stock market development and long run growth
Author: Ross Levine
Publisher: World Bank Publications
Published: 1996
Total Pages: 32
ISBN-13: 6101919153
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Emerging Capital Markets and Globalization
Author: Augusto de la Torre
Publisher: World Bank Publications
Published: 2006-10-20
Total Pages: 232
ISBN-13: 0821365444
DOWNLOAD EBOOKBack 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.
The Determinants of Stock Market Development in Emerging Economies
Author: Charles Amo Yartey
Publisher: International Monetary Fund
Published: 2008-02
Total Pages: 38
ISBN-13:
DOWNLOAD EBOOKThis 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.
The Development of Local Capital Markets
Author: Mr.Luc Laeven
Publisher: International Monetary Fund
Published: 2014-12-19
Total Pages: 25
ISBN-13: 1498372201
DOWNLOAD EBOOKCapital 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.
Determinants of Financial Development
Author: Y. Huang
Publisher: Springer
Published: 2010-11-24
Total Pages: 233
ISBN-13: 0230302491
DOWNLOAD EBOOKA PDF version of this book is available for free in open access via the OAPEN Library platform, www.oapen.org. This book examines the emergence of both financial markets and carbon markets, and provides an in-depth investigation on the fundamental determinants of financial development.
Financial Market Regulation and Reforms in Emerging Markets
Author: Masahiro Kawai
Publisher: Brookings Institution Press
Published: 2011
Total Pages: 441
ISBN-13: 0815704895
DOWNLOAD EBOOK"In the wake of the global financial crisis that began in 2008, offers a systematic overview of recent developments in regulatory frameworks in advanced and emerging-market countries, outlining challenges to improving regulation, markets, and access in developing economies"--Provided by publisher.
Investment Strategies in Emerging Markets
Author: Saul Estrin
Publisher: Edward Elgar Publishing
Published: 2004-01-01
Total Pages: 392
ISBN-13: 9781781956465
DOWNLOAD EBOOK"The book investigates foreign direct investment (FDI) strategies in four important emerging economies: Egypt, India, South Africa and Vietnam. These countries liberalized their economies in the 1990s with the intention of attracting greater FDI inflows. This book assesses whether they have been successful in achieving this goal. The authors adopt a comparative perspective and use a large enterprise survey plus three individual case studies in each country. They investigate the strategies of foreign direct investors focusing on the relationship between the investment climate, the mode of entry (acquisition, greenfield or joint venture), company performance, and spillovers to the host economy. The book outlines how the interactions between international businesses and the local policy environment influence the entry strategies of firms. Academics and researchers with an interest in international business, emerging markets, economic development and strategic management will find this book informative and insightful."--BOOK JACKET.
Determinants of Emerging Market Sovereign Bond Spreads
Author: Iva Petrova
Publisher: International Monetary Fund
Published: 2010-12-01
Total Pages: 28
ISBN-13: 1455252859
DOWNLOAD EBOOKThis paper analyses the determimants of emerging market sovereign bond spreads by examining the short and long-run effects of fundamental (macroeconomic) and temporary (financial market) factors on these spreads. During the current global financial and economic crisis, sovereign bond spreads widened dramatically for both developed and emerging market economies. This deterioration has widely been attributed to rapidly growing public debts and balance sheet risks. Our results indicate that in the long run, fundamentals are significant determinants of emerging market sovereign bond spreads, while in the short run, financial volatility is a more important determinant of sperads than fundamentals indicators.
Finance and Growth
Author: Ross Levine
Publisher:
Published: 2004
Total Pages: 130
ISBN-13:
DOWNLOAD EBOOK"This paper reviews, appraises, and critiques theoretical and empirical research on the connections between the operation of the financial system and economic growth. While subject to ample qualifications and countervailing views, the preponderance of evidence suggests that both financial intermediaries and markets matter for growth and that reverse causality alone is not driving this relationship. Furthermore, theory and evidence imply that better developed financial systems ease external financing constraints facing firms, which illuminates one mechanism through which financial development influences economic growth. The paper highlights many areas needing additional research"--NBER website
Efficiency and Anomalies in Stock Markets
Author: Wing-Keung Wong
Publisher: Mdpi AG
Published: 2022-02-17
Total Pages: 232
ISBN-13: 9783036530802
DOWNLOAD EBOOKThe Efficient Market Hypothesis believes that it is impossible for an investor to outperform the market because all available information is already built into stock prices. However, some anomalies could persist in stock markets while some other anomalies could appear, disappear and re-appear again without any warning. A Special Issue on "Efficiency and Anomalies in Stock Markets" will be devoted to advancements in the theoretical development of market efficiency and anomaly in the Stock Market, as well as applications in Stock Market efficiency and anomalies.
