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Capital Market Development in a Small Country

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  • Jochen R. Andritzky

Abstract

Small emerging economies, despite their significant growth, lack the scale to develop thriving capital markets from their local investor and issuer base that are able to deliver the benefits of a large, mature market. Slovenia is such an example. Despite the necessary infrastructure in place, trading has remained thin and issuance activity has been dormant. This paper proposes a two-pronged strategy for capital market development that leverages the existing setup in the context of regional integration such as within the EU. While using the case of Slovenia, this path might be indicative for other small countries that are part of a larger economically integrated region.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 07/229.

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Length: 24
Date of creation: 01 Sep 2007
Date of revision:
Handle: RePEc:imf:imfwpa:07/229

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Keywords: Small states; capital market; capital markets; stock exchange; capital market development; bonds; bond; stock market; stock exchanges; domestic capital; financial markets; domestic capital market; international capital; equity market; derivative; equity markets; securitization; securities market; cost of capital; government bonds; financial instruments; government bond; central securities depository; securities depository; bond market; government bond markets; local capital market; bond markets; domestic capital market development; hedge; financial market; hedge funds; domestic bonds; international capital market; securities borrowing; international capital markets; stock markets; securities trading; capital market integration; outstanding bonds; financial corporations; bond issues; international standards; foreign bonds; brokerage services; foreign securities; corporate bonds; bond trading; money market; insurance supervision; capital gains; domestic capital markets; equity finance; financial services; asset backed securities; bond issuance; financial institutions; capital adequacy; stock market capitalization; bond market development; stock market integration; government bond market; credit rating; stocks listing; moral hazard; dematerialized securities; securities markets; stock market liberalization; cash flows; financial stability; financial dependence; t-bonds; foreign equity; venture capital funds; bond investments; local central securities depository; liquid capital; exchange traded derivatives; financial economics; international central securities depository; derivative products; hedge fund; financial system; derivatives trading; risk aversion; local stock exchange; foreign stock; derivative transactions; stock market investments; asian bond market; stock exchange index; local bond market; equity prices; financial sector; equity financing; bond trading platform; stock market turnover; capital market access; local bond; currency risk; financial innovation; fixed income securities; financial liberalization; capital base; financial intermediation; stock market development; money market investments; capital market supervision; liquid markets; stock prices; foreign stocks; capital increases;

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Cited by:
  1. Haselmann, Rainer & Wachtel, Paul, 2011. "Foreign banks in syndicated loan markets," Journal of Banking & Finance, Elsevier, vol. 35(10), pages 2679-2689, October.

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