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Emerging Stock Markets, Portfolio Capital Flows and Long-term Economic Growth: Micro and Macroeconomic Perspectives

  • Singh, A.
  • Weisse, B. A.
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The paper examines two major components of financial liberalisation, stock market development and portfolio capital flows, in the context of LDCs. The paper considers microeconomic and macroeconomic perspectives on their implications for long-term development and economic growth. It concentrates on (I) the role of stock markets in financing corporate growth; (ii) the implications of stock market volatility for resource allocation and productive efficiency; and (iii) the interactions between the foreign exchange and stock markets in the context of economic shocks. Its policy recommendations are that LDCs should promote bank-based systems, influence the scale and composition of capital inflows, and prevent a market for corporate control emerging.

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Paper provided by Faculty of Economics, University of Cambridge in its series Accounting and Finance Discussion Papers with number 98-af40.

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Date of creation: Mar 1998
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Handle: RePEc:cam:camafp:98-af40
Contact details of provider: Web page: http://www.econ.cam.ac.uk/index.htm

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  1. Singh, Ajit, 1997. "Financial Liberalisation, Stockmarkets and Economic Development," Economic Journal, Royal Economic Society, vol. 107(442), pages 771-82, May.
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  3. Singh, A., 1997. "Liberalisation, the Stock Market and the Market for Corporate Control: A Bridge Too Far for the Indian Economy?," Accounting and Finance Discussion Papers 97-af35, Faculty of Economics, University of Cambridge.
  4. David Cobham & Ramesh Subramaniam, 1995. "Corporate Finance in Developing Countries: New Evidence for India," CRIEFF Discussion Papers 9512, Centre for Research into Industry, Enterprise, Finance and the Firm.
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  7. Ffrench-Davis, Ricardo & Agosin, Manuel R. & Uthoff, Andras, 1994. "Capital movements, export strategy and macroeconomic stability in Chile," Sede de la CEPAL en Santiago (Estudios e Investigaciones) 34015, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
  8. Ronald I. McKinnon & Huw Pill, 1996. "Credible Liberalizations and International Capital Flows: The "Overborrowing Syndrome"," NBER Chapters, in: Financial Deregulation and Integration in East Asia, NBER-EASE Volume 5, pages 7-50 National Bureau of Economic Research, Inc.
  9. Danny Quah, 1992. "Empirical cross-section dynamics in economic growth," Discussion Paper / Institute for Empirical Macroeconomics 75, Federal Reserve Bank of Minneapolis.
  10. 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.
  11. Hans Schenk, 1996. "Bandwagon mergers, international competitiveness, and government policy," Empirica, Springer, vol. 23(3), pages 255-278, October.
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  13. Harris, Richard D. F., 1997. "Stock markets and development: A re-assessment," European Economic Review, Elsevier, vol. 41(1), pages 139-146, January.
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  15. Atje, Raymond & Jovanovic, Boyan, 1993. "Stock markets and development," European Economic Review, Elsevier, vol. 37(2-3), pages 632-640, April.
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  17. Stewart C. Myers & Nicholas S. Majluf, 1984. "Corporate Financing and Investment Decisions When Firms Have InformationThat Investors Do Not Have," NBER Working Papers 1396, National Bureau of Economic Research, Inc.
  18. Diaz-Alejandro, Carlos, 1985. "Good-bye financial repression, hello financial crash," Journal of Development Economics, Elsevier, vol. 19(1-2), pages 1-24.
  19. Fernandez-Arias, Eduardo & Montiel, Peter J, 1996. "The Surge in Capital Inflows to Developing Countries: An Analytical Overview," World Bank Economic Review, World Bank Group, vol. 10(1), pages 51-77, January.
  20. Jean Tirole, 1991. "Privatization in Eastern Europe: Incentives and the Economics of Transition," NBER Chapters, in: NBER Macroeconomics Annual 1991, Volume 6, pages 221-268 National Bureau of Economic Research, Inc.
  21. Colin Mayer, 1990. "Financial Systems, Corporate Finance, and Economic Development," NBER Chapters, in: Asymmetric Information, Corporate Finance, and Investment, pages 307-332 National Bureau of Economic Research, Inc.
  22. Myers, Stewart C. & Majluf, Nicholas S., 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Journal of Financial Economics, Elsevier, vol. 13(2), pages 187-221, June.
  23. Mohamed A. El-Erian & Manmohan S. Kumar, 1994. "Emerging Equity Markets in Middle Eastern Countries," IMF Working Papers 94/103, International Monetary Fund.
  24. Robert N. McCauley & Steven A. Zimmer, 1989. "Explaining international differences in the cost of capital," Quarterly Review, Federal Reserve Bank of New York, issue Sum, pages 7-28.
  25. Arestis, Philip & Demetriades, Panicos O, 1997. "Financial Development and Economic Growth: Assessing the Evidence," Economic Journal, Royal Economic Society, vol. 107(442), pages 783-99, May.
  26. Tabb, William K., 1995. "The Postwar Japanese System: Cultural Economy and Economic Transformation," OUP Catalogue, Oxford University Press, number 9780195089509, June.
  27. Myers, Stewart C. & Majluf, Nicolás S., 1945-, 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Working papers 1523-84., Massachusetts Institute of Technology (MIT), Sloan School of Management.
  28. Corbett, Jenny & Jenkinson, Tim, 1996. "The Financing of Industry, 1970-1989: An International Comparison," Journal of the Japanese and International Economies, Elsevier, vol. 10(1), pages 71-96, March.
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