Description |
1 online resource (31 pages) : illustrations |
Series |
IMF working paper, 2227-8885 ; WP/08/32 |
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IMF working paper ; WP/08/32.
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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 |
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B. The Modified Calderon-Rossell ModelC. The Data; Dependent Variable: Stock Market Development; Income Level; Banking Sector Development; Savings and Investment; Stock Market Liquidity; Macroeconomic Stability; Private Capital Flows; Institutional Quality; D. Estimation Method; VI. Results and Discussion; A. Macroeconomic Determinants of Stock Market Development; 2. Macroeconomic Factors and Stock Market Development; B. Institutional Quality and Stock Market Development; 3. Institutional Determinants of Stock Market Development |
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C. Explaining Stock Market Development in Emerging Markets: Is South Africa Different?4. South Africa: The Determinants of Stock Market Development; D. Summary and Conclusion; References |
Summary |
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 |
Bibliography |
Includes bibliographical references (pages 29-31) |
Notes |
Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212 MiAaHDL |
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digitized 2010 HathiTrust Digital Library committed to preserve pda MiAaHDL |
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Print version record |
Subject |
JSE Limited.
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SUBJECT |
JSE Limited fast |
Subject |
Stock exchanges -- Developing countries -- Econometric models
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Stock exchanges -- South Africa -- Econometric models
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Economic history
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Politics and government -- Econometric models
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Stock exchanges -- Econometric models
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SUBJECT |
Developing countries -- Economic conditions -- Econometric models
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Developing countries -- Politics and government -- Econometric models
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South Africa -- Economic conditions -- Econometric models
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South Africa -- Politics and government -- Econometric models
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Subject |
Developing countries
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South Africa
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Form |
Electronic book
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Author |
International Monetary Fund. African Department.
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ISBN |
1283518325 |
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9781283518321 |
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1451913478 |
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9781451913477 |
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9781451868944 |
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1451868944 |
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