Equity Market Development In Developing Countries

Author : Bryan L. Sudweeks
Publisher : Praeger
Page : 224 pages
File Size : 40,6 Mb
Release : 1989-05-15
Category : Business & Economics
ISBN : STANFORD:36105035100358

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Equity Market Development in Developing Countries by Bryan L. Sudweeks Pdf

This book argues that the development of equity market is a crucial in the construction of a viable financial system for many developing countries. Drawing upon the Emerging Markets Database of the International Finance Corporation (World Bank) and analyzing a wide range of previously unavailable data, Sudweeks identifies the factors conducive to equity market development, and why these markets may be of interest to international portfolio managers. The book is written in non-technical language and brings together for the first time a variety of different views and experience in equity market development from the private, public, and academic sectors. Following a general introduction, Sudweeks addresses the theory behind the development of equity markets. Separate chapters discuss the benefits and costs of equity markets in developing countries, the general conditions for equity market development, measures to develop the supply and demand of shares, and portfolio implications of investing in developing countries. Three case studies examine equity market development in Brazil, India, and Korea to determine which factors have had an impact on market development. Sudweeks concludes that equity market development must be part of an overall financial development program, that equity market development is a complex, but somewhat predictable activity, and that successful equity market development requires a long-term commitment on the part of governments and key players.

Author : Mansoor Dailami,Michael Atkin
Publisher : World Bank Publications
Page : 54 pages
File Size : 52,7 Mb
Release : 1990
Category : Capital market
ISBN : 8210379456XXX

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Stock Markets in Developing Countries by Mansoor Dailami,Michael Atkin Pdf

With foreign capital funds dwindling, governments in many developing countries-- with increased Bank support-- are looking to develop capital markets to provide risk capital for the corporate sector. But first, some basic issues must be empirically explored.

Author : Robert E. Litan,Michael Pomerleano,Vasudevan Sundararajan
Publisher : Rowman & Littlefield
Page : 543 pages
File Size : 51,9 Mb
Release : 2003-09-05
Category : Business & Economics
ISBN : 9780815796107

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The Future of Domestic Capital Markets in Developing Countries by Robert E. Litan,Michael Pomerleano,Vasudevan Sundararajan Pdf

The Future of Domestic Capital Markets in Developing Countries addresses the challenges that countries face as they develop and strengthen capital markets. Based on input from the world's most prominent capital market experts and leading policymakers in developing countries, this volume represents the latest thinking in capital market development. It captures the views of a global gathering of experts, with perspectives from developing and developed countries, from all regions of the world, from the public and private sector. This volume should be of interest to senior financial sector policymakers from developed and developing countries in securities and exchange commissions, regulators, central banks, ministries of finance, and monetary authorities; private sector executives in stock exchanges, bond markets, venture capital markets, and investment funds; and researchers and academicians with an interest in capital market development in emerging markets. What are the key factors threatening the development and survival of stock exchanges in developing countries? What domestic strategies are needed to protect the future of local markets? Should exchanges consider linkages or alliances? Merging with, or buying up, other exchanges? Demutualization? The volume provides practical guidance on strategies such as nurturing issuers, improving rules and institutions, addressing regulatory challenges, and sequencing reforms. The contributors address a variety of country experiences, and suggest steps that policymakers and practitioners in emerging markets can take to promote an orderly transition toward efficient, well-regulated, and accessible capital markets. Contributors include Reena Aggarwal (Georgetown University), Alexander S. Berg (World Bank), Alan Cameron (Sydney Futures Exchange), Olivier Fremond (PSACG), Amar Gill (Credit Lyonnais Securities Asia), Gerd Hausler (IMF), Jack Glen (International Finance Corporation), Peter Blair Henry (Stanf

Author : Aslı Demirgüç-Kunt,Vojislav Maksimovic
Publisher : World Bank Publications
Page : 48 pages
File Size : 42,6 Mb
Release : 1995
Category : Banks and banking
ISBN : 8210379456XXX

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Stock Market Development and Firm Financing Choices by Aslı Demirgüç-Kunt,Vojislav Maksimovic Pdf

Author : Dong He,Robert Pardy
Publisher : World Bank Publications
Page : 45 pages
File Size : 46,8 Mb
Release : 1993
Category : Mercado de valores - Paises en desarrollo
ISBN : 8210379456XXX

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Stock Market Development and Financial Deepening in Developing Countries by Dong He,Robert Pardy Pdf

Author : Aslı Demirgüç-Kunt,Ross Levine
Publisher : World Bank Publications
Page : 39 pages
File Size : 43,6 Mb
Release : 1993
Category : Capital market
ISBN : 8210379456XXX

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Stock Market Development and Financial Intermediary Growth by Aslı Demirgüç-Kunt,Ross Levine Pdf

The relationship between the development of stock markets and the functioning of financial intermediaries may be complementary.

Author : Aslı Demirgüç-Kunt
Publisher : World Bank Publications
Page : 44 pages
File Size : 52,8 Mb
Release : 1992
Category : Capital investments
ISBN : 8210379456XXX

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developing country capital structures and emerging stock markets by Aslı Demirgüç-Kunt Pdf

Are debt and equity finance complements or substitutes? Probably complements, which means that the existence of active stock markets should increase the volume of business for financial intermediaries.

