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Emerging Capital Markets Development: A Case Study of Pakistani Equity Markets

Author

Listed:
  • Syed Furqan Haider Shamsi

    (Applied Economics Research Centre, University of Karachi, Karachi.)

  • Nighat Bilgrami-Jaffery

    (Applied Economics Research Centre, University of Karachi, Karachi.)

Abstract

The purpose of the study is to trace and review the growth and development of the Pakistani Equity Market. The capital markets in Pakistan has been undergoing a major restructuring programme. Number of measures have been taken to liberalise investment procedures and encourage capital formation through stock exchanges, enlarge size and depth of capital markets. We are witnessing globally a remarkable pace of change from a social and economic perspective. Capital markets being driven by the floods of competition and technology are experiencing so many new challenges and changes inducing them to incline more towards complex structures which would not have been considered possible few time back. Capital markets play an important role in the economic development of emerging capital markets. These markets are an important and efficient conduit to channel and mobilise funds to enterprises, and provide an effective source of investment in the economies they serve. Well functioning markets ensure that both corporations and investors get or receive fair prices for their securities. Their role for mobilising savings for investment in productive assets is acute which subsequently enhance the country’s long term growth prospects. Therefore we can deduce here that their role is like a major catalyst for transformation of the country’s economy into a more efficient and competitive emporium within the global workroom.

Suggested Citation

  • Syed Furqan Haider Shamsi & Nighat Bilgrami-Jaffery, 2000. "Emerging Capital Markets Development: A Case Study of Pakistani Equity Markets," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 39(4), pages 963-978.
    • Handle: RePEc:pid:journl:v:39:y:2000:i:4:p:963-978
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    File URL: http://www.pide.org.pk/pdf/PDR/2000/Volume4/963-978.pdf
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    References listed on IDEAS

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    1. Singh, Ajit & Weisse, Bruce A., 1998. "Emerging stock markets, portfolio capital flows and long-term economie growth: Micro and macroeconomic perspectives," World Development, Elsevier, vol. 26(4), pages 607-622, April.
    2. Errunza, Vihang R & Senbet, Lemma W, 1981. "The Effects of International Operations on the Market Value of the Firm: Theory and Evidence," Journal of Finance, American Finance Association, vol. 36(2), pages 401-417, May.
    3. Harvey, Campbell R, 1995. "The Risk Exposure of Emerging Equity Markets," The World Bank Economic Review, World Bank, vol. 9(1), pages 19-50, January.
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    Cited by:

    1. Farah Naz & Hafsa Khan & Muhammad Ishfaq Ahmad & Ramiz Ur Rehman & Muhammad Akram Naseem, 2019. "Productivity and efficiency analysis of Pakistani mutual funds using Malmquist index approach," International Journal of Financial Engineering (IJFE), World Scientific Publishing Co. Pte. Ltd., vol. 6(03), pages 1-21, September.

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