Download or read book The Determinants of Stock Market Development in Emerging Economies written by Charles Amo Yartey and published by International Monetary Fund. This book was released on 2008-02 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Macroeconomic Determinants of Stock Market Development in Emerging Economies written by Evgeniya E. Petrova and published by . This book was released on 2006 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Capital Markets Development in Emerging Economies written by Samuel Onyuma and published by LAP Lambert Academic Publishing. This book was released on 2012 with total page 372 pages. Available in PDF, EPUB and Kindle. Book excerpt: Despite the many efforts undertaken to foster financial development, capital markets in many developing economies remain underdeveloped. These reforms have not catapult the development of these markets to global standards. New stock exchanges are being created every year in Africa, but these markets remain shallow in listing and liquidity, with high volatility. Thus policymakers have no clear guidance on how to promote securities market development. Scholars are also widely divided on measures of market development, as well as, the factors which influence the level of market development. These issues are even more aggravated given the poor understanding of securities markets in developing countries. This book examines the institutional, market microstructural and macroeconomic determinants of securities market development in Kenya. Finance scholars interested in studying securities market development will find it a useful learning and research reference material. Capital markets regulators and management interested in developing their markets will also find the book important in designing reform prescriptions targeted at promoting market development.
Download or read book Macroeconomic Determinants of Stock Market Development written by Valeriano F. Garcia and published by . This book was released on 2004 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Using pooled data from fifteen industrial and developing countries from 1980 to 1995, this paper examines the macroeconomic determinants of stock market development, particularly market capitalization. The paper finds that: (1) real income, saving rate, financial intermediary development, and stock market liquidity are important determinants of stock market capitalization; (2) macroeconomic volatility does not prove significant; and (3) stock market development and financial intermediary development are complements instead of substitutes.
Download or read book Emerging Capital Markets and Globalization written by Augusto de la Torre and published by World Bank Publications. This book was released on 2006-10-20 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book The Macroeconomic Determinants of Stock Market Development in Panama and Costa Rica written by 葛荷麗 and published by . This book was released on 2012 with total page 73 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Macroeconomic Determinants of Stock Market Liquidity written by Ijaz Ur Rehman and published by . This book was released on 2016 with total page 374 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book stock market development and long run growth written by Ross Levine and published by World Bank Publications. This book was released on 1996 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book International Macroeconomics in the Wake of the Global Financial Crisis written by Laurent Ferrara and published by Springer. This book was released on 2018-06-13 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book collects selected articles addressing several currently debated issues in the field of international macroeconomics. They focus on the role of the central banks in the debate on how to come to terms with the long-term decline in productivity growth, insufficient aggregate demand, high economic uncertainty and growing inequalities following the global financial crisis. Central banks are of considerable importance in this debate since understanding the sluggishness of the recovery process as well as its implications for the natural interest rate are key to assessing output gaps and the monetary policy stance. The authors argue that a more dynamic domestic and external aggregate demand helps to raise the inflation rate, easing the constraint deriving from the zero lower bound and allowing monetary policy to depart from its current ultra-accommodative position. Beyond macroeconomic factors, the book also discusses a supportive financial environment as a precondition for the rebound of global economic activity, stressing that understanding capital flows is a prerequisite for economic-policy decisions.
Download or read book The Determinants of Stock Market Performance in Emerging Economies written by Dinara Apiyeva and published by . This book was released on 2007 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: A phenomenal growth of emerging markets has not only attracted an enormous interest from international instinational and individual investors, but it has also proved that these markets cannot be treated in the same way as developed markets. This research is intended to identify the main determinants of the stock market performance in emerging economies of Latin America and Asia Pacific. The study has been motivated by the increasing importance of these equity markets on the international financial arena. The capital markets of emerging economies have not only become an important asset class for international investors, but also they have become a new and increasingly important source of foreign capital for these countries. This research examines a set of macroeconomic variables, including inflation, foreign exchange rates, market integration, the Institutional Investor's country ratings, the U.S interest rates and financial risk premiums, and their role in explaining the fluctuations in the total returns on the stock markets in six Latin American and four Asia Pacific countries. The results show that the Institutional Investor's country ratings and financial risk premium are the best determinants of the stock market performance in Latin American and Asian Pacific countries. The attempt to separate the financial and country risks has also been undertaken with the successful results in four out of ten countries. The further findings show that financial risk premiums are an important risk factor, which explains the stock market returns in seven out of ten countries and, moreover, financial risk premiums appear to be an aggregate risk factor, which can successfiilly replace five macroeconomic variables, and above that they contain incremental information, which successfully explain the variance in the stock market retums. The findings may have significant implications for international investors and national policymakers in the emerging markets. The findings highlight the significance of the country default risk in explaining the stock market performance in the Latin American and Asia Pacific economies.
