doi:http://dx.doi.org/10.1596/40571

Person:
Noel, Michel

Finance, Competitiveness & Innovation Global Practice (FCI), World Bank

Departments

Finance, Competitiveness & Innovation Global Practice (FCI), World Bank

Last updated: February 21, 2024

Biography

Michel Noel is senior consultant at the World Bank, where he advises teams on the reform of the legal and regulatory framework for private equity and venture capital and on the development and implementation of hybrid public-private investment funds, including green and blue funds across several regions. He has held a range of technical and managerial positions during his career at the World Bank from 1980 to 2017 and has published widely on financial sector reform and privatization. He was practice manager for nonbank financial institutions from 2009 to 2015 and head of investment funds from 2015 to 2017 at the Finance, Competitiveness and Innovation Global Practice of the World Bank. He is cofounder and managing partner of Sovereign Fund Advisory LLC and senior adviser at Bloccelerate Venture Capital. He holds a master’s degree in economics and social sciences from the University of Namur, Belgium.

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Publication Search Results

Now showing 1 - 8 of 8

Braced for Impact: Reforming Kazakhstan’s National Financial Holding for Development Effectiveness and Market Creation
(Washington, DC: World Bank, 2023-11-05) Melecky, Martin; Di Benedetta, Pasquale; Ahmad Fontan, Ismael; Jambal, Ganbaatar; Noel, Michel
Braced for Impact: Reforming Kazakhstan’s National Financial Holding for Development Effectiveness and Market Creation offers a framework for assessing the readiness of development finance institutions (DFIs) and their conglomerates to deliver credible development impact and create financial markets. The framework focuses on accountability for impact, responsible leveraging of entrusted capital, holistic risk management, and proper governance. It is used to assess Baiterek, Kazakhstan’s national financial holding—a conglomerate of DFIs—and to derive policy options and practical recommendations for the given country context. If the recommended reforms are implemented, Baiterek will be braced for positive impact on Kazakhstani firms, households, and the environment while also helping create deeper financial markets through robust mobilization of private capital. A reformed Baiterek could become a leading global DFI conglomerate and a role model for similar institutions in other countries. However, if too few or none of the recommended reforms are undertaken, Baiterek will need to brace for further criticism from unhappy stakeholders.
Strategic Investment Funds: Opportunities and Challenges
(World Bank, Washington, DC, 2016-10) Halland, Havard; Kloper-Owens, Jacob J.; Tordo, Silvana; Noel, Michel
Over the past 15 years, the number of government-sponsored strategic investment funds has grown rapidly in countries at all income levels. This paper identifies some of the challenges that these funds face in their endeavor to achieve economic policy objectives while also securing commercial financial returns—the so-called double bottom line. Through the review of the objectives, investment strategies, and operations of a sample of strategic investment funds, this paper outlines ways in which these challenges have been addressed. The paper suggests that properly structured and managed strategic investment funds can be effective vehicles for crowding in private investors to priority investments, thus magnifying the impact of public capital. However, their success rests on the funds' ability to balance policy and commercial objectives, source investment opportunities, and secure the right fund management capacity.
Comparing European and U.S. Securities Regulations : MiFID versus Corresponding U.S. Regulations
(Washington, DC: World Bank, 2010) Boskovic, Tanja; Cerruti, Caroline; Noel, Michel
The purpose of this paper is to compare the European Union (EU) and United States (U.S.) securities regulations. In November 2007, the market in financial instruments directive 2004/39/EC (MiFID) came into force in the EU, and brought about deep changes in the market infrastructure. The same year regulations National Market System (NMS) in the U.S. was fully enacted and reformed equities markets. This study compares MiFID with the corresponding U.S. regulations, and primarily focuses on the regulatory and supervisory framework, trading venues, and the provision of investment services. Implementation of the rules enforcement and right to redress are beyond the scope of this paper. Likewise, the paper does not intend to judge the effectiveness of the two regulatory systems.
The Development of Non-bank Financial Institutions in Ukraine : Policy Reform Strategy and Action Plan
(Washington, DC: World Bank, 2006) Kantur, Zeynep; Prigozhina, Angela; Rutledge, Sue; Fursova, Olena; Noel, Michel
The prospect of European integration presents huge opportunities and challenges for the development of non-bank financial institutions (NBFIs) in Ukraine. By most measures, the development of the NBFI sector in Ukraine lags far behind that of recent accession countries in Central Europe. To address the main impediments facing the development of the sector, the Ukrainian authorities need to implement a strategy based on six main pillars: 1) strengthen the capacity, independence, funding, and accountability of the NBFI regulators; 2) develop money markets, government bond markets, and municipal bond markets; 3) restructure equity markets; 4) accelerate the introduction of funded pension schemes, and, improve transparency and consumer protection in the insurance industry; 5) radically transform corporate governance; and, 6) broaden access of NBFI finance.
