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Financial Innovations and the Welfare of Nations : How Cross-Border Transfers of Financial Innovations Nurture Emerging Capital Markets by Laurent L. Jacque (auth.), Laurent L. Jacque, Paul M. Vaaler (eds.) is a nonfiction available to read on EtoBox.

What is Financial Innovations and the Welfare of Nations : How Cross-Border Transfers of Financial Innovations Nurture Emerging Capital Markets about?

The central question addressed in Financial Innovations and the Welfare of Nations is how the transfer of financial innovations from developed to developing economies can nurture the dynamics of emerging capital markets. National capital markets can be positioned along a continuum ranging from embryonic to mature and emerged markets according to a decreasing "national cost of capital" criterion. In the introductory chapter Laurent Jacque argues that newly emerging countries are handicapped by a high cost of capital due to "incomplete" and inefficient financial markets. As capital markets graduate to higher level of "emergedness", their national firms avail themselves of a lower cost of capital that makes them more competitive in the global economy and spurs economic growth. Skillful transfer of financial innovations to emerging markets often encourages the deregulation of the country's financial services sector. This results into new conduits for a more efficient capital allocation process such as commercial paper, securitized consumer finance and other disintermediated modes of financing which out-compete traditional financial intermediaries (mostly commercial banks), reduce house

Who reads Financial Innovations and the Welfare of Nations : How Cross-Border Transfers of Financial Innovations Nurture Emerging Capital Markets?

Author

Laurent L. Jacque (auth.), Laurent L. Jacque, Paul M. Vaaler (eds.)

Publisher

Springer Science + Business Media, LLC

Published

2001

Language

EN

ISBN

9781461516231

Category

nonfiction

Subjects

Finance, Business, Economics