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The Capital Markets of Emerging Europe


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  • Li L. Ong
  • Silvia Iorgova
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    Emerging European countries have made large strides in developing their local capital markets since the early-1990s. However, the rate of development has been widely disparate across countries and market segments, underpinned by the varying degrees of progress made in key areas such as establishing pricing benchmarks, adopting, implementing and enforcing securities laws and regulations, encouraging the growth of an institutional investor base, and providing adequate trading infrastructure. This paper provides an overview of the trends in the region''s local capital markets, and examines the main factors that have contributed to their growth and effectiveness to date. It also discusses selected policy responses necessary to further improve the breadth and depth of these markets.

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    Paper provided by International Monetary Fund in its series IMF Working Papers with number 08/103.

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    Length: 51
    Date of creation: 01 Apr 2008
    Date of revision:
    Handle: RePEc:imf:imfwpa:08/103

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    Postal: International Monetary Fund, Washington, DC USA
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    Keywords: Bonds; Emerging markets; Financial instruments; capital markets; bond; stock exchange; stock market; bond markets; government bonds; stock markets; capital market; corporate bond; corporate bonds; derivatives markets; stock exchanges; local capital markets; corporate bond markets; government bond; bond issues; stock market capitalization; interest rate derivatives; government bond markets; financial markets; securities markets; capital account liberalization; capital market development; bond market; money markets; financial sector; financial institutions; credit rating; money market; government securities; local bond; derivatives instruments; financial system; hedging; government bond market; securities market; local bond markets; foreign exchange derivatives; corporate bond market; development of corporate bond markets; securities settlement; equity market; stock index futures; financial market; derivatives market; asian stock exchanges; hedge; securities laws; outstanding corporate bonds; financial services; money market instruments; equity markets; stock index; local stock markets; derivative; futures contracts; stock listings; domestic equity; stock index options; stock market turnover; securities settlement systems; stock options; municipal bonds; capital adequacy; interest rate futures; stock ownership; international standards; financial sector development; bond issuance; bond instruments; eurobond market; private financing; bond issuers; foreign exchange futures; corporate bond issuers; eurobonds; stock market indices; brady bonds; stock futures; corporate bond issues; domestic capital; index futures; municipal bond markets; financial intermediation; put options; financial systems; credit rating agencies; domestic capital markets; stock prices; bond market development; local stock market; mortgage bonds; financial regulations; capital controls; capital gains; bond index; equity derivatives; currency futures; interest rate futures contracts; commodity options; securities exchanges; index options; corporate securities; debt securities; financial economics; securities market regulation; derivative products; private bond; emerging stock market; financial policies; capital market integration; term bond; securities transactions; financial innovation; domestic securities; bond indices; liquid bond markets; bond trading; foreign exchange derivative; commodity futures; local stock exchange; financial market development; private investors; interest rate swaps; municipal bond; domestic money markets; interest rate derivative; stock market development; stock market liquidity; local bond market; national stock exchanges; local corporate bond markets; bond debt; financial derivatives; capital flows; stock exchange listings; outstanding corporate bond; development of bond markets; denominated bond; bond market regulation; derivative transactions; liquid markets; stock trading; eurobond; stock market volatility; commodity exchanges; spot transactions; derivatives trading; bond issuances;

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    Cited by:
    1. Martin Cihák & Wim Fonteyne, 2009. "Five Years After," IMF Working Papers 09/68, International Monetary Fund.
    2. Kamal A. El-Wassal, 2013. "The Development of Stock Markets: In Search of a Theory," International Journal of Economics and Financial Issues, Econjournals, vol. 3(3), pages 606-624.
    3. Gabrisch, Hubert & Orlowski, Lucjan T. & Pusch, Toralf, 2012. "Sovereign default Risk in the Euro-Periphery and the Euro-Candidate Countries," MPRA Paper 41265, University Library of Munich, Germany.
    4. Christian Saborowski, 2009. "Capital Inflows and the Real Exchange Rate," IMF Working Papers 09/20, International Monetary Fund.
    5. Elisabeth Beckmann & Mariya Hake & Jarmila Urvová, 2013. "Determinants of Households’ Savings in Central, Eastern and Southeastern Europe," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), Oesterreichische Nationalbank (Austrian Central Bank), issue 3, pages 8-29.


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