The Polish Fixed-income Securities Market : Recent Developments and Selected Policy Challenges
(Washington, DC: World Bank, 2007) Akamatsu, Noritaka; Brzeski, W. Jan; Segni, Carlo; Noel, Michel
This paper, on the Polish fixed-income securities market, reviews the recent evolution of the Polish fixed-income market and examines selected policy challenges ahead, with a special focus on the municipal bond market. The study demonstrates that despite some progress, by which Poland has made great strides in developing key components of the fixed-income securities market, further measures can be taken by the authorities to develop the classic repo market, to further deepen the government bond market, to stimulate the development of the non-government bond market, and to reduce moral hazard and improve the level playing field on the sub-national bond market.
Mobilizing Private Finance for Local Infrastructure in Europe and Central Asia : An Alternative Public Private Partnership Framework
(Washington, DC: World Bank, 2005) Brzeski, W. Jan; Noel, Michel
In recent years, the countries of Europe and Central Asia (ECA) have experienced a marked decline in investments by international private operators/investors in local infrastructure-much in line with the trend observed in other emerging markets. This decline has been particularly significant in the local water and energy sectors. In light of the increasingly tight fiscal constraints faced by governments across ECA, there is a strong need to develop alternative Public-Private Partnership frameworks that could attract private investors to the local infrastructure sector. The growing challenge is to identify and implement adequate financing frameworks and modalities of public support Public-Private Partnerships that would be sufficient to attract participation of private investors in local infrastructure without increasing the risk of moral hazard. The objective of this paper is to explore possible elements of an alternative PPP framework that could help governments in ECA to meet this challenge. The paper identifies key impediments to the development of Public-Private Partnerships in local infrastructure in ECA and discusses the elements of the proposed Public-Private Partnership framework.
Development of Capital Markets and Institutional Investors in Russia : Recent Achievements and Policy Challenges Ahead
(Washington, DC: World Bank, 2006) Kantur, Zeynep; Krasnov, Evgeny; Rutledge, Sue; Noel, Michel
This study reviews the recent developments in capital markets and institutional investors in Russia, and examines the policy challenges ahead for the development of the sector. The analysis covers key impediments for further development and policy challenges for securities markets, in particular legal and regulatory framework, market infrastructure, government bonds, sub-sovereign bonds, corporate bonds, and equities. The analysis also covers key impediments for further development and policy challenges for mutual funds, pension funds, and insurance companies.
Building Subnational Debt Markets in Developing and Transition Economies : A Framework for Analysis, Policy Reform, and Assistance Strategy
(World Bank, Washington, DC, 2000-05) Noel, Michel
Subnational debt markets can be a powerful force in a country's development. Through delegated monitoring by financial intermediaries and through debt placed directly with investors, subnational debt markets account for about 5 percent of GDP in Argentina and Brazil. But they remain embryonic in most developing and transition economies. To resolve a potential clash between the increased financing needs of subnational entities and the limited development of domestic subnational debt markets, it is critical to support the orderly, efficient emergence of such debt markets. As a framework for policy reform, the following steps (mirroring typical weaknesses) are prerequisites for developing a country's subnational debt market: reducing moral hazard, improving market transparency, strengthening market governance, establishing a level playing field, and developing local capacity for accounting, budgeting, and financial management. In countries where the government shows a clear commitment to market development, says the author, the World Bank should support the framework needed for policy-based operations that establish hard budget constraints. In doing so, the Bank should concentrate on 1) supporting national and local capacity building in those areas essential for developing a subnational debt market; and 2) financing specific subnational projects with strictly nonrecourse loans. At the same time, the Bank should offer a variety of lending and guarantee instruments that encourage private financing for investments by subnational entities-including, for example, equity participation in (or lines of credit or partial credit guarantees to) financial intermediaries specializing in subnational investment finance or in funds for financing local infrastructure.