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Business and Economics > Investments: Stocks

You are looking at 1 - 2 of 2 items for :

  • Type: Journal Issue x
  • IMF Policy Discussion Papers x
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Cover IMF Policy Discussion Papers
Pension Reform, Investment Restrictions and Capital Markets
Mr. Jorge Roldos
Pension reform in several emerging market countries has been associated with rapid growth in assets under management and a positive impact on the development of local securities markets. However, limitations on such development may lead to asset price distortions, bubbles, and concentration of risks. Regulatory limits on pension fund investments are assessed in light of these risks and developments in modern portfolio theory. A gradual but decisive loosening of restrictions on equity and foreign investments is recommended. Changes in these regulations ought to be coordinated with measures designed to foster the development of local securities markets as well as with macroeconomic policies.
Keywords:
PDP; emerging market; market; asset; portfolio; bond market; capital market; Pension fund regulation; asset allocation; capital market development; institutional investor; pension funds; market participant; a number of emerging market economies; portfolio restriction; Pension spending; Emerging and frontier financial markets; Securities markets; Stock markets; Stocks; Global
Cover IMF Policy Discussion Papers
Emerging Equity Markets: Growth, Benefits, and Policy Concerns
Mr. Manmohan S. Kumar
and
Mr. Robert A Feldman
Since the mid-1980s, there has been a very substantial increase in stock market activity in many developing countries. This paper first examines the main characteristics of the emerging stock markets, and illustrates the evolution of equity prices in these markets over the last decade. It then discusses the reasons for the markets’ growth and assesses the extent to which domestic policies, as well as external factors, have played a role. This is followed by a discussion of the likely benefits of these markets; the effects which any abrupt correction in stock prices could have for the economy; and the ways in which these markets can be made more efficient.
Keywords:
PDP; market; market liquidity; market efficiency; adverse selection; equity price; market manipulation; market capitalization; Stock markets; Emerging and frontier financial markets; Stocks; Asset prices; Accounting standards; Africa; Middle East; East Asia; South Asia