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| Tekijä: | Durnev, A. (et al.) |
| Otsikko: | Capital markets and capital allocation: implications for economies in transition |
| Lehti: | Economics of transition
2004 : VOL. 12:4, p. 593-634 |
| Asiasana: | Capital markets Stock markets Transition economies |
| Vapaa asiasana: | Capital allocation |
| Kieli: | eng |
| Tiivistelmä: | Recent work showing that a sounder financial system is associated with faster economic growth has important implications for transition economies. Stock prices in developed economies move in highly company-specific ways that convey information about changes in companies' marginal value of investment. This information facilitates the rapid flow of capital to its highest value uses. In contrast, stock prices in low-income countries tend to move up and down en masse, and thus are of scant use for microeconomic capital allocation. Some transition economy markets are coming to resemble those of developed economies, other those of low-income countries. Stock return asynchronicity is highly correlated with the strength of private property rights in general and public shareholders' rights in particular. |
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