Financing Firm Growth
Well-functioning capital markets can foster economic growth and allocate resources efficiently. Firms can tap into a broader funding base by issuing debt and equity in capital markets, often at cheaper rates and longer tenors than through other sources of external finance, such as banks. However, capital markets in low- and middle-income countries have lagged those in high-income countries. Accordingly, the firms in those countries have more often relied on bank financing or retained earnings to fund investment and expansion, and they have experienced greater financial constraints than their counterparts in high-income countries. Financing Firm Growth: The Role of Capital Markets in Low- and Middle-Income Countries shows that the gap in capital market financing between low- and middle-income countries and high-income countries has narrowed, with resulting benefits for both the firms accessing those markets and for the countries in which they operate. The analysis reveals greater participation by firms from low- and middle-income countries in capital markets since the 2000s. Most of these firms are new participants in capital markets, and they tend to be smaller, younger, and more productive than those already participating. Firms are deploying capital raised in markets to become more productive--investing in physical assets, hiring more workers, and expanding operations, spurring growth both at the firm level and within their economies. To reach these findings, the analysis used a novel database of the universe of bond and equity issuances from companies between 1990 and 2022. The insights leverage data from nearly 80,000 firms worldwide, focusing on how 20,000 firms across 106 low- and middle-income countries access and use capital market financing. ... "Financing Firm Growth is a groundbreaking exploration that delves into the vital role that capital markets play in driving business expansion in low- and middle-income countries. Backed by data from 80,000 firms across 147 economies, the authors explore the factors underlying capital market growth and its benefits for economies and firms at all levels of development. This book is a must-read for investors, policy makers, and economists shaping the future of global finance." -- Laura Alfaro, Warren Alpert Professor of Business Administration, Harvard Business School
Marketcrafters
A revelatory and unexpected history of the rise of American capitalism--and an argument that entrepreneurial leaders in government, not the mythical "free market," created the most dynamic economy the world has ever known. For many decades, a sacred myth has ruled the minds of policymakers and business leaders: free markets, untouched by the soiled hands of government, bring us prosperity and stability. But it's wrong. American policy makers, on the right and the left, have spent much of the past century actively shaping our markets for social and political goals. Their work behind the scenes and out of the headlines has served as a kind of "marketcraft," resembling the statecraft of international relations. Economist and writer Chris Hughes takes us on a journey through the modern history of American capitalism, relating the captivating stories of the most effective marketcrafters and the ones who bungled the job. He reveals how both Republicans and Democrats have consistently attempted to organize markets for social and political reasons, like avoiding gasoline shortages, reducing inflation, fostering the American aviation and semiconductor industries, fighting climate change, and supporting financial innovation. In recent decades, the art of marketcraft has been lost to history, replaced by the myth that markets work best when they are unfettered and free. Hughes argues that by rediscovering the triumphs and failures of past marketcrafters, we can shape future markets, such as those in artificial intelligence and clean power production, to be innovative, stable, and inclusive. Groundbreaking, timely, and illuminating, this is a must-read for anyone interested in economic policy, financial markets, and the future of the American economy.
Inclusive Finance
Reduce financial exclusion, improve social impact, meet regulatory compliance and tap into market opportunities with Inclusive Finance. Financial institutions are under growing pressure from their customers, regulators and employees to play more active roles in supporting ESG transformation. Inclusive Finance reviews what is currently socially broken in the existing financial system and identifies opportunities for how incumbent players, fintech start-ups, scale ups and techfins can improve their social impact and meet compliance requirements while delivering financial profit. Inclusive Finance explores how innovations such as blockchain, distributed ledger technology, AI, cryptocurrencies and stablecoins, NFTs and DeFi can all play a role in democratizing finance. Written by a recognized thought leader and serial entrepreneur with a track record of delivering growth through digital innovation at some of the world's most respected financial companies including PayPal and Lloyds, this is an indispensable guide for finance professionals and organizations who need to drive ESG deliverables with purpose and profit.
