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International Monetary Fund

deeply concerned about this—not only because I was a Minister of Trade, but because trade has been at the heart of the IMF’s mandate for more than 70 years. “Today’s generation of leaders and policymakers will be measured by their ability to create a global village on a human scale—a place where people can find a safe and prosperous home for themselves and their children”. And for good reason. A stronger trade engine means more competitive industries that have greater incentives for innovation. It means technological innovation gets transmitted in ways that

International Monetary Fund

Abstract

This paper focuses on concerns over wages, jobs, and future prospects are real and pressing for those who are not well equipped to thrive in this new world. History clearly tells us that closing borders or increasing protectionism is not the way to go. Many countries have tried this route, and just as many have failed. Instead, we need to pursue policies that extend the benefits of openness and integration while alleviating their side effects. Emerging and developing economies have been the prime beneficiaries of economic openness. According to the World Bank, trade has helped reduce by half the pro¬portion of the global population living in extreme poverty. China, for instance, saw a phenomenal drop in its extreme poverty rate—from 36 percent at the end of the 1990s to 6 percent in 2011. Another example is Vietnam, which—in a single generation—moved from being one of the world’s poorest nations to middle-in¬come status—which has allowed for increased investments in health and education.

International Monetary Fund. Monetary and Capital Markets Department

) BMDC Bursa Malaysia Derivatives Clearing Sdn Bhd (the derivatives clearing house) BMDepo Bursa Malaysia Depository Sdn Bhd (the central depository) BMS Bursa Malaysia Securities Berhad (the stock exchange) BMSC Bursa Malaysia Securities Clearing Sdn Bhd (the securities clearing house) BNM Bank Negara Malaysia (the central bank) BOCM Bank of China, Malaysia BPA Bond Pricing Agency BTS Bursa Trade Securities System (the securities trading engine) CBA Central Bank of

International Monetary Fund

prosperous home for themselves and their children.” Moreover, there is a growing risk of politicians seeking office by promising to “get tough” with foreign trade partners through punitive tariffs or other restrictions on trade. I am deeply concerned about this—not only because I was a Minister of Trade, but because trade has been at the heart of the IMF’s mandate for more than 70 years. And for good reason. A stronger trade engine means more competitive industries that have greater incentives for innovation. It means technological innovation gets transmitted in

International Monetary Fund. Secretary's Department

policies 5 Promoting global opportunities through people-centered policies at home and globally Making the Case for Trade: The global trade engine has worked well; now it needs to be updated. Trade has been a huge driver of growth but lately has been questioned. The benefits of trade, which are often taken for granted, can come at a cost, which is often overlooked. At the same time, the system of global trade rules that has nurtured unprecedented economic growth across multiple generations is now facing tensions. These tensions are rooted in issues that

Charles Amo Yartey

, the JSE merged with the South African Futures Exchange (SAFEX) and thereby become the leader in both equities and futures and options trading in South Africa. New capital adequacy requirements, which have major financial implications for broking firms has also been developed. These are based on European Union requirements and involve the separation of clients’ funds from those of brokers. The JSE’s trading and information systems were replaced with that of the London Stock Exchange. The trading engine and information dissemination feed-handler is hosted in London

Charles Amo Yartey
This paper examines the institutional and macroeconomic determinants of stock market development using a panel data of 42 emerging economies for the period 1990 to 2004. The paper finds that macroeconomic factors such as income level, gross domestic investment, banking sector development, private capital flows, and stock market liquidity are important determinants of stock market development in emerging market countries. The results also show that political risk, law and order, and bureaucratic quality are important determinants of stock market development because they enhance the viability of external finance. This result suggests that the resolution of political risk can be an important factor in the development of emerging stock markets. The analysis also shows the factors identified above as determining stock market development in emerging economies can also explain the development of the stock market in South Africa.
International Monetary Fund
This paper presents an assessment of Financial Sector Supervision and Regulation for Bermuda. The Bermudian authorities have made impressive progress in developing and implementing a risk-focused approach to supervision across the range of their sectoral supervisory responsibilities. Full rollout of the risk-based regulatory system to all market segments is, however, required for achievement of comprehensive oversight of the market. To support the introduction of a formal risk-based supervisory system, the banking department has been restructured.
International Monetary Fund

to develop a clear plan for dealing with the failure of an intermediary, that includes the action to be taken by all regulatory authorities. Principles Relating to Secondary Markets (Principles 25–29) 88. Euronext Amsterdam is an order-driven screen-based exchange, trading cash and derivative products. It is part of the Euronext group. Its current and proposed trading engines have a good pedigree (being based on the French system, for cash, and the British system, for derivatives). 89. The AFM intervention powers are limited to matters relating to the

International Monetary Fund

the BSD. Since the first visit by the IMF team to the BSX all domestic securities have been made depository eligible and can only be traded on the BSX if fungible de–materialized positions are held within the Bermuda Securities Depository. Neither the BSX nor any Bermuda based regulator can force a shareholder to de–materialize a security position under current legislation but it is felt that the current situation provides a realistic and modern approach to this issue. The BSX trading engine (BEST) will not permit an order to enter the market prior to checking the