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Social Capital and Financial Market Development

In: Emerging Markets and Financial Resilience

Author

Listed:
  • Siong-Hook Law
  • Mansor Ibrahim

Abstract

In the 1990s, institutions became an important area of focus when investigating the process of financial development and the success or failure of financial reforms. This was partly a consequence of the failure of many developing countries that had liberalized their financial systems to realize the expected benefits from such reforms. For example, Demetriades and Andrianova (2004) argue that the strength of institutions, such as financial regulation and the rule of law, may determine the success or failure of financial reforms. Chinn and Ito (2006) also suggest that financial systems with a higher degree of legal/institutional development tend to benefit more from financial liberalization than do those with a lower degree. Mishkin (2009) points out that a legal system that enforces contracts quickly and fairly is a prerequisite for supporting strong property rights and financial development. Thus, eliminating corruption is essential to strengthening property rights and the legal system, which will further enhance the healthy functioning of economic and financial systems.

Suggested Citation

  • Siong-Hook Law & Mansor Ibrahim, 2013. "Social Capital and Financial Market Development," Palgrave Macmillan Books, in: Chee-Wooi Hooy & Ruhani Ali & S. Ghon Rhee (ed.), Emerging Markets and Financial Resilience, chapter 2, pages 11-37, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-26661-3_2
    DOI: 10.1057/9781137266613_2
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    Citations

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    Cited by:

    1. Ng, Adam & Ibrahim, Mansor H. & Mirakhor, Abbas, 2016. "Does trust contribute to stock market development?," Economic Modelling, Elsevier, vol. 52(PA), pages 239-250.
    2. Hayot Berk Saydaliyev & Lee Chin & Yessengali Oskenbayev, 2020. "The nexus of remittances, institutional quality, and financial inclusion," Economic Research-Ekonomska Istraživanja, Taylor & Francis Journals, vol. 33(1), pages 3528-3544, January.
    3. Chris Doucouliagos & Jakob de Haan & Jan-Egbert Sturm, 2022. "What drives financial development? A Meta-regression analysis [A new database of financial reforms]," Oxford Economic Papers, Oxford University Press, vol. 74(3), pages 840-868.
    4. Ng, Adam & Ibrahim, Mansor H. & Mirakhor, Abbas, 2015. "Ethical behavior and trustworthiness in the stock market-growth nexus," Research in International Business and Finance, Elsevier, vol. 33(C), pages 44-58.

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