Download or read book The Development of Local Capital Markets written by Mr.Luc Laeven and published by International Monetary Fund. This book was released on 2014-12-19 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Macroeconomic Determinants and Stock Market written by and published by . This book was released on 2020 with total page 303 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Determinants of Financial Development written by Y. Huang and published by Springer. This book was released on 2010-11-24 with total page 233 pages. Available in PDF, EPUB and Kindle. Book excerpt: A 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.
Download or read book Examining the Impact of Stock Market Development on Economic Growth written by Pramod Kumar Naik and published by . This book was released on 2014 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study empirically reexamines the impact of stock market development on economic growth using data on twenty-seven emerging market economies over the period 1995-2012. We use market capitalization, trade value and turnover ratio as indicators of stock market development. Also, we construct three alternate composite indices of stock market development and used them in the growth regression each at a time. Methodologically, we employ the dynamic panel 'system GMM' estimators which is free from the problem of endogeneity and measurement errors; secondly, a 2nd generation panel unit root test of Pesaran (2007) is employed to test the stationary properties of data; finally, in order to test the direction of causality we make use of a newly developed panel non-causality test of Dumitrescu and Hurlin (2012) which is designed for heterogeneous panel. Our empirical findings indicate that stock market development significantly contributes to economic growth. This is evident in all the three alternate indices of financial development employed in the study. Further, we find a unidirectional causation running from stock market development to economic growth, supporting the supply-leading hypothesis. We also find that macroeconomic variables, such as investment ratio, trade openness and exchange rate have strong influence on economic growth. Thus, the study suggests that significant improvement of stock markets, making the economy internationally open, and improving the aggregate investment the emerging market economies can improve their economy.
Download or read book Pacific basin Capital Markets Research written by S. Ghon Rhee and published by North Holland. This book was released on 1990 with total page 724 pages. Available in PDF, EPUB and Kindle. Book excerpt: Hardbound. This volume of papers from the second Conference held in June 4-6, 1990, Bangkok, Thailand, consists of keynote addresses, competitive research award papers, invited and selected papers.
Download or read book Explaining the Migration of Stocks from Exchanges in Emerging Economies to International Centers written by Stijn Claessens and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The authors study the determinants of the growing migration of stock market activity to international financial centers. They use a sample of 77 countries and document that higher economic growth and more macroeconomic stability help stock market development. Countries with higher income per capita, sounder macroeconomic policies, more efficient legal systems, better shareholder protection, and more open financial markets tend to have larger and more liquid stock markets. The authors show that these factors also drive the degree with which capital raising, listing, and trading have been migrating to international financial centers. As fundamentals improve and technology advances, this migration will likely increase and domestic stock market activity may become too little to support local markets. For many emerging economies, the best policy is to establish sound fundamentals but not necessarily the trading, or even listing of securities locally.
Download or read book Business Economics Financial Sciences and Management written by Min Zhu and published by Springer Science & Business Media. This book was released on 2012-02-11 with total page 860 pages. Available in PDF, EPUB and Kindle. Book excerpt: A series of papers on business, economics, and financial sciences, management selected from International Conference on Business, Economics, and Financial Sciences, Management are included in this volume. Management in all business and organizational activities is the act of getting people together to accomplish desired goals and objectives using available resources efficiently and effectively. Management comprises planning, organizing, staffing, leading or directing, and controlling an organization (a group of one or more people or entities) or effort for the purpose of accomplishing a goal. Resourcing encompasses the deployment and manipulation of human resources, financial resources, technological resources and natural resources. The proceedings of BEFM2011 focuses on the various aspects of advances in Business, Economics, and Financial Sciences, Management and provides a chance for academic and industry professionals to discuss recent progress in the area of Business, Economics, and Financial Sciences, Management. It is hoped that the present book will be useful to experts and professors, both specialists and graduate students in the related fields.
