This paper discusses the landscape for private equity and venture capital financing in Ghana. It provides an overview of the private equity and venture capital market in the country, describing key players, including funds, fund managers, investors, and public sector entities.
... Exibir mais + The paper provides an analysis of key market drivers and impediments, as well as legal, regulatory, and taxation drivers and impediments that affect Ghana’s private equity and venture capital industry.
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Documento de trabalho sobre pesquisa de políticas WPS8617 OCT 18, 2018
This paper documents the best practices and practical lessons learned from Malaysia’s largest mandatory public provident fund, the Employees Provident Fund (EPF).
... Exibir mais + The objective of this paper is to increase the knowledge base of efficient pension funds for developing countries, drawing from Malaysia’s experiences. Findings include key critical factors that contributed to the successof the EPF, from a small pension fund set up in 1949, to become one of the largest pension fund among developing countries and the 15th largest in the world. This paper summarizes the EPF’s key strategies in corporate governance, investment, and operational strategies, as well as policies deployed by the EPF in managing its assets. The lessons from the EPF come from three main factors. Firstly, the EPF has developed a strong governance structure which discourages external politicalmeddling and encourages transparency and accountability. Secondly, the EPF’s investments strategy, guided by its Strategic Asset Allocation, including diversifying to foreign markets and new asset classes, has enabled the Fund to produce enhanced returns. Thirdly, the EPF’s operational effectiveness which is driven by the professionalism of their employees and their continuous improvement for members’ benefit. Nonetheless, several challenges remain in the present and in the future. The first challenge involves demographic changes as Malaysia is ageing more rapidlythan other countries and even now a sizable number of workers do not have the recommended minimum savings level needed for retirement. A revamp of the current model is needed to ensure that members will be financially independent post-retirement. The second challenge is lack of coverage: only half of those in the labour force are contributing to the EPF, which leaves the other half without oldage pension coverage. A reform agenda needs to expand coverage particularly for the self-employed. The final challenges are maintaining public trust and staying relevant, especially in the age of the fourth industrial revolution and the emerging gig economy that has different needs and demands. This case study will hopefully be of benefit to both policy makers andpractitioners, particularly in the developing world. It could help play an important part in designing a successful provident fund to contribute to a comprehensive social safety net for citizens.
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Documento de Trabalho 131289 OCT 01, 2018
Price,William Joseph; Khalif,Muhammed Abdul; De Luna-Martinez,Jose; Zhang,Wei; Arshad,Ashraf BinDisclosed
This paper discusses the landscape for private equity and venture capital financing in Kenya. It provides an overview of the private equity and venture capital market in the country, describing key players, including funds, fund managers, investors, and public sector entities.
... Exibir mais + The paper provides an analysis of key market drivers and impediments, as well as legal/regulatory/taxation drivers and impediments that affect Kenya’s private equity and venture capital industry.
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Documento de trabalho sobre pesquisa de políticas WPS8598 OCT 01, 2018
This report provides a systematic assessment of business angel activities, and the ecosystem surrounding innovation finance, in the Czech Republic.
... Exibir mais + Based on literature reviews, published data sources and local stakeholder interviews, the report distills findings related to the demand for and supply of risk investments, and offers policy recommendations for stimulating business angels. The report characterizes the Angel ecosystem as emerging with potential for growth. It is small both in terms of the number of investors and the amount invested. There appears to be a general lack of syndication of investments and concentration of investments in the capital (Prague) and in the information, communication, and technology (ICT) sector. On the demand side, a credible deal flow does exist, although it falls short of constituting a critical mass needed to support the development of the market. While issues in the local environment may affect the flow of angel investments, these are not insurmountable, based on the country’s competitive ranking on relevant global and European indicators. Finally, the report proposes a number of policy recommendations for enhancing business angel awareness and investments, including data collection and mapping of early stage market activities (short-term), creation of Czech National Angel Association (medium-term), and implementation of incentivization measures such as co-investment funds and tax incentives (long-term).
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Documento de Trabalho 131855 OCT 01, 2018
Aridi,Anwar; Gray,Nelson Campbell; Ong Lopez,Anne Beline ChuaDisclosed
Despite their importance, data on the structure of bank credit by maturity are scarce. For Latin America and the Caribbean, data are particularly difficult to obtain, as few banks report loan maturity data in commercial data sets such as Bankscope.
... Exibir mais + With support from the Association of Supervisors of Banks of the Americas, this study assembled a novel data set on the structure of bank credit allocation in Latin America and the Caribbean covering 21 countries during 2004-14. This paper uses Bankscope and International Financial Statistics data to extended the coverage to more than 100 countries, creating the largest data set so far on credit by maturity. Benchmarking credit structure in Latin America and the Caribbean, the paper finds that the region is financially underdeveloped, because the ratio of short-term credit to gross domestic product is lower than in peers; long-term credit is at par; and consumer and commercial loans are lower. The paper also explores patterns of credit growth through nonparametric regressions. The results indicate that short-term credit grows faster than long-term credit as income grows in low-income countries, but the situation reverses when countries reach high- or middle-income status. Reflecting this trend, the share of mortgage loans rises with income.
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Documento de trabalho sobre pesquisa de políticas WPS8571 AUG 29, 2018
Gutierrez,Eva M.; Karmali,Nadeem M.; Sourrouille,Diego M.Disclosed
Romania’s financial sector has strengthened significantly over the last few years. Effective supervisory measures have helped reduce the high level of non-performing loans (NPLs) from 21.5 percent at its peak in 2013 to 6.4 percent as of December 2017.
... Exibir mais + Foreign-owned banks’ dependence on parent funding has significantly declined, while deposits from the domestic private sector has increased, reducing liquidity risks. Banks’ capital buffers strengthened, on the back of a slowdown of credit and low interest rates, with an average capital to risk-weighted assets now above 18 percent. The new Supervisory Review and Evaluation Process (SREP) Guidelines of the European Banking Authority (EBA) are still in the initial stages of implementation. The NBR should conduct more risk-focused, banking industry-wide thematic analyses and develop its off-site monitoring tools, such as by conducting bottom up stress tests. The NBR should also build up specialized expertise, in IT and cybersecurity. This will also benefit the systemically important payment and securities settlement systems that are currently being brought under the roof of the NBR. Finally, remaining gaps in the AML/CFT framework should be addressed. The State is expected to play a more targeted role geared toward the closing of these financial sector development gaps. These gaps persist despite the presence of several public initiatives to support access to finance. Several schemes are poorly designed, too fragmented and insufficiently coordinated. It is necessary to adopt a holistic view by encompassing all state institutions and initiatives, eliminating duplications, identifying and considering all market gaps and leveraging commercial finance. The authorities should also consider establishing a Financial Sector Development Committee with a clear development mandate, an effective monitoring and evaluation system and accountability mechanism. Housing finance has grown steadily in a benign credit environment which has seen falls in both interest rates and delinquency rates. However, the law on debt-discharge continues to create uncertainty for lenders and provides a further incentive to rely on the Prima Casa program which is exempted from the provisions of that law. Considering the new personal insolvency law, which provides additional rights for borrowers, the law on debt discharge should be repealed to sustain further housing finance expansion.
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Programa de Avaliação do Setor Financeiro (FSAP) 128694 JUL 17, 2018
