The Politics of Equity Finance in Emerging Markets

The Politics of Equity Finance in Emerging Markets

by Kathryn C. Lavelle
     
 

ISBN-10: 0195174100

ISBN-13: 9780195174106

Pub. Date: 10/14/2004

Publisher: Oxford University Press

Emerging market stock issuance relative to GDP rose in the late twentieth century to levels that roughly matched that of advanced, industrial markets. Nonetheless, the connection between owning shares of emerging market stock and the ability to influence the management of these firms remains fundamentally different from the analogous institutional connection that

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Overview

Emerging market stock issuance relative to GDP rose in the late twentieth century to levels that roughly matched that of advanced, industrial markets. Nonetheless, the connection between owning shares of emerging market stock and the ability to influence the management of these firms remains fundamentally different from the analogous institutional connection that has evolved in industrial markets. The reasons for the differences in emerging markets are both historical and political in nature. That is, local equity markets have had the objective of providing for some degree of local ownership and control of large economic entities since the late nineteenth century. However, local markets have operated under different global political structures since that time, ranging from imperialism, to world wars, to sovereign developmental states, to neo-liberal states. Shares issued under these different structures have been reconfigured over time, resulting in a lack of convergence along either the Anglo-American or Continental models of corporate governance. The author uses a political science paradigm to explain the growth of emerging equity markets. She departs from conventional economic explanations and examines politics at the micro-level of large issues of emerging market stock. The second half of the book presents case studies dealing with emerging market countries in Latin America, Asia, Russia and Eastern Europe, Africa and the Middle East. The case studies connect the regional, state, and firm levels to detail the multiple ownership and control arrangements, and to dispel the notion that mere quantitative growth of these markets will lead to a convergence in financial institutional structures along the lines of the industrial core of the world economy.

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Product Details

ISBN-13:
9780195174106
Publisher:
Oxford University Press
Publication date:
10/14/2004
Pages:
296
Product dimensions:
9.10(w) x 6.10(h) x 0.40(d)

Table of Contents

Foreword
1Politics and the extension of equity finance to emerging markets3
2Financing joint-stock companies in the colonial era27
3New states, new state involvement45
4Globalization without integration : international considerations59
5Privatization and share supply in emerging markets75
6Latin America and the Caribbean93
7Asia and the Pacific113
8Russia and Eastern Europe142
9Africa and the Middle East164
10Stock markets in the global political economy189
AppIFC involvement in financial sector and privatization projects, by EM country examples199

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