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Capital Market Integration and MiFID Implementation : The Bulgarian ExperienceThis note aims to assess the
 implementation of the Markets in Financial Instruments
 Directive (MiFID) in Bulgaria, provide an initial view on
 the impact it had on the Bulgarian securities markets, and
 draw lessons from the experience. Bulgaria entered the
 European Union (EU) and adopted MiFID at the cusp of a
 global crisis that hit central Europe particularly hard.
 MiFID implementation in Bulgaria began along with other EU
 countries on November 1st 2007, less than a year after
 Bulgaria had entered the union. Important changes for the
 local market were the introduction of the passport, which
 allows intermediaries to operate throughout Europe under the
 local license, a more competitive environment for trading
 venues as shares listed on the regulated market (RM) shares
 can be traded anywhere in Europe, and greater role for home supervisor.
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Financial Globalization in Emerging Countries : Diversification vs. OffshoringFinancial globalization has gathered
 attention since the early 1990s because of its
 macro-financial implications and growing importance. But
 financial globalization has taken shape via different forms
 over time. This paper examines two important, concurrent
 dimensions of financial globalization: diversification and
 offshoring. The diversification dimension refers to the
 increase in foreign assets and liabilities in
 countries' portfolios. Offshoring is related to the
 reallocation of financial activities to international
 markets. The former focuses on who holds the assets, the
 latter on where transactions take place. The authors find
 that globalization via the diversification channel expanded
 throughout the world during the 2000s, as domestic residents
 invested more abroad and foreigners increased their
 investments at home, generating more cross-border holdings.
 However, financial globalization via offshoring displays
 more mixed patterns, with variations across markets and
 countries. The paper also shows that the nature of financing
 through both diversification and offshoring has improved for
 emerging countries.
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Latin America Copes with Volatility, the Dark Side of GlobalizationLatin American and Caribbean (LAC)
 region were bumping against capacity constraints with
 unemployment reaching historically low levels and economic
 activity hitting bottlenecks and central banks were thus
 engaged in combating upward price pressures through tighter
 monetary policies. The focus of attention was, as a result,
 shifting towards the longer-term growth and equity agendas
 in what appeared to be a more tranquil global environment.
 This LAC region continues on a relatively robust growth path
 after a remarkable performance in the aftermath of the
 global financial crisis. In effect, as discussed in our
 April 2011 report "LAC success put to the test,"
 the region's recession in 2009 was relatively short
 lived and surprisingly mild compared to other middle-income
 countries (MICs) and to its own past and its recovery in
 2010-2011 strong. This report starts by setting the stage on
 the external environment. It provides an overview of recent
 economic developments and the prospects for the LAC region
 in coming months, including an analysis of the sources of
 external risks for the region.