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Internationalisation of Capital Markets

In: Can South and Southern Africa become Globally Competitive Economies?

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  • S. Ghon Rhee

Abstract

The opening of a market is easy, but the process of ‘real’ inter-nationalisation is slow and painful. It becomes even slower and more painful when government regulators fail to recognise that it is market-driven. Very often, they are reluctant to solve the principal problem causing disorder in the financial system because they fear losing their authority over the market. Rather, only minor problems are addressed, creating unnecessary rules and regulations. Asian experiences in internationalising capital markets indicate that numerous problems are caused by government regulators: countries frequently experience a painful transition because government authorities fail to adapt to the dynamic environments of the capital markets or take the necessary actions after the fact. This paper reflects upon past Asian experiences and identifies some lessons which may be applied to the development of capital markets in the Southern African region.1

Suggested Citation

  • S. Ghon Rhee, 1996. "Internationalisation of Capital Markets," Palgrave Macmillan Books, in: Gavin Maasdorp (ed.), Can South and Southern Africa become Globally Competitive Economies?, chapter 12, pages 137-147, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-24972-5_13
    DOI: 10.1007/978-1-349-24972-5_13
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