The Future of Domestic Capital Markets in Developing Countries / Edition 1

Paperback (Print)
Buy New
Buy New from BN.com
$36.31
Used and New from Other Sellers
Used and New from Other Sellers
from $3.99
Usually ships in 1-2 business days
(Save 90%)
Other sellers (Paperback)
  • All (10) from $3.99   
  • New (2) from $32.23   
  • Used (8) from $0.00   

Overview

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 (Stanford University Graduate School of Business), Patricia Jackson (Bank of England), Ruben Lee (Oxford Finance Group), Robert Litan (Brookings Institution), Clemente Luis del Valle (Securities and Exchange Commission of Colombia), Sanket Mohapatra (Columbia University), Alberto Musalem (World Bank), Dilip Kumar Ratha (World Bank), Ajit Singh (University of Cambridge), Philip Suttle (DECPG), V. Sundararajan (IMF), Thierry Tressel (IMF), Philip Turner (Bank for International Settlements), and Piero Ugolini (IMF).

Read More Show Less

Editorial Reviews

From the Publisher

"... the 16 papers are technically meaty and manage to strike a good balance between information and policy advice.... The panel discussions... are worth the price of the book." —Steven C.M. Wong, Institute of Strategic and International Studies, Asian-Pacific Economic Literature

"What distinguishes this book from others of similar content is the collection of expert views from key players in both developed and developing economies, including policy makers, practitioners and researchers, supplemented with panel discussions....This book will serve as a good reference point for government policy makers, market players and foreign investors in their roles in developing the domestic capital markets in developing countries....The book is very informative and provides a good blend of the role of government, market players, private sector and foreign players in contributing towards the development of domestic captial markets in developing countries." —Maxwell Opoku-Afari, Bank of Ghana, Journal of International Development, 11/1/2005

"a welcome contribution to the literature on the operation of capital markets in the developing world....this book will interest policymakers and professionals concerned with the expansion and functioning of capital market in developing countries. More academically inclined readers will find a wealth of pressing institutional issues, some of which merit deeper analysis and will provide fertile ground for future reserach projects." —Jose R. Sanchez-Fung, Kingston University, UK, Eastern Economic Journal, 9/1/2006

Read More Show Less

Product Details

  • ISBN-13: 9780815752998
  • Publisher: Brookings Institution Press
  • Publication date: 10/28/2003
  • Edition description: New Edition
  • Edition number: 1
  • Pages: 400
  • Product dimensions: 6.00 (w) x 8.90 (h) x 1.40 (d)

Meet the Author

Robert E. Litan is a senior fellow in Economic Studies at Brookings and vice president for research and policy at the Kauffman Foundation. Michael Pomerleano is lead financial specialist in the Financial Sector Operations and Policy Department of the World Bank. V. Sundararajan is deputy director of the Monetary and Financial Systems Department at the International Monetary Fund.

Read More Show Less

Table of Contents

1 Introduction 1
Pt. 1 Capital Market Development around the World
2 Trends in Developing-Country Capital Markets around the World 21
3 The Development of Domestic Markets for Government Bonds 45
4 Bond Market Development: What Are the Policy Issues? 77
Panel Summary: Country Experiences with Capital Market Development 113
Pt. 2 Integrated Supervision
5 Market Discipline and Financial Stability 125
6 Supervision at the Micro Level: Do Disclosure-Based Regimes Work? 153
7 Domestic Capital Market Reform and Access to Global Finance: Making Markets Work 179
8 Capital Market Development and Nurturing the IPO Market 215
9 Managing Risks in Financial Market Development: The Role of Sequencing 233
Panel Summary: Does Integrated Supervision Work in Emerging Markets? 273
Pt. 3 Securities Trading
10 Changing Market Structures, Demutualization, and the Future of Securities Trading 283
11 Corporate Governance Issues and Returns in Emerging Markets 305
12 Capital Structures and Control Rights: Patterns, Trade-offs, and Policy Implications 317
13 Identifying Vulnerabilities, Promoting Financial Stability, and Other Challenges 347
Panel Summary: Approaches to Securities Trading 365
Pt. 4 Private Equity
14 Capital Structure, Rates of Return, and Financing Corporate Growth: Comparing Developed and Emerging Markets, 1994-2000 373
15 Corporate Financing Patterns and Performance in Emerging Markets 417
Panel Summary: The Role of Private Equity in the Development of Capital Markets 457
Pt. 5 Looking Forward
16 Institutional Savings and Financial Markets: The Role of Contractual Savings Institutions 471
Panel Summary: The Future of Domestic Capital Markets in Developing Countries 503
Contributors 515
Index 517
Read More Show Less

Customer Reviews

Be the first to write a review
( 0 )
Rating Distribution

5 Star

(0)

4 Star

(0)

3 Star

(0)

2 Star

(0)

1 Star

(0)

Your Rating:

Your Name: Create a Pen Name or

Barnes & Noble.com Review Rules

Our reader reviews allow you to share your comments on titles you liked, or didn't, with others. By submitting an online review, you are representing to Barnes & Noble.com that all information contained in your review is original and accurate in all respects, and that the submission of such content by you and the posting of such content by Barnes & Noble.com does not and will not violate the rights of any third party. Please follow the rules below to help ensure that your review can be posted.

Reviews by Our Customers Under the Age of 13

We highly value and respect everyone's opinion concerning the titles we offer. However, we cannot allow persons under the age of 13 to have accounts at BN.com or to post customer reviews. Please see our Terms of Use for more details.

What to exclude from your review:

Please do not write about reviews, commentary, or information posted on the product page. If you see any errors in the information on the product page, please send us an email.

Reviews should not contain any of the following:

  • - HTML tags, profanity, obscenities, vulgarities, or comments that defame anyone
  • - Time-sensitive information such as tour dates, signings, lectures, etc.
  • - Single-word reviews. Other people will read your review to discover why you liked or didn't like the title. Be descriptive.
  • - Comments focusing on the author or that may ruin the ending for others
  • - Phone numbers, addresses, URLs
  • - Pricing and availability information or alternative ordering information
  • - Advertisements or commercial solicitation

Reminder:

  • - By submitting a review, you grant to Barnes & Noble.com and its sublicensees the royalty-free, perpetual, irrevocable right and license to use the review in accordance with the Barnes & Noble.com Terms of Use.
  • - Barnes & Noble.com reserves the right not to post any review -- particularly those that do not follow the terms and conditions of these Rules. Barnes & Noble.com also reserves the right to remove any review at any time without notice.
  • - See Terms of Use for other conditions and disclaimers.
Search for Products You'd Like to Recommend

Recommend other products that relate to your review. Just search for them below and share!

Create a Pen Name

Your Pen Name is your unique identity on BN.com. It will appear on the reviews you write and other website activities. Your Pen Name cannot be edited, changed or deleted once submitted.

 
Your Pen Name can be any combination of alphanumeric characters (plus - and _), and must be at least two characters long.

Continue Anonymously

    If you find inappropriate content, please report it to Barnes & Noble
    Why is this product inappropriate?
    Comments (optional)