Financing Firm Growth

Organized by the Private Sector Development Research Network

Hosted by the International Finance Corporation (IFC)

Moderated by Franziska Ohnsorge, Chief Economist, South Asia Region, World Bank Group

Friday,  28 March 2025 from 9-10am EST 

WATCH THE RECORDING HERE

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ABOUT THE SEMINAR

This seminar will present comprehensive research on firm participation in capital markets across Emerging Markets and Developing Economies (EMDEs). This study analyzes data from nearly 80,000 firms worldwide, focusing on how the 20,000 firms located in 106 low- and middle-income countries access and use capital market financing. Leveraging a novel database of global bond and equity issuances between 1990 and 2022, the findings reveal that the expansion of capital market financing has facilitated access for smaller, younger, and more productive firms than those already participating. These firms have subsequently experienced significant growth in physical capital, employment, and sales. The book explores potential drivers behind the capital market expansion, focusing on the role of economic growth and supportive policies.

ABOUT THE SPEAKERS

Cesaire Assah Meh

Manager of Macro and Market Risk, Economic Policy and Market Research Department of the International Finance Corporation (IFC)

Cesaire A. Meh manages Macro and Market Risk at IFC, leading macro-financial analysis for investments, advisory services, and private capital mobilization. His team focuses on global economic developments, country risk, capital flows, and capital market development in emerging markets. Previously, he spent 20+ years at the Bank of Canada in senior roles, including Managing Director of International Economic Analysis and Senior Research Officer focusing on macroprudential policy. He represented Canada in G20 and Financial Stability Board groups, and chaired BIS committees. He received Bank of Canada Awards for promoting diversity and inclusion (2020, 2022).

His research covers macro-finance, monetary policy, inequality, and entrepreneurship. He was a visiting scholar at Princeton and professor at African School of Economics. He holds a PhD in Economics from The University of Western Ontario.

Details of Dr. Cesaire Meh’s work can be found here.

Alvaro Pedraza

Senior Economist, Finance and Private Sector Development Team, World Bank’s Development Research Group

Alvaro Pedraza is a Senior Economist in the Finance and Private Sector Development Team of the World Bank’s Development Research Group. His research interests include financial economics, asset pricing and macroeconomics. Prior to joining the Bank he worked at the Federal Reserve Bank of Atlanta, the Inter-American Development Bank, the Colombian Association of Pension Fund Administrators and the National Collateral Fund of Colombia. He holds a B.A. in Physics and a M.A. in Economics from Universidad de los Andes in Colombia, and a Ph.D. in Economics from the University of Maryland.

Details of Dr. Alzaro Pedraza’s work can be found here.

ABOUT THE MODERATOR

Franziska Ohnsorge

Chief Economist, South Asia Region, World Bank Group 

Franziska Ohnsorge is the World Bank Chief Economist for South Asia. In this role, she is responsible for leading the research program on key economic issues in South Asia to inform the policy debate and World Bank lending. Before starting this position, she was the Manager at the Development Economics Vice Presidency where she spearheaded the flagship Global Economic Prospects report. Prior to joining the World Bank, Franziska Ohnsorge worked in the Office of the Chief Economist of the European Bank for Reconstruction and Development and at the International Monetary Fund. Her research has been featured in peer-reviewed journals as well as policy publications and has covered a wide range of topics in international macroeconomics and finance, including debt and financial crises, inflation and monetary policy, as well as growth and informal labor markets. Her work has been widely cited, including in the Economist, the Wall Street Journal, and the Financial Times. She holds a Ph.D. from the University of Toronto.

Details of Dr. Franziska Ohnsorge’s work can be found here.