Working Papers in full text
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
All
Other research-related activities and publications of the IMF can be found at IMF Research
|
Free Email Notification
Receive emails when we post new
items of interest to you.
Subscribe or
Modify your profile
|
|
|
|
The Determinants of Stock Market Development in Emerging Economies: Is South Africa Different?
|
Author/Editor: |
Yartey, Charles Amo |
| Authorized for Distribution: |
February 1, 2008 |
|
Electronic Access: |
Free Full Text (PDF file size is 349KB)
Use the free Adobe Acrobat Reader to view this PDF file.
|
|
|
|
Disclaimer: This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.
|
|
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.
|
|
|
|
Series: |
Working Paper No. 08/32 |
|
Subject(s): |
Working Paper | South Africa |
|
Author's keyword(s): |
Stock markets | Emerging markets | Political risk | South Africa |
|
|
|
|
| |
Published: |
|
February 1, 2008 |
|
|
|
|
| |
|
|
|
|
Format: |
|
Paper |
| |
Stock No: |
|
WPIEA2008032 |
|
Pages: |
|
31 |
| |
Price: |
|
US$18.00
|
|
|
|
|
|
|
