Emergence of alternative capital markets in developing countries as a process of institutional change
The present paper attempts to assess whether at all and in what ways the development of alternative capital markets may help an additional mobilisation of the given economy's domestic financial resources, and, consequently, contribute significantly to economic development. Against the theoretical background of both the old and the new institutional schools, a model of institutional change, leading to the emergence of alternative capital markets, is introduced. Using the theory of games as the theoretical tool to formalize, the model leads to conclude that the institutional change in question is only partial and incremental. In the same time, it demonstrates that if developing countries already have or can create strong technological hubs in their territories, alternative capital markets can spur technological progress and economic growth, even if the main capital markets, being the benchmark for those, are in other countries.
|Date of creation:||14 Nov 2010|
|Date of revision:|
|Contact details of provider:|| Postal: |
Web page: https://mpra.ub.uni-muenchen.de
More information through EDIRC
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.:
- Dixit, Avinash K & Stiglitz, Joseph E, 1975.
"Monopolistic Competition and Optimum Product Diversity,"
The Warwick Economics Research Paper Series (TWERPS)
64, University of Warwick, Department of Economics.
- Dixit, Avinash K & Stiglitz, Joseph E, 1977. "Monopolistic Competition and Optimum Product Diversity," American Economic Review, American Economic Association, vol. 67(3), pages 297-308, June.
- William C. Brainard & James Tobin, 1968. "Pitfalls in Financial Model-Building," Cowles Foundation Discussion Papers 244, Cowles Foundation for Research in Economics, Yale University.
- Geoffrey Hodgson & Thorbjørn Knudsen, 2006.
"The nature and units of social selection,"
Journal of Evolutionary Economics,
Springer, vol. 16(5), pages 477-489, December.
- Fama, Eugene F & Jensen, Michael C, 1983. "Separation of Ownership and Control," Journal of Law and Economics, University of Chicago Press, vol. 26(2), pages 301-25, June.
- Shleifer, Andrei & Vishny, Robert W, 1997.
" A Survey of Corporate Governance,"
Journal of Finance,
American Finance Association, vol. 52(2), pages 737-83, June.
- Andrei Shleifer & Robert W. Vishny, 1996. "A Survey of Corporate Governance," NBER Working Papers 5554, National Bureau of Economic Research, Inc.
- Andrei Shleifer & Robert W. Vishny, 1995. "A Survey of Corporate Governance," Harvard Institute of Economic Research Working Papers 1741, Harvard - Institute of Economic Research.
- Harold M. Groves, Chairman, Universities-National Bureau Committee for Economic Research, 1962. "The Rate and Direction of Inventive Activity: Economic and Social Factors," NBER Books, National Bureau of Economic Research, Inc, number univ62-1, October.
- Hodgson, Geoffrey M. & Knudsen, Thorbjorn, 2006. "Why we need a generalized Darwinism, and why generalized Darwinism is not enough," Journal of Economic Behavior & Organization, Elsevier, vol. 61(1), pages 1-19, September.
- Hodgson, Geoffrey M. & Knudsen, Thorbjorn, 2004. "The complex evolution of a simple traffic convention: the functions and implications of habit," Journal of Economic Behavior & Organization, Elsevier, vol. 54(1), pages 19-47, May.
- Nash, John, 1950. "The Bargaining Problem," Econometrica, Econometric Society, vol. 18(2), pages 155-162, April.
- Geoffrey Hodgson & Thorbjørn Knudsen, 2006. "Dismantling Lamarckism: why descriptions of socio-economic evolution as Lamarckian are misleading," Journal of Evolutionary Economics, Springer, vol. 16(4), pages 343-366, October.
- Alfred D. Chandler, 1969. "Strategy and Structure: Chapters in the History of the American Industrial Enterprise," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262530090, June.
- 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.
- Armen A. Alchian, 1950. "Uncertainty, Evolution, and Economic Theory," Journal of Political Economy, University of Chicago Press, vol. 58, pages 211.
- Katz, Michael L & Shapiro, Carl, 1985. "Network Externalities, Competition, and Compatibility," American Economic Review, American Economic Association, vol. 75(3), pages 424-40, June.
- Richard R. Nelson, 1995. "Recent Evolutionary Theorizing about Economic Change," Journal of Economic Literature, American Economic Association, vol. 33(1), pages 48-90, March.
- Berhold, Marvin, 1971. "A Theory of Linear Profit-Sharing Incentives," The Quarterly Journal of Economics, MIT Press, vol. 85(3), pages 460-82, August.
- Reinhard H. Schmidt, 2004. "Corporate Governance in Germany: An Economic Perspective," Working Paper Series: Finance and Accounting 118, Department of Finance, Goethe University Frankfurt am Main.
- Glenn C. Loury, 1976.
"Market Structure and Innovation,"
256, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- Waśniewski, Krzysztof, 2010. "Patterns of technological progress and corporate innovation," MPRA Paper 25186, University Library of Munich, Germany.
- Tobin, James, 1969. "A General Equilibrium Approach to Monetary Theory," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 1(1), pages 15-29, February.
- Alchian, Armen A & Demsetz, Harold, 1972.
"Production , Information Costs, and Economic Organization,"
American Economic Review,
American Economic Association, vol. 62(5), pages 777-95, December.
- Armen A. Alchian & Harold Demsetz, 1971. "Production, Information Costs and Economic Organizations," UCLA Economics Working Papers 10A, UCLA Department of Economics.
When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:26681. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Ekkehart Schlicht)
If references are entirely missing, you can add them using this form.