World Bank2014-03-252014-03-252013-12https://hdl.handle.net/10986/17357Lebanese capital market is relatively small as the financial market is dominated by the banking sector. It is apparent that banks dominate financial intermediation in Lebanon to the extent it may inhibit the development of capital markets. Government sees the need to develop capital markets to help finance corporate growth and infrastructure development. It is incumbent on the Government to establish a comprehensive capital market development program, which includes efforts to increase supply and demand, strengthen supervision and enforcement, and must be accompanied by an effective outreach campaign, both domestically and internationally. On the demand side, creating a steady flow of investment into instruments with a long-term horizon, primarily from the pension and insurance sectors, will help grow the markets. Increased demand from institutional investors and issuance by large companies will attract more companies to the capital markets. All these efforts need to be complemented by the issuance of effective regulations, and proper supervision and enforcement. A proactive and concerted campaign regionally and internationally may be conducted once there is a strong evidence of support from the private sector, and especially once new IPOs begin to come to the market. Similar campaigns like these have been proven to be effective, as experienced by other markets, such as Chile and Brazil. Meanwhile, promotion of the market and domestic investor education will need to be done in concert, not only about investing in the stock market, but also with respect to various other savings programs suitable to retail investors such as investment fundsen-USCC BY 3.0 IGOACCESS TO BANKACCESS TO BANK LOANSACCESS TO CAPITALALTERNATIVE FUNDINGALTERNATIVE INVESTMENTSASSET MANAGEMENTASSET MANAGERSAUCTIONSBANK CREDITBANK CREDITSBANK DEPOSITBANK DEPOSITSBANK INVESTORSBANKING SECTORBARRIERS TO ENTRYBENCHMARK YIELDBENCHMARK YIELD CURVEBENEFICIARIESBIDBOND ISSUERSBORROWING COSTBROKERAGECALL OPTIONCAPACITY BUILDINGCAPITAL ACCOUNTCAPITAL BASECAPITAL FUNDCAPITAL GAINSCAPITAL INVESTMENTCAPITAL MARKETCAPITAL MARKET ACTIVITIESCAPITAL MARKET ACTIVITYCAPITAL MARKET DEVELOPMENTCAPITAL MARKET TRANSACTIONSCAPITAL MARKETSCASH MANAGEMENTCDCDSCENTRAL BANKCENTRAL DEPOSITORYCERTIFICATE OF DEPOSITCERTIFICATES OF DEPOSITCOLLATERALIZATIONCOLLATERALSCOLLECTIVE INVESTMENTCOMMERCIAL BANKINGCOMMERCIAL BANKSCOMMERCIAL PAPERSCONTINGENT LIABILITIESCONTRACTUAL SAVINGSCORPORATE BONDCORPORATE BOND MARKETCORPORATE BONDSCORPORATE DEBTCORPORATE DEBT SECURITIESCORPORATE TREASURIESCREDIT LINESCRITERIA FOR INVESTMENTSCURRENCYDEBT FINANCINGDEBT ISSUANCESDEPOSITORY SECURITIESDERIVATIVESDEVELOPMENT OF CORPORATE BOND MARKETSDIRECT INVESTMENTSDISCLOSURE REQUIREMENTSDOMESTIC CAPITALDOMESTIC CAPITAL MARKETDOMESTIC CORPORATE BONDDOMESTIC EQUITYDOMESTIC MARKETSDOMESTIC STOCK EXCHANGEEMERGING MARKETSENABLING ENVIRONMENTEQUITIESEQUITY FINANCINGEQUITY FUNDSEQUITY INVESTMENTSEQUITY MARKETEQUITY MARKET CAPITALIZATIONEQUITY MARKETSEUROBONDEXCHANGE RATEFINANCIAL CRISISFINANCIAL INSTITUTIONSFINANCIAL MARKETFINANCIAL MARKETSFINANCIAL SYSTEMFIXED INCOMEFIXED INCOME MARKETFIXED INCOME SECURITIESFLOW OF INVESTMENTFOREIGN EQUITYFOREIGN FUNDSFOREIGN INVESTORSFUND MANAGEMENTFUND MANAGERFUND MANAGERSGOVERNMENT BONDGOVERNMENT BOND MARKETGOVERNMENT BOND YIELDGOVERNMENT BOND YIELDSGOVERNMENT BONDSGOVERNMENT DEBTGOVERNMENT DEBT MARKETGOVERNMENT DEBT MARKETSGOVERNMENT INVESTMENTGOVERNMENT SECURITIESGOVERNMENT SPENDINGGROSS DOMESTIC PRODUCTHOLDINGHOLDINGSINCOME INSTRUMENTSINCOME LEVELINDIVIDUAL INVESTORSINFRASTRUCTURE DEVELOPMENTINITIAL PUBLIC OFFERINGINSTITUTIONAL INVESTORINSTITUTIONAL INVESTORSINSURANCEINSURANCE COMPANIESINSURANCE COMPANYINSURANCE SECTOR INVESTMENTSINTEREST INCOMEINTEREST RATEINTEREST RATESINVESTINGINVESTMENT BANKSINVESTMENT FUNDINVESTMENT FUNDSINVESTMENT INCOMEINVESTMENT INSTRUMENTSINVESTMENT OPPORTUNITIESINVESTMENT OUTLETSINVESTMENT RISKSINVESTMENT VEHICLEINVESTMENT VEHICLESINVESTMENTS IN GOVERNMENT SECURITIESINVESTOR BASEINVESTOR CONFIDENCEINVESTOR EDUCATIONINVESTOR PARTICIPATIONIPOISLAMIC CAPITALISSUANCEISSUANCESLIFE INSURANCELOANLOCAL CURRENCIESLOCAL CURRENCYLOCAL INVESTORLONG-TERM BOND MARKETLONG-TERM INVESTMENTSMARKET CONFIDENCEMARKET GOVERNANCEMARKET PARTICIPANTSMARKET SIZEMATURITYMONETARY STABILITYMONEY MARKETMUTUAL FUNDMUTUAL FUND INDUSTRYMUTUAL FUND MANAGERMUTUAL FUNDSNATIONAL BANKSPENSIONPENSION FUNDPENSION FUNDSPENSION REFORMPENSION SYSTEMPENSIONSPOTENTIAL INVESTORPRICE DISCOVERYPRICE VOLATILITYPRIVATE EQUITYPRIVATE PLACEMENTPRIVATE PLACEMENTSPRODUCTIVE INVESTMENTSPUBLIC DEBTPUBLIC MARKETREAL ESTATE INVESTMENTREAL ESTATE INVESTMENTSREDEMPTION FEATUREREGISTERED SECURITIESREGULATORY STRUCTURERETAIL INVESTORSRETURNRETURNSSECONDARY MARKETSECONDARY MARKET ACTIVITYSECONDARY MARKET LIQUIDITYSECURITIESSECURITIES MARKETSSECURITIES REGULATIONSETTLEMENTSMALL INVESTORSTOCK EXCHANGESTOCK MARKETSTOCK MARKET CAPITALIZATIONSTOCK TRADINGSTOCKSSUPERVISORY AGENCIEST-BONDTAXTELECOMMUNICATIONSTRADINGTRANSACTIONTRANSPARENCYTURNOVERVALUATIONS10.1596/17357