Global Financial Development Report 2015/2016 : Long-Term Finance

World Bank

Washington, DC

关键词: banks;    capital markets;    corporate finance;    financial development;    household finance;   

DOI  :  10.1596/978-1-4648-0472-4
RP-ID  :  99100

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

Global Financial Development Report 2015/2016 is the third in a World Bank series. It provides a unique contribution to financialsector policy debates, building on novel data, surveys, research, and wide-ranging country experience, with emphasis onemerging markets and developing economies. The report’s findings and policy recommendations are relevant for policy makers;staff of central banks, ministries of finance, and financial regulation agencies; nongovernmental organizations and donors;academics and other researchers and analysts; and members of the finance and development community.This year’s report focuses on long-term finance—equity or debt financing with maturity exceeding one year—and establishesits importance for economic development. Extending the maturity structure of finance is often considered to be at the core ofsustainable financial development. It is needed for private sector construction of plants and investment in machinery andequipment, as well as financing infrastructure investments. Without long-term finance households cannot invest in housing oreducation, or benefit from higher long-term returns on their savings. Attempts at directly boosting the supply of long-term financehave not been free of controversy, and have sometimes led to substantial costs to taxpayers. The report emphasizes thatgovernments and international bodies must focus on reforms that help overcome market failures and institutional and policyweaknesses. They must also improve risk and information sharing, and promote financial literacy and consumer protection.The report also tracks financial systems in more than 200 economies before and during the global financial crisis.