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Stock Market Development and Capital Accumulation: Does Law Matter? A Case Study of India

  • Sarkar, Prabirjit

Stock market development has been an important part of financial liberalisation in the less developed countries (LDCs). In the pro-liberalisation circle, stock market is assigned to play an important role in the capitalist development of the LDCs. This is also true for the liberalisation regime of India. With the recognition of the importance of stock market in economic development there is a call for a better protection of the interests of the shareholders. In this perspective we shall examine whether share market developments have any long-term relationship with capital accumulation and whether legal changes promoting the interest of the shareholders exerted any long-term effect on Indian share market developments.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 5052.

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Date of creation: 06 Feb 2007
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Handle: RePEc:pra:mprapa:5052
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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.
  2. Perron, P., 1994. "Further Evidence on Breaking Trend Functions in Macroeconomic Variables," Cahiers de recherche 9421, Universite de Montreal, Departement de sciences economiques.
  3. Levine, Ross & Zervos, Sara, 1998. "Stock Markets, Banks, and Economic Growth," American Economic Review, American Economic Association, vol. 88(3), pages 537-58, June.
  4. Beck, Thorsten & Demirguc-Kunt, Asli & Levine, Ross, 2003. "Law and finance: why does legal origin matter?," Journal of Comparative Economics, Elsevier, vol. 31(4), pages 653-675, December.
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