Barriers to portfolio investments in emerging stock markets (Revised)

Portfolio Investment;Capital Movements;Capital Gains Tax

Bank supervision and corruption in lending.

[Dataset available: http://hdl.handle.net/10411/13608]

Entrepreneurship in post-conflict transition : the role of informality and access to finance

The authors examine the factors affecting the transition to self-employment in Bosnia and Herzegovina, using the World Bank Living Standard Measurement Survey panel household survey for the years 2001-2004. In the beginning of the sample, the country changed its legal framework, with the primary aim to promote labor market flexibility and to encourage entrepreneurial activity. The analysis identifies individuals that switched to self-employment (employers and own account) during the sample period and the viability of this transition, in terms of business survival for more than one year. The results suggest an important role for financing constraints. Specifically, wealthier households are more likely to become entrepreneurs and survive in self-employment. After controlling for household wealth, having an existing bank relationship increases the likelihood of starting a business with hired employees and increases the chances of survival for the new entrepreneur. By contrast, overseas - and in some cases domestic - remittances decrease the likelihood of becoming an entrepreneur.Access to Finance,Labor Markets,,Banks&Banking Reform,Labor Policies

Is Small Beautiful? Financial Structure, Size and Access to Finance

Combining two unique data sets, this paper explores the relationship between financial structure and firms’ access to financial services. Specifically, it considers the importance of three different types of financial institutions: low-end financial institutions, specialized lenders, and banks. Two findings stand out. First, dominance of the financial system by banks is associated with lower use of financial services by firms of all sizes, while low-end financial institutions and specialized lenders seem particularly suited to ease access to finance in low-income countries. Second, there is no evidence that smaller institutions are better in providing access to financ

Financing patterns around the world: Are small firms different?

Using a firm-level survey database covering 48 countries, we investigate how financial and institutional development affects financing of large and small firms. Our database is not limited to large firms but includes small and medium-size firms and data on a broad spectrum of financing sources, including leasing, supplier, development, and informal finance. Small firms and firms in countries with poor institutions use less external finance, especially bank finance. Protection of property rights increases external financing of small firms significantly more than of large firms, mainly due to its effect on bank finance. Small firms do not use disproportionately more leasing or trade finance compared with larger firms, so these financing sources do not compensate for lower access to bank financing of small firms. We also find that larger firms more easily expand external financing when they are constrained than small firms. Finally, we find suggestive evidence that the pecking order holds across countries

Heterogeneity in Bank Valuation of LCD Debt: Evidence from the 1988 Brazilian Debt-Reduction Program

debt ; financial market

Pay or delay: the role of technology when managing a low income

This paper reports on a qualitative study of 38 low-income individuals living in the North East of England. The participants' experiences of money, banking and the role digital technology plays in their financial practices were identified through semi-structured interviews in people's homes and group workshops. A grounded theory analysis of these data characterises how technology both helped and hindered participants to keep close control of their finances. These findings suggest design opportunities for future digital banking technologies that extend the already sophisticated practices of individuals managing a low income, focusing on: delaying, prioritising, planning, watching, and hiding monetary transactions