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Institutional reform in emerging securities markets

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  • Pardy, Robert
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    Abstract

    In the long run, sound, efficient securities markets can contribute to economic growth; in the short run, they play an important role in financial liberalization. The author provides a guide to issues involved in institutional and regulatory reform of securities markets - and a discussion of the practical implications of different policy options and sequencing decisions. He argues that establishing sound securities markets requires institutional development that is a substantial task for many developing countries. Prerequisities for the development of securities markets include: (a) a macroeconomic and fiscal environment conducive to the supply of quality securities; (b) a legal, regulatory, and institutional infrastructure that can support efficient operation of the securities market. Essentially such an infrastructure must provide four things: (a) certainty about property rights and contracts; (b) transparent trading and other procedures and public disclosure by companies of all information relevant to the value of their securities; (c) protection against unfair practices by insiders and intermediaries; and (d) protection against the financial failure of intermediaries and market institutions such as clearinghouses. The author also provides examples of the policy conflicts and uncertainties that are routine in securities market reform and development, and suggests approaches to managing them.

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    Bibliographic Info

    Paper provided by The World Bank in its series Policy Research Working Paper Series with number 907.

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    Date of creation: 31 May 1992
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    Handle: RePEc:wbk:wbrwps:907

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    Related research

    Keywords: Financial Intermediation; Environmental Economics&Policies; Insurance&Risk Mitigation; Banks&Banking Reform; Economic Theory&Research;

    References

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    1. Jensen, Michael C. & Ruback, Richard S., 1983. "The market for corporate control : The scientific evidence," Journal of Financial Economics, Elsevier, vol. 11(1-4), pages 5-50, April.
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    14. Vittas, Dimitri, 1991. "The impact of regulation on financial intermediation," Policy Research Working Paper Series 746, The World Bank.
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    16. Stigler, George J & Friedland, Claire, 1983. "The Literature of Economics: The Case of Berle and Means," Journal of Law and Economics, University of Chicago Press, vol. 26(2), pages 237-68, June.
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    Cited by:
    1. Dong He & Pardy, Robert, 1993. "Stock market development and financial deepening in developing countries : some correlation patterns," Policy Research Working Paper Series 1084, The World Bank.
    2. Jacqueline Irving, 2005. "Regional Integration of Stock Exchanges in Eastern and Southern Africa: Progress and Prospects," IMF Working Papers 05/122, International Monetary Fund.

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