The Capital Markets of Emerging Europe: Institutions, Instruments and Investors
April 1, 2008
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Summary
Emerging European countries have made large strides in developing their local capital markets since the early-1990s. However, the rate of development has been widely disparate across countries and market segments, underpinned by the varying degrees of progress made in key areas such as establishing pricing benchmarks, adopting, implementing and enforcing securities laws and regulations, encouraging the growth of an institutional investor base, and providing adequate trading infrastructure. This paper provides an overview of the trends in the region's local capital markets, and examines the main factors that have contributed to their growth and effectiveness to date. It also discusses selected policy responses necessary to further improve the breadth and depth of these markets.
Subject: Capital markets, Corporate bonds, Emerging and frontier financial markets, Securities markets, Stock markets
Keywords: corporate bond bond market, derivatives market, financial market, foreign exchange, interest rate, market credibility, WP
Pages:
51
Volume:
2008
DOI:
Issue:
103
Series:
Working Paper No. 2008/103
Stock No:
WPIEA2008103
ISBN:
9781451869644
ISSN:
1018-5941
