Capital markets can improve risk sharing and the efficiency with which capital is allocated to the real economy, boosting economic growth and welfare. However,

Back in the early 1990s, economists and policy makers had high expectations about the prospects for domestic capital market development in emerging economies, p

This book is an economic survey of international capital mobility from the late nineteenth century to the present.

This paper discusses the extent to which national capital markets have become linked, and identifies several of the more important consequences of that increase

This publication has been prepared by staff members of the World Bank and selected guest contributors. It sets out a framework to study subnational governments