170
12.1 Causes and effects of financial crisis 170
12.2 Autonomy and authority 175
12.3 Loan component 177
12.4 Real estate appraisals 180
12.5 Problem loan indicators and loan classsi neat ions 182
12.6 Interest accrual policies 186
12.7 Loan concentrations 186
12.8 Summary 187
13 Conclusion 190
13.1 Economic stabilization and financial reform 190
13.2 Real interest rates 191
13.3 Capital account, exchange rates, and deregulation 192
13.4 Market participants 193
13.5 Market deepening arrangements 193
13.6 Prudential regulation and supervision 194
Bibliography 196
Index 200
List of Tables
2.1 Developing countries with purchasing power losses on
financial assets 13
4.1 Central bank s balance sheet 40
4.2 Discretionary and nondiscretionary items and policies
for reserve money control 42
4.3 Comparative effects of changes in reserve requirements 48
4.4 Developed countries money market instruments and
principal borrowers 50
5.1 Exchange rate arrangements 57
7.1 Country economic outlook: an investor s perception 94
7.2 Rating codes for Moody s and Standard and Poor s 97
8.1 Hypothetical balance sheet with maturity gaps 111
8.2 Portfolio adjustment for expected interest rate increase 112
8.3 Average asset duration 113
9.1 Short: pure hedge 123
9.2 Long: pure hedge 124
9.3 Short hedge: cash and futures price divergences 126
9.4 Behavior of the basis: short hedge 127
9.5 Short hedge: divergences with disappointing outcome 128
9.6 Behavior of the basis: partial hedge 129
9.7 Short: cross hedge 130
9.8 Behavior of the basis: cross hedge 131
9.9 Disaggregating temporal basis and cross hedge basis 131
12.1 Documents indicating problem loan situation 182
12.2 Loan classification and special mention categories 183
12.3 Minimum specific provisions based on loan classifications 184
x i
List of Figures
9.1 Nominal interest rate index and volatility 117
9.2 Nominal price index and volatility for developing
countries non oil commodity exports 117
xi
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| illustrated | Not Illustrated |
| indexdate | 2024-07-09T17:41:56Z |
| institution | BVB |
| isbn | 0333604741 0312120699 |
| language | Undetermined |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-006519745 |
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| physical | XII, 204 S. |
| publishDate | 1994 |
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| publisher | Macmillan u.a. |
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| spelling | Bascom, Wilbert O. Verfasser aut The economics of financial reform in developing countries Wilbert O. Bascom 1. publ. Basingstoke u.a. Macmillan u.a. 1994 XII, 204 S. txt rdacontent n rdamedia nc rdacarrier Finanzreform (DE-588)4017209-0 gnd rswk-swf Entwicklungsländer (DE-588)4014954-7 gnd rswk-swf Entwicklungsländer (DE-588)4014954-7 g Finanzreform (DE-588)4017209-0 s DE-604 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=006519745&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Bascom, Wilbert O. The economics of financial reform in developing countries Finanzreform (DE-588)4017209-0 gnd |
| subject_GND | (DE-588)4017209-0 (DE-588)4014954-7 |
| title | The economics of financial reform in developing countries |
| title_auth | The economics of financial reform in developing countries |
| title_exact_search | The economics of financial reform in developing countries |
| title_full | The economics of financial reform in developing countries Wilbert O. Bascom |
| title_fullStr | The economics of financial reform in developing countries Wilbert O. Bascom |
| title_full_unstemmed | The economics of financial reform in developing countries Wilbert O. Bascom |
| title_short | The economics of financial reform in developing countries |
| title_sort | the economics of financial reform in developing countries |
| topic | Finanzreform (DE-588)4017209-0 gnd |
| topic_facet | Finanzreform Entwicklungsländer |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=006519745&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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