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Emerging Equity Markets: Growth, Benefits, and Policy Concerns
Author:
Mr. Manmohan S. Kumar
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Mr. Robert A Feldman
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Series:
IMF Policy Discussion Papers
Volume/Issue:
Volume 1994: Issue 007
Language:
English
Publication Date:
01 Mar 1994
DOI:
https://doi.org/10.5089/9781451971217.003
ISBN:
9781451971217
ISSN:
1564-5193
Pages:
34
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
Legal-disclaimer:
This Policy Discussion Paper should not be reported as representing the views of the IMF. The views expressed in this Policy Discussion Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Policy Discussion Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.
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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.
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Cover IMF Policy Discussion Papers
IMF Policy Discussion Papers
ISSN:
1564-5193
Publisher:
International Monetary Fund