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Institutional Development of Capital Markets in Nine Asian Economies

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  • Nakagawa, Rika

Abstract

This paper is conducting a comparative analysis of the development of securities markets in nine Asian economies: Korea, Taiwan, Hong Kong, Singapore, Malaysia, Thailand, Indonesia, the Philippines, and China. This study focuses on two aspects: the history and institutional development of securities market, such as legal systems, payment systems, etc. From the analyses, this paper reveals several common features of the development of securities markets in nine Asian economies. First, most economies had an informal capital market in the early period of their history. Second, the background of the foundation of their official markets was influenced by experiences of colonization. Third, most governments recognized the importance of the capital market for economic development and had a positive attitude in promoting the market. Fourth, statistics clearly showed that most economies experienced several booms in their capital market from the late 1980s.

Suggested Citation

  • Nakagawa, Rika, 2007. "Institutional Development of Capital Markets in Nine Asian Economies," IDE Discussion Papers 112, Institute of Developing Economies, Japan External Trade Organization(JETRO).
    • Handle: RePEc:jet:dpaper:dpaper112
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    File URL: https://ir.ide.go.jp/?action=repository_action_common_download&item_id=38055&item_no=1&attribute_id=22&file_no=1
    File Function: First version, 2007
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    Cited by:

    1. Aggarwal, Raj & Goodell, John W., 2009. "Markets versus institutions in developing countries: National attributes as determinants," Emerging Markets Review, Elsevier, vol. 10(1), pages 51-66, March.

    More about this item

    Keywords

    Capital market; Securities market; East Asia; Southeast Asia; 資本市場; 証券市場; 東アジア; 東南アジア;
    All these keywords.

    JEL classification:

    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • N20 - Economic History - - Financial Markets and Institutions - - - General, International, or Comparative
    • N65 - Economic History - - Manufacturing and Construction - - - Asia including Middle East

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