The role of capital markets in emerging-market growth

A new book from the World Bank Group, Financing Firm Growth, explores the surge in capital market financing in low- and middle-income countries from 1990 to 2022. Drawing on data from nearly 80,000 firms worldwide, the study shows how capital markets have been a key driver of investment and job creation in developing countries.

Join authors Cesaire Meh, manager for market and macro risk at the International Finance Corporation (IFC), and Sergio Schmukler, research manager for macroeconomics and growth at the World Bank, as well as industry experts,  Monica de Bolle, PIIE senior fellow; Arvind Subramanian, PIIE senior fellow; Susan Lund, vice president for economics and private sector development, IFC; Stijn Claessens, executive fellow at the Yale School of Management; and Matt Robinson, associate managing director, Sovereign Risk Group, Moody’s Ratings; to learn the main approaches and policies driving this expansion. 

Note: Moody’s Investors Service, Inc. is a PIIE donor.