Author : Mr.Robert Alan Feldman,Mr.Manmohan S. Kumar
Publisher : International Monetary Fund
Page : 34 pages
File Size : 46,6 Mb
Release : 1994-03-01
Category : Business & Economics
ISBN : 9781451971217

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Emerging Equity Markets by Mr.Robert Alan Feldman,Mr.Manmohan S. Kumar Pdf

Since the mid-1980s, there has been a very substantial increase in stock market activity in many developing countries. This paper first examines the main characteristics of the emerging stock markets, and illustrates the evolution of equity prices in these markets over the last decade. It then discusses the reasons for the markets’ growth and assesses the extent to which domestic policies, as well as external factors, have played a role. This is followed by a discussion of the likely benefits of these markets; the effects which any abrupt correction in stock prices could have for the economy; and the ways in which these markets can be made more efficient.

Author : Steve H. Hanke,Alan Arthur Walters
Publisher : Unknown
Page : 416 pages
File Size : 46,6 Mb
Release : 1991
Category : Business & Economics
ISBN : UCSC:32106010899323

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Capital Markets and Development by Steve H. Hanke,Alan Arthur Walters Pdf

Author : Charles Amo Yartey
Publisher : International Monetary Fund
Page : 38 pages
File Size : 51,8 Mb
Release : 2008-02
Category : Business & Economics
ISBN : UCSD:31822034559500

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The Determinants of Stock Market Development in Emerging Economies by Charles Amo Yartey Pdf

This paper examines the institutional and macroeconomic determinants of stock market development using a panel data of 42 emerging economies for the period 1990 to 2004. The paper finds that macroeconomic factors such as income level, gross domestic investment, banking sector development, private capital flows, and stock market liquidity are important determinants of stock market development in emerging market countries. The results also show that political risk, law and order, and bureaucratic quality are important determinants of stock market development because they enhance the viability of external finance. This result suggests that the resolution of political risk can be an important factor in the development of emerging stock markets. The analysis also shows the factors identified above as determining stock market development in emerging economies can also explain the development of the stock market in South Africa.

Author : Mr.Luc Laeven
Publisher : International Monetary Fund
Page : 25 pages
File Size : 41,6 Mb
Release : 2014-12-19
Category : Business & Economics
ISBN : 9781498372978

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The Development of Local Capital Markets by Mr.Luc Laeven Pdf

Capital markets can improve risk sharing and the efficiency with which capital is allocated to the real economy, boosting economic growth and welfare. However, despite these potential benefits, not all countries have well developed capital markets. Moreover, government-led initiatives to develop local capital markets have had mixed success. This paper reviews the literature on the benefits and costs of developing local capital markets, and describes the challenges faced in the development of such markets. The paper concludes with a set of policy recommendations emerging from this literature.

Author : Stijn Claessens,Moon-Whoan Rhee
Publisher : World Bank Publications
Page : 48 pages
File Size : 49,5 Mb
Release : 1994
Category : Capital movements
ISBN : 8210379456XXX

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The Effect of Equity Barriers on Foreign Investment in Developing Countries by Stijn Claessens,Moon-Whoan Rhee Pdf

Legal and other barriers limit foreign investors' access to emerging stock markets. Empirical evidence suggests that countries could lower the (risk- adjusted) cost of capital by removing formal barriers to such access.

Author : Augusto de la Torre, Sergio L. Schmukler, Juan Carlos Gozzi
Publisher : World Bank Publications
Page : 38 pages
File Size : 48,9 Mb
Release : 2007
Category : Electronic
ISBN : 8210379456XXX

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Stock market development under globalization: whither the gains from reforms? by Augusto de la Torre, Sergio L. Schmukler, Juan Carlos Gozzi Pdf

Abstract: Over the past decades, many countries have implemented significant reforms to foster domestic capital market development. These reforms included stock market liberalization, privatization programs, and the establishment of regulatory and supervisory frameworks. Despite the intense reform efforts, the performance of capital markets in several countries has been disappointing. To study whether reforms have had the intended effects on capital markets, the authors analyze the impact of six capital market reforms on domestic stock market development and internationalization using event studies. They find that reforms tend to be followed by significant increases in domestic market capitalization, trading, and capital raising. Reforms are also followed by an increase in the share of activity in international equity markets, with potential negative spillover effects on domestic markets.

Author : Augusto de la Torre,Sergio Schmukler
Publisher : World Bank Publications
Page : 228 pages
File Size : 44,7 Mb
Release : 2006-10-20
Category : Business & Economics
ISBN : 0821365444

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Emerging Capital Markets and Globalization by Augusto de la Torre,Sergio Schmukler Pdf

Back in the early 1990s, economists and policy makers had high expectations about the prospects for domestic capital market development in emerging economies, particularly in Latin America. Unfortunately, they are now faced with disheartening results. Stock and bond markets remain illiquid and segmented. Debt is concentrated at the short end of the maturity spectrum and denominated in foreign currency, exposing countries to maturity and currency risk. Capital markets in Latin America look particularly underdeveloped when considering the many efforts undertaken to improve the macroeconomic environment and to reform the institutions believed to foster capital market development. The disappointing performance has made conventional policy recommendations questionable, at best. 'Emerging Capital Markets and Globalization' analyzes where we stand and where we are heading on capital market development. First, it takes stock of the state and evolution of Latin American capital markets and related reforms over time and relative to other countries. Second, it analyzes the factors related to the development of capital markets, with particular interest on measuring the impact of reforms. And third, in light of this analysis, it discusses the prospects for capital market development in Latin America and emerging economies and the implications for the reform agenda.

Author : Ross Levine,Sara Zervos,Banco Mundial
Publisher : World Bank Publications
Page : 32 pages
File Size : 43,6 Mb
Release : 1996
Category : Aumentoa de la produccion
ISBN : 9786101919151

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stock market development and long run growth by Ross Levine,Sara Zervos,Banco Mundial Pdf