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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. Vittas, Dimitri, 1991. "The impact of regulation on financial intermediation," Policy Research Working Paper Series 746, The World Bank.
    2. 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.
    3. Vittas, Dimitri, 1992. "Contractual savings and emerging securities markets," Policy Research Working Paper Series 858, The World Bank.
    4. Brautigam, D., 1991. "Governance and economy : a review," Policy Research Working Paper Series 815, The World Bank.
    5. Henry G. Manne, 1965. "Mergers and the Market for Corporate Control," Journal of Political Economy, University of Chicago Press, vol. 73, pages 110.
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    8. Dailami, Mansoor & Atkin, Michael, 1990. "Stock markets in developing countries : key issues and a research agenda," Policy Research Working Paper Series 515, The World Bank.
    9. Levine, Ross, 1991. " Stock Markets, Growth, and Tax Policy," Journal of Finance, American Finance Association, vol. 46(4), pages 1445-65, September.
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    11. Joseph E. Stiglitz, 1981. "Information and Capital Markets," NBER Working Papers 0678, National Bureau of Economic Research, Inc.
    12. Henry G. Manne, 1965. "Mergers and the Market for Corporate Control," Journal of Political Economy, University of Chicago Press, vol. 73, pages 351.
    13. Buyck, Beatrice, 1991. "The Bank's use of technical assistance for institutional development," Policy Research Working Paper Series 578, The World Bank.
    14. Vittas, Dimitri & Skully, Michael, 1991. "Overview of contractual savings institutions," Policy Research Working Paper Series 605, The World Bank.
    15. 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.
    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.
    17. Robert J. Corker & Wanda Tseng, 1991. "Financial Liberalization, Money Demand, and Monetary Policy in Asian Countries," IMF Occasional Papers 84, International Monetary Fund.
    18. Caprio, Gerard & Honohan, Patrick, 1990. "Monetary policy instruments for developing countries," Policy Research Working Paper Series 528, The World Bank.
    19. 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.
    20. Coase, Ronald, 1998. "The New Institutional Economics," American Economic Review, American Economic Association, vol. 88(2), pages 72-74, May.
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    Cited by:
    1. Jacqueline Irving, 2005. "Regional Integration of Stock Exchanges in Eastern and Southern Africa," IMF Working Papers 05/122, International Monetary Fund.
    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.

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