At the request of the Minister of Finance (MoF), a World Bank mission visited Skopje from 6th-14th July 2022 to support the update of the SME-finance-related activities of the Government’s Growth Acceleration...
At the Cannes Summit in 2011, the G20 launched an initiative to prepare an action plan for the development of local currency bond markets (LCBMs). Since then, the IMF and the World Bank have produced brief...
The COVID-19 pandemic adds further challenges to the development of capital markets. For many emerging markets and developing economies challenges have intensified because of (i) the deterioration in the...
Small and medium enterprises (SMEs) face significant financing gaps that stifle innovation and economic growth. The credit gap alone is estimated at dollar 4.5 trillion as of 2017 for emerging markets...
This note consolidates and summarizes the theoretical and empirical research produced in the past 20 years on the causes, effects, and sequencing of capital markets development. Overall, the empirical...
The World Bank, with support from authorities in the Western Balkans, has developed a practical guide for capital markets development in small economies. The guide supports the implementation of the Multi-Annual...
This Policy Note focuses on distribution channels, the role they play in product diversification and costs, and how regulation can promote competition in mutual funds (MFs) distribution. In many emerging...
This Note provides guidance to securities markets regulators in emerging market economies (EMEs) about key regulatory issues that could affect the issuance of debt instruments for infrastructure financing...
Rudimentary markets for capital - for raising money and investing - exist in even the remotest places around the world. However, prudent macroeconomic management, regulation, investor protection, and innovation...
Emerging market economies (EMEs) face significant funding gaps in strategic sectors, such as infrastructure and small and medium enterprise (SME) financing, that if not addressed can stifle growth. In...