Inclusive Finance
Reduce financial exclusion, improve social impact, meet regulatory compliance and tap into market opportunities with Inclusive Finance. Financial institutions are under growing pressure from their customers, regulators and employees to play more active roles in supporting ESG transformation. Inclusive Finance reviews what is currently socially broken in the existing financial system and identifies opportunities for how incumbent players, fintech start-ups, scale ups and techfins can improve their social impact and meet compliance requirements while delivering financial profit. Inclusive Finance explores how innovations such as blockchain, distributed ledger technology, AI, cryptocurrencies and stablecoins, NFTs and DeFi can all play a role in democratizing finance. Written by a recognized thought leader and serial entrepreneur with a track record of delivering growth through digital innovation at some of the world's most respected financial companies including PayPal and Lloyds, this is an indispensable guide for finance professionals and organizations who need to drive ESG deliverables with purpose and profit.
Making Dispute Resolution More Effective - MAP Peer Review Report, Faroe Islands (Stage 2)
This report reflects the outcome of the Stage 2 peer monitoring of the implementation of the BEPS Action 14 Minimum Standard by the Faroe Islands.
Making Dispute Resolution More Effective - MAP Peer Review Report, Viet Nam (Stage 1)
This report reflects the outcome of the Stage 1 peer monitoring of the implementation of the Action 14 Minimum Standard by Viet Nam.
Making Dispute Resolution More Effective - MAP Peer Review Report, The Bahamas (Stage 2)
This report reflects the outcome of the Stage 2 peer monitoring of the implementation of the BEPS Action 14 Minimum Standard by the Bahamas.
Making Dispute Resolution More Effective - MAP Peer Review Report, Cayman Islands (Stage 2)
This report reflects the outcome of the Stage 2 peer monitoring of the implementation of the BEPS Action 14 Minimum Standard by the Cayman Islands.
Making Dispute Resolution More Effective - MAP Peer Review Report, the British Virgin Islands (Stage 1)
This report reflects the outcome of the Stage 1 peer review of the implementation of the Action 14 Minimum Standard by the British Virgin Islands.
Making Dispute Resolution More Effective - MAP Peer Review Report, Morocco (Stage 1)
This report reflects the outcome of the Stage 1 peer review of the implementation of the Action 14 Minimum Standard by Morocco.
Making Dispute Resolution More Effective - MAP Peer Review Report, The Bahamas (Stage 1)
This report reflects the outcome of the Stage 1 peer review of the implementation of the Action 14 Minimum Standard by the Bahamas.
Making Dispute Resolution More Effective - MAP Peer Review Report, the Cayman Islands (Stage 1)
This report reflects the outcome of the Stage 1 peer review of the implementation of the Action 14 Minimum Standard by the Cayman Islands.
Making Dispute Resolution More Effective - MAP Peer Review Report, the Faroe Islands (Stage 1)
This report reflects the outcome of the Stage 1 peer review of the implementation of the Action 14 Minimum Standard by the Faroe Islands.
Tax Morale II
The issue of trust between Multinational Enterprises (MNEs) and tax administrations is a vital part of the tax system, but relatively little studied. Building on previous OECD research on tax morale, which measures taxpayer perceptions and attitudes towards paying and evading taxes, this report presents new data on how tax administrations perceive MNE behaviour towards tax compliance.
Making Dispute Resolution More Effective - MAP Peer Review Report, Tunisia (Stage 1)
This report reflects the outcome of the Stage 1 peer review of the implementation of the Action 14 Minimum Standard by Tunisia.
OECD Tax Policy Reviews
This report is part of the OECD Tax Policy Reviews publication series. The Reviews are intended to provide independent, comprehensive and comparative assessments of OECD member and non-member countries' tax systems. Drawing primarily on OECD Revenue Statistics data prior to the COVID-19 pandemic, the report examines the level, composition and evolution of the tax burden in Chile and explores whether tax revenues in Chile are converging to the levels raised in other OECD countries.
Making Dispute Resolution More Effective - MAP Peer Review Report, Macau, China (Stage 2)
This report reflects the outcome of the Stage 2 peer monitoring of the implementation of the BEPS Action 14 Minimum Standard by Macau, China.
Making Dispute Resolution More Effective - MAP Peer Review Report, British Virgin Islands (Stage 2)
This report reflects the outcome of the Stage 2 peer monitoring of the implementation of the BEPS Action 14 Minimum Standard by the British Virgin Islands.
