Development economics

• November 21, 2004

  Summary of the G-20 Workshop on Developing Strong Domestic Financial Markets, 26-27 April 2004

  Bank of Canada Review - Autumn 2004 Joerg Stephan, James Powell, Robert Lafrance, James Haley

  G-20 representatives, academics, market participants, and members of international financial institutions were brought together in Ottawa to explore the connection between robust financial markets and economic growth and development, share experiences, and to develop policy recommendations, where possible. Participants identified several areas they deemed critical for fostering strong domestic financial markets and reducing external vulnerability: sound macroeconomics policies, strengthened financial infrastructures and banking systems, and exchange rate flexibility for countries with widely open capital accounts. Papers presented in the six sessions and keynote address highlighted a number of issues, including currency mismatches, the sequence of financial liberalization and supervisory reforms, the development of local financial markets, infrastructure building and governance, and appropriate incentives.

  Content Type(s): Publications, Bank of Canada Review articles Topic(s): Development economics, Financial institutions, International topics

• Commodity-Linked Bonds: A Potential Means for Less-Developed Countries to Raise Foreign Capital

  Staff Working Paper 2004-20 Joseph Atta-Mensah

  The author suggests that commodity-linked bonds could provide a potential means for less-developed countries (LDCs) to raise money on the international capital markets, rather than through standard forms of financing.

  Content Type(s): Staff research, Staff working papers Topic(s): Development economics, Financial markets, International topics JEL Code(s): F, F3, F30, F34, F4, F49, G, G1, G11, G13, O, O1, O16