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Designing Markets for Developing Countries

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  • Maureen O’Hara

Abstract

This paper highlights what we know from market microstructure and how this should guide the design of equity markets in developing counties. I first consider the basic economic functions of capital markets and of exchanges. I develop more fully the importance of price discovery and liquidity, and how these are affected by the market environment and by characteristics of firms themselves. I then consider the particular implications of this for capital markets in emerging countries. Research has suggested various links between market designs and performance, and I review the implications of these for exchange structure. I conclude with some thoughts on how best to structure markets for newly listing companies.

Suggested Citation

  • Maureen O’Hara, 2001. "Designing Markets for Developing Countries," International Review of Finance, International Review of Finance Ltd., vol. 2(4), pages 205-215, December.
    • Handle: RePEc:bla:irvfin:v:2:y:2001:i:4:p:205-215
    DOI: 10.1111/1468-2443.00026
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    Cited by:

    1. Mendiola, Alfredo, 2010. "Adr Effects On Domestic Latin Maerica Financial Market," Journal of Economics, Finance and Administrative Science, Universidad ESAN, vol. 15(28), pages 45-64.
    2. Araújo, Gustavo Silva & Barbedo, Claudio Henrique da S. & Vicente, José Valentim M., 2014. "The adverse selection cost component of the spread of Brazilian stocks," Emerging Markets Review, Elsevier, vol. 21(C), pages 21-41.
    3. Comerton-Forde, Carole & Rydge, James, 2006. "The current state of Asia-Pacific stock exchanges: A critical review of market design," Pacific-Basin Finance Journal, Elsevier, vol. 14(1), pages 1-32, January.
    4. Mao, Wen & Pagano, Michael S., 2011. "Specialists as risk managers: The competition between intermediated and non-intermediated markets," Journal of Banking & Finance, Elsevier, vol. 35(1), pages 51-66, January.
    5. Ke, Mei-Chu & Huang, Yen-Sheng & Liao, Tung Liang & Wang, Ming-Hui, 2013. "The impact of transparency on market quality for the Taiwan Stock Exchange," International Review of Economics & Finance, Elsevier, vol. 27(C), pages 330-344.

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