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Emerging Equity Markets: Growth, Benefits, and Policy Concerns

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  • Feldman, Robert A
  • Kumar, Manmohan S

Abstract

Since the mid-1980s, stock market activity has increased substantially in many developing countries. This article first examines the main characteristics of emerging stock markets and illustrates the evolution of equity prices in these markets during the last decade. It then discusses the reasons for the markets' growth and assesses the extent to which they have been affected by domestic policies and external factors. The authors discuss the likely benefits of these markets, the effects any abrupt correction in stock prices could have for the economy, and the ways in which these markets can be made more efficient. Copyright 1995 by Oxford University Press.

Suggested Citation

  • Feldman, Robert A & Kumar, Manmohan S, 1995. "Emerging Equity Markets: Growth, Benefits, and Policy Concerns," World Bank Research Observer, World Bank Group, vol. 10(2), pages 181-200, August.
  • Handle: RePEc:oup:wbrobs:v:10:y:1995:i:2:p:181-200
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    References listed on IDEAS

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    1. Stijn Claessens & Moon-Whoan Rhee, 1993. "The Effect of Equity Barriers on Foreign Investment in Developing Countries," NBER Working Papers 4579, National Bureau of Economic Research, Inc.
    2. Summers, Lawrence H, 1986. " Does the Stock Market Rationally Reflect Fundamental Values?," Journal of Finance, American Finance Association, vol. 41(3), pages 591-601, July.
    3. Guillermo A. Calvo & Leonardo Leiderman & Carmen M. Reinhart, 1994. "The Capital Inflows Problem: Concepts And Issues," Contemporary Economic Policy, Western Economic Association International, vol. 12(3), pages 54-66, July.
    4. Mohamed A. El-Erian & Manmohan S. Kumar, 1995. "Emerging Equity Markets in Middle Eastern Countries," IMF Staff Papers, Palgrave Macmillan, vol. 42(2), pages 313-343, June.
    5. Guillermo A. Calvo & Leonardo Leiderman & Carmen M. Reinhart, 1993. "Capital Inflows and Real Exchange Rate Appreciation in Latin America: The Role of External Factors," IMF Staff Papers, Palgrave Macmillan, vol. 40(1), pages 108-151, March.
    6. Shleifer, Andrei & Vishny, Robert W, 1986. "Large Shareholders and Corporate Control," Journal of Political Economy, University of Chicago Press, vol. 94(3), pages 461-488, June.
    7. Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June.
    8. Stiglitz, Joseph E, 1990. "Symposium on Bubbles," Journal of Economic Perspectives, American Economic Association, vol. 4(2), pages 13-18, Spring.
    9. 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.
    10. Shiller, Robert J, 1981. "Do Stock Prices Move Too Much to be Justified by Subsequent Changes in Dividends?," American Economic Review, American Economic Association, vol. 71(3), pages 421-436, June.
    11. Singh, A. & Hamid, J., 1992. "Corporate Financial Structure in Developing Countries," Papers 1, World Bank - International Finance Corporation.
    12. Michael G. Spencer & H. J. Blommestein, 1993. "The Role of Financial Institutions in the Transition to a Market Economy," IMF Working Papers 93/75, International Monetary Fund.
    13. Kapur, Deep & Ravallion, Martin, 1988. "Rational expectations as long-run equilibria: Tests for Indian securities," Economics Letters, Elsevier, vol. 26(4), pages 363-367.
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    Cited by:

    1. Duasa, Jarita & Kassim, Salina, 2008. "Hot money and economic performance: An empirical analysis," MPRA Paper 12470, University Library of Munich, Germany.
    2. Yılmaz, Işıl Sevilay & Tanyeri, Başak, 2016. "Global Merger and Acquisition (M&A) activity: 1992–2011," Finance Research Letters, Elsevier, vol. 17(C), pages 110-117.
    3. Sami, Heibatollah & Zhou, Haiyan, 2004. "A comparison of value relevance of accounting information in different segments of the Chinese stock market," The International Journal of Accounting, Elsevier, vol. 39(4), pages 403-427.
    4. Robert Ley, 1997. "Internal sources of development finance: Concepts, issues and strategies P.C. Kumar Quorum Books, 1994, 161 pp," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 25(3), pages 318-322, September.
    5. Alles, Lakshman & Murray, Louis, 2013. "Rewards for downside risk in Asian markets," Journal of Banking & Finance, Elsevier, vol. 37(7), pages 2501-2509.

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