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WORLD INVESTMENT REPORT 2011 NON-EQUITY MODES OF INTERNATIONAL PRODUCTION AND DEVELOPMENT

When considering supply side factors, we study characteristics of the financial sector that would influence the speed of adoption of mutual funds. We examine the effect of bank concentration, restrictions placed on banks to enter the securities business, the number of distribution channels available for funds, the presence of an explicit deposit insurance system for banks, and the time and cost to set up a new fund. We find that nations that restrict banks from entering the securities business have smaller equity and bond fund sectors. In addition, countries with a. | UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENT UNCTAD __ __ WORLD INVESTMENT REPORT NON-EQUITY MODES OF INTERNATIONAL PRODUCTION AND DEVELOPMENT UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPM UNCTAD _ _ WORLD INVESTMENT REPORT 2011 NON-EQUITY MODES OF INTERNATIONAL PRODUCTION AND DEVELOPMENT ii World Investment Report 2011 Non-Equity Modes of International Production and Development NOTE The Division on Investment and Enterprise of UNCTAD is a global centre of excellence dealing with issues related to investment and enterprise development in the United Nations System. It builds on three and a half decades of experience and international expertise in research and policy analysis intergovernmental consensus-building and provides technical assistance to developing countries. The terms country economy as used in this Report also refer as appropriate to territories or areas the designations employed and the presentation of the material do not imply the expression of any opinion whatsoever on the part of the Secretariat of the United Nations concerning the legal status of any country territory city or area or of its authorities or concerning the delimitation of its frontiers or boundaries. In addition the designations of country groups are intended solely for statistical or analytical convenience and do not necessarily express a judgment about the stage of development reached by a particular country or area in the development process. The major country groupings used in this Report follow the classification of the United Nations Statistical Office. These are Developed countries the member countries of the OECD other than Chile Mexico the Republic of Korea and Turkey plus the new European Union member countries which are not OECD members Bulgaria Cyprus Latvia Lithuania Malta and Romania plus Andorra Bermuda Liechtenstein Monaco and San Marino. Transition economies South-East Europe and the Commonwealth of Independent States. Developing economies in general all .