This paper is conducting a comparative analysis of the development of securities markets in nine Asian economies: Korea, Taiwan, Hong Kong, Singapore, Malaysia, Thailand, Indonesia, the Philippines, and China. This study focuses on two aspects: the history and institutional development of securities market, such as legal systems, payment systems, etc. From the analyses, this paper reveals several common features of the development of securities markets in nine Asian economies. First, most economies had an informal capital market in the early period of their history. Second, the background of the foundation of their official markets was influenced by experiences of colonization. Third, most governments recognized the importance of the capital market for economic development and had a positive attitude in promoting the market. Fourth, statistics clearly showed that most economies experienced several booms in their capital market from the late 1980s.
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Paper provided by Institute of Developing Economies, Japan External Trade Organization(JETRO) in its series IDE Discussion Papers with number
112.
Length: Date of creation: Jul 2007 Date of revision: Publication status: Published in IDE Discussion Paper. No. 112. 2007.7 Handle: RePEc:jet:dpaper:dpaper112
Find related papers by JEL classification: G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation N20 - Economic History - - Financial Markets and Institutions - - - General, International, or Comparative N65 - Economic History - - Manufacturing and Construction - - - Asia including Middle East
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