Stock markets in developing countries : key issues and a research agenda

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Stock markets in developing countries : key issues and a research agenda, Volume 1

Author:	Dailami, Mansoor; Atkin, Michael;	Collection Title:	Policy, Research, and External Affairs working papers ; no. WPS 515. Financial policy and systems
Country:	Korea, Republic of; India;	Date Stored:	1990/10/01
Document Date:	1990/10/31	Document Type:	Policy Research Working Paper
Language:	English	Major Sector:	Finance
Region:	East Asia and Pacific; South Asia	Report Number:	WPS515
Sub Sectors:	Capital Markets Development	SubTopics:	Environmental Economics & Policies; International Terrorism & Counterterrorism; Economic Theory & Research; Banks & Banking Reform; Financial Intermediation
Volume No:	1

Summary: There is much debate in both developed and developing countries about what kinds of financial institutions and markets best serve economic growth. To what extent can the superior performance of Japanese and German economies be attributed to their market-based system (with a focus on short-term gains)? Prominent in current debates about the competitiveness of industrial nations are issues of corporate financial structure and financial market organization. Drawing on recent experiences in India and Korea, the authors consider key issues that arise in connection with the development of equity markets in developing countries. Under what conditions does it make sense to encourage the development of equity markets? Is a functioning equity market a prerequisite for the liberalization of the banking system? Is it useful to think in terms of an optimal debt/equity mix for a developing economy, or for a corporation in a developing economy? What is the appropriate regulatory regime for a developing country's securities market? Without effective regulation, international investors will not have the confidence to commit the resources to developing country markets. Good managment skills are scarce in developing countries. How can matters be arranged to make optimal use of those resources? The stock market's role in effecting changes in corporate governance could be enormously helpful to economic development.


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