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Regulation of securities markets : some recent trends and their implications for emerging markets

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  • Chuppe, Terry M.
  • Atkin, Michael

Abstract

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.

Suggested Citation

  • Chuppe, Terry M. & Atkin, Michael, 1992. "Regulation of securities markets : some recent trends and their implications for emerging markets," Policy Research Working Paper Series 829, The World Bank.
    • Handle: RePEc:wbk:wbrwps:829
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    References listed on IDEAS

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    1. George J. Stigler, 1971. "The Theory of Economic Regulation," Bell Journal of Economics, The RAND Corporation, vol. 2(1), pages 3-21, Spring.
    2. World Bank, 1989. "World Development Report 1989," World Bank Publications - Books, The World Bank Group, number 5972, April.
    3. 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.).
    4. 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.
    5. Sam Peltzman, 1989. "The Economic Theory of Regulation after a Decade of Deregulation," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 20(1989 Micr), pages 1-59.
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    Cited by:

    1. Ercan Balaban, 1995. "Informational Efficiency of the Istanbul Securities Exchange and Some Rationale for Public Regulation," Discussion Papers 9502, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
    2. Korajczyk, Robert A, 1996. "A Measure of Stock Market Integration for Developed and Emerging Markets," The World Bank Economic Review, World Bank, vol. 10(2), pages 267-289, May.
    3. Ms. Jacqueline T Irving, 2005. "Regional Integration of Stock Exchanges in Eastern and Southern Africa: Progress and Prospects," IMF Working Papers 2005/122, International Monetary Fund.
    4. Naser Ibrahim Abumustafa, . "Potential Integration of Middle Eastern Countries' Stock Markets," Fordham Economics Dissertations, Fordham University, Department of Economics, number 2002.1.
    5. Harvey, Campbell R, 1995. "Predictable Risk and Returns in Emerging Markets," The Review of Financial Studies, Society for Financial Studies, vol. 8(3), pages 773-816.

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