Regulation of securities markets : some recent trends and their implications for emerging markets
Recent rapid changes in the world economy, particularly the transformation of command economies into free market economies in many places around the world, can be expected to lead to an increase in the number of newly created securities markets through the 1990s. This follows a decade of unprecedented change in the world's securities markets. In the 1990s, it is expected that increased attention will be given to newly established and emerging securities markets as a result of the historic movement toward free market economies in central Europe and the Soviet Union and the need for more efficient capital markets to support the expanding role of the private sector in many developing countries around the world. Given the importance of the regulatory environment to capital market development, this paper focuses on the regulatory issues. It examines the interplay between regulation and market efficiency and reviews recent development in regulation, paying particular attention to the experience in the Korean market in the 1980s.
|Date of creation:||31 Jan 1992|
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- Dailami, Mansoor, 1990. "Financial policy and corporate investment in imperfect capital markets : the case of Korea," Policy Research Working Paper Series 409, The World Bank.
- George J. Stigler, 1971. "The Theory of Economic Regulation," Bell Journal of Economics, The RAND Corporation, vol. 2(1), pages 3-21, Spring.
- Sydney J. Key, 1989. "Financial integration in the European Community," International Finance Discussion Papers 349, Board of Governors of the Federal Reserve System (U.S.).
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