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The Determinants of Stock Market Development in Emerging Economies :, Is South Africa Different?, Charles Amo Yartey

Abstract
This paper examines the institutional and macroeconomic determinants of stock market development using a panel data of 42 emerging economies for the period 1990 to 2004. The paper finds that macroeconomic factors such as income level, gross domestic investment, banking sector development, private capital flows, and stock market liquidity are important determinants of stock market development in emerging market countries. The results also show that political risk, law and order, and bureaucratic quality are important determinants of stock market development because they enhance the viability of external finance. This result suggests that the resolution of political risk can be an important factor in the development of emerging stock markets. The analysis also shows the factors identified above as determining stock market development in emerging economies can also explain the development of the stock market in South Africa
Table Of Contents
Contents; I. Introduction; II. Stock Markets and Economic Growth: Theoretical and Analytical Issues; III. Stock Market Development in Emerging Markets; Figures; 1. Stock Market Development in Emerging Markets, 1990-2004; Tables; 1. Indicators of Stock Market Development, 1990-2004; IV. The Stock Market in South Africa; A. Market Development; B. Structure, Operations, and Regulation; C. Main Characteristics; Market Size; 3. South Africa: Indicators of Stock Market Development, 1990-2004; Market Depth; V. Methodology and Data; A. The Calderon-Rossell Model
Language
eng
Literary Form
non fiction
Note
Description based upon print version of record
Physical Description
1 online resource (33 p.)
Specific Material Designation
remote
Form Of Item
online
Isbn
9781451913477

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