The Future of Domestic Capital Markets in Developing Countries

(Paperback)

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Now in its fifth year, the "Emerging Markets Series" from the World Bank, International Monetary Fund, and Brookings Institution offers financial policymakers and practitioners a unique resource. Drawn from the proceedings of the 2003 Financial Markets and Development conference, this volume brings together financial sector experts and leaders from around the world to explore such questions as: what are the key factors threatening the development and survival of stock exchange in developing countries What domestic strategies are needed to protect the future of local markets Should exchanges consider linkages or alliances Should exchanges merge with, or buy up, other exchanges What about demutualization This volume provides practical guidance on strategies such as nurturing issuers, improving rules and institutions, addressing regulatory challenges and sequencing reforms. The contributors address a variety of country experiences and suggest steps that policymakers and practitioners in emerging markets can take to promote an orderly transition toward efficient, well-regulated, and accessible capital markets.

Reviews

"... the 16 papers are technically meaty and manage to strike a good balance between information and policy advice.... The panel discussions... are worth the price of the book." Steven C.M. Wong, Institute of Strategic and International Studies, Asian-Pacific Economic Literature

"What distinguishes this book from others of similar content is the collection of expert views from key players in both developed and developing economies, including policy makers, practitioners and researchers, supplemented with panel discussions....This book will serve as a good reference point for government policy makers, market players and foreign investors in their roles in developing the domestic capital markets in developing countries....The book is very informative and provides a good blend of the role of government, market players, private sector and foreign players in contributing towards the development of domestic captial markets in developing countries." Maxwell Opoku-Afari, Bank of Ghana, Journal of International Development, 11/1/2005

"a welcome contribution to the literature on the operation of capital markets in the developing world....this book will interest policymakers and professionals concerned with the expansion and functioning of capital market in developing countries. More academically inclined readers will find a wealth of pressing institutional issues, some of which merit deeper analysis and will provide fertile ground for future reserach projects." Jose R. Sanchez-Fung, Kingston University, UK, Eastern Economic Journal, 9/1/2006

Author Bio

Robert E. Litan is a senior fellow in Economic Studies at Brookings and vice president for research and policy at the Kauffman Foundation. Michael Pomerleano is lead financial specialist in the Financial Sector Operations and Policy Department of the World Bank. V. Sundararajan is deputy director of the Monetary and Financial Systems Department at the International Monetary Fund.