... a market economy.
Responsible Business
Conduct in an Emerging
Market Economy
1
•Evolution to a
Market Economy
• Transition to
a Market
Economy
• The Individual
Business in an
Emerging
Market ... Enterprise
Responsible Business Conduct in an
Emerging Market Economy 3
Evolution to a Market Economy
Tr ansition to a Market Economy
The Individual Business in an EmergingMarket Economy
SUMMARY 20
RESPONSIBLE ... society are asking
the same question, not just in emergingmarket economies, but also across
the globe.
The Individual Business in an EmergingMarket Economy
The RBE recognizes its many roles...
...
solar project bond market could
grow on the back of the successful
Topaz oering – a USD850m bond
issued in 2012 with no government
guarantees. However, a promising
market in Property-Assessed ... could grow to an
annual USD12bn market over the
next decade – if current regulatory
issues are resolved
5
.
• growth in the project bond market
building on market momentum in
the USA and, ... www.climatebonds.net June 2012
Source: Climate Bonds Initiative, HSBC, Bloomberg
,
Growing the market requires
standardisation and aggregation
This report has identified a climate-
themed bond market that...
... “Stock Market Openings: Experience of Emerging Economies, ”
Journal of Business, 73, 25-66.
Korajczyk, R. A., 1996, “A Measure of Stock Market Integration for Developed and Emerging
Markets,” ... as the
7
market liberalization on the degree of integration of emerging markets currency markets is yet to
be determined, claims of financial market integration following capital market liberalization ... of liberalization on the
integration of emerging markets capital markets into world financial markets are confined to equity markets,
ignoring currency markets that arguably are more important...
... heading for
a double-dip?
What if the world’s
major economies show
little or no growth
in 2012?
Market Outlook 2012 - 2013
Market Outlook 2012 - 2013
6
ARE WE STALLING…OR WORSE?
At this point, ... 3Q11
80
70
60
50
40
30
20
10
0
n Tightening
n Easing
Market Outlook 2012 - 2013
9
IMPLICATIONS FOR THE FINANCIAL MARKETS
What does slow growth imply for the financial markets? Again, the past can
offer us ...
slow-growth environment.
Market Outlook 2012 - 2013
10
Exhibit 12: S&P 500 Index — 2012 Hypothetical Return Calculations
Scenario A Scenario B
Consensus* EPS for 2012: $105 $105
Current P/E...
... an im-
pact. In 1990, the emerging markets together
accounted for 20 percent of global output,
versus 80 percent for the developed world.
By 2010, the share of emerging markets had
doubled to 40 ... for an emergingmarket firm. Access
to these consumers requires a sophisticated
distribution system, a trusted network of re-
tailers to stock a relatively unknown brand,
and an aggressive marketing ... consumer brand from an emerging eco-
nomy. Going ahead, in the spirit of next
practice, we are convinced that we will wit-
ness the rise of global brands from emerging
markets. Many will try,...
...
some market power advantage in foreign markets. Second, the firm must have a reason to locate production
abroad rather than concentrate it in the home country, especially if there are scale economies ... 1999; Wild, Wild and Han, 2000).
Market Power Theory
The Market Power Theory states that FDI will occur when a company tries to establish a dominant market
presence in an industry. In ... growing economies is valued as an integral part of the road to
successful economic growth and development.
The Asian economic crisis has highlighted the vulnerability and volatility of emerging economies...
... some key events in
emerging markets observed over the last few years. For example, a marked increase in correlation
of Central European stock market returns with those of emerging markets in Asia ... differences to stock market correlations. We also examined
whether market pressures in countries with flexible exchange rate regimes tended to comove more
with those in other economies than market pressures ... Return Series in U.S. dollars for the Czech Republic, Hungary,
Poland, Asian Emerging Markets and the worldwide Emerging Markets Composite Index. For
Germany, we use the US$ MSCI index and for the...
... 42
BIS Papers No 11
Bond markets and banks
in emergingeconomies
John Hawkins
1
1. Introduction
As the financial system in most emergingeconomies is centred on banks, an important ... healthy banks to have a sound bond market. And
a bond market may improve the health of banks, by improving market discipline.
2. Competition between banks and bond markets
2.1 The historical development ... although
even some rich countries still have small bond markets. As economies mature, banking markets tend
to become developed before bond markets. Yoshitomi and Shirai (2001) and Shirai (2001)...
... consent
2012 Luxury Goods Worldwide Market
Study
(11th Edition)
Milan, 15
th
October 2012
12
China China China (?)
WHERE
China, still the luxury ‘sweet-spot’ (?)
5
2011
192
2012E
215
2011
192
2012E
212
No ... well
+9%
+5%
European Personal Luxury Goods
Market trend (2010-2012E, €B)
EUROPEAN LUXURY GOODS MARKET (2010-2012E, €B)
Share of sales to tourist vs. domestic
by European major country (2012E)
Local
Tourists
18
59.0
19.7
18.2
15.1
15.0
11.5
9.6
8.3
7.0
6.3
5.5
13% ... thanks to an increase in
order taking from emerging markets
• Macroeconomic conditions undermine a
full market recovery, causing a slow
down in growth in 2012
-Strict fiscal policy (i.e. luxury...
... in Financial Markets and the Fed-
eral Reserve’s Balance Sheet
The Manager of the System Open Market Account
(SOMA) reported on developments in domestic and
foreign financial markets during ...
and recent monthly data suggested some further im-
provement. However, data for other emergingmarket
economies generally pointed to a deceleration in eco-
nomic activity last quarter. Foreign ... Wednesday–Thursday, September
12–13, 2012. The meeting adjourned at 2:15 p.m. on
August 1, 2012.
Notation Vote
By notation vote completed on July 10, 2012, the
Committee unanimously approved...