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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. Hans Schenk, 1996. "Bandwagon mergers, international competitiveness, and government policy," Empirica, Springer, vol. 23(3), pages 255-278, October.
  2. 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.
  3. Tamim Bayoumi, 1992. "Financial Deregulation and Household Saving," Bank of England working papers 5, Bank of England.
  4. 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.
  5. 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).
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  8. Harris, Richard D. F., 1997. "Stock markets and development: A re-assessment," European Economic Review, Elsevier, vol. 41(1), pages 139-146, January.
  9. Andrei Shleifer & Robert W. Vishny, 1995. "A Survey of Corporate Governance," Harvard Institute of Economic Research Working Papers 1741, Harvard - Institute of Economic Research.
  10. Tabb, William K., 1995. "The Postwar Japanese System: Cultural Economy and Economic Transformation," OUP Catalogue, Oxford University Press, number 9780195089509, December.
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  12. 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.
  13. Singh, A. & Hamid, J., 1992. "Corporate Financial Structure in Developing Countries," Papers 1, World Bank - International Finance Corporation.
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  15. Panicos O. Demetriades & Philip Arestis, 1996. "Financial Development and Economic Growth: Assessing the Evidence," Keele Department of Economics Discussion Papers (1995-2001) 96/16, Department of Economics, Keele University.
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  17. 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.
  18. 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.
  19. 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.
  20. 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.
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  28. 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.
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