Read e-book online Annual World Bank Conference on Development in Latin America PDF

By Shahid Javed Burki, Guillermo E. Perry

ISBN-10: 0821345206

ISBN-13: 9780821345207

Show description

Read Online or Download Annual World Bank Conference on Development in Latin America and the Caribbean, 1998: banks and capital markets : sound financial systems for the 21st century : proceedings of a conference held in San Salvador, El Salvador PDF

Similar world books

New PDF release: The Crusades 1095-1197

During this compelling account, Jonathan Phillips explores the origins and improvement of the Crusades of their historic context. via a mix of narrative and thematic chapters, this most modern e-book in theSeminar stories in historical past sequence offers either an overview of key occasions and concerns within the heritage of the crusades to the Holy Land, and an perception into new parts of study.

New PDF release: World Music, Politics, and Social Change: Papers from the

Drawing upon various educational disciplines, this feature of essays from the foreign organization for the examine of well known track examines the social and musical forces that lie in the back of the revenues labels of renowned track. The publication asks - "How does well known song switch? ", "What is the impression of First international capital on 3rd international musical performers?

Download PDF by Billy C. [from old catalog] Sandow: Self Defense for the Individual

Revised from the authors process of tough and tumble wrestling and hand-to-hand struggling with taught through him within the U. S. military through the international battle. Contents: advent. tricks for rookies. The move at the back of. entrance strangle. again strangle. Arm and leg carry. Plying mare. Block for waist lock from at the back of. one other block for waist lock from at the back of.

Additional info for Annual World Bank Conference on Development in Latin America and the Caribbean, 1998: banks and capital markets : sound financial systems for the 21st century : proceedings of a conference held in San Salvador, El Salvador

Sample text

I have just argued, however, that investment depends on much more than just the interest rate. At the same time, "investment" can be broadened to include research and development, human capital, learning by doing, improved management, and other elements of "total factor productivity"issues that have received renewed attention in recent endogenous theories of economic growth (see Lucas 1973 and Romer 1990). This opens up the possibility of studying how the financial system affects long-run growth.

There is a strong empirical basis for thinking that it does. Research by Ross Levine and others surveyed in Levine (1997) shows a strong link between economic growth and the depth of the banking system and liquidity of financial markets. 8 percent annual growth for countries in the lowest quartile of stock market liquidity. 4 percent. I have extended the finance-based macroeconomic model I used to discuss economic fluctuations to the study Page 17 of long-run growth (see Greenwald, Kohn, and Stiglitz 1990 for a theoretical model, and Greenwald, Salinger, and Stiglitz 1992 for some empirical evidence).

The volatility in secondary markets is well beyond what can be explained by movements in fundamentals (Shiller 1989). One of the most plausible explanations for this excess volatility is irrational market psychology and bubbles. Keynes put this well when he compared secondary markets to a beauty contest, in which each judge is not concerned with identifying the most beautiful contestant, but in figuring out who the other judges think is the most beautiful contestant. Much of this short-term speculative activity has zero or negative social value.

Download PDF sample

Annual World Bank Conference on Development in Latin America and the Caribbean, 1998: banks and capital markets : sound financial systems for the 21st century : proceedings of a conference held in San Salvador, El Salvador by Shahid Javed Burki, Guillermo E. Perry


by William
4.0

Rated 4.32 of 5 – based on 37 votes