Institutional reform in emerging securities markets

In the long run, sound, efficient securities markets can contribute to economic growth; in the short run, they play an important role in financial liberalization. The author provides a guide to issues involved in institutional and regulatory reform of securities markets - and a discussion of the practical implications of different policy options and sequencing decisions. He argues that establishing sound securities markets requires institutional development that is a substantial task for many developing countries. Prerequisities for the development of securities markets include: (a) a macroeconomic and fiscal environment conducive to the supply of quality securities; (b) a legal, regulatory, and institutional infrastructure that can support efficient operation of the securities market. Essentially such an infrastructure must provide four things: (a) certainty about property rights and contracts; (b) transparent trading and other procedures and public disclosure by companies of all information relevant to the value of their securities; (c) protection against unfair practices by insiders and intermediaries; and (d) protection against the financial failure of intermediaries and market institutions such as clearinghouses. The author also provides examples of the policy conflicts and uncertainties that are routine in securities market reform and development, and suggests approaches to managing them.Financial Intermediation,Environmental Economics&Policies,Insurance&Risk Mitigation,Banks&Banking Reform,Economic Theory&Research

Stock market development and financial deepening in developing countries : some correlation patterns

Programs to develop securities markets are now a common feature of World Bank financial sector loans. Stock market development in particular is receiving considerable attention, especially the legal and institutional underpinnings required for successful stock market development. The financial underpinnings needed have received less study. The authors contribute to such a study by exploring the relationship between the degrees of financial depth and stock market development in an economy. Using a simple indicator of stock market development and several indicators of financial depth, and using cross-sectional data from 32 developing countries for 1984-90, they find a strong correlation between the two factors. Time-series data from 19 of these countries (for 1978-90) show similar correlations for most Asian countries, but not for other countries in the sample. Also, the correlations of the Asian data are strongest after the mid-1980s. They test a"threshold hypothesis"that a certain level of financial depth may be necessary to allow stock market development to take off. They find that available data do not support the hypothesis. The results suggest that financial depth is a significant factor in stock market development in most developing countries, but that country specific factors (such as industrial policy and structure, foreign investment controls, and stock market regulatory and operational infrastructure) have an equally strong influence on stock market growth. Case studies of economies in which stock market development has been successful would help elucidate the interplay between these factors.Economic Theory&Research,Financial Economics,Environmental Economics&Policies,Banks&Banking Reform,Statistical&Mathematical Sciences

Summer 1971

Mercury - Is The Amount in Seafood Poisonous? by C.J. Gilgut (3) Comparison of Several Fertilizer Salts and Their Effect on Penn Cross Creeping Bentgrass Top Growth by Joseph Troll (5) Turf Bulletin\u27s Photo Quiz by Frederick G. Cheney (7) A Review of the Trace ELements by Mark Loper (8) Now is the Time to Cut Costs by Holman M. Griffin (12) For the Homeowner -- Thatch and its Control by Joseph Troll (14) Lawns Slow Pollution by Robert W. Schery (15) Decimate the Decibels (16) Benomyl for the Control of Fusarium Blight of \u27Merion\u27 Kentucky Bluegrass by J.M. Vargas, Jr. and Charles W. Laughlin (17) New Blueprint Emerges for Air Pollution Controls (19) Preparing Turf Area Seedbeds by Thomas G. Pardy (22) An Ecologist Talks about Pollution by Donald A. Spencer (23) Editorial--Looking Back at the Mass. Turf Conference by Frederick G. Cheney (Outside back cover

Urban markets and diversity: towards a research agenda

In this paper we advocate the study of local street markets to explore fundamental issues about the relationship between economy and society. This relationship evolves over time and we believe that it has been recast in an age of increasing cultural diversity and neo-liberal state regulatory structures. In street markets we can see how diversity and the nature of economic transactions become mutually constitutive. We argue that cultural diversity propels local markets, while everyday interactions in markets influence intercultural relationships. These complex processes are affected by the spatiality of markets and the regulatory environments within which they operate. We conclude by framing a research programme on street markets and discuss a number of methodological complications that would need to be addressed in this endeavour

Mortality from gastrointestinal congenital anomalies at 264 hospitals in 74 low-income, middle-income, and high-income countries: a multicentre, international, prospective cohort study

