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Emerging Equity Markets: Growth, Benefits, and Policy Concerns

Author

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  • Mr. Manmohan S. Kumar
  • Mr. Robert A Feldman

Abstract

Since the mid-1980s, there has been a very substantial increase in stock market activity in many developing countries. This paper first examines the main characteristics of the emerging stock markets, and illustrates the evolution of equity prices in these markets over the last decade. It then discusses the reasons for the markets’ growth and assesses the extent to which domestic policies, as well as external factors, have played a role. This is followed by a discussion of the likely benefits of these markets; the effects which any abrupt correction in stock prices could have for the economy; and the ways in which these markets can be made more efficient.

Suggested Citation

  • Mr. Manmohan S. Kumar & Mr. Robert A Feldman, 1994. "Emerging Equity Markets: Growth, Benefits, and Policy Concerns," IMF Policy Discussion Papers 1994/007, International Monetary Fund.
    • Handle: RePEc:imf:imfpdp:1994/007
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    Citations

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    Cited by:

    1. Ajit Singh, 1998. "Pension Reform, the Stock Market, Capital Formation and Economic Growth: A Critical Commentary on the World Bank’s Proposals," Istanbul Stock Exchange Review, Research and Business Development Department, Borsa Istanbul, vol. 2(8-7), pages 51-78.
    2. Agnirup Sarkar, 2013. "Financial intermediation and economic growth: the post-liberalization Indian experience," Macroeconomics and Finance in Emerging Market Economies, Taylor & Francis Journals, vol. 6(2), pages 280-294, September.
    3. Alexandre Minda, 1997. "Marchés boursiers émergents et financement des infrastructures en Amérique Latine," Revue Économique, Programme National Persée, vol. 48(2), pages 295-320.
    4. Mr. Mohamed A. El-Erian & Mr. Manmohan S. Kumar, 1994. "Emerging Equity Markets in Middle Eastern Countries," IMF Working Papers 1994/103, International Monetary Fund.
    5. Ajit Singh, 1998. "Financial liberalisation, stockmarkets and economic development," Nova Economia, Economics Department, Universidade Federal de Minas Gerais (Brazil), vol. 8(1), pages 165-182.
    6. H. Visser, 1998. "The Microeconomics of Money and Finance: A Survey," South African Journal of Economics, Economic Society of South Africa, vol. 66(1), pages 10-20, March.
    7. 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.

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