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Institutional reform in emerging securities markets

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Author Info
Pardy, Robert
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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Publisher 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;

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  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. [Downloadable!] (restricted)
  2. Caprio, Gerard & Honohan, Patrick, 1990. "Monetary policy instruments for developing countries," Policy Research Working Paper Series 528, The World Bank. [Downloadable!]
  3. Henry G. Manne, 1965. "Mergers and the Market for Corporate Control," Journal of Political Economy, University of Chicago Press, vol. 73, pages 351. [Downloadable!] (restricted)
  4. Vittas, Dimitri, 1992. "Contractual savings and emerging securities markets," Policy Research Working Paper Series 858, The World Bank. [Downloadable!]
  5. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October. [Downloadable!] (restricted)
  6. Levine, Ross, 1991. " Stock Markets, Growth, and Tax Policy," Journal of Finance, American Finance Association, vol. 46(4), pages 1445-65, September. [Downloadable!] (restricted)
  7. Jarrell, Gregg A, 1985. "The Wealth Effects of Litigation by Targets: Do Interests Diverge in a Merge?," Journal of Law & Economics, University of Chicago Press, vol. 28(1), pages 151-77, April.
  8. Vittas, Dimitri, 1991. "The impact of regulation on financial intermediation," Policy Research Working Paper Series 746, The World Bank. [Downloadable!]
  9. King, Robert G. & Levine, Ross, 1992. "Financial indicators and growth in a cross section of countries," Policy Research Working Paper Series 819, The World Bank. [Downloadable!]
  10. Buyck, Beatrice, 1991. "The Bank's use of technical assistance for institutional development," Policy Research Working Paper Series 578, The World Bank. [Downloadable!]
  11. Joseph E. Stiglitz, 1982. "Information and Capital Markets," NBER Working Papers 0678, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  12. Vittas, Dimitri & Skully, Michael, 1991. "Overview of contractual savings institutions," Policy Research Working Paper Series 605, The World Bank. [Downloadable!]
  13. Henry G. Manne, 1965. "Mergers and the Market for Corporate Control," Journal of Political Economy, University of Chicago Press, vol. 73, pages 110. [Downloadable!] (restricted)
  14. Stigler, George J & Friedland, Claire, 1983. "The Literature of Economics: The Case of Berle and Means," Journal of Law & Economics, University of Chicago Press, vol. 26(2), pages 237-68, June.
  15. Coase, Ronald, 1998. "The New Institutional Economics," American Economic Review, American Economic Association, vol. 88(2), pages 72-74, May. [Downloadable!] (restricted)
  16. Haltiwanger, John & Waldman, Michael, 1985. "Rational Expectations and the Limits of Rationality: An Analysis of Heterogeneity," American Economic Review, American Economic Association, vol. 75(3), pages 326-40, June. [Downloadable!] (restricted)
    Other versions:
  17. Brautigam, D., 1991. "Governance and economy : a review," Policy Research Working Paper Series 815, The World Bank. [Downloadable!]
Full references

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Jacqueline Irving, 2005. "Regional Integration of Stock Exchanges in Eastern and Southern Africa: Progress and Prospects," IMF Working Papers 05/122, International Monetary Fund. [Downloadable!]
  2. 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. [Downloadable!]
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