Capital market innovations and financial flows to developing countries / Krishnan G. Saini.

Author
Saini, Krishnan G., 1941- [Browse]
Format
Book
Language
English
Published/​Created
Washington, D.C., U.S.A. : World Bank, ©1986.
Description
vii, 33 p. ; 28 cm.

Details

Subject(s)
Series
Summary note
This paper reviews recent patterns in international financial flows to both developed and developing countries. It notes that, while borrowings by developed countries have increasingly been characterized by innovations in instruments and practices, financial flows to developing countries have largely been in the form of syndicated credits. Following a brief description of some of the more prominent innovations in international capital markets, the paper concludes that there is now a marked preference by lenders for short-term, tradable paper. It then examines the reasons for the absence of innovations in the lending process for developing countries and discusses ways for introducing innovations to the international financial intermediation process for developing countries. The conclusion is that the "securitization" of the lending process is likely to be the norm in the future as it holds benefits for both borrowers and lenders, while the syndicated credit will be largely confined to "involuntary" lending. Finally, the paper recommends that international institutions, in particular the World Bank, take the initiative in helping introduce international capital market innovations to the borrowing process for developing countries.
Bibliographic references
Bibliography: p. 31-33.
ISBN
  • 0821306820 ((pbk.))
  • 9780821306826 ((pbk.))
LCCN
85029460
OCLC
12976120
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