Making Dispute Resolution More Effective - MAP Peer Review Report, Andorra (Stage 2)
This report reflects the outcome of the Stage 2 peer monitoring of the implementation of the BEPS Action 14 Minimum Standard by Andorra.
Making Dispute Resolution More Effective - MAP Peer Review Report, Greenland (Stage 1)
This report reflects the outcome of the Stage 1 peer monitoring of the implementation of the Action 14 Minimum Standard by Greenland.
Making Dispute Resolution More Effective - MAP Peer Review Report, Tunisia (Stage 2)
This report reflects the outcome of the Stage 2 peer monitoring of the implementation of the BEPS Action 14 Minimum Standard by Tunisia.
Making Dispute Resolution More Effective - MAP Peer Review Report, Bermuda (Stage 1)
This report reflects the outcome of the Stage 1 peer review of the implementation of the Action 14 Minimum Standard by Bermuda.
Making Dispute Resolution More Effective - MAP Peer Review Report, Bermuda (Stage 2)
This report reflects the outcome of the Stage 2 peer monitoring of the implementation of the BEPS Action 14 Minimum Standard by Bermuda.
Making Dispute Resolution More Effective - MAP Peer Review Report, Andorra (Stage 1)
This report reflects the outcome of the Stage 1 peer review of the implementation of the Action 14 Minimum Standard by Andorra.
Making Dispute Resolution More Effective - MAP Peer Review Report, Macau, China (Stage 1)
This report reflects the outcome of the Stage 1 peer review of the implementation of the Action 14 Minimum Standard by Macau, China.
Tax Policy and Gender Equality
Although men and women are typically taxed under the same rules, their different social and economic characteristics (e.g. income levels or labour force participation) mean that the tax system can inadvertently contribute to gender inequalities in society. Understanding and improving the impact of taxes on gender equality is a key dimension that governments need to consider as part of tax design to support inclusive growth.
Climate Finance Provided and Mobilised by Developed Countries in 2013-18
This report is an update with 2018 figures to the previous publication Climate Finance Provided and Mobilised by Developed Countries in 2013-17. It provides insights on the evolution of the following four components of climate finance over the period of 2013-2018: bilateral public climate finance, multilateral climate finance (attributed to developed countries), climate-related officially supported export credits, and private finance mobilised by developed countries public finance interventions.
The Perceptive Investor
In The Perceptive Investor, financial guru and global fund manager Ardal Loh-Gronager shows how by learning the lessons of hundreds of present and historical figures anyone can understand the full investment landscape and so be able to confidently participate in it. As he himself says, 'I have done it myself and I am no smarter than anyone else who reads this book, all the first step requires is intellectual curiosity and you have already taken that step...by reading this book.'
Qualified Intermediary
Multiple jurisdictions have been and continue to converge their taxation frameworks to eradicate cross-border tax evasion and establish common principles under which non- resident financial institutions can become withholding agents for non-resident investors and establish rules to prevent and detect cross-border tax evasion. The US began this convergence with its Qualified Intermediary agreement framework in 2001 with Revenue Procedure 2000-12 (the "QI Agreement"). Ireland followed the US model with its Qualified Intermediary and Authorised Withholding Agent ("AWA") program and Japan has adopted a Qualified Foreign Intermediary ("QFI") system. More recently, in 2023 the European Commission proposed a new Directive for standardisation and simplification of cross-border withholding tax across 27 Member States ("FASTER"). Once agreed upon, the Directive is expected to go into force on January 1, 2030. All these frameworks have a commonality of purpose and, in many cases, commonality of implementation principles. Differences lie in the practical implementation of these frameworks by financial institutions who may have to adopt different procedures and policies depending on the nature and residency of their clients and the markets in which they choose to invest. This book will be of interest to financial services professionals and institutional investors, including custodians and brokers.
Wealth
Many people wonder why the rich keep getting richer while the poor remain poor. They often ask: Is it true that some people are born wealthy while others are not? When and how can we become wealthy? Wealth: The Dream of Many, but a Friend of Few is a book designed to address these common questions. It will help you understand wealth, how it is generated and managed, and guide you in making informed decisions about assets, liabilities, income, and expenditures to create sustainable wealth.