Summary Background Congenital anomalies are the fifth leading cause of mortality in children younger than 5 years globally. Many gastrointestinal congenital anomalies are fatal without timely access to neonatal surgical care, but few studies have been done on these conditions in low-income and middle-income countries (LMICs). We compared outcomes of the seven most common gastrointestinal congenital anomalies in low-income, middle-income, and high-income countries globally, and identified factors associated with mortality. Methods We did a multicentre, international prospective cohort study of patients younger than 16 years, presenting to hospital for the first time with oesophageal atresia, congenital diaphragmatic hernia, intestinal atresia, gastroschisis, exomphalos, anorectal malformation, and Hirschsprung’s disease. Recruitment was of consecutive patients for a minimum of 1 month between October, 2018, and April, 2019. We collected data on patient demographics, clinical status, interventions, and outcomes using the REDCap platform. Patients were followed up for 30 days after primary intervention, or 30 days after admission if they did not receive an intervention. The primary outcome was all-cause, in-hospital mortality for all conditions combined and each condition individually, stratified by country income status. We did a complete case analysis. Findings We included 3849 patients with 3975 study conditions (560 with oesophageal atresia, 448 with congenital diaphragmatic hernia, 681 with intestinal atresia, 453 with gastroschisis, 325 with exomphalos, 991 with anorectal malformation, and 517 with Hirschsprung’s disease) from 264 hospitals (89 in high-income countries, 166 in middleincome countries, and nine in low-income countries) in 74 countries. Of the 3849 patients, 2231 (58·0%) were male. Median gestational age at birth was 38 weeks (IQR 36–39) and median bodyweight at presentation was 2·8 kg (2·3–3·3). Mortality among all patients was 37 (39·8%) of 93 in low-income countries, 583 (20·4%) of 2860 in middle-income countries, and 50 (5·6%) of 896 in high-income countries (p<0·0001 between all country income groups). Gastroschisis had the greatest difference in mortality between country income strata (nine [90·0%] of ten in lowincome countries, 97 [31·9%] of 304 in middle-income countries, and two [1·4%] of 139 in high-income countries; p≤0·0001 between all country income groups). Factors significantly associated with higher mortality for all patients combined included country income status (low-income vs high-income countries, risk ratio 2·78 [95% CI 1·88–4·11], p<0·0001; middle-income vs high-income countries, 2·11 [1·59–2·79], p<0·0001), sepsis at presentation (1·20 [1·04–1·40], p=0·016), higher American Society of Anesthesiologists (ASA) score at primary intervention (ASA 4–5 vs ASA 1–2, 1·82 [1·40–2·35], p<0·0001; ASA 3 vs ASA 1–2, 1·58, [1·30–1·92], p<0·0001]), surgical safety checklist not used (1·39 [1·02–1·90], p=0·035), and ventilation or parenteral nutrition unavailable when needed (ventilation 1·96, [1·41–2·71], p=0·0001; parenteral nutrition 1·35, [1·05–1·74], p=0·018). Administration of parenteral nutrition (0·61, [0·47–0·79], p=0·0002) and use of a peripherally inserted central catheter (0·65 [0·50–0·86], p=0·0024) or percutaneous central line (0·69 [0·48–1·00], p=0·049) were associated with lower mortality. Interpretation Unacceptable differences in mortality exist for gastrointestinal congenital anomalies between lowincome, middle-income, and high-income countries. Improving access to quality neonatal surgical care in LMICs will be vital to achieve Sustainable Development Goal 3.2 of ending preventable deaths in neonates and children younger than 5 years by 2030

Building community Revisiting values

Available from British Library Document Supply Centre-DSC:6219.8305(7) / BLDSC - British Library Document Supply CentreSIGLEGBUnited Kingdo

Satellites of Satellites: The Case for Carina and Fornax

We use the Auriga cosmological simulations of Milky Way (MW)-mass galaxies and their surroundings to study the satellite populations of dwarf galaxies in lambda-cold dark matter. As expected from prior work, the number of satellites above a fixed stellar mass is a strong function of the mass of the primary dwarf. For galaxies as luminous as the Large Magellanic Cloud (LMC), and for haloes as massive as expected for the LMC (from its rotation speed), the simulations predict about 3c3 satellites with stellar masses exceeding M_ 17&gt;10^5 M 99\u2060. If the LMC is on its first pericentric passage, then these satellites should be near the LMC and should have orbital angular momenta roughly coincident with that of the LMC. We use 3D positions and velocities from the 2nd data release of the Gaia mission to revisit which of the \u2018classical\u2019 MW dwarf spheroidals could plausibly be LMC satellites. The new proper motions of the Fornax and Carina dwarf spheroidals place them on orbits closely aligned with the orbital plane of the Magellanic Clouds, hinting at a potential Magellanic association. Together with the Small Magellanic Cloud (SMC), this result raises to 3, the number of LMC satellites with M_ 17&gt;10^5 M 99\u2060, as expected from simulations. This also fills the 12\u2009mag luminosity gap between the SMC and the ultrafaints Hyi1, Car2, Hor1, and Car3, the few ultrafaint satellites confirmed to have orbits consistent with a Magellanic origin