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Capital market development in an emerging economy and the challenge of fostering foreign participation

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  • Samson E. Edo

Abstract

This paper investigates the contribution of foreign investors to capital market development in an emerging economy. The findings reveal that Foreign Portfolio Investment (FPI) as well as foreign issue of securities (FS) made insignificant contribution to development of the market compared to other contending factors such as domestic securities investment (DSI) and domestic issue of securities (DS). This appears to constitute a policy challenge, considering the enormous gain that would accrue to the economy from increasing foreign participation in the market. The challenge could be surmounted by liberalising investment laws, offering fiscal incentives, and strengthening surveillance of the market to enhance efficiency.

Suggested Citation

  • Samson E. Edo, 2011. "Capital market development in an emerging economy and the challenge of fostering foreign participation," International Journal of Monetary Economics and Finance, Inderscience Enterprises Ltd, vol. 4(2), pages 195-215.
    • Handle: RePEc:ids:ijmefi:v:4:y:2011:i:2:p:195-215
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    Cited by:

    1. Odili Okwuchukwu, 2015. "Exchange Rate Volatility, Stock Market Performance and Foreign Direct Investment in Nigeria," International Journal of Academic Research in Accounting, Finance and Management Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Accounting, Finance and Management Sciences, vol. 5(2), pages 172-184, April.
    2. Enaruna, Dubem Victor & Okene, Anthony Jovwo (ACA), 2019. "The Impact of the Capital Market on Investment in the Real Sector of the Nigerian Economy," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 3(11), pages 83-90, November.

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