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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).
|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|