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The stockmarket, the financing of corporate growth and Indian industrial development

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  • Singh, Ajit

Abstract

Abstract In the General Theory, Keynes was stringent in his criticism of the role of the stockmarket in relation to industrial investment and the real economy. In a famous passage, in chapter 12 he wrote:"As the organisation of investment markets improves, the risk of the predominance of speculation does, however, increase. In one of the greatest investment markets in the world, namely, New York, the influence of speculation (in the above sense, ie. 'the activity of forecasting the psychology of the market')is enormous. ... Speculators may do no harm as bubbles on a steady stream of enterprise. But the position is serious when enterprise becomes the bubble on a whirlpool of speculation. When the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill-done." That was yesterday. Today the stockmarkets are the 'toast of the town' - new ones are being established and existing ones being expanded around the globe, from Kingston, Jamaica to Ulan Bator in Outer Mongolia. The fast expansion of the Indian stockmarkets during the last decade or so, and particularly under the present government's programme of economic reform over the last two years, is therefore a part of a world-wide phenomenon.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 54930.

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Date of creation: 27 Aug 1996
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Publication status: Published in Journal of International Finance, Vol. 4, No.2, pp. 1-17 2.4(1996): pp. 1-17
Handle: RePEc:pra:mprapa:54930

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Keywords: stockmarkets; India; economic reform; global phenomenon;

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  1. Camerer, Colin, 1989. " Bubbles and Fads in Asset Prices," Journal of Economic Surveys, Wiley Blackwell, vol. 3(1), pages 3-41.
  2. Singh, A., 1992. "Regulation of Mergers in the US and the UK: A new Agenda," Cambridge Working Papers in Economics 9207, Faculty of Economics, University of Cambridge.
  3. Shleifer, Andrei & Summers, Lawrence H, 1990. "The Noise Trader Approach to Finance," Journal of Economic Perspectives, American Economic Association, vol. 4(2), pages 19-33, Spring.
  4. Leff, Nathaniel H, 1979. "Entrepreneurship and Economic Development: The Problem Revisited," Journal of Economic Literature, American Economic Association, vol. 17(1), pages 46-64, March.
  5. Jensen, Michael C, 1988. "Takeovers: Their Causes and Consequences," Journal of Economic Perspectives, American Economic Association, vol. 2(1), pages 21-48, Winter.
  6. Odagiri, Hiroyuki & Hase, Tatsuo, 1989. "Are mergers and acquisitions going to be popular in Japan too? : An empirical study," International Journal of Industrial Organization, Elsevier, vol. 7(1), pages 49-72, March.
  7. Froot, Kenneth A & Scharftstein, David S & Stein, Jeremy C, 1992. " Herd on the Street: Informational Inefficiencies in a Market with Short-Term Speculation," Journal of Finance, American Finance Association, vol. 47(4), pages 1461-84, September.
  8. Atje, Raymond & Jovanovic, Boyan, 1993. "Stock markets and development," European Economic Review, Elsevier, vol. 37(2-3), pages 632-640, April.
  9. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
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