The development of government bond markets and, in particular, their currency composition have recently received much interest, partly because of their relation with financial crises. The authors study the determinants of the size and currency composition of government bond markets for a panel...

Drawing on country experience, the authors analyze alternative frameworks for providing financial services. Scope of permissible activities: The integrated banking model (commercial banking fully integrated with other financial services, including investment banking) benefits both financial...

The authors study the determinants of the growing migration of stock market activity to international financial centers. They use a sample of 77 countries and document that higher economic growth and more macroeconomic stability help stock market development. Countries with higher income per...

In recent years, electronic finance, especially online banking, and brokerage services, has reshaped the financial landscape. This paper reviews these developments, and analyzes their implications for consumers, governments, and financial service providers. First, it reviews the e-finance...

Resolving systemic banking and corporate distress is no easy task. This paper reviews bank and corporate restructuring efforts in the four East Asian crisis countries. Indonesia, Republic of Korea, Malaysia, Thailand, and identifies remaining priorities for reform. The analysis indicates that...

Stock markets in transition economies are generally underdeveloped, with low market capitalization and turnover, even when compared to most emerging markets. Poor macro-conditions, weak legal protection for minority shareholders and limited development of institutional investors have impeded...

As many East Asian countries plunged into economic decline, the structure of concentrated ownership and associated corporate governance, along with weak corporate performance, have been blamed for the crisis. There is little empirical evidence, however, of the nature of ownership structures in...