The Development of Local Capital Markets : Rationale and Challenges

The Development of Local Capital Markets : Rationale and Challenges
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Volume/Issue:
2014/234
Series:
IMF Working Papers
Author(s):
Luc Laeven
Publisher:
INTERNATIONAL MONETARY FUND
Published Date:
December 2014
DOI:
http://dx.doi.org/10.5089/9781498372978.001
ISBN:
9781498372978
ISSN:
1018-5941
Page:
25
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.
Article

The Development of Local Capital Markets

Author(s):
Luc Laeven
Published Date:
December 2014
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