This paper reviews the Mexican experience with the securitization of residential mortgages. It highlights the key legislative and institutional reforms leading to the development of primary and secondary mortgage markets and reports the main features and valuation practices of the RMBS markets....

The paper analyzes the factors that contribute to the re-access of countries that emerge from a severe financial crisis to the international capital markets. It conjectures that these factors depend on a sovereign's commitment and ability to repay its foreign debt, signaled by sound...

This paper takes a closer look at why safeguards are needed in bank resolution frameworks and how the principles included in a subset of the key attributes are expected to protect third party rights. Through a review of a set of issues encountered across a sample of 12 emerging and developing...

This paper extends Grossman and Helpman`s seminal work (1991), and presents an endogenous growth model where innovations created in a high-tech sector may be assimilated or adapted by a low-tech sector. Applying a simple Heckscher-Ohlin framework, the effects of technological diffusion are found...

The FIRST Lessons Learned Series is a collection of FIRST's technical and functional insights gained from FIRST funded engagements. This knowledge note shares valuable lessons from FIRST-funded DIS projects led by the Finance and Markets Global Practice at the World Bank. The paper addresses...

The FIRST Lessons Learned Series is a collection of FIRST's technical and functional insights gained from FIRST funded engagements. This knowledge note shares useful lessons from FIRST-funded pension projects led by the Finance and Markets Global Practice at the World Bank Group, which supported...

We study the link between the probability of default implied by Credit Default Swaps (CDS) spreads and the final prices of the defaulted bonds as established at the CDS settlement auctions. We observe that the post-default recovery rates at the observed spreads imply markets were often...

This paper extends Grossman and Helpman’s seminal work (1991), and presents an endogenous growth model where innovations created in a high-tech sector may be assimilated or adapted by a low-tech sector. Applying a simple Heckscher-Ohlin framework, the effects of technological diffusion are...