haku: @author Singh, A. / yhteensä: 14
viite: 6 / 14
| Tekijä: | Singh, A. |
| Otsikko: | Financial liberalisation, stockmarkets and economic development |
| Lehti: | Economic Journal
1997 : MAY, VOL. 107:442, p. 771-782 |
| Asiasana: | FINANCE LIBERALISM STOCK MARKETS DEVELOPMENT |
| Kieli: | eng |
| Tiivistelmä: | Stockmarket development has been an important path of both internal and external financial liberalisation in developing countries (DC) in 1980-1990s. The process is continuing, several more stockmarkets are being established in Africa and in transition economies. These developments are unlikely to help in achieving quicker industrialisation and faster long-term economic growth in most DCs, because the inherent volatility and arbitrariness of the stockmarket pricing process under DC conditions make it a poor guide to efficient investment allocation,and because the interactions between the stock and currency markets in the wake of unfavourable economic shocks may exacerbate macroeconomic instability and reduce long-term growth. Also, stockmarket development is likely to undermine the existing group-banking systems in DSs. |
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