{
  "title": "The Development of Local Capital Markets: Rationale and Challenges",
  "publication": "IMF Working Papers, December 19, 2014",
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  "summary": "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.",
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    {
      "heading": "Summary",
      "content": "- Capital markets can improve risk sharing and the efficiency with which capital is allocated to the real economy, boosting economic growth and welfare.\n- Not all countries have well developed capital markets despite these potential benefits.\n- Government-led initiatives to develop local capital markets have had mixed success.\n- The paper reviews the literature on the benefits and costs of developing local capital markets, describes the challenges faced in the development of such markets, and concludes with a set of policy recommendations emerging from this literature."
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      "heading": "Key findings and analysis",
      "content": "- Benefits:\n  - Improved risk sharing.\n  - Greater efficiency in allocation of capital to the real economy.\n  - Potential to boost economic growth and welfare.\n- Observations:\n  - Existence of potential benefits does not imply universal market development; many countries lack well developed capital markets.\n  - Government-led initiatives to develop local capital markets have produced mixed outcomes."
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    {
      "heading": "Challenges described",
      "content": "- The paper summarizes the challenges faced in the development of local capital markets (the source text identifies the existence of such challenges but does not list them in detail on this page)."
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      "heading": "Policy recommendations",
      "content": "- The paper concludes with a set of policy recommendations emerging from the reviewed literature (this landing page notes the existence of policy recommendations but does not enumerate them).\n\n---\n\n Content in this bundle\n\n- wp14234\n  - wp14234 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - wp14234 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/31/the-development-of-local-capital-markets-rationale-and-challenges-42551"
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    "Authors: Luc Laeven",
    "Published: December 19, 2014",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781498372978.001",
    "Capital markets can improve risk sharing and the efficiency with which capital is allocated to the real economy, boosting economic growth and welfare.",
    "Not all countries have well developed capital markets despite these potential benefits.",
    "Government-led initiatives to develop local capital markets have had mixed success.",
    "The paper reviews the literature on the benefits and costs of developing local capital markets, describes the challenges faced in the development of such markets, and concludes with a set of policy recommendations emerging from this literature.",
    "Benefits:",
    "Observations:",
    "The paper summarizes the challenges faced in the development of local capital markets (the source text identifies the existence of such challenges but does not list them in detail on this page).",
    "The paper concludes with a set of policy recommendations emerging from the reviewed literature (this landing page notes the existence of policy recommendations but does not enumerate them).",
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