Stock Markets in Low and Middle Income Countries

This paper explores the question of whether the institution of the stock market is likely to be helpful to low and middle income countries in promoting development of their real economy and ensuring fast industrial growth. The case for and against the stock market inevitably involves a discussion of the important related subjects of corporate finance, corporate governance and corporate law. Contrary to the literature the paper arrives at a negative overall assessment of the institution of the stock market in relation to economic development. It also contributes by its policy proposals concerning the markets for corporate control which again are in conflict with much of the conventional wisdom on the subject.stock market; market for corporate control; corporate finance; corporate governance; corporate law

A systematic review of care pathways for psychosis in low-and middle-income countries

Pathways to care for psychosis in high-income countries have been well studied, with the finding of an association between longer duration of untreated psychosis (DUP) and poorer outcomes focusing interest on care pathways to minimise treatment delay. Little is known about how people with psychosis in low-to middle-income countries (LMIC) present for help and specific care pathways that might be associated with treatment delays in those contexts. We conducted a systematic review using electronic databases (MEDLINE, PsychINFO, Embase, Ovid) to explore what proportion of patients with psychosis in LMIC are accessing care through traditional healers and whether this is associated with treatment delay. Studies were included if they assessed the pathway to care for participants with a psychotic illness in a LMIC. From 3929 results, 15 studies met our inclusion criteria. In 7 out of 15 studies first contact for the majority of patients were traditional health practitioners (THPs). In 5 out of 15 studies, mental health practitioners (MHPs) were most often the initial care pathway and in 3 studies first contact was with primary care. DUP ranged from a mean of 30 weeks to 225 weeks. Accessing THPs as initial contact was associated with a longer DUP. In LMICs, a large proportion of patients use THP as their first point of contact for accessing care. This is associated with longer DUP. Services in these countries need to focus both on raising public awareness and collaborative working with THPs to facilitate access to biomedical care

Bringing Financial Literacy and Education to Low and Middle Income Countries: The Need to Review, Adjust, and Extend Current Wisdom

This paper presents a World Bank led and Russia trust fund financed work program to measure financial capability and the effectiveness of financial education in low and middle income countries. The two activities and their staging have been motivated by the lessons of high-income countries with financial literacy programs and the deviating characteristics of low and middle income countries. While progress has been made in high-income countries to measure financial capability, there is little robust empirical evidence that financial education can improve it. While applying the financial capability concept in low and middle-income countries looks promising it will need to be adjusted to their characteristic and supported by innovative interventions and rigorous impact evaluation to improve it.financial literacy, financial capability, financial education, impact evaluation

EXTERNAL DEBT SUSTAINABILITY: GUIDELINES FOR LOW- AND MIDDLE-INCOME COUNTRIES

The high debt burden continues to hamper the growth prospects of many developing countries and is increasing their vulnerability. Bilateral official aid has declined sharply and financing by multilateral organizations is low. Developing countries have experienced net negative resource transfers, reducing their ability to invest. Finally, growth in these countries has lagged worldwide growth, particularly in Latin America and Africa. Poorer countries depend heavily on support of official institutions. Aid to poorer countries has diminished and in many cases their debt burden appears to be unsustainable. Countries with access to market borrowing on the other hand, have been affected by high volatility in international capital markets, while having fewer policy options than in the past to absorb shocks. Debt sustainability assessments normally focus on the behaviour of the external debt to GDP ratio, which depends on the behavior of debt, interest rates, the behaviour of GDP, and the movements in the real exchange rate. In crisis situations, countries can have recourse to debt restructuring or reduction, but such action cannot be a regular means of dealing with external financing problems, as it affects access to new financing. The process is defective and new solutions are required. There is good evidence on indicators and predictors of external debt crises. There are key macroeconomic indicators which, in general have a good capacity to predict debt problems, but they work with variable lags, and are not reliable in all cases. Thus, a good tracking system needs to be based on several of these indicators. The impact of sovereign credit ratings on access of developing countries to capital markets and on the terms of borrowing is significant. Worsening ratings can have adverse consequences on debt sustainability. To avoid this problem, credit agencies should expand their use of indicators, and take a broader view of developments than at present, including with regard to programmes that countries are undertaking with the support of the international financial institutions.

The Scorecard on Development, 19602016: China and the Global Economic Rebound

This report looks at the rate of progress of economic, health, and social indicators, including per capita GDP, mortality, life expectancy, and education for all countries with available data. It examines the twenty-first century rebound for the majority of low- and middle-income countries after an unusual long-term decline in the rate of progress on most of these indicators in the last two decades of the twentieth century. It discuss the role of China in the twenty-first-century rebound, and the possible role of major policy changes that took place in many low- and middle-income countries, as well as other policy and institutional influences.The report is the latest edition of a series that began in 2001; the last version was published in 2011. The first two editions of the Scorecard (2001 and 2005) documented a then ongoing, historic long-term economic failure that occurred in the 1980s and '90s, before most low- and middle-income countries began to experience an economic rebound

Bringing financial literacy and education to low and middle income countries : the need to review, adjust, and extend current wisdom

This paper presents a World Bank led and Russia trust fund financed work program to measure financial capability and the effectiveness of financial education in low and middle income countries. The two activities and their staging have been motivated by the lessons of high income countries with financial literacy programs and the deviating characteristics of low and middle income countries. While progress has been made in high-income countries to measure financial capability, there is little robust empirical evidence thatfinancial education can improve it. While applying the financial capability concept in low and middle-income countries looks promising it will need to be adjusted to their characteristic and supported by innovative interventions and rigorous impact evaluation to improve it.Financial Literacy,Access to Finance,Access&Equity in Basic Education,Education For All,Poverty Impact Evaluation

Infective Endocarditis in Low- And Middle-Income Countries

Infective endocarditis (IE) is a rare, life-threatening disease with a mortality rate of upto 25% and significant debilitating morbidities. Although much has been reported on contemporary IE in high income countries, conclusions on the state of IE in low and middle income countries (LMICs) are based on studies conducted before the year 2000. Furthermore, unique challenges in the diagnosis and management of IE persist in LMICs. This article is a review of IE studies conducted in LMICs documenting clinical experiences from the year 2000 to present. We present the causes of IE, management of patients with IE and the prevailing challenges in diagnosis and treatment of IE in LMICs

Aetiology of community-acquired neonatal sepsis in low and middle income countries

99% of the approximate 1 million annual neonatal deaths from life-threatening invasive bacterial infections occur in developing countries, at least 50% of which are from home births or community settings. Data concerning aetiology of sepsis in these settings are necessary to inform targeted therapy and devise management guidelines. This review describes and analyses the bacterial aetiology of community-acquired neonatal sepsis in developing countries