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Business and Economics > Public Finance

You are looking at 1 - 2 of 2 items for :

  • Type: Journal Issue x
  • Financial Economics: General x
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Cover IMF Working Papers
Understanding the Use of Long-term Finance in Developing Economies
Mr. Maria Soledad Martinez Peria
and
Mr. Sergio L. Schmukler
This short paper reviews recent literature on the use of long-term finance in developing economies (relative to advanced ones) to identify where long-term financing occurs, and what role different financial intermediaries and markets play in extending this type of financing. Although banks are the most important providers of credit, they do not seem to offer long-term financing. Capital markets have grown since the 1990s and can provide financing at fairly long terms. But few firms use these markets. Only some institutional investors provide funding at long-term maturities. Governments might help to expand long-term financing, although with limited policy tools.
Keywords:
WP; finance; institutional investor; capital market; market; maturity; banks; bond markets; firm financing; financial crises; financial intermediaries; institutional investors; issuance maturity; long-term debt; short-term debt; investment finance program; long-term finance; capital market capitalization; economies stock market capitalization; saving needs; finance shift; stock market capitalization; market failure; income economy; investment horizons; Mutual funds; Capital markets; Loans; Pension spending; Insurance companies; Europe; Global; Central America
Cover IMF Working Papers
Assessing Countries’ Financial Inclusion Standing - A New Composite Index
Mr. Alexander Massara
and
André Mialou
This paper leverages the IMF’s Financial Access Survey (FAS) database to construct a new composite index of financial inclusion. The topic of financial inclusion has gathered significant attention in recent years. Various initiatives have been undertaken by central banks both in advanced and developing countries to promote financial inclusion. The issue has also attracted increasing interest from the international community with the G-20, IMF, and World Bank Group assuming an active role in developing and collecting financial inclusion data and promoting best practices to improve financial inclusion. There is general recognition among policy makers that financial inclusion plays a significant role in sustaining employment, economic growth, and financial stability. Nonetheless, the issue of its robust measurement is still outstanding. The new composite index uses factor analysis to derive a weighting methodology whose absence has been the most persistent of the criticisms of previous indices. Countries are then ranked based on the new composite index, providing an additional analytical tool which could be used for surveillance and policy purposes on a regular basis.
Keywords:
WP; income group; factor analysis; Financial inclusion; access and usage of financial services; index; borrowers variable; a number of variable; outreach variable; cross-dimension composite index; scale invariance; household depositor; composite index value; usage variable; normalized variable; geometric mean; Public expenditure review; Personal income; Commercial banks; Global