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

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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).

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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

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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.

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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
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