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The Development of Local Capital Markets: Rationale and Challenges
Author:
Mr. Luc Laeven
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Series:
IMF Working Papers
Volume/Issue:
Volume 2014: Issue 234
Language:
English
Publication Date:
19 Dec 2014
DOI:
https://doi.org/10.5089/9781498372978.001
ISBN:
9781498372978
ISSN:
1018-5941
Pages:
25
Keywords:
WP; capital market; bond market; market; market development; local capital markets; stock markets; bond markets; capital market development; economic development; financial markets; fully fledged physical capital capital market; investor right; market conduct; physical capital; market size; Securities markets; Capital markets; Financial market infrastructure; Securities regulation; Global
Legal-disclaimer:
IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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Capital markets can improve risk sharing and the efficiency with which capital is allocated to the real economy, boosting economic growth and welfare. However, despite these potential benefits, not all countries have well developed capital markets. Moreover, government-led initiatives to develop local capital markets have had mixed success. This paper reviews the literature on the benefits and costs of developing local capital markets, and describes the challenges faced in the development of such markets. The paper concludes with a set of policy recommendations emerging from this literature.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund